Most Lucrative Business In Nigeria 2020

Here are the list of the most Lucrative business in Nigeria one can do no matter your qualifications as long as you are prepared and determined to get out of poverty at all costs.

Are you wondering how to Make money in Nigeria? Are you looking for a business that can kick start your journey to financial freedom? A business that can fetch you lots of income and at the same time allows you to spend more time with your family and friends? I know that is the best life everyone is striving for. A life where you becomes your own boss.

Making money has never been an easy thing, it requires determination, while others requires self control, endurance and perseverance but just as the saying goes, "never give up" keep working hard until your last breath.

So without wasting much of your time, here are the most Lucrative business in Nigeria one can start and end huge profits within a short time.

Tables Of Contents

• Most Lucrative Business Ideas In Nigeria
• Agriculture
• Oil and gas
• Blogging
• Importation Business
• Affiliate Marketing
• Transportation Business
• Dry Cleaning Business
• Hotel Business
• Barbing Salon Business
• Real Estate Business
• Conclusion

10 Most Lucrative Business Ideas In Nigeria

Here are the list of the most lucrative business in Nigeria one can ever think of:

1: Agriculture

The Nigerian government has put in so many resources into the agricultural sector. The sector which was previously considered the major generator of revenue for the government is slowly gaining back its reputation by making up over 20.49% of our total GDP in 2016.

Nigeria itself is an agricultural country and you can see that from our national coat of arms. Where the black shield represents the fertile soil of Nigeria, the green and white wreath on which the eagle stands represent the agricultural potential of our great country.

The demands for agriculture products both in Nigeria and in diaspora will always be on a high side because food is one of the basic needs of man. So with proper strategic planning, any individual having basic knowledge of farming and manufacturing operations can start a profitable agribusiness in Nigeria even without huge capital or farmland. But Incase you don't have any capital at hand, you can check out these online loans in Nigeria that gives out quick loans without collateral and your money will be disbursed into your bank account within 5 minutes if accepted.

According to statistics, Nigerians are earning up to $40billion yearly only from agricultural exports. Products that are in huge demand in the international market include the following:

• Snail farming
• Groundnut oil
• Cocoa
• Palm kernel
• Cashews
• Ginger etc.

Whereas, the ones that are in huge demands in the local market includes:

• Fish farming
• Poultry farming
• Rice farming
• Cassava farming etc.

There are many reasons every young aspiring entrepreneurs should look into agriculture because it is a business you can start with low capital but earns Millions of profit within a short period thus making it the most lucrative business in Nigeria.

2: Oil and Gas

Nigeria is considered to be no.1 Oil and gas producers in Africa and are among the top 10 in the world and also among the top 5 largest foreign crude oil supplier to the United States according to statistics.

Nigerian economy is largely dependent on the oil and gas sector which account for about 95% of its foreign exchange earnings, 40% or more of its GDP and 75% of federal government total revenue. This prompted the federal government to initiate policies and regulations from work to attract more investment, guarantee increase in production capacity and ensure a sustainable environment.

Also Read: How to save and invest money on piggyvest in Nigeria

Oil and gas is one of the most profitable business in Nigeria many people are finding it difficult to understand. In fact, it should be rank as no.1 most Lucrative business in Nigeria because we depends a lot on oil and gas in 50% of everything we do such as:

1. We depends on kerosene or gas for cooking food, boiling water etc.
2. We depends on fuel or diesel to move our motorcycle, vehicles or tricycle etc.
3. We depends on fuel for electricity when their is no light (PHCN) and so on.

Here are list of oil and gas business that is making waves in Nigeria which you can start with low capital and earn millions of money:

• Kerosene Business
• Petrol filling station business
• Petrol haulage
• Diesel Supply
• Retailing of cooking gas etc.

We depends a lot on oil and gas and because of this, isn't it advisable to tab into any of these business that i mentioned above that is currently making waves in Nigeria?

Also Read: Best Nigeria investment company that pays

3: Blogging

Blogging is among the most lucrative business in Nigeria that is currently making waves at the moment which you can start with low capital an earn millions of money within a short period of time.

