Top 10 Most Profitable Businesses In Nigeria 2023

Starting a business requires a little bit of research and proper findings, including advice from people who have gone down that road before. We, however, have done the research for you, and we bring you the top 10 profitable businesses in Nigeria that you can start and make money from. Enjoy!

 

1.  AGRICULTURE

Aside from being one of the most profitable businesses in Nigeria, farming is also a business that will always be around. It never gets old or loses its beauty. As long as people are around, the farm business will do well. It’s a very important and smart business because of this.

One thing that makes this business so appealing is that there are a lot of loans and other ways to get money for people in Nigeria who want to start a farm business. The Federal Government, through the Ministry of Finance, the Central Bank, and the Ministry of Agriculture, runs a Bank of Agriculture. How to get a loan from the Bank of Agriculture is something you can learn. A lot of business lenders give farmland a lot of attention.

And since the government is always trying to move away from oil, agriculture is where it puts most of its attention. It will give this area more reasons to grow. Anyone who goes into the Agriculture business will make a lot of money and grow.

Here are some business opportunities in Agriculture:

• Cattle Farming

In Nigeria, people eat a lot of beef. In Nigeria, cow milk is almost as valuable as oil. Because of these things, raising cattle in Nigeria is one of the best ways to make money. Here’s more: How to get started raising cattle in Nigeria.

• Palm Oil Business

Gold is palm oil. Palm oil is used to make most of the things you use, like cream, soup, and many other things. Many companies from all over the world buy palm oil from Nigeria.  This business makes a lot of money. Here’s more: How to start a business with palm oil in Nigeria

• Cassava Farming

Most Nigerians depend on Garri, fufu, and other foods made from cassava. This business makes a lot of money because the goods are in high demand. Here’s more: How to get started growing cassava in Nigeria

• Poultry

Nigerians eat a lot of chicken, turkey, and other types of meat, especially during holidays. Anyone with a small amount of money can start a poultry farm, which is a very successful business. Here’s more: How to get a chicken farm up and running in Nigeria

• Snails farming

Nigeria has an open business opportunity with snail farming. In this business, there are so many opportunities and things that could happen. How to start a snail farming business has more information.

Aside from the ones above, there are many other ways to make money in gardening. Do some research and choose the one that works best for you, your budget, and where you live.

 

2.  FOOD BUSINESS

Everyone who lives on Earth needs food to stay alive. Food is one of the three most important things for people to have, along with shelter and drink. Throughout the day, people eat almost every second, minute, and hour. The food business is the best business idea in Nigeria because people will always need to eat, no matter how bad the market is. One thing we can’t live without is food.

So, if you start a food business, you can be sure to make a steady stream of sales every day and make a lot of money. You can even see how much money you’re making every day.

You can only make this work if you make and serve good food. You will have a lot of regular customers, and people will always come to buy your food because it is so good.

Your customers will even spread the word about your business by telling their friends to come try your food.

Most of the time, this business works in two ways:

• Mobile Food Business: This is a type of food business in which you can sell food anywhere you want. You can use a wheelbarrow, a small truck, a horse, or, if you have a car, you can even drive it.

• Fixed Food Business: When you have a fixed food business, you stay in one place to sell your food. You can do this if you have enough money to open a restaurant.

 

No matter which one you choose, make sure you and the food are clean and that you sell tasty food that will make people want to come back for more.  You can even give people food at events, seminars, talks, and so on. This will happen if you have a good start, sell good food, and get good word of mouth.

 

3.  GAS FOR COOKING BUSINESS

This is another large business that makes a lot of money. No matter what, people cook and eat every day.  Because kerosene that has been tampered with poses major risks to human life, many homes have switched to gas. You can start a retail cooking gas business with a small amount of money and put it in a living area to get enough customers, especially in student areas where people want fast service at low prices. You can open a gas station if you have a lot of money. People like gas stations because they think the pumps are accurate and the gas is good. Whether you work in retail or own a gas station, you are on your way to being your own boss and making money every day, as well as being your own boss.

