37 Most Lucrative Business Ideas in Nigeria (2023)

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There are many lucrative business ideas in Nigeria. These business ideas encompass a range of options, including fast business ideas, service rendering business ideas, untapped business ideas, and more. I have previously discussed various other business ideas, and you all have enjoyed them by leaving positive comments both on the blog and sharing the article on social media.

Today, I will be discussing the top 37 lucrative business ideas in Nigeria. Some of these lucrative business ideas will require little capital, while others will require significant capital. Some business ideas will also be suitable for men alone to start, while others will be for women alone, and some will be suitable for both men and women. See how to start a business with limited funds.

Read this article to the end so you can choose the most preferable lucrative business idea of your choice and learn how you can start it.

Contents

1 Most Lucrative Business Ideas in Nigeria
2 Conclusion
- 2.1 Recommended

Most Lucrative Business Ideas in Nigeria

Are you ready? Here are the most lucrative business ideas in Nigeria today with the highest profits.

1. Foodstuff Business

The food business is a lucrative business in Nigeria that can provide you with daily income. It is a profitable business because food is a necessity for every Nigerian. Regardless of whether you decide to start a foodstuff business, fast food business, canteen, or restaurant, all of these food businesses have the potential to yield significant profits since you are selling goods that people cannot live without.

However, in order to ensure that you start making profits from this daily income business right from the first day, it is important to locate your business in a crowded area where your customers can easily find you. Additionally, you need to ensure that your food has great taste and that your customer service is good in order to retain new customers.

The food business is not something you can start with low capital or no capital. You need a substantial amount of capital to start this lucrative business.

2. Transport Business

The transport business is a profitable venture. It is for this reason that I included it in this list of the most lucrative business ideas in Nigeria. I came to realize the substantial profit potential of this business when a friend of mine, who works as an Uber driver, shared how much he earns on a daily basis.

Apart from earning money by driving for e-hailing companies, you can also generate income by transporting passengers from one destination to another if you own a bus. I learned about this during a conversation with a bus driver in Lagos. I was amazed when he revealed that he makes at least ₦20,000 – ₦30,000 every day.

If you have a passion for driving, the transport business could be the best lucrative business idea for you. To start a transportation business, you need to have a car or bus specifically designated for transportation purposes. If you don’t have one, you can consider obtaining a car or bus through a hire purchase arrangement.

3. Real Estate Business

Recently, I shared on the blog about the untapped nature of the real estate business in Nigeria. In the article, I also discussed how one does not need to be a millionaire before investing in the real estate business. There are different ways to learn how to invest in real estate and potentially make millions in the short or long term.

The only reason why you should refrain from investing in the real estate business in Nigeria is if you lack an understanding of how the business operates. To start a real estate business in Nigeria and make money, you need either capital or manpower.

If you have the funds, you can use them to purchase properties for sale. However, if you do not have capital, you can simply become a real estate agent and help property owners sell their houses in exchange for commissions. You do not need to be the child of a wealthy individual in Nigeria to make millions in real estate; sometimes, all you need is the knowledge of how to sell and get paid for your sales.

See Top 10 Best African Country to Invest in Real Estate 2023

4. Furniture Business

Are you passionate about furniture? Do you enjoy learning furniture-making skills to generate income? Today, you can start a furniture business to supply furniture to homes and organizations. The furniture business is a lucrative business idea in Nigeria because every home and office requires executive furniture.

You have the option to create your own furniture or purchase furniture and showcase them in your showroom to sell at competitive prices. The furniture business is a thriving industry in Nigeria, and you can acquire the necessary skills to craft and sell furniture or simply buy and resell furniture.

If you don’t have the financial means to pursue these options, you can explore dropshipping, which involves connecting furniture sellers to buyers and earning profits. With the ability to convince customers to purchase furniture from you, a furniture business has the potential to make you a millionaire.

5. Egg Supply Business

Who can thrive without the essential nutrients eggs provide? Which food surpasses eggs in nutritional value? If you are searching for a lucrative business opportunity in Nigeria that caters to people’s nutritional needs, starting an egg business is worth considering.

