“17” Profitable Business “Ideas” in Nigeria That Will Make You A Millionaire In "2017"

“17” Profitable Business “Ideas” in Nigeria That Will Make You A Millionaire In "2017"

Doing business in Nigeria is currently viewed as one of the most lucrative business ventures, in today’s global business environment. For the past 50 years Nigeria has been dependent on its valuable oil resources, which have brought great wealth to a select few, but oil is not the only lucrative business in Nigeria.

However, as Nigeria’s economic sphere slowly changes, its economic structure diversifies to overcome its dependency on oil. This shift has opened up the playing field for a new generation of entrepreneurs in Nigeria. People, who can identify business opportunities in Nigeria, know that the oil industry is not the only business that you can enter and make money from.

If you are thinking of setting up a business in Nigeria and making millions of Naira from it, you can choose from a variety of options. Read and find out my Top 17 Lucrative Businesses in Nigeria That Make Millions of Naira.

2017 Top List - 

17 Lucrative Businesses in Nigeria That Will Make Millions of Naira In 2017

1. Agriculture – Livestock Farming 

This is the next revolutionary industry in Nigeria where millionaires are currently being made. Nigerians both home and oversea are beginning to wake up to the huge potentials in Agribusiness, a sector we have been neglecting over the years due to the discovery of oil. Now that the oil is drying up, people are beginning to look into other sectors of the economy to create wealth. Below is some of the farming in Nigeria that are serious making profit for people now:-

Poultry Farming – This business is making average Nigerians rich. It is so lucrative that even outsiders are coming in to invest in poultry farming the business in Nigeria. And why not, in a country of more than 150 million people, what would you expect? If you start with 1,000 birds and manage your poultry farm properly, when the turnover on investment begins to come, you will be making millions annually.

Snail Rearing – Snail farming is one of the choices Animal farming for many reasons. It is a low capital investment with high yield and the market is big. There are few people currently doing this – and most of them are doing it in a very low scale. If someone invests heavily in Snail farming, he is sure to make good money in Millions within a year. You can even start this business from your backyard. With 150+million mouths to feed daily, there will always be demand for livestock products. However, lack of technical know-how and the use of crude equipment are the major factors hampering the growth of this industry.

If you can come in with adequate knowledge and the patience to nurture this business, you will reap immensely. Now you can choose to either venture into livestock breeding of animals or better still, you can stick to livestock feed production or equipment retailing.

·         Poultry farming – Egg production, meat production, hatchery or day-old-chicks production, etc.

·         Cattle Farming – Dairy (milk) production, beef, etc.

·         Rabbit Farming

·         Goat Farming

·         Sheep

·         Tilapia Fish Farming

·         Piggery

·         Grasscutter Farming

·         Snail Farming

·         Quail Farming

2. Agriculture - Plantation Farming


Do you have a fertile vacant land and you know that you won’t be developing any structure on it in the nearest future? Then why not start a livestock farming, crop cultivation or plantation farming. There are a lot of cash crops you can plant, nurture and forget; and they will keep providing you with steady returns annually. Examples of crops you can start a plantation around are Orange, Plantain, Kola nut, Oil palm, Cocoa, Cassava, Yam, etc. Cassava Production – People are beginning to turn their attention to this aspect of farming in Nigeria that have been neglected for years. Cassava derived foods are some of the most consumed in Nigeria. If you can invest in cultivating 50 – 100 Acre in a fertile area like Ondo State, your harvest will be great. Rice Farming – Rice remains the most consumed food staple in Nigeria and Billions of dollars goes into importation of this product yearly from China and Thailand because the local farmer are unable to meet up the demand due to poor funding and limited knowledge. Anyone who have a million dollar to invest should get in touch and partner with me with 100% return. $1,000,000 = $2,000,000 guaranteed.

3.  Agro-products exportation

Nigeria is blessed with a lot of food and natural resources; and most of these natural resources are raw materials needed for the production of some finished products. Every day, tons of raw materials and food products leave the shores of Nigeria to countries such as India, Vietnam, China, USA, UK, Brazil, etc; yet, the demand is never met.

You can become an exporter by simply registering with the Nigerian Export Promotion Council and decide on the specific product you wish to export. Examples of products highly in demand both within and outside Nigeria are Chili pepper, Mango, Kola nuts, Bitter, Kola ,Cassava flakes (Garri), Cocoa, Groundnut, Yam flour, Cashew nuts, etc.