There are many blogging niche you can based upon namely:

• News and entertainment
• Fitness and health
• Fashion and lifestyle
• Travels and tours
• Education and parenting etc.

As a blogger, you can monetize your blog and earn millions of money via any of these methods:

1. Affiliate marketing
2. Google Adsense
3. Direct advertising etc.

There are two main blogging platform you can choose to start your blog namely: WordPress and blogger(blogspot). 

For more information on how to start a blog in Nigeria, send me a mail via the contact form.

4: Importation Business 

Importation business is the act of buying goods outside of Nigeria at a cheaper price and you sell it in a higher price in Nigeria. Importation business is a business anyone can do no matter your qualifications as long as you have a mobile phone or laptop with an internet connectivity.

Also Read: Top 10 Rated Car Dealers In Lagos, Nigeria

You can import any items you feel like it can yield you more profit in Nigeria without you necessarily traveling outside the country because, in importation business, you can import any items anywhere you are be it at home, office or work and your items will be delivered to you right here in Nigeria.

There are many foreign platforms you can import your goods at a very cheap price namely:

1. AliExpress
2. Dhgate
3. Ali baba etc

These are a list of profitable items you can import

• Beauty and Health
• Jewelry and Accessories
• Automobile and Motorcycles
• Cell phone and Telecommunication
• Laptops and Home appliances etc.

Now, take for instance you import an item at a relatively cheap price at $4.30 +(N1,500) and you sold it at N3,800 to N4,000. Your profit is 1500 - 4,000 = N2,500. Now take for instance you import up to 50 items, isn't it a lucrative business in Nigeria?

To learn more about importation business, send a me at kellymarketingcpa042@gmail.com

5: Affiliate Marketing Business

Affiliate marketing is a lucrative business in Nigeria. It doesn't require any start up capital or you making sales before you earn. You're being paid for inviting any member through your affiliate link or banner that is being given to you during registration.

Previously, starting an affiliate marketing in Nigeria is hard because of two major barriers that stood between Nigerians and Affiliate networkers, namely:

1. The outright omission of Nigeria from the list of accepted countries for most programs
2. Adoption, by most programs, of payment methods that were inaccessible to Nigerians.

Many Nigerian companies now run an affiliate programs and with services like payoneer to the rescue, Nigerians can now participate both in Nigerian and foreign Affiliate programs and Withdraw their earnings directly to their local bank account. Because of this, many Nigerian online marketers are now making huge profits monthly from this online business model. 

How Affiliate Marketers Get Paid

Most affiliate programs have specific rules based on their paying methods, but there are two most important methods you can expect to see in affiliate marketing, namely:

Pay per action

Pay per action is a process whereby you get paid when a person you refer via your affiliate link complete a specific action that leads to a conversion.

Pay per click

Pay per click also is an internet advertising model used to drive traffic to a websites. You get paid when someone clicks on your link or ad you place on your website. They don't need to buy anything or take action unlike in pay per action.

How Affiliate Marketing Works

• You sign up as an affiliate marketer on any company of your preferred choice based on the offer on the table.
• An affiliate link or ID is being given to you upon signing up for they program, for the purpose of identifying who drives sales to they company.
• You as an affiliate promote the link on your website or social media sites.
• A visitor clicks on your affiliate link and landed on they companies website and purchase an item from they company.
• They company check who directed the customer to buy an item from them through their data base and find out that if was you, the affiliate.
• They company will now gladly reward you, as an affiliate, a certain amount of money known as commission that was being agreed on.

Many people don't seek the right information before venturing into any affiliate marketing and after a month or so, they decides to give up since the money they intended making is not even coming in. Click here to see the list of Affiliate marketing programs in Nigeria one can do and earn huge income.

Also Read: A Step by Step guide on how to Save Money in Nigeria

6: Transportation Business

This business is hot trending both in Nigeria and in diaspora. Who doesn't like this line of business, very lucrative business you can start with low capital and earn huge money within a short time.

