Best Business Opportunities that yield millions in Nigeria


September 23, 2017 Facebook Twitter LinkedIn Google+ Business,Business Ideas,How to,Nigeria


Business Opportunities, Lucrative Business ideas in Nigeria, Business Opportunities in Nigeria

Are you looking for the best business opportunities in Nigeria, latest business in Nigeria to invest in or best business ideas in Nigeria that will allow you to earn millions in Nigeria on your investments? With small capital or even medium to large capital, there are lucrative business(es) in Nigeria that moves fast; they can be home base business ideas, online business ideas or even offline business ideas.

From time to time, I receive emails and telephone called from Nigerians asking – What business can i do in Nigeria? In fact, some ask the questions like – What is the most profitable business in Nigeria? Well…… I will take this opportunity to deal with different business ideas and opportunities that exist in the country.

Here, I present to you the 10 best lucrative business ideas in Nigeria you can invest your money in; and you will also be rest assure that you will be making millions of Naira back.


The 10 most lucrative business opportunities and ideas in Nigeria

1. Franchising Business in Nigeria

Is franchising a profitable business in Nigeria? Let us look at it this way, franchising Business is a fast growing business that many Nigerian are not yet aware of. With this kind of business, you are guaranty not to fail. Why? Because the business model is already set up for you.

Franchising is a business format whereby license is granted to a person or organization (franchisee) by an entity (called franchisor), which gives authority (or entitlement) to franchisee to trade as their own business under the brand of the franchisor. In other words, Franchisor grant Franchisee license to operate under its own brand.

It is important to realize that with Franchise business opportunities, you will be required to make a minimum capital investment for the business. These minimum investment varies from franchisors to franchisors.

What are the franchising business opportunity in Nigeria?

Depending on the sector of business you may want to go into, below are business opportunities in the franchising sector for you to consider:

  • Franchise Direct (international Franchising website): A website that as been in operation for over 15 years (from the day of publishing this article), has opportunities for people looking to start their own business in different business sectors; such as Accountancy & Finance, Business Consulting, Education Franchises and many more.
    The website has different business listings on franchising which yield good Return on Investment (ROI).
    In addition, Franchise Direct businesses can be tapped into if you are in other countries too.
    For more information on Franchise Direct, please visit – Franchise Opportunities for Sales in Nigeria.
    Few of their franchising business that you will have seen in Nigeria are Papa John’s Pizza, EasyGym and few others.
  • Select Your Franchise (international Franchising website): A well established UK Franchising company with franchise opportunities in various sectors. You can select from any of the franchises type of your choice. As a matter of fact, “Select Your Franchise” as a company give Nigerians looking to replicate the UK franchising opportunity in Nigeria.
  • Franchise Opportunities Network (international Franchising website): While some franchise website f

For Individuals looking for one thousand ways of making money in Nigeria or organizations looking for other business opportunities that may enhance their revenue, this is one way to do so.

In the first place, by becoming a franchisee, you have a proven business model at your disposal. All you will need is the capital to set up the business and a good location. Inasmuch as you can come up with the required capital (franchisor’s fee), you are ready to go.

Capital to start:

Funding required may vary; it all depend on the type of franchise you are going into and the franchisor. With as little as N50,000.00, you can become a franchise business owner. Although, some franchisor can demand up to N20M to be part of the business.

Return on Investment:

Your returns also varies. It varies on the fact that some factors such as business location, initial drop-down, your marketing strategy and few others. But you can be looking at the range of N15M – N25M per year for a N300,000.00 franchising fee paid.

2. Online Business or Home base business opportunities in Nigeria

Online business is regarded as one of the most profitable business in Nigeria today.

To begin with, what are we referring to as an Online Business? In other words, what is Online Business?

Online Business is any kind of trading or business activities that happens over the internet; this may be, buying and selling, or brand promotion, or selling of services. Regardless of what it may be, as long as the activity happens on the interne, then it is referred to as an online business.

A business owner, self employed individuals or organizations that runs any (or part) of their business activities on the internet is running an online business. Similarly, blogging or establishment of online forum can all be referred to as part of the online business. The good thing about this kind of business is that you can start them from the comfort of your own house. In other words, they are home business ideas that you may want to consider.

Now, let us run through few of the Online Business Opportunities in Nigeria that may worth looking into:

E-commerce Business in Nigeria:

Indeed, it is no news that jumia.com, konga.com, yudala.com and few others e-commerce websites are making good money in that space. These are typical Nigeria e-commerce businesses that are setting the pace; they have similar business model that anyone looking to step into that space can duplicate. And I will show you how.

To setup similar e-commerce business, you will need to consider the following:

  • Are you looking to sell your own products?
  • Will you be providing just the e-commerce platform whereby other sellers will be selling their products?

As mentioned above, the two types of E-Commerce Business ideals in Nigeria are profitable and you can start as soon as possible. I will shed more lights into the two of them for you to know a bit more on what you will be going into; that is to say, how you can make money with either of the two model.