However, if you think you don’t have the capital or time to engage in agro-products exportation, then you can stay local by buying and selling them within the country. A good example of a product you can buy and sell for huge profits is Palm Oil.

 4. Mining

Nigeria is blessed with a lot of mineral resources like Limestone, Coal, Iron ore, Bitumen, etc. Aside this, the mining industry in Nigeria is set to take 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 also going after many dormant investors who were granted mining licenses but are not utilizing it. This act I believe, will spur the growth in the mining sector. If you have the financial capacity and a team, you can position yourself in this sector.

5. Oil and gas

Our land has great deposits of oil and gas. So the land itself presents the best opportunity for its citizens. Some finest businesses in Nigeria started from owning of petrol filling stations or gas logistics. These areas are always good for making money. There are lots of business opportunities in the oil and gas sector. Building a private refinery and refining crude oil is another business you should look into because there is a lot of potential in it. In January 2012, the federal government announced the partial removal of subsidy and with a long term plan to totally remove fuel subsidy. What this means in essence is that petroleum product importers will now sell as they buy; thus bringing in competition and it is a known fact that 80% of petroleum products consumed in Nigeria are imported.

Now with the total removal of fuel subsidy, investors will now have the opportunity to set up their own refinery and produce fuel. Are you among those that think the total fuel subsidy removal is a pipe dream? Then think again because in May 2013, Aliko Dangote raised $9billion for the setting up of a refinery; which will be sited in Ondo state.

Honestly, i understand that not everyone have the financial capacity and technical know-how to invest in a private refinery. Well, you can still tap into the oil and gas sector by setting up a filling station, starting a mini kerosene retailing depot or establishing a cooking gas retailing outlet. Whichever one you choose, you will surely make money. Kerosene retail – You can set yourself up as a supplier to make your millions quickly. Kerosene is used in most homes in Nigeria, and Africa due to inconsistent power supply. This is one of the most lucrative business opportunities in Nigeria. . Entrepreneurs have been known to receive 100% returns on their initial investment.

6.  Food processing

Another profitable industry to consider is the food processing industry. The concept of this industry is simply to take raw food materials and turn them into finished products. In fact, there are a lot of businesses you can do in this niche and examples of such businesses include Tomato puree production, Frozen food production, yogurt production, Vegetable oil production, Garri Processing, oil palm processing, groundnut processing, Fruit juice production, Rice milling, etc.

7. Manufacturing

You can also venture into small scale manufacturing of products that are in daily need. You don’t need to build a factory or industrial plant; you can start on a small scale from your room or a rented store or apartment. Products you can start manufacturing include Toothpicks, Tissue paper & Serviette, chalk production, candle, Match sticks, nylons and polythene bags, cartons, paper bags, etc.

8.  E-Services / E- Commerce

Nigeria is catching on with the rest of the world with respect to technology. If you are technologically inclined, you can setup shop in Nigeria and start offering e-services to clients. Example of such e-services include Web designing and development, Web hosting,App development, Digital marketing services, Search Engine Optimization services, Banner design services, Bulk SMS services, Online registration of exams such as JAMB, WAEC, professional courses, etc

E-commerce –This is a very promising venture and the best thing is, you will have all the tools and customers over the web. If you do not have the required knowledge, you can collaborate with an established firm to operate your e-commerce enterprise. Benefits are – Low start-up costs, changes can be made instantly, the potential customer reach, and you can easily measure results with cost affective online marketing. . Internet Business – You can provide fast Internet connection at affordable monthly rates and manage it well enough to make tons of money.

9. Construction business 

Business is booming in Nigeria, and so is our population. To support this growth, Nigeria now has a booming construction and housing sector. The range, type and size of projects is huge, so there are plenty of opportunities depending on how much capital you can invest. If managing a construction project isn’t for you, you can set yourself up as a local dealer to supply building materials. The investment is not as huge, but considerable investment will be required initially to buy and stock materials. But you can be assured that there will be no shortage of business.

10. Car and machinery spare parts 

As Nigeria’s economy grows, so does our manufacturing industry. This has driven a rapid increase for capital goods such as machinery, lubricants, spare parts, ball bearings and other mechanical goods and accessories. The key is to find a good supplier from abroad. UAE-based enterprises have emerged as the leading supplier of these goods to many countries.

