leading Lucrative Businesses in Nigeria You can invest in.
There are several lucrative businesses in Nigeria. This is because Nigeria is a very good marketplace for almost any business, our large population means there are lots of opportunities. Plus, Nigerians love to buy things.
Investment simply means giving out a sum of money or money worth as capital or support for the promotion of a business with the expectation of obtaining additional income or profit. Investment has also been defined as “the process of laying out money now to receive more money in the future.”
Consequently, the major aim of every investment is to make extra income or profit, whether at once or on a periodic basis, it all depends on the nature of the investment.
However, not all businesses will yield the same kind of profit. In fact, not all will make you huge profit within a short period of time. Some businesses are much more lucrative than others, so if you are going to choose a business to invest in, especially in Nigeria, you should consider some of the businesses I am going to list in this article as they are the most profitable in Nigeria.
Top Most Lucrative Businesses in Nigeria
These are the ten most lucrative businesses in Nigeria in 2019:
1. Food and Catering Business
This is among one of the most lucrative businesses in Nigeria and all over the world. It is not new that humans cannot survive without food. People will always eat. You will always be patronized; any season is fine for food business.
You can invest in this business even when you are not a chef or a good cook, you can always employ chefs and great cooks to work for you, and so far, you have the capital and the managerial skill. There are several varieties of this business, we have restaurants, eateries, cafeteria, fast food and chops, etc.
Another branch of the business is the catering services at events. One good thing about the business is that you don’t need to have huge amount of money to start it, you can start small and grow it.
It is advised you have good customer services, you need to treat your customers with utmost hospitality.
2. The Housing Business
In the rank of human needs, after food, it is shelter, where to relax and laid one’s head. Therefore, housing business is also very profitable in Nigeria.
The Housing industry covers areas like construction, development and sale of houses. It also involves sale of construction materials like blocks, cement, ceramic, construction tools etc.
The scope of housing industry is so wide and lucrative. Feel free to invest in it.
3. Fashion Industry
Our list of most lucrative businesses in Nigeria can’t be complete if we don’t mention the fashion industry. The gist is, everybody wants to look presentable and smart. Everybody wants to look good. Nigerians especially value their looks, how others perceive them.
Although this industry is just evolving in Nigeria, it is growing very rapidly. Mrs. Funmi Ladipo-Ajila, the president of Fashion Designers Association of Nigeria (FADAN), confirms that the Nigerian fashion industry is worth not less than 2 trillion naira and it is still growing.
Are you a lover of fashion? This is your chance of making huge cash from it, if you don’t know about it, you can learn or if you have the capital, you can always employ experts or those who have a knowledge of the business to work for you.
4. Agricultural Business
Since ancient times, Agriculture had always been a profitable business to invest in. Although it is quite costly to start, there are endless opportunities in it. Obtaining a loan to start this business is worth the risk as the demand for Agricultural products in Nigeria and all over the world is rapidly rising.
More so, the Nigerian government is now encouraging people to go into agriculture through the grant of several forms of loans and gifts of agricultural tools. As a matter of fact, the National Bureau of Statistics, that the Agricultural sector has contributed not less than 20% to the GDP since 2016.
Under agriculture, you can invest in the cash crop farming –cocoa, rubber, oil palm etc. You can also invest in rice farming, poultry, fishery etc.
Nigerian are a high respecter of the popular phrase “education is the best legacy”. Nigerians value education so much that people are willing to spend millions every session on the education of their children. People are now building schools all around Nigeria now, this is because they know what is in stock for them.
People also prefer sending their children to private schools to avoid the slow and unstable government universities. Notable Educational investments owned by private individuals in Nigeria include Covenant University, Afe Babalola University and Babcock University.
6. Investment in Technological Gadgets
Gadgets are another thing Nigerians are spending huge cash on these days, ranging from phones, laptops, iPhone, iPods, video games such as PlayStation, Xbox etc.
Most people need these things not only for the fun of it, for example, phones are essential means of communication that every person must have. Investing in this business could also be costly as you have to have reasonable capital to have it. Don’t be discouraged by this, you will surely make huge profit if you handle the business with due diligence.
7. Automobile Business
This simply means dealing in vehicles, motorcycles, spare parts etc. Motor dealers are making huge profit in Nigeria this days as people are now really feeling the need to transport themselves to wherever they are going as quick as they can
Also, car dealers get patronized by not just private car users, transport business persons and government transport agents also do. You can also grab a share of the gain by investing in car dealership, motorcycles and spare parts today.
8. Music Industry
Nigerian value their relaxation more than anything, and this they can get from music, especially hip-hop and probably fuji for the old people. Although this industry is just coming up in Nigeria, the industry is extremely rich right now. Therefore, you see rich men investing in upcoming artists everywhere, they know they stand a chance to gain huge profit if the artist “blows” (succeeds).
9. Transportation Business
One of the most lucrative businesses you can set up in Nigeria is the transportation business. People will always move from one place to another and they will need fast means of transportation. Notable Transportation businesses in Nigeria include Agofure Motors, God is Good Motors etc.
10. Online Marketing
What you do here is to promote businesses and their products and services online and through other digital means. The beauty of this business is that in recent times, online advertisement is proving very effective so people are really patronizing online marketers and advertisers to foster their businesses.
It is not just enough to go into a business, it is good to check the feasibility and how lucrative it is before delving into it. Nigeria is a very good marketplace for all sort of businesses, however, I have listed in this article some of the most promising businesses you can be rest assured of your success in it.