Your own product website:

Let us start with business owners looking to have their own business e-commerce site. Believe it, this is the simplest of business opportunity available in the online shopping e-commerce business. It is simple because you only have to build your own shopping website and off you go.

With this model, you will have to have your own products to sell, you fix the prices and also workout your own logistics (as in delivery mode).

How to make money with your own eCommerce website:

This is pretty straight forward – through buying cheap and sell with a profitable margin. You will have to scout around for where to buy your products to resell. A good place to start can be through Aliexpress.com, banggood.com, Tomtop.com and few others.

In addition, some of the sites mentioned above do free shipping that you may want to take advantage of.

Platform for other business owner to sell their products:

Similarly, you will need a website for this model. The only different is that you will be allowing other merchants to sell their products through your platform. This is the model adopted by amazon.com, jumia.com, konga.com and few others.

In order to make this kind of business opportunity a success for yourself, you will need a lot of merchant to place their products on your site; and these merchants have to be price competitive.

With both models mentioned above, you will be required to promote the website through any of the online marketing strategy that best work for you. If this is new to you, you may want to check Online Strategy for Nigeria businesses.

According to the latest report from the London Economist Intelligence Unit (EIU) reports, the Nigeria E-commerce Business is worth over $15 billion (as at the time of this article). With Jumia leading the peak. It is valued at over $1 billion; the company also operates in different African countries.

But wait a minute…. How much will it cost to build an eCommerce website in Nigeria? Generally speaking, the cost will depend mainly on the person building the site; but to just put a general price on it, it will cost you nothing less than N200,000.00.

To get the cost of building e-commerce website in Nigeria, visit Cost of website design in Nigeria.

READ MORE: How to start a blog that make you money.

3. Agricultural-products exportation

In the first place, look around you or in front of you are agricultural products and many natural resources that are of high demand across the world; and these products are needed to produce some finished goods that are resold to consumers by manufacturers. With the research conducted, Nigeria has large deposits of minerals and raw material such as cocoa, rubber, iron ore, coal, animal skin and many others.



In order to start the agricultural product exportation, you will need to do a bit of research on the particular product that you want to export; just like any other business, a basic understanding of the business is required. In addition, you will have to register with the Nigerian Export Promotion Council; the council assist in promoting the development of export related industries in Nigeria.

As at the time of publishing this article, below are the related fee with the Nigeria Export Promotion Council.

Business Opportunities, Business Opportunities in Nigeria, nepc.gov.ng

As shown above, the fees are considerably good; you can now decide on which product to export.

4. Consultancy Business Opportunities

To begin with, there are lots of business opportunities in consultancy business. So what is a consultancy business?

This is a business set up to provide professional or expert advice; it analyze business objectively and create meaningful business solutions for companies to meet their goals. These professionals are known as consultants.

Things to remember – In consulting business, you will work with clients on various roles such as problem solving, strategy, marketing and planning.

Who is a consultant?

A consultant is that professional that provides expert advice on specific areas to businesses when needed. These sort of advice can be in the areas of accounting and finance, engineering, business development, security, marketing and many more.

Hey you! wait a minute, how does a consultancy business relate to business opportunities?

Well…… as we all know, most businesses has opportunities in them. But with consultancy, the business opportunities in it is vast. In other words, this is pretty straight forward business opportunity for professionals and experts in certain business areas.

Let us look at it in this way – consultants provide solutions and these solutions in turn yield profitable result for business owners.

Putting your expertise to practice as a consultant, you are getting into a lucrative business in Nigeria that can turn the table around in your favour. That is, making you millions of Naira.

Moving-on on this topic, I will like to ask you the following question:

  • What skills or experience have you got?
  • Which area of consulting business will you like to get into?

If you can answer the above questions satisfactorily, you will be setting-up yourself for a successful consultancy business in Nigeria.

For more information on the above questions (and more on untapped business in Nigeria), you can have a look at the Highly Profitable Consulting Business Ideas in Nigeria.

5. Set up a Real Estate Business

King of profitable business in Nigeria if you have the right connection.

From time to time, Real Estate business makes money; either as a broker or as a developer, you will be venturing into one of the untapped business in Nigeria. The kind or types of business opportunities that still exist within the property industry in Nigeria is so much that you can make millions of Naira within a short possible time.

Not only does real estate business falls into one of the “Lucrative Business Opportunities in Nigeria”, but also gives you and opportunity to amass property and wealth.

Real Estate Business, Business Opportunities in Nigeria, Lucrative business Ideas in Nigeria

What does it entails to start a real estate business in Nigeria?

In order to start and operate a successful real estate in the country, you will need the following tips:

  • Decide on the type of real estate business sector you want to get into
  • Get the necessary government license required
  • Knowledge is power, educate yourself
  • Develop a business plan
  • Create a marketing strategy
  • Embrace technology – Create a website to showcase your property
  • Budgeting play an important role – Create a realistic budget
  • Network with others in the same industry
  • Advertise in the industry advertising platform
  • Develop customer loyalty

READ MORE: How to operate a successful Real Estate Business in Nigeria.