 

4. FURNITURE BUSINESS

The furniture business is one of the most profitable in Nigeria, as it should be. The market is huge, and there is a lot of demand. Furniture will always be needed. Furniture is used to sit on and to sleep on. Furniture for the kitchen and the living room. Companies need things to sit on. There is furniture all around us. Furniture is an important thing to have. You can open a shop where you make high-quality furniture for many different uses. Use builders who are skilled. You sell furniture to businesses, schools, and showrooms, and you also sell to individuals. If you don’t want to run a woodworking shop, you can open a showroom where good carpenters can sell their furniture. Show them off and try to sell them.  The market is big, and there is a lot of money to be made.

 

5. TRANSPORTATION BUSINESS

You’ll agree with me that in a single day, a lot of people move from one place to another using different kinds of transportation.

In this case, we’re talking about how people get around on land. Depending on where you live, you could be a cab driver, a bus driver, or the well-known Okada.

A bus driver on busy days can get between 15,000 and 20,000 naira. When the market is a little bit low, which happens some days. He takes 5,000 naira home with him. It is very profitable and makes money. But make sure your car is in good shape, get the right paperwork, and drive carefully.

 

6. PHONE BUSINESS

With the rise of technology, cell phones have become a permanent part of our lives. There has been a lot of desire for cell phones among people of all ages. Even kids now have cell phones. If you have a lot of money, you can buy high-quality phones that are in demand. But even if you don’t have much money, you can still buy cheap phones for the normal person. You also sell phone devices like chargers, USB cords, earphones, headsets, ear pods, wireless Bluetooth, screens, screen guards, and so on. If you are serious about this business, the sales and income can help you build your own home. You can learn how to fix phones to add to it, but it’s not a big deal if you don’t. You can let someone stay with you and fix phones in exchange for a weekly or monthly fee, depending on the situation.

 

7.  REAL ESTATE OR HOUSE AGENT

You don’t have to build an apartment building or buy expensive land to start investing in real estate. Most developers and companies would be happy to give you a nice fee if you could get friends or potential clients to buy property.

There are other ways to make money by investing in real estate, such as:

• Development

Property development includes buying land, putting up buildings, creating infrastructure, and selling the property to a buyer either at carcass (lintel level), fully finished with fixtures, plumbing, and so on, or fully finished and furnished.

• Rentals

In Rentals, you buy a house or apartment to rent out on a monthly or yearly basis. It has a lot of benefits, like regular cash flow, asset growth, security for loans, and the ability to sell the land later for a profit.

• Reits

Simply put, a REIT is a trust that pools money from different investors to buy, run, and/or handle real estate that brings in money.

• Flipping

You buy a property to sell it as quickly as possible for a profit. This is also called “land banking” or “property banking.”

 

8. EGG SELLING OR RESELLING

Every family in this country eats at least one every day. What you need to do is find a chicken owner who will sell you these eggs for less money. From there, you can sell it to grocery stores, private homes, restaurants, convenience shops, and even people who sell it in the market. You can also sell directly to the public. This is a quiet business that makes a lot of money but not a lot of noise. Not many people know about it and It starts with very little money.

 

9.  FASHION BUSINESS

Fashion is a good business in Nigeria that is not well known. Everyone wants to look good and stand out these days, no matter where or when they go. Have you ever thought about who dresses famous people like Davido, and Tiwa Savage, or Nollywood actors and actresses like Nancy Isime, Bimbo Ademoye, Timini Egbusun, Frederick Leonard, etc.? These stylists are the best. They make money quietly while their clients look great in their clothes. The price of one cloth can pay someone’s rent for five years on an island in Lagos.

 

But to do this, you either need to be very good at fashion or get training. It could last six months, a year, or even longer, depending on how quickly you learn these skills. You have to be very artistic to make styles by putting together colors and types of cloth. Fashion stylists are at the top of the list of great businesspeople who make a lot of money.

 

 

10. COSMETICS BUSINESS

The cosmetics business is very profitable because it meets the wants of Nigerians of all ages, genders, and skin colors. You can make money with a cosmetics business by selling creams, hair creams, makeup powder/accessories, different kinds of hair, lipsticks, and so on.

Many Nigerians can’t live without cosmetics, so selling them is a hot business. Even men use creams and take time to care for their skin and hair these days. No one likes being left out. You can be a sure plug, especially for guys who want to bleach their skin. This business is profitable and will turn over quickly.

 

We would like to know which one you have tried, how profitable it was, and which one you will like to try, we await your responses in the comment section. Thanks