11. Transport business

It is a profitable sector in Nigeria and can help you make millions annually. – Given the poor rail transport system in Nigeria, most of the goods are shifted by road and this makes the haulage business in Nigeria extremely lucrative.

Inland waterway Transport : There are lots of opportunities in the transport industry and inland waterway is one of them. Nigeria has a broad network of inland waterways comprising rivers, creeks, lakes and seas; yet, transportation still remains a challenge because investors are yet to tap into water transportation.

A lot of countries such as Italy, Thailand, etc have effectively been utilizing their waterways as a means of transport; thus reducing the traffic congestion on the road. All you need to do is to incorporate a company, obtain license from the state and federal government, import or purchase some locally fabricated boats; and you are in business.

 

12.  Haulage and logistics

Haulage and logistics is another booming business in Nigeria because regardless of the weather, people must haul their goods from one location to another. In fact, haulage or trucking business is one of the most profitable businesses so far; though it is management intensive. However, you can start with just a truck and see how it goes.

The cost of taking a truck from one place to the other in Nigeria is between N20,000 to N200,000 per trip. Due to poor rail transport system, most of the Nigerian goods are transported through the road, making haulage business in Nigeria a viable one.

 Petroleum products haulage and movement of goods from manufacturers and importers are the aspect of haulage in Nigeria that is very lucrative now.

You can choose to focus on hauling containers for clients from the seaports to their various destinations or better still, you can choose to haul products of specific companies such as breweries, production companies, etc. You can also haul perishable goods from farms and villages to the marketplace or you can haul specialty products such as frozen foods, petroleum products, gas, etc.

Now there is also an opportunity for those who want to venture into haulage business but do not want to be bugged down by management requirements. All you need to do is to buy a truck and contract it to a Haulage and logistics company; which will in turn pay you a specified amount weekly or monthly based on agreement.

13. Used Items / Clothes

Clothing is another basic need of man. Regardless of the economy, people must wear clothes and this includes shoes, bags, underwear, perfumes, etc. Now there is a fast growing trend now and that is “Used clothes” or “Recycled clothes,” otherwise called “Okirika.”

Since the economy is getting tougher and there’s need to be clothed, the masses have resolved to buying used clothes rather than new ones. Still yet, there is a market for new clothes; for men, women, and kids. You can source your materials from China, Hong Kong, Italy, France, Dubai, India, etc. Business of second hand items in Nigeria is very lucrative and many Nigerians want to spend as little as possible to buy second hand items such as clothes instead of buying new ones.

14. Sachet Water Production 

Although this business needs some capital investment, it can be worth your effort and money in the long run particularly if you can manage pure water production and keep the quality intact over a long time. Your options are to sell as sachet, bagged or bottled water.  the sachet water or pure water business is saturated and the business may die off very soon. Why did I say this? Well, I got information from a reliable source that there is a long term plan to ban the production of sachet or nylon water; so as to stem environmental degradation and checkmate blocked drainage.

So once this bill is passed into law, the sachet water production industry is toast. The only solution I foresee that can keep this business afloat is the establishment of a nylon recycling plant. However, to avoid being a victim of this yet-to-be proposed policy, it is advisable you venture into bottled water products and establish yourself as a brand.

15.  Real Estate development

Business with property is probably the biggest opportunity to make money in Nigeria. Invest in a small hostel or a mini hotel. Also, you can just rent some property. And then you will see how the money flow in. Property appreciate everyday in Nigeria. Right now, Nigeria is one the countries in the world where landed property is most expensive. If you buy land now anywhere in Lagos, you are sure to make 100% profit within two years. You can buy and quickly resell and make profit. Or you buy keep and sell later.

I have met a lot of individuals with money piling up in the bank, but they don’t seem to know what to do with that money. Yet, on every business trip I make, I hear stories of people facing accommodation problems; not because they can’t afford it but because there is none within their choice of location.

Also, I hear woeful stories from students in various universities and other high institutions who live under harsh conditions; not because they want to or can’t afford a comfortable place to live; but because they is no conducive apartment in close proximity to the institutions.