6. Fast Moving Consumer Goods (FMCG) make money

Have you ever though of products that sell fast with low cost of manufacturing? Well…. here you go.

In the list of business opportunities in Nigeria, we have the Fast Moving Consumer Goods popularly abbreviated to as FMCG.

What exactly is FMCG?

According to wikipedia,

Fast-Moving Consumer Goods (FMCG) are products that are sold quickly and at a relatively low cost.

For example, the following products are classified as FMCG products in Nigeria.

  • Cleaning products such as Dettol (Manufactured by Reckitt Benckiser Group plc)
  • Toothpaste such as Colgate
  • Food – Noodles
  • Fruit Juice such as Icetea (Manufactured by Chivita) and many more.

When talking about FMCG, it will not be good for me not to mention the profit margin withing the industry. Generally speaking, the profit margin of a finished FMCG product is between 4 – 6%. This makes it a lucrative business for anyone looking to go into such business.

More information on the viability of Nigeria FMCG is available on the KPMG Fast-Moving Consumer Goods Sector Report.

Business Opportunities in Nigeria, FMCG products in Nigeria, lucrative business in Nigeria

 

7. Start a recruitment company

Hey! Do you know the percentage of the Nigeria unemployed youth? I bet you may not know. Well…. according to the Trading Economics website (see diagram below); as at January 2017, the employment rate in Nigeria is 13.3% which is much higher than what it was back in January 2016.

Employment rate in Nigeria, Business Ideas in Nigeria, Hot business Ideas in Nigeria

As shown above, it is a good business idea if you can create a recruitment company or a job website for Nigerian. Tap into the untapped business opportunities by providing recruitment services for those that need it.

If you are thing about the cost of setting up an office as a barrier, you can look into just providing your services on line. For example, check out the Online Job website for Nigeria graduates.

All things considered, it clearly shows that Nigerian are looking for jobs.

In fact, starting a recruitment agency or company is a good business idea with great business opportunity for you. In the long run, you will be providing a service that is of high demand; in business and economics, it relates to demand and supply. In other words, you are providing a much needed services to reduce the unemployment rate in the country.

Other Lucrative business ideas in Nigeria are as follows:

8. Become a distributor

Let us start from the beginning by reminding ourselves who a distributor is in a business. Going by google.com definition, a distributor is an agent who supplies goods to the retailer.

Hey, distributorship is a good lucrative business idea that brings in money. Which ever way you look at it, as a distributor you are in the driving seat of a ready tested business model.

In other words, a distributor is an entity in the distribution chain; The entity plays the role of an intermediary entity between the product manufacturer and the consumers. Sometimes, the chain can involve some sub-distributors.

How to become a distributor

For the purpose of this article. I will just give a general overview of what it takes to become a distributor.

  • Research on the type of distributorship you want to go into. In other words, what will you like to sell?
  • Get educated in what you want to do. Try to get the necessary training that is required for what you are about to go into.
  • Ask questions and be financial literate. This is a vital part of becoming a distributor, It is at this stage that you have to now look at creating a financial projection for the business. In a word, how profitable is the business.
  • Get the necessary documentation that allow you to trade in your chosen area of distributorship.
  • Ultimately, get it touch with the product manufacturer. At this stage, you should be contacting the company that you want to be selling their products.
  • Arrange for funding. As you may know, some product owners may want you to put down an initial fund. In general, this is called “distributorship fee” or “dealership fee”

As can be seen, the above mentioned are explicitly important if you are looking to become a distributor.

9. Entertainment Business

Entertainment business is good, there is money in it.

It is no news  that entertainment make money in Nigeria; not only is the industry a lucrative business sector, but also has lots of room to accept new entries.

Another key point about the entertainment business in Nigeria is that it has low entry barrier. What does this mean? It means that it is not that difficult to enter the industry. So if it is not difficult to enter the sector, what does it now take to start an entertainment business in Nigeria?

Let me start by asking you this question – What will be your role in this business? In other words, are you the entertainers or you want to promote the entertainer? Answering the question will point you to the direction to take when looking to start an entertainment business. Nevertheless, it all depend on what role you are looking to play.

10. Food Business

Do you like food? Everybody does. In fact, hardly can anyone live on this planet without food. Although some people can go for hour or days without food but, they will still end up eating something no matter what. This is one of the good reason why food business is a lucrative business and profitable. As a matter of fact, it is one of the most profitable business of all time.

Regardless of what you believe, food business is one of the latest business to invest in Nigeria; Inasmuch as people you go through the right root, your investment will yield good return in no time.

What do I mean by “go through the right root”? Well, what I am trying to say is that you get all the necessary certification from the government agency relevant to the business. Such license could be from either the Local Government Authority or the State Government Authority; it all depend on the location in which you are looking to set up your business.

In conclusion, after a very careful research in the last 10 years, the list of business opportunities above have shown to be very lucrative and profitable.

If you are looking to set up a business in Nigeria with little initial fund, I believe the list of business ideas should give an idea of where to look.

Read more: How to start a fast food business in Nigeria.

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