Nigeria is among Africa's most vibrant economies. Still, the country is plagued by numerous problems, one of which is rampant unemployment. This has led countless people to pursue self-employment in the form of wide-ranging business ventures. Like in numerous other countries, some businesses perform better than others due to various factors. Which are the top business ideas in Nigeria today?
Whether you are looking for a full-time self-employment venture or a small-scale business in Nigeria to serve as a side hustle, there are numerous businesses with which you cannot go wrong.
The best business ideas in Nigeria in 2022
Here is a look at some great business opportunities in Nigeria.
1. Livestock farming
One of the fast business opportunities in Nigeria is livestock farming. However, this industry is yet to discover its fullest potential.
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For this business, you will need some patience and knowledge and enlist the services of a livestock rearing specialist. Some of the niche areas that you can venture into include catfish farming, poultry farming, cattle grazing, goat rearing, and snail farming.
It might not be an entirely new idea, but blogging has not been commercialized enough in Nigeria, as is the case in more developed countries. When implemented correctly, blogging can easily be one of the most profitable online businesses due to the numerous monetization options.
Becoming a blogger can be a good source of income from the comfort of your home. All one must do is find a niche and target the right audience.
3. Agricultural product exportation
Nigeria has a remarkably vibrant agriculture sector. You can start your own exportation business if you register with the Export Promotion Council of Nigeria and decide on the specific product you would want to export. Some of the products in high demand abroad include cassava flakes, cocoa, yam flour, groundnut, chilli peppers, cashew nuts, mango, and many others.
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4. Health and fitness training
Health is something most people do not take for granted in the modern day. As a result, you can make money if you can turn health and fitness into a business. There are not so many well-equipped gyms, especially in small towns.
If you can get your hands on some capital, put in place a state-of-the-art gym, and your business will be a success story in no time. You will, however, have or hire someone who has the right skills to train people.
Are you looking for a lucrative business in Nigeria? Then you should consider venturing into the mining industry. Nigeria is endowed with numerous mineral resources. Some of the common ones include coal, iron ore, limestone, bitumen, and others. The Nigerian mining sector has constantly been growing, paving the way for new investments.
If you have access to some significant capital outlay, a skilled and knowledgeable team, and a ready market, you could venture into this lucrative industry.
6. Private refinery business
The oil and gas sectors are essential in Nigeria. Most of the country's tycoons are involved in the sectors in one way or the other. While it can be quite profitable, the oil industry is also quite expensive to venture into. If you have sufficient capital to start a private refinery, you will benefit greatly from the government's numerous subsidies and other monetary incentives.
7. Social media marketing
You probably spend a lot of time on Twitter, Instagram, Facebook, and other social media platforms. However, you may not know that you can earn while interacting with your buddies and fans online. Monetize your social media accounts by making them a platform for others to advertise their products. For example, if you have many followers on Facebook or YouTube, you can learn how to activate ads and get paid per view.
8. Uniform sewing
If your hobby has anything to do with sewing or textiles, and you would not mind doing it for a living, then you should probably try out the uniform sewing business. There are plenty of schools in every state, and they all need uniforms for their students. This high demand makes uniform sewing one of the best small business ideas in Nigeria.
Additionally, there are also a lot of corporate organizations whose employees also wear uniforms – for example, the security staff. After setting up the business, you can promote your venture and make good money from this business.
9. Freelance writing
Excellent writing is in high demand across various sectors nowadays. For a beginning, you can look for freelance opportunities online or write for a company which sources tasks from clients. The benefits of this job are countless, with the main one being the freedom to work from anywhere.
Later, when your business grows, you can hire other writers and start your small freelance company. If you have a way with words and can come up with engaging content, this is among the best businesses you can try.
10. Freelance accounting and bookkeeping
An accounting or bookkeeping start-up is one of the best business ideas in Nigeria for those that have the skill, of course. But first, you must become an accredited accountant and earn the prerequisite exposure to handle clients effectively.
