37 Most Lucrative Business Ideas in Nigeria (2022)

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 37 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 most lucrative business ideas in Nigeria today with the highest profits.

1. Food Business

The food business is a lucrative business in Nigeria that can fetch you daily income. 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 this lucrative 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 most 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 in Nigeria 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 Distribution 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/Cupcake 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

11. Relationship & Marriage Counseling

Many do not know counseling can be a lucrative business in Nigeria. Yes, due to the high rate of divorce, domestic violence, and more many couples are seeking counseling to better their relationships and marriage.

The reason why this business is highly lucrative is that you can be paid as much as #20,000 – #100,000 to counsel couples. Your success rates also increases your chances of increasing your charges.

12. Dropshipping Business

I was introduced to the dropshipping business by a fellow blogger last year and I have not gone back ever since then. The best part about this lucrative business is that you do not need capital to start the business in Nigeria or anywhere in the world.

All you need is a phone or laptop and an internet subscription. So in case, you do not know the meaning of dropshipping business. Dropshipping simply means the act of selling goods without having them in stock.

You advertise these goods and when there is an order you purchase the product from the seller and deliver them to the buyers.

Read also: How to Start Profitable Dropshipping Business in Nigeria

13. Bakery Business

The bakery business is another top lucrative business in Nigeria because of the high demand for bread. Bread is a staple food in Nigeria. Both the rich and poor household eats it.

You just need to know your target market and the cost of starting before you venture into the business. The cost of starting agege bread is different from the cost of starting a slice bread business.

Read also: How to Start Profitable Bakery Business in Nigeria

14. Solar Energy & Installation Business

Solar energy and installation business is another lucrative business in Nigeria due to the epileptic power supply in Nigeria. Think of it. When was the last time you had good power in your area?

Solar energy and installation business can make you good money possibly make you a millionaire if you can learn the business and learn how to build solar inverters.

15. Wallpaper Sales and Installation

This lucrative business is similar to the painting business because it has to do with beautifying homes and offices. The only difference however is you do not need to hold paints and paint brushes to beautify the walls.

With wallpaper installation business all you need to do is beautify people’s houses with 3D wallpapers – gluing them to the walls and floors.

The reason why wallpaper installation business is a profitable business in Nigeria is because of the addiction Nigerians have to beautiful apartments.

Nigerians are ready to spend a good amount of money on interior decoration just to make sure their homes look exquisite.

16. Shoe Business

Shoes business cannot be underestimated in Nigeria because it is a need, everybody whether rich or poor needs shoes. For this reason, the shoe business is considered one of the most lucrative businesses in Nigeria.

In the shoe or footwear business, there are different types of shoes you can sell. You can sell sandals, fashion shoes, slippers, rubber slippers, baby shoes, and more.

Read also: How to Start Profitable Shoe Business in Nigeria

17. Car Wash Business

The population of cars in Nigeria is growing rapidly as each day goes by. These cars or vehicles will always need repairs are cleaning hence making the car wash business a lucrative business in Nigeria.

In starting a car wash business in Nigeria you do not need huge capital. All you need is a busy area or a bus stop that has available land. Establish your business and start washing cars for car owners.

Read also: How to Start a Lucrative Car Wash Business in Nigeria

18. MC or Compare 

Out of all the listed lucrative businesses in Nigeria, this is the only business that has to do with your gifts or talents. If you are good at managing the stage and making people laugh you can start making money from this today. 

By becoming a master of ceremony you can make of to #30,000 – #200,000 per show. Your level of professionalism and how famous you are determines how much you will make from this lucrative business.

19. Start a YouTube Channel

Starting a YouTube channel is another lucrative business in Nigeria because when your channel is monetized you will make your money in dollars. 

Although it is a long-time business once you get monetized and you start making money you can make up to $10,000 dollars or more yearly.

Being a YouTuber in Nigeria is very lucrative you just have to start early.

Read also: How to Become a Professional YouTuber in Nigeria

20. School Business

Due to the low quality of education in Nigeria especially in public schools, many individuals are now going into school business to meet up with the current school and teaching standard as regards to education.

School business is a lucrative business because all Nigerian parents want their children to go to good school and they are willing to pay good money to get this.

Read also: How to Start a Profitable School Business in Nigeria

21. Pizza Business

Nigerians are lovers of pizza despite the fact that it is not local food. Children and adults buy pizza every day just to enjoy themselves. This is why this business is a lucrative business in Nigeria.

To start a pizza business in Nigeria you do not need to break the bank you just need to rent a space and get a baker that will be baking the pizzas for you.

22. Shawarma Business

In my article on the shawarma business, I talked about how lucrative the business is in Nigeria. Shawarma business is one of the snacks Nigerians can never do without. 

Even in rural areas, you will be amazed by the extent to which villagers will queue to buy shawarma. You can start a shawarma business in your local area as long as you have the machine and ingredients to start.