I also know the stress, effort and resources it took me before I got an office space both within and outside Lagos. What these facts or complaints are pointing to is that there is a massive need for buildings, both residential and commercial. It is a known fact that shelter is one of the basic needs of man.

Now for those who wouldn’t want to go through the ups and downs of running a business,you can choose to invest in development of hotel, school hostels for students, shopping malls, residential apartments, events and conference halls, etc.

16. Furniture business 

A lot of profits await you in the buying and selling of furniture. You do not have to be a carpenter to do this. You can simply contact trustworthy carpenters in your area and arrange a steady supply of furniture items to display in your showroom. This is a big scale enterprise due to the fact that only a few people can afford imported designers.

17. Import & Export

-.Organic chemicals (export) : While there is abundant production of organic chemicals in India, there is huge demand for these products in foreign countries in Europe and Asia, where they are needed for various purposes, ranging from agriculture to manufacture of drugs. You can tap from this opportunity by starting a business that exports organic chemicals out of India.

Natural or cultured pearls and stones (export):India is widely known for the production of beautiful natural or cultured pearls, precious or semi-precious stones, and jewelry coated with precious metals. You can take a plunge into the world of exporting with this opportunity. There is huge demand in foreign countries for jewelries of Indian origin. This option is particularly suitable for those with little investment capital.

 Cotton (export) :Cotton is one of the most abundant agricultural products in India. Ironically, it is in huge demand in many other countries of the world. So, you can start a business that exports cotton from India to neighboring countries as well other countries in Europe, Asia, or even the Americas. If you have the little capital required, you can start establishing your contacts in other countries where cotton is in huge demand, and start exporting the commodity to make cool cash.

Copper and its products (export) : You may not be able to set up a copper manufacturing industry. But you can still tap from the huge opportunities in the Indian copper industry by exporting the metal to foreign countries where it is needed for various purposes. However, you must bear in mind, however, that this option might require huge capital.

Electrical machinery and equipment (import) : The demand is booming in India for electrical machinery and equipment as well as their spare parts and accessories. These include sound recorders and reproducers, television image and sound recorders, and parts. If you can afford the huge capital required, you can make lots of profit importing these products into India.

Iron and steel (import) : While there are many industries in India that depend on the use iron and steel as major raw materials, the country itself does not produce these metals in abundance, which means manufacturers in India usually need to turn to foreign sources of these metals. You can convert this reality into cool cash by importing iron and steel and selling to India manufacturers who require these metals.

 Pharmaceutical products (import): Although natural and alternative health has taken a large chunk of medicine in India, the demand for pharmaceutical products is still on the high side. There are pharmaceutical industries in India, but there are still many needs unfilled by these companies. This leaves open a window of opportunity for importers of pharmaceutical products that are in huge demand.

 Live trees and other plants (import) : Due to the rapid urbanization going on in India, many natural resources, particularly agricultural assets, are destroyed on a daily basis. Conversely, however, the demand for live trees, bulbs, roots, cut flowers, and ornamental foliage has remained on the high side. So, if you have a good background in handling plants, you can make lots of profit by importing plants and trees that are in huge demand in India.

 Tobacco and tobacco products (import) : Although tobacco is generally know to be dangerous to health, the addiction that comes with its consumption has only helped to maintain the increased demand for cigarettes and other tobacco products. While many will frown at this option, the truth remains that tobacco and its products sell well in India, and you can make a fortune from importing them.

Import of seafood (import) :Tons of seafood, such as fish, crustaceans, mollusks, and so on are consumed in India on a daily basis. Ironically, however, indigenous suppliers cannot cater to the huge demand for these products, leaving open a window of opportunities for importers of seafood.

All of these business ideas have great potential, and the ability to help you generate millions, but remember the success is in the planning, and your ability to execute your plan. There are some key elements that you must assess before committing to any business venture. Once you have all of these elements in place, you are only a few steps away from business success.

The investment opportunities in Nigeria are not limited to the list above. With a little digging and research, you will surely uncover more of these opportunities. However, the point I want to stress is that having the capital to invest in these opportunities does not mean you will succeed at it.

More important than your capital and the business opportunity is to make sure you have adequate understanding about the industry you intend investing in. Knowledge and experience are the prerequisites for low risk investing.

Do you agree with my list, and are there any other lucrative businesses that you can think of?

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