By selling eggs in bulk to canteens, restaurants, and households, you can earn a significant income daily, potentially generating millions monthly. To establish an egg business in Nigeria, you require capital to either set up a dedicated layer poultry farm for egg production or procure eggs from local poultry farms for resale. The egg business is a venture that doesn’t necessarily demand a high initial investment.

However, if your aim is to maximize profits and achieve significant wealth, you should be willing to invest more capital into the business.

6. Cupcake Business

The pastry industry is another thriving enterprise in Nigeria. Frequently, people require cakes for various celebrations. Whether it’s a birthday, wedding anniversary, or wedding ceremony, cakes are always in demand.

If you specialize in baking cakes for weddings or birthdays, you have the potential to earn a substantial income from the cake business. That’s why the cake business is considered a lucrative business idea in Nigeria. To commence a cake business, the first step is to acquire the necessary skills. Typically, it takes about 3 to 6 months to learn this craft.

Once you have acquired the skills, you can begin baking cakes and making money. In addition to baking birthday and wedding cakes, there is also a market for selling cupcakes to school children and church members, which can be another source of income.

7. Business Selling Phone Accessories

If you reside in Nigeria and own a phone, have you ever considered how many accessories you’ve purchased for it? How often have you replaced damaged phone parts? If you can’t keep track of the number of times you’ve bought phone accessories, you should know that millions of Nigerians face the same situation.

Selling phone accessories is a lucrative business idea in Nigeria because almost every Nigerian owns a phone and regularly buys accessories to support their devices. With a small capital investment, you can start a phone accessories business in Nigeria, focusing on selling the most essential accessories that Nigerians use.

Examples of these accessories include earphones, phone chargers, screen protectors, phone cases, and more. Alternatively, you can choose to invest a larger capital amount in this business to generate substantial profits.

8. Cosmetics Business

If you’re searching for a lucrative business idea in Nigeria that caters to the needs of Nigerians irrespective of their tribe, age group, or skin color, the cosmetics business is an excellent choice. With a cosmetics business, you can make money by selling creams, hair products, makeup powders, and more.

The cosmetics business is booming in Nigeria, driven by the fact that Nigerians place great importance on personal appearance, especially among women. On average, Nigerian women spend at least 10% of their income on cosmetics.

In fact, according to statistics compiled by the World Health Organization in 2011, 40% of African women bleach their skin, and in Nigeria, the percentage reaches 77%. This further demonstrates the profitability of the cosmetics business in Nigeria, particularly if you specialize in selling skin-lightening creams.

9. Fish Farming Business

In a country like Nigeria where protein sources are scarce or expensive, some Nigerians have turned to fish farming to earn money by supplying fish to the Nigerian population. Starting a catfish farming business allows you to sell fresh or smoked catfish to restaurants and households, creating a profitable venture.

While fish farming requires a significant investment, it can also yield profits in the millions of Naira. I recommend that you first learn how to operate a successful fish farm by visiting existing fish farms in your area. Spend a month or two acquiring the necessary knowledge before starting your own fish farm with the capital you can afford. Fish farming minimizes waste as even the byproducts of your fish are marketable.

10. Snail Farming Business

The demand for snails is high in Nigeria, making snail farming a lucrative business opportunity. You can start a snail farm and, within 2 to 6 months, begin earning money by selling snails to cosmetics companies, restaurants, and market vendors.

To start a snail farm in Nigeria, you can utilize local materials if you don’t have a substantial capital to build snail pens. YouTube offers numerous instructional videos that guide you in using cost-effective materials and adopting a “do it yourself” approach to construct your snail farm.

If you are serious about snail farming, I advise you to watch several YouTube videos to gather extensive knowledge about snails and reduce unnecessary expenses.

11. Counseling Business

Many are unaware that counseling can be a lucrative business idea in Nigeria. With the high rate of divorce, domestic violence, and other relationship issues, couples are actively seeking counseling to improve their relationships and marriages.