Read also: How to Start & Run Shawarma Business in Nigeria

23. Phone Business

Phone and phone accessories business is another very lucrative business in Nigeria today, especially because about 90% of Nigerians use phones.

If you do not have the capital to sell new phones or you can sell tokunbo phones or simply cell phone accessories instead.

24. Smoothie Business

In a country where quality food is scarce and good nutrients are hard to come by smoothie business can be a lucrative business, especially in areas where obese, elderly, and rich people live.

Read also: How to Start & Run Smoothie Business in Nigeria

25. E-hailing Business

E-hailing business is another lucrative business in Nigeria but this secret is only exposed to only few. If you have a car suitable you can become an Uber driver or taxify driver and make up to #60,000 – #80,000 daily.

To make up for this daily you must be able to drive customers for 24 hours or at least 20 hours. 

26. Event Management Business

This lucrative business in Nigeria also falls under the wedding planner business. As an event manager, you can make up to at least #200,000 for each event you manage or plan.

27. Digital Marketing Business

The ability to promote goods and services online is another lucrative business in Nigeria. This is because only few know how to do this. Today, you can learn how to digital marketing for free as long as there is internet subscription.

The best thing about digital marketing in Nigeria is that you can make money in different ways in the business.

Read also: How to Start Digital Marketing in Nigeria

28. Barbing Salon Business

Barbing salon business is just like hairdressing salon business the only difference in the business is that you are barbing. Barbing business is a lucrative business in Nigeria because of the population of men that need constant grooming and the barbing salons available.

Read also: How to Start Profitable Barbing Salon Business in Nigeria

29. Photography Business

The photography business is another simple lucrative business you can start in Nigeria. You can become a photographer with just your phone even if you cannot afford to buy a camera for start.

There are many parts of the photography business that are profitable however, photoshoot and photo enlargement is the most lucrative part.

Read also: How to Start a Profitable Photography Business in Nigeria

30. Information Marketing Business

Have you heard about information marketing? This is another lucrative business in Nigeria. If you have not heard about information marketing or you do not know the meaning. 

Information marketing is simply the act of advertising and selling information to make money. 

For example, if you know the secret on how to make money online in Nigeria and this secret has worked time and time for your customers you can sell this information to make money from it.

Read also: How to Start Profitable Information Marketing in Nigeria

31. School Uniform Business

I have written a post about the school uniform business and how lucrative the business is in Nigeria especially if you are a professional tailor.

You can start your own school uniform business in Nigeria today by learning how to sew uniforms and sewing them for pupils and students. You can go to school to get the contract for sewing school uniforms for their children.

Read also: How to Start School Uniform Business in Nigeria

32. Cooking Gas Business

About 70% of Nigerians use cooking gas to cook their foods, especially the high-income and middle-income earners. This is why this business is lucrative in Nigeria.

You can start your own cooking gas business today to make your own money from the business.

Read also: How to Start Profitable Cooking Gas Business in Nigeria

33. Restaurant Business

Food or feeding is a necessary need in Nigeria. People cannot do without food this is why the restaurant business is a lucrative business in Nigeria.

Read also: How to Start Profitable Restaurant Business in Nigeria

34. Palm Oil Business

The need for palm oil is unending. This is because of its health benefits. Palm oil is more healthy even than groundnut oil. Many Nigerians know this that is why there is a high demand for palm oil and this is why the business is a lucrative business in Nigeria.

If you are really thinking about starting your own palm oil business in Nigeria there is an article I wrote on it on how to start the business and make fast profits from it.

Read also: How to Start a Lucrative Palm Oil Business in Nigeria

35. Money Lending Business

There is a reason why many Nigerian entrepreneurs are going into loan business in Nigeria today and this is because of the massive profits in the business.

You can start your own money business in Nigeria today if you have enough start-up capital.

Read also: How to Start Money Lending Business in Nigeria

36. Gift Cards Trading

If you are thinking about a lucrative business in Nigeria you can do it online from your home or anywhere you can start gift card trading – where you buy and sell used gift cards to make money.

This is another lucrative business in Nigeria.

Read also: How to Make Money Trading Gift Cards in Nigeria

37. Spare Parts Business

Earlier, I have talked about the car wash business and how lucrative the business is based on the population of cars in Nigeria. Spare parts business is another lucrative business in Nigeria under the automobile industry.

However, the business is a capital-intensive business.

Read also: How to Start Lucrative Spare Parts Business 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.

Do well by following us on all our social media platforms, listen to our podcast, and subscribe to our YouTube channel.

We have awesome content there too. You can also support us by donating a little token for the sustenance of the blog. Check out our copyright terms here, Our Services, and About Us.

Finally, share this article with someone you feel might need it.

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).
View all posts by theinfoworth →

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.