By Our Special Correspondent
With the current state of Nigeria’s economy, owning a business has become a necessity. But the issue is not just to own a business. Your business idea needs to be profitable and easy to start. In this edition, we have reviewed business ideas in Nigeria that can be done on small, medium, and large scales. By the time you finish this list, you’ll be able to decide which business to invest in.
A list of most lucrative businesses to start in Nigeria would normally include:
POS Agency Business:
The POS (Point of Sale) agency business has grown in Nigeria over the last few years. This results from the growing demand for agency banking by Fintech companies. As a POS agent, you can make between 10,000 Naira to 30,000 Naira in commissions daily depending on your location. The busier your location, the more money you’ll make. Starting a POS agency business requires very little to no capital. Just reach out to a sales agent from a Fintech company such as Moniepoint, Opay, and PalmPay and to get set up.
Cleaning Business:
Many people who work in cities like Lagos or Abuja don’t have much time to clean their homes. This is an awesome business opportunity. You can clean different homes weekly and make a steady income. A challenge with this business idea is that many people don’t like having strangers in their homes. So you could start by marketing your cleaning business to people you’re familiar with. As you offer them top-notch services, you can ask them to refer you to anyone they know who needs your services. You can charge between N5, 000 and N50,000 per home weekly depending on the level of cleaning required. The scale of this business can easily grow from small to large as you get more clients.
Laundry Business:
Starting a laundry business does not need much financial investment. Some people can’t do their laundry themselves and are willing to pay someone to do it for them. Just like the house cleaning business, market to people you know and seek referrals. You will be delighted with your profit weekly if you put in some serious effort into the business. It would also help if you provide free laundry pick-up and delivery to attract more customers.
Market Runs:
There are popular markets where items can be bought at wholesale prices. Some of them include Oyingbo and Balogun markets in Lagos. Due to the distance, some people prefer to have someone do their market runs for them. This is where this business idea comes in. You can help people go to the market and buy food and household items and get paid for it. If you enjoy going to the market and sourcing things at cheaper prices, this business would suit you. You can make up to N5, 000 in income from each market run. You’ll get more clients if you’re honest.
Event Planning and Management:
Event Planning and management will always be in high demand in Nigeria. Top event planners in cities like Lagos, Abuja, and Port Harcourt make up to 1 million naira per event. To start this business, you’ll need to build a portfolio you can use in marketing your services. You can build a portfolio by offering free planning and managing events for friends and family. As you practice with these free events, you can also take free or paid courses to improve your skills.
Blog Business:
Blogging is a good way to generate continuous passive income. It is also a good way to make money in US dollars which is a stronger currency than the naira. As a blogger, you can make up to $100 per day if your website has a large amount of traffic. Pick a niche, write on topics you know, optimize for visibility on search engines, and monetize it. You can monetize your blog using platforms like Google Adsense, Ezoic, Mediavine, and so on. A challenge for this business could be getting more readers from search engines. You’ll need to understand how SEO works or engage the services of an SEO expert to help you do this. You can also target readers from tier 1 countries like the United States to make more money from blogging.
Real Estate Agency Business:
You can start a real estate business even while still engaged in your 9-5. Identify real estate developers and agree on how much commission you’ll get when you sell a piece of land or a building. Commissions can be between 2% and 10% depending on the cost of the property.
Agriculture and Agribusiness
Agriculture remains a cornerstone of the Nigerian economy. It offers vast opportunities, from crop farming to livestock breeding and agro-processing. Nigeria’s fertile land and diverse climate make it ideal for producing a wide range of products. These include rice, maize, cassava, poultry, and dairy. Entrepreneurs can tap into the value chain by engaging in farming and processing agricultural products. They can do this for local consumption or export. They can also provide agricultural services, such as equipment leasing and consultancy.
Tech Startups:
The tech industry in Nigeria is booming. Opportunities exist in software development, mobile app development, fintech, edutech, and health tech. Innovative solutions can address local challenges or offer services such as online payments, educational platforms, or health information systems. They can gain significant traction.
Education and Training Services:
You can start educational services like private schools, tutoring services, vocational training centers, and online education platforms. With a large youth population and a focus on improving education. There is a demand for quality education. There is also a demand for skills acquisition programs that prepare students for the workforce.