This business is highly profitable because you can charge as much as #20,000 – #100,000 for counseling sessions with couples. As your success rates increase, you have the opportunity to raise your fees.

12. Dropshipping Business

Introduced to me by a fellow blogger last year, the dropshipping business has become my preferred choice. The best part about this lucrative business idea is that you don’t need capital to start it in Nigeria or anywhere in the world. All you need is a phone or laptop and an internet subscription.

In case you’re unfamiliar with dropshipping, it involves selling goods without stocking them. You advertise these products, and when an order is placed, you purchase the item from the seller and have it delivered directly to the buyer.

13. Bakery Business

The bakery business is another lucrative business idea in Nigeria due to the high demand for bread. Bread is a staple food consumed by both rich and poor households in Nigeria. Before venturing into this business, it’s important to understand your target market and the startup costs associated with it.

The cost of starting an agege bread business differs from that of starting a sliced bread business.

14. Solar Installation Business

Given the unreliable power supply in Nigeria, the solar energy and installation business presents a lucrative business opportunity. Consider the last time you experienced consistent power in your area. The solar energy and installation business can generate substantial profits, especially if you acquire the knowledge and skills to build solar inverters.

15. Wallpaper Sales and Installation

Similar to the painting business, the wallpaper sales and installation business involves enhancing the aesthetics of homes and offices. However, in this case, you don’t need paint and brushes. Instead, you beautify spaces by installing 3D wallpapers on walls and floors. The addiction Nigerians have to beautiful apartments makes the wallpaper installation business a profitable business idea in Nigeria.

Nigerians are willing to spend a significant amount of money on interior decoration to ensure their homes look exquisite.

16. Shoe Business

The shoe business holds significant importance in Nigeria because shoes are a necessity. Regardless of wealth or status, everyone needs shoes. Therefore, the shoe business is considered one of the most lucrative businesses in Nigeria. Within the footwear industry, you can sell various types of shoes such as sandals, fashion shoes, slippers, rubber slippers, baby shoes, and more.

17. Car Wash Business

As the number of cars in Nigeria continues to grow rapidly, car wash services are in constant demand. This makes the car wash business a lucrative business opportunity. Starting a car wash business in Nigeria doesn’t require substantial capital. You just need to identify a busy area or a bus stop with available land, establish your business, and begin washing cars for car owners.

18. MC or Compere

Unlike other listed lucrative businesses, being an MC or compere relies on your natural gifts or talents. If you have excellent stage management skills and can make people laugh, you can start making money from this profitable business right away. As an MC, you can earn between #30,000 – #200,000 per show, depending on your level of professionalism and popularity.

19. YouTube Business

Starting a YouTube channel is another lucrative business idea in Nigeria. Once your channel is monetized, you can earn money in dollars. Although it takes time to build a successful YouTube business, once you start making money,

you can potentially earn up to $10,000 or more annually. Being a YouTuber in Nigeria offers significant profitability, especially if you start early.

20. School Business

Due to the perceived low quality of education in Nigeria, particularly in public schools, many individuals are entering the school business to meet the current educational standards. The school business is lucrative because all Nigerian parents desire a good education for their children and are willing to pay a substantial amount for it.

21. Pizza Business

Despite being a non-local food, Nigerians have a great love for pizza. Both children and adults indulge in pizza regularly for their enjoyment. This is why the pizza business presents a lucrative business opportunity in Nigeria. Starting a pizza business doesn’t require a huge investment; you simply need to rent a space and hire a baker to prepare the pizzas.

22. Shawarma Business

In my previous article on the shawarma business, I highlighted its lucrative nature in Nigeria. Shawarma has become a snack that Nigerians cannot do without. Even in rural areas, you’ll be astonished to see villagers lining up to purchase shawarma. You can establish a shawarma business in your local area as long as you have the necessary equipment and ingredients.

23. Phone Business

The phone and phone accessories business is highly profitable in Nigeria due to the fact that approximately 90% of Nigerians use phones. If you don’t have the capital to sell new phones, you can opt for selling used (tokunbo) phones or focus on selling phone accessories instead.