11. Call centre/agency
The call centre business has become quite popular nowadays. There are lots of people who need assistance, guidance, advice, or want to complain about services or products. Therefore, you can set up a call centre/agency and work for large companies according to contracts.
This business will typically require little start-up capital unless you intend to hire more workers.
12. Recruitment agency
Nigeria suffers from massive unemployment, with millions of people in a desperate search for jobs. You By starting a recruitment agency, which will connect job seekers to the available opportunities. All you need to do is to collaborate with the different companies and individuals looking to hire people.
Your recruitment agency can grow and expand with time, depending on how well you can read the job market.
13. Beauty salon and spa
Nigeria's beauty industry has undergone a massive transformation in the recent past with increased demand for cosmetic products and services. And this is a good business opportunity for you to tap into. If you set up a beauty salon or a barbershop/beauty salon/spa and offer great services, you might just land yourself numerous clients.
14. Importation of clothes
Clothing is among human beings' basic needs. This explains the ever-increasing demand for clothes in Nigeria and other countries across the globe. Today, there is still a market for clothes, especially trendy and inexpensive ones.
You can import clothes from various countries, including China, India, France, Italy, the United Kingdom, the USA, etc.
15. Daycare centre
With the busy schedules synonymous with modern-day life, people need their children taken care of during the day. Many people are wary of house-helps knowing how they can sometimes mistreat children in the absence of their parents. The alternative is taking children to a daycare centre when they are away. You can start the business in a small, rented room or even in your guest room
16. Personal trainer/tutor
Are you skilled in a particular field and feel like you could help other people to develop their skills? Then the personal trainer business is a venture worth considering. For instance, millions of Nigerians undertake different academic tests and examinations every year and need someone to help them out with preparation.
Another example is the large number of people looking to learn how to use various computer programs. If you are proficient in the said programs, you can use this knowledge to start your course.
17. Event planning
You may not appreciate how demanding event hosting is until you find yourself in a situation where you have to plan for a party. This explains why most people begin event hosting as a side hustle but end up doing it full time.
Numerous occasions require event planning. These include birthday parties, graduation parties, religious occasions, and even funerals, among many others.
18. Waste management
Waste management is another venture which can be quite profitable and has significant potential aligned with the modern-day pollution reduction agenda. The business's potential lies in the lack of awareness among Nigerians when it comes to proper waste disposal and management.
Several businesses can be started in this niche, with the top ones being waste disposal, waste recycling, organic fertilizer production, and junk hauling.
19. Food processing
The food processing industry in Nigeria is quite huge. You can choose to venture into numerous niches, including frozen food production, vegetable oil production, oil palm processing, yoghurt production, tomato puree production, garri processing, rice milling, and fruit juice production.
If you have a car and are looking for a profitable business in Nigeria, you should certainly consider ride sharing. Car owners can make extra cash and not affect their routines at all through innovative business ideas like ride-sharing. For example, you can advertise your car as a taxi and pick up passengers while running your errands. There are modern-day ride-sharing apps that can let you implement this idea quite easily.
21. Alternative power installation
Nigeria has been facing massive power supply issues owing to factors such as a rapidly growing population. With the world transitioning to more sustainable and environmentally friendly power sources, the Nigerian government has been creating incentives to encourage alternative power sources.
This has led to a growing demand for alternative power generators, including solar and wind energy. One can make money by importing, selling, and installing alternative power equipment.
22. Photography and cinematography
Photography and cinematography are some of the most captivating business opportunities in Nigeria. These professions suit individuals who love documenting special moments. While there's stiff competition in the sector, specializing in a niche can win you many clients. For instance, you can choose to focus on pet photography and avoid crowded niches such as wedding photography.
23. Crop farming
The most important step for people considering crop farming is acquiring a good piece of fertile land. There are many potentially profitable cash crops which can be planted and nurtured for a steady flow of income. Some of the cash crops you could plant include kola nut, cocoa, oil palm, plantain, yam, cassava, orange, and many others.
