Top 14 Most Lucrative Businesses In Nigeria 2023

In this post, we will look at the most profitable enterprises in Nigeria that anyone with little or no capital can easily start. These profitable business concepts are extremely profitable.

If handled properly, they have the potential to make anyone successful. Many of them are underutilized in Nigeria.

With Nigeria’s high incidence of unemployment, many individuals are out of work. It is suicidal to live without a source of money. However, if you are astute, you can start your own business. If you know what you’re doing, you’ll be creating your own revenue in no time. And even hiring others.

You don’t have to be extremely wealthy to start a business. The business ideas on this page can be started with little or a lot of money. Everything is dependent on your ability.

Benefits of starting a business in Nigeria

There are numerous advantages to beginning a business in Nigeria. First, you take control of your own future. No boss can come up to you tomorrow and say, “You are fired!” Job security exists.

Another motivation is the ability to develop and construct a personal brand. When you own your own company, you are creating a brand.

Your brand will expand in size as you progress. Consider the case of Dangote. His brand will live on even after he is gone.

Running your own business increases your chances of becoming wealthy. There is far too much rivalry at work. There are many people who have worked for many years without being promoted, but no one can deny that in your own business.

You have the opportunity to have an economic influence by producing jobs and providing a living for other Nigerians. The satisfaction of employing others and providing them with a means of subsistence should be a strong motivator for everyone with a good heart to start a business.

Nigerians can engage in a variety of profitable companies. However, for some reason, Nigerians leave the country in search of greener pastures without attempting to tap into ideas at home. As a result, outsiders perceive chances that we do not, and they are seizing them.

14 Lucrative Businesses In Nigeria

1. Oil And Gas Industry

The plain truth is that Nigeria, and to a lesser extent the rest of the world, continue to rely on oil and gas. This industry will continue to dominate as long as this tendency continues. Oil and gas are unquestionably the most profitable companies in Nigeria.

Consider this: we rely on gas or kerosene to cook. We rely on fuel to get around, whether we’re in automobiles, okadas, or Keke-napep.  And, due to a lack of electricity, we rely on fuel to generate electricity. All large and small businesses in Nigeria rely on fuel or diesel to operate.

There is far too much reliance on oil and gas. And Nigeria is blessed with plenty of it. Anyone who gets into this industry will make a lot of money.

Here are some opportunities in the oil and gas industry:

• Distribution

This is one of the most profitable aspects of the oil and gas industry. However, you will require a large budget to get started. Oil and gas distributors bring in refined petroleum products for distribution to other sectors.

• Fuel Station

You may start a petrol station with a few million Naira. You will never run out of consumers in Nigeria since there are so many cars. Furthermore, many individuals rely on gas stations to power their generators.

• Cooking Gas Business

In Nigeria, this is an untapped market. Many people are so preoccupied with gasoline that they overlook cooking gas. I was recently conversing with a guy who runs a mid-sized petroleum company. They are interested in all petroleum products. He told me that cooking gas is their most profitable business.

You can either offer cooking gas to retailers or become a retailer yourself, refilling gas for end users. Make it more interesting. This is an extremely profitable business that does not require a large investment to get started. You can start small and work your way up!

• Kerosene Business

For different reasons, many Nigerians continue to rely on kerosene. Even those who have cooking gas use kerosene burners as a backup. This is an extremely profitable company. More profitable because there are fewer individuals involved.

• Transportation Of Crude Oil and Natural Gas

You can buy tankers and start a business by lifting petroleum products. Ships could be involved. Petroleum products, like any other commodity, require lifting. There are additional prospects for fleet management.

These are some opportunities in the oil and gas industry. There are many more if you do your homework. But one thing is certain: oil and gas continue to be one of Nigeria’s most profitable industries.

2. Farming Business (Agriculture)

Aside from being one of the most profitable companies in Nigeria, agriculture is an evergreen business. It never grows old or fades. Agriculture will continue to thrive as long as humanity survives. As a result, it is a critical and strategic business.

One factor that makes this business appealing is the abundance of loans and funding choices available to agricultural entrepreneurs in Nigeria. The Federal Government operates a dedicated Bank of Agriculture through the Ministries of Finance, Central Bank, and Agriculture. You may learn more about how to acquire a loan from the Bank of Agriculture here. Many commercial lenders prioritize the agricultural sector.

