Business ideas in Nigeria seem to be what every young person is searching for on the internet now. This is because the Nigerian market is wide, and there are business opportunities everywhere.
Considering the high rate of unemployment in Nigeria, many Nigerians have resorted to business. Ranging from fashion to education to internet businesses, Nigerians seem to be everywhere.
Popular belief has it that capital is the primary limit to starting a business. However, looking at it critically, coming up with business ideas in Nigeria is the main challenge.
Even though there are diverse business opportunities everywhere, many Nigerians find it hard to settle on what exactly to do.
This post lists 10 profitable business ideas in Nigeria today. You can go into any of them, and be sure to make reasonable profits.
Top 10 Profitable Business Ideas In Nigeria
1. Real Estate
Real Estate business is one which has not been fully tapped into in Nigeria. Many people are afraid to go into the business because they believe that they would need a huge capital to start.
The truth is, you do not have to start big. You can simply buy a piece of land, and wait for it to appreciate. Once the value of the land gets to a mouthwatering “high”, you sell it.
You can also simply buy an existing house, and sell it at a higher price. You can also invest in event centres or shopping malls.
The good thing about Real Estate business is that it actually pays big.
Call it fashion designing or whatever, there is money in this business. Some of those tailors you look down actually make more money than you do.
People need clothing all the time. It is a basic human necessity. Nigerians even take it to another level with the love for “owambe” (partying). Before you say “Wedd…”, Nigerians have picked “aso ebi”.
This makes the market very open, and many Nigerians are already tapping into it. Some people even abandon what they studied in school to face tailoring and fashion designing. That is how lucrative it is.
3. Freelance Writing
There are Nigerians who make their living by writing articles for other people. This can be done as a full-time job or as a side hustle.
If you are good at creative writing and editing, then there is a market for you in Nigeria. Freelance writing is one of the most profitable businesses to start in Nigeria in 2018.
Many website owners do not have the time to come up with new articles all the time. They therefore require the services of freelance writers to come up with new posts.
I once worked for a man whose full-time business was freelance writing. With the money from freelance writing, he takes care of his family.
You may not have a huge client base at the start of this business. However, if your few clients are satisfied, you may earn very high from them. They may even refer you to other potential clients.
4. Clothing Store
You can also open a clothing store in Nigeria, and start making profits. As said earlier, clothing is a basic human necessity. This means that the market is always there.
Clothing stores can either be designer-specific or sell clothes from diverse designers. What matters is the demand for the designers’ products.
In another twist, you could also opt to sell clothes made by Nigerian tailors. This would likely appeal to a market of Nigerians who like traditional wears.
5. Inverters and Solar Systems
With the epileptic power supply in Nigeria today, Nigerians keep looking for ways to generate their own power.
While generators play a role in solving this problem, it creates a new problem – noise. In addition, the exhaust causes environmental pollution.
This is where inverters come in. Inverters work without making noise. Neither do they release toxic smoke into the atmosphere. They simply store charges in batteries, and use the charges when power is out.
If you include solar systems in this business, your profit margin is higher. This is because, with enough solar panels, clients may cut the power company supply off totally.
That is what Nigerians want, and that is why the business is profitable.
6. Phone Repair
Nigerians use phones in numbers that amaze me sometimes. A single person can have three or four phones at a time. It is difficult to see any youth or adult who does not have a phone in Nigeria.
Going into phone repair business opens you to a huge possibility of customers. All you have to do is, gather the required skills.
The capital to start a phone repair business is quite low, and you can get going in no time.
If you wish to maximise profit in this business, make sure that you know how to fix both software and hardware issues. Do not lose your customer to someone else for lack of skill.
Read Also: The 10 Most Beautiful Cities in Nigeria
7. Daycare Business
The reason many Nigerians leave their children with relatives is that they do not see quality daycare centres around.
This means that the few ones around are open to good money.
The economic situation of Nigeria today has made it such that both husbands and wives now work hard to make ends meet. This means that in some cases, these parents rarely have time for their children.
If you come up with a high-quality daycare centre, you will definitely get patronage.
You do not have to start this business big. It does not necessarily have to start as a school. Just start from somewhere, and watch the business grow.
8. Phone Sale
A lot of Nigerians buy new phones every day. Some do it because their former phones are giving them problems. Some others buy new phones simply to keep up with the trend.
Either way, a business opportunity is open to you. Why not become a phone seller? You buy phones, and sell them at higher prices than you bought them.
Many people are into this business, making cool money every day. Just make sure you are selling brands that Nigerians actually use.
If you do not have much funds, you can start this business small. You may get just a few phones to sell. When you get bigger funds, then you can expand your market.
9. Restaurant Business
Food is another basic necessity of life, and Nigerians do not joke with it. This is why restaurant business has always been in fashion.
Many Nigerians wake up early in the morning, and rush to work without eating.
For some, it may be because there is no time. For others, it is probably because they cannot cook. Either way, there is money in it for you.
However, this is for people with great cooking skills. As you will be preparing food for the public, it has to be of high quality.
If you do not like cooking, then this business is obviously not for you. Since it will require cooking every day, you will not be able to cope.
Agriculture is an evergreen business in any community. Humans have to eat and drink, and agriculture is the way.
This could either be crop farming or animal husbandry. However, even though this is one of the most profitable business ideas in Nigeria, it is often neglected.
Many Nigerians see farming as what should be left for those in the villages. That is absolutely wrong.
Nigerians are just beginning to see the prospect of agriculture. More young Nigerians keep starting agriculture-related businesses every day.
The market is very wide considering the range of agricultural products out there. There are various crops you can plant, and various animals you can rear. It simply depends on the season and the one you like.
There are Nigerians raking in millions from moringa farming and catfish farming. Do not be left behind.
This list of 10 profitable business ideas in Nigeria in 2018 is valid as at the time of creating this post. Many of the business ideas listed will be profitable for years to come. This means that you can easily make money from these businesses for a long time. However, do not forget these 10 business tips if you want to succeed in business.
Are you into any of these businesses in Nigeria today? Let us know your experience in the Comments section below.
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Author: Vincent Abolarin
Vincent is a Nigerian blogger with special interest in the history and current happenings in the country. When he is not blogging, he enjoys reading and playing computer games.