Top 20 Most Lucrative Businesses in Nigeria 2020

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    There are numerous lists of lucrative businesses in Nigeria, but this compilation is completely different from the ones you’ve been reading. The difference between my articles on lucrative business in Nigeria is that most of the businesses listed here are thriving businesses.

    They’ve been done by several Nigerians and they’ve proven to be a very successful investment over time. These businesses are often overlooked by Nigerians, but the few that invest their time and money into it earn numerous profits from it.

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    LUCRATIVE BUSINESS IN NIGERIA

    Laundry Chemical Production: Nigerians buy various laundry chemicals ranging from washing soap to bleaching chemicals, deodorant, air fresher, disinfectants etc.

    Most of these laundry chemicals can be made within the confines of your house, with little startup capital. Once you have the basic knowledge of how they’re produced, and a little capital to hit the ground running, the market for selling your produced laundry chemical is readily available.

    With a budget of less than #20,000, you can begin your laundry chemical production. Some people have been asking questions as regards to NAFDAC registration of products.

    While I don’t have solid information about NAFDAC rules against the production of laundry chemicals; I know a number of people that are into this business (most of them are students) and they’re making huge cash from it, take note that their product is not registered by NAFDAC.

    Block Industry: In my area, there are about three building block industries. Nigeria is a developing country; which means there is a construction work going on every now and then.

    Starting a block industry is not complicated, once you are able to secure the machine, other materials needed can be sourced locally. You would have to hire labourers that would help with the making of the building blocks. Sand and cement can as well be purchased from a local supplier.

    Getting people to order for your building block might require some sort of network. Normally it’s easy to get noticed provided your business is located in the less crowded area of the city. You can also reach out to building contractors, bricklayers and planners to increase your business sales.

    Laundry Business: The laundry business is very lucrative in Nigeria; especially if you live in big cities or student environment where people are generally too busy to do their laundry.

    Starting a laundry business does not require a huge capital. Once you’re able to procure two or three washing machines, you can do the ironing yourself or hire an assistant to help out with ironing and delivery of clients cloth.

    Dry cleaning a shirt is about #200; now imagine cleaning about 500 shirts weekly! That’s about #100,000. You can do much more depending on your business location and marketing efforts. You can make a lot of money by sourcing for clients in the private sectors; especially bankers and office workers.

    Poultry Farming: This is one of the most lucrative businesses in Nigeria. Nigeria has the best weather and natural environment for poultry farming. Depending on your budget and available piece of land, you can venture into various niches in poultry farming.

    Quail bird farming is currently one of the most profitable business in Nigeria right now, with a #20,000 investment on pen and purchase of the birds, you stand a chance of making over 200% return on investment in less than three months.

    Pig farming, Layers birds, cockerels, and broilers are all poultry birds that could be rear for maximum profit in Nigeria. Snail rearing and Grasscutter farming are also lucrative business ideas that would result in maximum profits when done properly.

    Rental Services: The rental service is a really big industry and it has many niches and sub-niches that could be tapped into; depending on the amount of your investment capital and location.

    If you have a small budget and you’d like to go into the rental service business, you can explore the party rental service; all you have to do is buy some serving plates, pots, and other cooking utensils and put them up for rentals. You can also take it a bit further by venturing into chair and canopy rentals.

    If you have huge base capital, you can venture into the car rental business. You can procure cars and buses and put them up for hire. Car rental services have great potentials in big cities like Lagos and Abuja.

    The rental service is big, and you can take advantage of the robust market, make enough money and name for your business before it gets crowded.

    Web Design and Development: With various websites coming online on a daily basis; the demand for web designers and developers has never been higher. You can invest in the web design business by starting a web design firm.

    Starting a web design business does not require huge startup capital. All you need is the technical know-how of the business. Once you have the technical knowledge of the business; the next thing is to find paying clients in other to build a project portfolio for your business.

    Typically, Web designers charge as much as #60,000 for a project that would take them less than a day to complete.

    Graphics Design: You’ve probably seen fliers, posters and banners today. They’re everywhere, you see them on your way to school or work, and you get them in the bus and on the street.

    These banners are designed and printed by graphic designers. And they earn handsomely for their creative effort.

    Starting a graphic design business does not require a huge capital. Once you have a laptop computer and a working knowledge of Corel Draw, Photoshop and other relevant design software, you’re good to go.

    You can promote your business in the church, in school, amidst your friends and at your workplace.

    Car Washing: I have written about the car washing business here, and it’s still one of the most lucrative businesses in Nigeria. You can start this business with less than #20,000 and make a return on investment of over 200% in less than a month.

    If you have huge investment capital you can establish an elite car wash drive-through business. Although car wash machine is a little bit expensive; the return on investment is equally worth it.

    Medicine Store:  You would need a license to start the drug store business. Once you secure a license then you’re in the right venture. Over the counter drugs are hugely consumed in Nigeria, and the profit is insanely high.

    Starting a medicine store is one of the most profitable small businesses in Nigeria.

    Importation Business: The importation business is experiencing a significant boom lately. And wise investors are putting their money into the business.

    You can make a huge income from the business by ordering cheap items from China and selling it on popular e-commerce stores in Nigeria (such as Jumia and Konga).

    Catering Services:  There is always a party going on every weekend in Nigeria. This outing nature of Nigerians makes catering service one of the most lucrative businesses in Nigeria.

    With the night contact and proper knowledge of the business, you’re in to make a serious profit every weekend.

    Hotel Business: If properly located; a hotel business can makeover #1,000,000 in profit every week. In Lagos, there are numerous hotels, but each of the ventures still makes huge income every week.

    Although it’s a little bit expensive to start, when you have the capital at hand, the return on investment is superb.

    Ice Block Production: Keeping in-line with the party habits in Nigeria. It makes the demand for ice block very high, especially during weekends.

    Procuring an ice-block machine might cost about #200,000 which is the major investment you will make when starting out this business. Once the machine is procured, you can relax and start making a profit on a weekly basis from the venture. And be rest assured that you would make a maximum profit within 6 months of production.

    Tutoring Business: This is the most lucrative business in Nigeria for students and fresh graduates. You can start a tutoring business with zero capital while you rely on what you know already.

    If you intend to run the business on a large scale, you can always hire tutors for other subjects.

    Dog Breeding: Dog breeding business is a very lucrative business. And depending on the breed of dogs, you can make as much as #1,000,000 in profits over a year.

    Day Care and Crèche Business: This business is very profitable in the city, most especially in the working-class environment. This business can only be done on a full time basis, and it might take some time before you get people to trust you with their kids.

    But once everything is put in place, the maximum profit is guaranteed from this business.

    Horticulture Business: If exterior decoration and environmental beautification is something that fascinates you, then horticulture business is your best bet.

    Party and Interior Decoration: This business is very similar to the previous one listed on this list. But it is much more lucrative considering the number of parties that goes on every weekend in Nigeria.

    Recruiting/CV Writing Agency: Job hunt in Nigeria is a very difficult one, and many graduates would rather have an agency do the job hunting for them. Big companies like Jobberman and Jobrapido are making a fortune from this service and you can venture into the same life of a business.

    You can also include CV writing and career training in your business venture plan.

    Advertising Company: With the popularity of digital advertising across the country, you stand a chance of making as much as #200,000 in profit from the advertising business.

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