And, as the government seeks to diversify away from oil, agriculture is a primary focus. It will result in increased incentives for this industry. Anyone who gets into the agriculture business will find tremendous wealth and growth.

Here are some agricultural business opportunities:

• Snake Breeding

This one is about raising snakes for commercial purposes. This business is extremely profitable due to its risky nature and limited competition!

• Cattle Rearing

In Nigeria, beef meat is quite popular. In Nigeria, cow milk is almost as valuable as oil. Because of these qualities, cattle raising is one of the most profitable enterprises in Nigeria.

• Palm Oil

Palm oil is worth its weight in gold. Palm oil is used in the production of several products, including cream and soup. Many firms all over the world purchase palm oil from Nigeria.  This is an extremely profitable company. More information can be found here: How to Get Started in the Palm Oil Business in Nigeria.

• Cassava Cultivation

The majority of Nigerians rely on Garri, fufu, and other cassava-based products. This is a very profitable business because the products are in high demand.

• Poultry Farming

Chicken, turkey, and other meats are popular among Nigerians, especially during the festive season. Poultry farming is a tremendously profitable company that anyone with a minimal amount of capital may start.

• Snail farming

Snail farming is a largely undeveloped industry in Nigeria. There are numerous opportunities and potential in this industry.

Apart from the ones mentioned above, there are numerous other agricultural business ideas. Conduct your study and select the one that best suits you, your area, and your budget.

3. Food business

There is no doubt that the food industry would be one of the most profitable in Nigeria. This is a never-ending business. People will always consume food! People can never go without food, no matter how bad the economy gets.

This is a business that, if done properly, can make you wealthy. It is also incredibly simple to gain repeat consumers. People will always return if your meal is great.

You can run a profitable food business if you discover an outstanding site and obtain the necessary skills and employees. This is a year-round business. Every day, it is in high demand.

Here are some food-related opportunities:

• Franchise

Mr. Bigg’s and other well-known brands are popular among Nigerians. Some of these companies are so well-known that people become devoted to them.  You may open a fast food franchise in any city if you find a decent location with no or little competition. United Africa Company of Nigeria (UAC) owns Mr. Bigg’s; you can apply to them for a franchise opportunity.

Once accepted, you can open your own Mr.Bigg’s fast-food restaurant and start making money. You will make a lot of money if you discover a nice site with little or no competition. Aside from Mr. Bigg’s, you can open whatever franchise you choose.

• Local restaurant

You can open a local restaurant that caters to a specific group of food lovers. You could, for example, create a “Calabar restaurant” and serve the world-famous Edika-ikong and Affang soup.

This will make you stand out to folks who are interested in these foods. You may open a “amala restaurant” focused on the delectable amala meal. A specification might be a game changer when it comes to a local eatery.

• Foreign and intercontinental restaurant

Foreign and cosmopolitan cuisines are getting increasingly popular in Nigeria. High-net-worth individuals, foreigners, and celebrities frequent restaurants that serve these kinds of meals.

You could open a Chinese restaurant, an Italian restaurant, or an Indian restaurant, for example. You can learn how to cook typical dishes in these restaurants or work with someone who knows everything.

• Food distribution business

This is a very profitable company that you can start to earn money. This company is run by a woman I know. She provides cuisine to conferences, seminars, and bank AGMs, among other events.

The food supply industry is profitable. You must have good cooking skills or hire someone who does. Then, create a network of event organizers and planners. Approach schools, businesses, and other organizations as well. You will be astounded!

4. Blogging Enterprise

The blogging industry has unquestionably established itself as one of the most profitable in Nigeria. People increasingly prefer to consume news online rather than in newspapers. For many people, news blogs are gradually replacing newspapers. This has created numerous opportunities.

Bloggers earn money through a variety of methods, including direct advertising, ad networks, affiliate marketing, product sales, sponsored posts, collaborations, and many others. In Nigeria, high-end bloggers earn more than 20 million Naira each month on average.

