Top 10 Lucrative Business Ideas in Nigeria (2021)

Lucrative Business Ideas in Nigeria

There are different business ideas in Nigeria. These business ideas range from lucrative business ideas to fast business ideas to service rendering business ideas, untapped business ideas and more.

I have talked about every other business ideas in the past and you guys have enjoyed them by dropping your positive comments both on the blog and sharing the article on social media.  

So today I will be talking about the top 10 lucrative business ideas in Nigeria. Some of the lucrative business ideas I will be sharing here will demand little capital while some will demand huge capital.

Some business ideas will also be good for men alone to start while some will be for women alone and others for both men and women. Read this article to the end so you can choose the most preferable lucrative business idea of your choice and know how you can start it.

Are you ready? Here are the best lucrative business ideas in Nigeria today.

1. Food Business

The food business is a lucrative business that can fetch you daily income in Nigeria. It is a lucrative business because food is a need to every Nigerian. 

Whether you are going into starting a foodstuff business or canteen, or even a restaurant business you will still make huge profits from all these food businesses because you selling goods that people cannot live without.

However, to make sure you make profits from this daily income business right from the first day of business you need to make sure your business is located in a crowded area where your customers can easily locate you.

You also need to make sure your taste and customer service are good to retain new customers. The food business is not a business you can start with low capital or no capital.

You need huge capital to start the business.

Read also: Foodstuff Business in Nigeria: How to Start & Become Rich

2. Transport Business

Transport business is a profitable business. It is this reason I added it to this list of the lucrative business in Nigeria. 

I got to discover the huge profit this business makes when an Uber driver friend of mine told me how much he makes daily. Asides from the money e-hailing companies driving for them, you can also make money carrying passengers from one destination to another if you own a bus.

I got to know about this when I had a chat with a bus driver in Lagos. I was amazed when he told me he makes at least ₦20,000 – ₦30,000 daily.

If you like driving transport business might be the best lucrative business for you. To start a transportation business you need to have a car or bus specified for transportation.

If you do not have you can get a car or bus on hire purchase.

Read also: How to Start Transport Business in Nigeria

3. Real Estate Business

Recently I shared on the blog how the real estate business is one of the untapped businesses in Nigeria. In the article, I also shared how you do not need to be a millionaire before you can invest in the real estate business.

There are different ways you can learn how to invest in real estate and make millions in the short run or long run. The only reason why you should not invest in the real estate business in Nigeria is if you do not understand how the business works.

To start a real estate business in Nigeria to make money you need capital or manpower. If you have the money you can use it to buy properties to sell but if you do not have capital you can simply become a real estate agent to help house owners to sell their houses and get commissions.

You do not need to be a son or daughter of one big man in Nigeria to make millions in real estate sometimes you just need to know how to sell and get paid for selling.

Read also: How to Make Money from Real Estate in Nigeria

4. Furniture Business 

Are you passionate about furniture? Do you like the art of learning furniture-making skills to make money? You can start a furniture business today to supply furniture to homes and organizations.

The furniture business is a lucrative business because all homes and offices need executive furniture. You can make furniture or buy furniture display them in your showroom to sell at good prices.

The furniture business is a hot business in Nigeria you can learn the skill so that you can make furniture to sell or you can simply buy the furniture to sell.

If you cannot afford to do any of this, you can simply do dropshipping – connecting furniture sellers to furniture buyers to make money. A furniture business can make you a millionaire if you know how to convince customers to buy furniture from you.

I have written a well-detailed article on how you can start a lucrative furniture business in Nigeria. If you are really interested in the business you can read it to find out more.

Read also: Furniture Business in Nigeria: How to Start & Make Profits

5. Egg Business

Who can survive without eggs and the nutrients it provides? Which food contains more nutrients than eggs? If you are looking for a lucrative business in Nigeria that caters to the nutrients of people you should consider starting eggs business.

By selling eggs on wholesale to canteens, restaurants, and homes you can make thousands of naira daily and make millions monthly. 

To start eggs business in Nigeria you need capital to either start a layer poultry farming strictly for the production of eggs or you can simply buy eggs from local poultry farms around you to sell.

Eggs business is a business doesn’t really need high capital to start. However, if you want to increase your profits to make millions you need to invest more capital into the business.

You can read this article below to know how you can start your own eggs business in Nigeria to make profit if you are really interested in the eggs business.