24. Water bottling
The demand for bottled water continues to rise as major cities in Nigeria continue to grapple with the problems of clean water shortage. If you can bottle clean cooing water, then there are opportunities in numerous towns and cities across the country.
25. Forex trading
Forex trading seems like the most recent frontier for making money online and is quite profitable. However, you will need to undergo training first through a coach or self-training to make it in forex trading. Once you learn the ins and outs, forex trading is arguably the top business to start with 10k.
Forex brokers not only train you but also give you access to forex markets through their accounts. This is an excellent place to make money, but you should also be aware of the risks that may include losing your investment due to seemingly small mistakes.
26. Dry cleaning
This is among the most interesting hot business ideas in Nigeria. With people becoming more and more focused on their jobs, the time to perform certain household chores such as laundry keeps diminishing. As a result, the dry-cleaning business has become quite profitable.
27. Recharge card business
Recharge cards are highly sought-after products since they enable mobile phone users to call, text, and browse the internet. These cards are among the primary ways one can use to top up their device.
28. Interior designing
If you have a passion for interior design, you need not look for a typical nine-to-five job. The interior design market has something for you if you can prove your skills. Many developers may not have the time or expertise to decorate their properties, and this is where you come in. Offer to do the walls, furniture, floors, and numerous other interior design elements at a fee.
29. Affiliate marketing
This is ideal for someone looking for a super easy business to start in Nigeria. An affiliate marketer promotes products of other companies and earns commissions on their sales. One of the most popular affiliate platforms is Amazon's affiliate program. However, there are many others. Affiliate marketing is often combined with information distribution models such as blogging to create a seamless mix of content and promotion.
30. Restaurant business
There are plenty of eateries, but this does not mean one cannot start their own restaurant in Nigeria today. These days, many people are too busy to cook at home, so they very often visit eateries. This especially applies to the students and workers, which is why setting up your restaurant near a school or busy workplace is a great idea.
This is one of the best business ventures for people with a passion for cooking and baking. At first, your business can start small, but it can expand once you have gained some traction and experience in the industry.
Be creative with the products you bake to distinguish yourself from your competitors.
32. Selling mobile phone accessories
Sales of mobile phone accessories is a very profitable business in Nigeria today. The number of mobile phone users in Nigeria is projected to grow significantly over the coming years. There are chances that the new mobile phone owners will need various accessories every now and then.
33. Email marketing
This is one of the most effective ways to reach out to existing and potential customers in the digital sphere. Most people have an email address, and you can advertise products to them directly. With a good sales pitch, you can convert total strangers into customers for businesses and get paid in return.
This is arguably the best business to start with little money in Nigeria. The little capital outlay required for this venture makes it appealing to people with financial constraints.
34. freelance website design
Virtually all modern-day businesses and organizations now have an online presence for their business. Therefore, website design has become a great way to generate money. Business owners and organizations do not want to be left behind from the advantages related to having an online presence.
35. Start a YouTube Channel
Starting a YouTube channel is a great way to make money while sleeping. If you are a good content creator who can keep audiences engaged, you should definitely create a YouTube channel. You'd need to identify a niche to focus on and figure out what your target audience constantly searches for on YouTube.
36. Lawn care
If you grew up in a home with a lawn, chances are your parents made you maintain it. How about turning the skills you learned into a business? Working outdoors with your hands to tame and beautify the natural landscape can be a rewarding experience and, in this case, a money-making one.
37. T-shirt printing
If you have an eye and mind for great designs, you can start a t-shirt printing business. Some of the most common methods include screen printing and heat pressing. You can set up your business online or even work with institutions.
38. Ice block production
Nigeria's hot tropical climate is the primary reason for the massive ice block demand. You can try this profitable venture with a significantly small capital outlay. All you need to get started is a good freezer, electricity, and water.