We depends a lot on transportation in anything we do in other to avoid being late either for work, church, occasion or any other activities.

There are tons of transportation line of business you can choose to commence with such as

• Tricycle (Keke-napep)
• Commercial Luxury Buses/Mini Bus
• Motorcycles (Okada)
• Haulage Transport Service
• Car Town Service (Taxi) etc.

What makes this business lucrative is that over 70% of Nigerian population depends or make use of these public transport daily between home and work and also between one city and another. So the need for transportation service is extremely high and according to statistics generated by federal road safety commission (FRSC), the total number of registered vehicles in Nigeria is over 6 million.

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Since Nigeria as a country is populated by over 150 million of individuals and up to 70% of individuals depends on transports daily, isn't it economically wise to tap into this profitable business in Nigeria?

These are the rules to follow before starting this transport business:

1. Decide which line of transportation you would like to begin with
2. Obtain your vehicle vehicle either through hire-purchase, lease or an outright buy
3. Chi your location and the routes that earns quick money
4. Grow your business by either driving it yourself or high a professional driver.

7: Dry Cleaning Business (Laundry Service)

Dry cleaning business in Nigeria is considered by many as an Odd business in Nigeria. But did you know that this dry cleaning business can earn you up to up to N500,000 on a monthly basis? I know you are in a state of shock.

This business is solely made for any serious hard-working entrepreneur who are mostly looking to take advantage of this poor electricity supply in the country.

To succeed in this business, you need to first understand fabrics and how to care for them, types of detergent/soap that will be suitable for every kind of fabric and also how to iron fabrics. A dry cleaning company charge between N500 to N800 to wash and iron a shirt in Nigeria. Now imagine how much money you are to make if you are washing 20+ shirt in a day.

To start this business you need to have this items:

1. A washing machine (optional)
2. A generator (optional if you use a washing machine)
3. A big washing bowls/buckets
4. An iron
5. Detergents and soaps
6. Hangers/wooden hangers.

8: Hotel Business

Who doesn't know what a hotel is all about in Nigeria. But for the who do not understand, a hotel can be defined as a commercial establishments which provides accommodation, feeding and other guest services to customers for a price. Hotel Business is profitable but it involves a lot of money to commence and once you set it up and running, it can generate you millions of money on a weekly basis.

Many people worldwide are visiting Nigeria for business purposes as well as for sightseeing or tourism purposes. Besides visitors from foreign countries, locals from different states in Nigeria travel from one state to another for different purposes. So they needed accommodation and their is no any other places they can think of except to lodge in a hotel.

9: Barbing Salon

Barbing salon is a profitable business ideas in Nigeria that can bring you lots of income when properly handled.

Basically, a barbing salon is a shop or apartment where people visit to have their haircuts or perform other activities such as  hair treatment, dying of hair etc.

This business has been in existence since the creation of Nigeria but many Nigerian Youth don't have an insight knowledge of how lucrative this barbing salon business is in Nigeria.

A Barber charges N400 to N1,000 in some places in the northern Nigeria whereas some in eastern Nigeria charges from N200 to N450. Now imagine if you are getting a minimum of 30 people per day, you'll be making up to N9,000/day.

10: Real Estate Business

Real estate business basically involves the selling or renting out of property consisting of lands and in some cases the buildings on it (if there is any), the crop's and other minerals on the land as well. For example, an individual bought a plot of land for N400,000 with an intention to build a facility, or resell it for more profit, a year/two years later, he decided to sell it to other third party at the sum of N2 million. That is, he earns a profit of N1.6million within a year/two years. Isn't that a lucrative business to venture into?

Also Read: Difference Between LAN Network and WiFi

This is how the real estate business works, the business is quite versatile and the options available for entrepreneur's to maximize profit from the real estate sector are getting broader with each passing day. There are numerous real estate firms springing up all over the country and they also offer channels and opportunities for small scale business to boom.

Conclusion

Since you have seen all the lucrative business in Nigeria in 2020. Make a decision now and choose the right one that fits your criteria.