Read also: Egg Business in Nigeria: How to Start & Make Profits

6. Cake Business

The confectionery business is another hot business in Nigeria. Every now and then people just need cakes to celebrate one thing or the other.

If they are not celebrating their birthdays, they are celebrating their wedding anniversaries or having their wedding. Whether you are baking cakes strictly for weddings or birthdays you can make good money from the cake business.

This is why cake business is a lucrative business in Nigeria. To start cake business you need to learn the skill first. It usually takes 3 – 6 months to learn this handwork or skill.

But when you are done you can start baking cakes to make money. Asides from baking birthday cakes or wedding cakes you can also make money baking cupcakes to sell to school children and church members.

Read also: Cupcake Business in Nigeria: How to Start & Make Huge Profits

7. Phone Accessories Business

Do you live in Nigeria and you use a phone? If you do how many accessories have you bought for the phone? How many damaged parts of the phone have you replaced?

If you cannot count how many times you have bought accessories for your phone then you should know this is the same for millions of Nigerians.

Phone accessories business is a lucrative business in Nigeria because almost all Nigerians use phones and they buy phone accessories regularly to support their phones.

You can start a phone accessories business in Nigeria with a little capital selling the most important phone accessories Nigerians use. Examples of these phone accessories are earpieces, phones charges, screen guards, phone cases, and more.

You can also invest huge capital into this business so that you can make huge profits in return.

Read also: How to Start Phone Accessories Business in Nigeria & Make Money

8. Cosmetics Business

If you are looking for a lucrative business that caters to the need of all Nigerians not matter their tribe, age group, colour of skin cosmetics business should be the business for you.

With a cosmetics business, you can make money selling creams, hair creams, make-up powders, and more. The cosmetics business is a hot business in Nigeria and one of the reasons why it is hot is because Nigerians cannot do without it.

After food the next on every Nigerian mind is looks, especially for women. An average Nigerian woman spends at least 10% of her 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 77% percent bleach their skin.

This is another reason to prove that the cosmetics business is a lucrative business in Nigeria especially if you are into the sales of bleaching creams.

Read the article below to know how you can start a cosmetics business in Nigeria if you are really interested in the business.

Read also: Cosmetics Business in Nigeria: How to Start & Create Wealth

9. Fish Farming

In a country like Nigeria where the source of protein is either scarce or expensive, some Nigerians are now going into fish Farming to make money supplying fish to the Nigerian populist.

You can make money starting catfish farming to be selling fresh or smoked catfish to restaurants and homes. The catfish business is a capital-intensive business however; it also yields profits running into millions of Naira.

To start fishing farming in Nigeria, I will advise you to first learn how to operate of a profitable fish farm first. To do this successfully, there are many fish farms around you that you can visit to learn.

After learning all you need to know within a month or two you can now start your fish farm at the capital you can afford. There is no waste or unnecessary expenses in fish farming.

Even the waste of your fish is sellable. 

10. Snail Farming

The need and the use of snails today is much maybe that is why there is a huge need for the crawling animal which in turn make the snail business a lucrative business.

You can start a snail farm today and within 2 – 6 months you can start making money selling snails to cosmetics companies, restaurants, and market women.

To start a snail farm in Nigeria you can use local materials if you cannot afford huge capital to build snail pens. There are many videos on YouTube that will teach you which materials to use to build your snail farm and how you can build them in a ‘do it yourself’way.

If you are really serious about snail farming I will advise you to watch many videos about it on YouTube and learn as much as you can. This is to make sure you understand the lives of snails and reduce your expenses.

To learn more about snail farming in Nigeria read the article below.

Read also: How to Start a Profitable Snail Farming in Nigeria

Conclusion

Starting a lucrative business in Nigeria is not easy today. It takes time and efforts. Riches in business do not come easy. If you really want to become in millionaire, you have to be passionate and be dedicated.

That’s all in this article. As usual, let me know if I missed any part of this article. Also, let me know if there are topics you want me to write about on the blog or talk about on our YouTube Channel or maybe our podcast.

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About theinfoworth

Ralph Bamigboye is the brain behind TheInfoWorth.com blog and YouNaija YouTube Channel. Any time he is not on the blog. He is sealing post-construction cleaning contracts for his cleaning company (RALton Cleaning Services).
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