Blogging is simple to get started with. With very little money. Starting a self-hosted blog will cost you around N4,000 for a domain name and N27, 000 for a year of hosting. You pay for both for one year. That is less than N35, 000 to establish a business that has the potential to earn you N20 million every month.

5. Real Estate Business

Real estate is one of the most profitable enterprises in Nigeria and around the world. There is no question about that. People will always require a place to live. The real estate industry will continue to thrive as the population grows. As more people relocate to cities, this industry thrives.

There are numerous opportunities in the real estate industry. You have the option of working as an agent. For a fee or commission, I assist customers in finding houses and apartments. For a charge, I also assist property sellers and landlords in finding buyers or tenants.

You can build properties in extremely desirable areas for sale or rent. You can also buy land and either develop it or sell it when it appreciates.

6. Selling Of Furniture

The furniture industry is deservedly one of the most profitable in Nigeria. The market is massive, and the demand is high. Furniture will constantly be used. People sit on the furniture and sleep on it. Furniture for the kitchen and the living room. Companies require furnishings. We’re surrounded by furnishings. Furniture is a necessary item.

You can open a carpenter shop and create well-polished furniture for a variety of uses. Hire skilled carpenters. Provide furniture to showrooms, businesses, and schools, as well as sell to people.

If you do not want to create a carpentry shop, you might open a showroom and source well-made furniture from local carpenters. Show them off and sell them. The market is massive, and the profit margin is extremely large.

7. Hotel industry

The hotel industry is extremely profitable and is one of the most profitable companies in Nigeria. Nigeria has a large population, and people travel from one place to another for pleasure or business. They are housed at a hotel. In addition, visitors visiting the country stay in hotels.

To flourish in the hotel sector, you must either seek out a less competitive environment and establish yourself there, or provide better or cheaper services in a competitive location. Your hotel should feature an event hall that guests may use for gatherings to augment your income. A restaurant and a bar.

8. Transportation company

Transportation deserves to be on this list of the most profitable businesses in Nigeria. This is one business that you must have. People are constantly on the move. Moving to work, to church or mosque, to visit, or to move from city to city. There is constant activity. With over 150 million people in Nigeria on the go, this is a lucrative business.

You can begin with tiny or large sums of money. You can earn extra money by driving Uber with your automobile. Purchase buses, okada, or keke–napep. Planes, too. The market is massive and in high demand. People are constantly on the move!

9. Social Media Marketing

With so many people spending so much time on social media, social media marketing has to be one of Nigeria’s most profitable enterprises.

Social media marketing is the process of using social media to generate leads for businesses. You can work independently to assist businesses in making the most of social media, or you can use social media to advertise and sell products.

10. Fashion Business

There is no way that the fashion industry will not be among the most profitable in Nigeria. Nigerians adore parties, whether they are weddings, birthdays, or end-of-year festivities. Even during funerals, we find a way to celebrate – a burial ceremony! Uniforms are required for all of these events.

The fashion industry is in high demand. People will always dress up. People require clothing to go to work, school, or even sleep. The demand is really great.

You can pursue a career in fashion design and create stunning garments. You will receive a lot of business from several sources. You can also create a boutique and offer both imported and locally made clothing. You can provide printing services, as well as print on t-shirts and caps.

11. Online video marketing

People spend more time online than they do watching television. Consuming video online is gradually gaining popularity. Particularly popular are YouTube and Netflix.

If it weren’t for the high cost of internet connection in Nigeria, many people would have abandoned television in favor of watching practically anything online.

12. Dry Cleaning Service

This is a very profitable business in the city. Most busy workers outsource their laundry to dry cleaners. Dry cleaning services are frequently used by businesses and organizations. If you are at the correct location, you will always have customers in this business.

13. Pure Water Production

Water is something that humanity cannot live without. Because of the importance of water, the pure water company is included on this list of the most profitable enterprises in Nigeria.

In Nigeria now, there are around 180 million people, and all of them drink water! Because there will always be buyers, this enterprise is immensely profitable.

14. Dropshipping Business

Dropshipping is an extremely profitable business. It enables you to establish your own internet store without the need for a warehouse or products.

Simply build an online store, then copy goods from manufacturers or suppliers and place it in your online store. If someone orders, the supplier will ship it to them, and you will be paid!