24. Smoothie Business

In a country where quality food and good nutrition can be scarce, the smoothie business can prove to be lucrative. This is particularly true in areas with a significant population of obese individuals, the elderly, and affluent people.

25. E-hailing Business

The e-hailing business is another lucrative business opportunity in Nigeria that remains unknown to many. If you own a suitable car, you can become an Uber or Taxify driver and earn between #60,000 – #80,000 daily. To achieve this level of income, you would need to be available to drive customers for at least 20 hours or ideally, 24 hours.

26. Event Planning Business

The event planning business, which includes wedding planning, is a lucrative business in Nigeria. As an event manager, you can earn at least #200,000 for each event you manage or plan.

27. Digital Marketing Business

The ability to promote goods and services online presents another lucrative business opportunity in Nigeria. Only a few people possess this skill, which is why digital marketing is in high demand. The best part is that you can learn digital marketing for free as long as you have an internet subscription. The business offers various ways to earn money online.

28. Barbing Salon Business

Similar to the hairdressing salon business, the barbing salon business targets the male population. The barbing business is considered lucrative in Nigeria due to the large number of men who require regular grooming and the availability of barbing salons.

29. Photography Business

Starting a photography business in Nigeria is another simple yet lucrative business idea. You can begin as a photographer using just your phone if you can’t afford to purchase a camera initially. While different aspects of photography can be profitable, photoshoots and photo enlargement tend to be the most lucrative.

30. Information Marketing

Have you heard about information marketing? It’s another lucrative business opportunity in Nigeria. In information marketing, you advertise and sell valuable information to make money. For instance, if you possess a secret method for making money online in Nigeria that has proven successful for your customers, you can sell this information and generate income from it.

31. School Uniform Business

I have previously discussed the lucrative nature of the school uniform business in Nigeria, especially for skilled tailors. To start your own school uniform business, you can learn how to sew uniforms and provide your services to pupils and students. You can also approach schools directly to secure contracts for sewing uniforms for their students.

32. Cooking Gas Business

Approximately 70% of Nigerians, particularly those in high-income and middle-income brackets, use cooking gas for their food preparation. This is why the cooking gas business presents a lucrative opportunity in Nigeria. You can establish your own cooking gas business and profit from the growing demand.

33. Restaurant Business

Food is an essential need in Nigeria, and people cannot do without it. This is why the restaurant business is considered a lucrative venture in Nigeria.

34. Palm Oil Business

The demand for palm oil is constant, thanks to its health benefits. Palm oil is considered healthier than groundnut oil, and many Nigerians are aware of this fact. As a result, there is a high demand for palm oil, making the business lucrative in Nigeria. If you are interested in starting your own palm oil business, I have written an article on how to begin and achieve fast profits.

35. Money Lending Business

The profitability of the loan business in Nigeria has led many Nigerian entrepreneurs to venture into it. The lucrative nature of the business is evident. If you have sufficient startup capital, you can establish your own money lending business in Nigeria.

36. Trade Gift Cards

If you are seeking a lucrative business opportunity in Nigeria that you can conduct online from the comfort of your home or anywhere else, consider gift card trading. This involves buying and selling used gift cards to generate profits.

37. Spare Parts Business

As mentioned earlier, the car wash business is lucrative in Nigeria due to the increasing number of cars. Similarly, the spare parts business falls under the automobile industry and is also lucrative in Nigeria. However, it requires significant capital investment.

Conclusion

Embarking on a lucrative business idea in Nigeria may present its challenges. It requires considerable time, effort, and dedication. Attaining wealth through business endeavors is not a simple feat. However, if you possess true passion and unwavering commitment, the path to becoming a successful entrepreneur and achieving millionaire status becomes clearer. Remember, the journey to prosperity in business is a long-term endeavor that necessitates resilience and perseverance. So, if you’re truly determined to make your mark and build a thriving business in Nigeria, let your passion be the driving force that propels you forward. With the right mindset and an unwavering dedication to your chosen venture, the potential for lucrative success in Nigeria awaits.