39. Plantain chips making
In Nigeria, one can see plantain chips being sold on streets, in fancy stores and in slow-moving traffic. Plantain chips are easily some of the common snacks in the country. Most people like them because they serve as a delicious and affordable snack suitable for any time of the day.
As a business, plantain chips are easy to make and sell daily.
40. Car wash
The car wash business is profitable as there will always be an increase in the demand for a car wash. You might need some significant capital to get started. Ideally, you will need ample space, a stable water supply, and a washing machine.
You can go ahead and make your business more attractive and customer-friendly by providing a sitting space with a television set and snack bar.
41. Food cart
Meals to-go are perfect for people who struggle to find time to cook nutritious and healthy meals. This explains the increased demand for the meals-to-go business. You can capitalize on this trend by starting your own meals-to-go business in your neighbourhood, city, or state.
42. Travel planning
While modern-day travel apps and websites have pretty much taken over most of the traditional travel planner's functions, a significant number of people still require these traditional services. If you are skilled and knowledgeable about Nigerian destinations, you can start a travel planning business.
The fashion industry is among the most vibrant in Nigeria. Since the business is closely related to people's basic clothing needs, it is quite profitable. Additionally, the fashion industry is forever evolving, making this business a great idea.
44. Mobile phone repair
With significant training and little money, one can get a phone repair kit and start making good money repairing people's mobile phones. You will need to have excellent communication skills to help you earn and retain customers.
45. Cleaning services
These services target both small-scale and large-scale clients. The upside to this business is the sheer number of people who want a clean environment to live and work in. You can offer cleaning services for clothes, carpets, sofas, toilets, walls and many other things.
46. Car detailing
If you are a detail-oriented person and have a passion for cars, a car detailing business is certainly for you. It doesn't require much capital, and all you need is space and the necessary tools. If you set up a good company and impress clients, they will pay good money for your premium services.
Due to the low capital requirements, this is arguably the cheapest business to start in Nigeria.
The demand for multilingual people has recently increased. If you can speak two or more languages, you could consider starting a small business with which you can monetize those skills. You can start looking for clients on freelance websites such as Flexjobs and Upwork and then slowly build your portfolio.
48. Senior citizen assistance
Senior citizen assistance is one of the best business opportunities in Nigeria. There are several ways you can set up the business. For example, you can help the senior citizens run errands, take them to social functions, and even help them around the house.
49. Virtual assistant
A virtual assistant is a self-employed person who provides administrative services to another individual or company from a remote location. If you are looking for an online job that lets you earn from your skills while giving you the freedom of working from home, then being a VA (Virtual Assistant) should be among your considerations.
50. Software development
These are interesting times for IT gurus as the demand for their services is at an all-time high. Software and app development is an amazing business opportunity. If you have the right skills, you can work to create apps and software for clients on different platforms, including Windows, Android, and iOS.
What businesses are in high demand in Nigeria?
Due to the country's growing population and modern-day technological advancements, the demand for products and services in the food, smartphone, and entertainment sectors is quite high. Some of the top businesses include smartphone repair, restaurant business, and affiliate marketing.
What are the most successful small businesses in Nigeria?
Some of the most successful small businesses in the country include the taxi business, cloth importation, and health and fitness training. Still, what counts as the best business in Nigeria for one person might not work for another due to factors such as returns, initial cost, and the experience required.
What business can I start with 500k in Nigeria in 2022?
This amount equates to about $1,206. With this amount, there are numerous business ventures you can get into. These include the carwash business, cloth importation, Ice block production, interior design, and blogging.
What business can I start with 50K in Lagos, Nigeria?
This is about $121. With this capital, you can start a low-cost business, particularly in the online sector. Some of the best options include affiliate marketing, blogging, freelance writing, and translation.
There are numerous business ideas in Nigeria today. With the country's growing population, technological developments, and ever-growing connectivity across countries, one can venture into a wide range of businesses and rake in profits. These ideas vary in terms of capital requirement, licenses and regulations, and potential returns.
DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!
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