First of all i will want to say that by now Nigeria still remains a hub for many entrepreneurs and investors and this article is about some lucrative business you can start. In fact, Nigeria is now the most biggest economy in Africa, the first destination for foreign direct investors choose in Africa and one among the fastest growing economies within the Africa. That’s why South African and Chinese companies are doing their best to secure a position and invest in Nigeria.
So here are list of business you can start in Nigeria
Nigeria is blessed with tons of natural resources like Limestone, Coal, Iron ore, Bitumen, etc. Aside this, the mining industry in Nigeria is about to kick off because the federal government in June 2013 implemented a policy to drive forward the mining industry by declaring the importation of mining equipment duty free. The government is additionally going after many dormant investors who were granted mining licenses but aren’t utilizing it. This particular act by the government will spur the expansion within the mining sector. If you’ve got the financial capacity and a team, you’ll are okay to venture into this lucrative business, register yourself under CAC and position yourself fully in this business sector.
- Setting up a private mini refinery
There are many business opportunities within the oil and gas sector. Building a personal refinery and refining petroleum is another business you ought to check out because there are tons of potentials in it in Nigerian economy. In January 2012, the federal government announced the partial removal of subsidy and with an extended term decide to totally remove fuel subsidy. What this suggests in essence is that petroleum product importers will now sell as they buy; thus bringing in competition and it’s a known incontrovertible fact that 80% of petroleum products consumed in Nigeria are imported.
- Importation of wears
Clothing is another basic need of man and the people in Nigeria are not an exception because we love fashion. No matter how the economy is, people must wear clothes and this includes shoes, bags, underwear, perfumes, etc. Now there’s a quick growing trend now which is “Used clothes” or “Recycled clothes,” otherwise called “Okirika.”
Since the economy is getting tougher and we need to be clothed, the masses have resolved to purchasing used clothes instead of new ones. Still yet, there’s a marketplace for new clothes; for men, women, and kids. You can research the goods you want to buy from countries like China, United States, Hong Kong, Italy, France, Dubai, and even from India, etc.
- Training centers
Every year, many people sit for examinations and tests in Nigeria and most of those people usually need some good training or tutorials. As a Nigerian, you can choose to be a provider of such trainings and make money off this business. Examples of training you can offer include skill & vocational acquisition training, corporate management skill training, etc. You can also conduct tutorial for people writing professional exams LIKE CCNA, CCNP, ITIL,IELTS, TOEFL and general IT stuff.
Nigeria is catching on with the rest of the advanced countries with reference to technology. If you’re technologically inclined, you can setup shop in Nigeria and begin offering e-services to clients. Example of such e-services include Web designing and development, Web hosting, App development, Digital marketing services, program Optimization services, Graphic design services, Bulk SMS services, Online registration of exams such as JAMB, WAEC, IJMB and other professional courses, etc. Providing e-services is a good business you can start in Nigeria.
- Waste Management
Waste management is another business you can start with a future potential because Nigerians are yet to imbibe the habit of proper waste disposal. However, states like Lagos and FCT are doing tons to encourage proper waste disposal and management. Now there are several businesses you’ll start within the waste management niche and these include waste recycling, waste disposal, junk hauling, organic production, etc.
7.Alternative Power Installation
As the world goes green, and Nigeria battles her power supply challenges; there’s an already established opening in Nigeria’s power sector. Even though the govt has taken steps to deregulate the facility sector by granting licenses for Independent Power Plants, granting a free duty for the importation of power generation equipment and commissioning several power projects, this may never hamper the growing demand for alternative power generators like solar power , wind mills, Inverters, etc. You can either make money by importing and retailing these materials otherwise you can prefer to specialise in installations.
- Food processing
Another profitable industry to think about is that the food processing industry. The concept of this industry is just to require raw food materials and switch them into finished products. In fact, there are tons of companies you’ll neutralize this niche and samples of such businesses include Tomato puree production, frozen foods production, yogurt production, Vegetable oil production, Garri Processing, feather palm processing, groundnut processing, fruit crush production, Rice milling, etc.
Yes, transportation is very lucrative in Nigeria. It is therefore a business you can start in Nigeria. You can buy a clean car and register with Bolt, uber and the likes or also engage in airport taxi.
10. Poultry and livestock
Nigerians are one of the highest consumers of meat in the world. You cannot run out of consumers through out a year. Consider poultry farming as a business you can start, because poultry provides with both meat and eggs. You can also consider rearing goats,pigs, fish, rabbits, rams e.t.c for more money.
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