Lucrative Businesses in Nigeria
Have you ever wondered what kind of business you may venture into to augment your income with assurance of profitable returns? If yes, the excellent news is there are many entrepreneurial strides available for you to pursue in Nigeria.
While capital, however, remains a significant constraint to starting a business in Nigeria, you should know there are businesses you may start with as little as ₦100,000 and get fantastic results.
In this article, we will delve into some of the most lucrative business sectors in Nigeria, analysing their potential for growth and profitability.
Agriculture
The agricultural sector holds immense potential, making it a lucrative business opportunity. With our vast land, diverse climates, and abundant water resources, the agricultural industry especially thrives amongst others. There is also no better time than now to venture into agriculture as the government has chosen to focus on the agriculture industry in a bid to diversify its portfolio from oil.
Agriculture is a broad concept and many business options can be derived from it. Crop cultivation is one of them. You may start by growing popular and on-demand crops like cassava, maize, and groundnuts and sell them off for a great price after harvest. Another aspect of agriculture is livestock farming which involves rearing livestock like cows, rams, and goats for sale. Livestock farming especially thrives as Nigerians cherish meat while celebrating festivities. Further, you may consider venturing into fish farming and rearing.
Getting started in agriculture has now been made easy. Due to how attractive this business is, there are several loans and financing options available for agriculture entrepreneurs in Nigeria. An example is the Bank of Agriculture set up by the Federal Government through the Ministry of Finance, Central Bank, and Ministry of Agriculture. You may also choose to invest your money in the agriculture sector and get returns yearly.
Of course, the catch with agriculture is selling off the produce from your harvests or rearing. This can be done on a small or large scale basis. Whatever you decide, it is necessary you find your target customers and devise methods to facilitate bountiful sales. All this and more can be done through the Traides app to help you, a business owner, unlock local market success.
Real Estate
Like Agriculture, real estate is one of the most lucrative businesses one can venture into. Nigeria's ever-expanding population, rapid urbanisation, and increasing income often cause inflation in house demand. What better time to become a landlord than now?
Also, real estate is among the industries that guarantee a consistent percentage growth in interest. This is because the cost of homes is always on the rise. For example, the home you currently reside in was probably cheaper ten years ago. Expectedly, It will be worth more than it does today in ten years.
All you need to begin your real estate journey is a solid sense of location, a keen eye for opportunity, and the right connections. If you are unsure how to go about it, you may get the services of a qualified real estate agent.
Transportation
Among the economy's most profitable businesses include those within the transportation sector. With a population of over 200 million people who are continuously travelling for work, places of worship, leisure, and intercity travel, there is always a significant demand for transportation services.
There are various options to select from when launching a transportation company. For example, driving your car for ride-hailing services like Bolt and Uber can help you supplement your income. You may also purchase vehicles that provide daily transportation, like coaster buses, motorbikes (okadas), or tricycles (keke-napep). With careful planning, you can capitalise on the market's enormous potential and the ongoing demand for transportation.
Agency Banking (POS Agents)
The first lucrative business you may venture into is a POS business. A POS (point of sale) is a place where a customer can execute the payment for goods or services and where sales taxes may become payable.
For many reasons, the POS industry in Nigeria thrives, especially since the Nigerian banking industry is unstable. Many people resort to POS machines for significant financial transactions, saving time and stress from waiting in bank lines. With the POS machine, you can handle financial transactions like money transfers and withdrawals, DSTV bill payments, airtime recharges, and data sales, among others.
To begin this business, you only need to purchase a POS machine. You can obtain the machine from any bank or microfinance house. Also, getting a banner to indicate you handle such business is vital. And, of course, some cash!
Food Business
Lastly, the food industry is a very lucrative business to venture into. The fact remains that people would always purchase food despite the economic climate, and as such, it would be a great idea to venture into it. In fact, you can make up to 200% ROI from selling just cooked food in Nigeria
First, you may open a local restaurant popularly known as a “buka.” You can also choose to cater to a specific type of food or offer a variety of meals. Another great option is starting a food distribution business. It can be lucrative to run a business that caters for meetings, seminars, and bank annual general meetings. You can attract customers and make money by establishing a network of event planners, corporations, institutions, and organizations. An app like Traides can help you with that! It connects you with the right audience and presents you with a blueprint to promote your business.
Overall, there are countless opportunities in the food industry. To operate a profitable food business, identify a great site, pick up the required knowledge, and put together a skilled crew.
Summary
Having a business is often one of the first steps to financial freedom. Thankfully, there are many lucrative businesses available at your disposal. So, take that leap today and join the electrifying dance of entrepreneurship in this land where success knows no bounds!