Most Lucrative Businesses In Nigeria That You Can Start Right Now

We all know how competitive the job market is in Nigeria, and how difficult it can be to find that first job, especially if you’re fresh out of school or college.

 But you don’t need to worry because we have compiled a list of the 10 most lucrative businesses in Nigeria that you can start right now. 

These businesses require very little startup capital and can make you money from day one! Check them out below.

Oil And Gas Business

Oil and gas is another big business to enter in Nigeria. 

Due to abundant resources of crude oil and natural gas, it is a lucrative business. It will therefore be an added advantage if you have specialized knowledge in these two fields. 

However, these are capital intensive ventures. So before venturing into the oil and gas business, you have to make sure that you have enough capital at your disposal as well as experience in running businesses of such nature.  

If you can meet these requirements, then by all means go ahead. But first get necessary approvals from relevant authorities and ensure safety standards are met when carrying out any kind of operation related to oil and gas business. 

This is because in case of fire outbreak or accident, many lives could be lost or destroyed. Again, there is always a need for more power supply across various sectors including residential areas and industry. 

With increased demand for power comes increased opportunities for investment in electricity generation through various sources like thermal power plants and hydroelectric dams. 

One other area where money can be made from renewable energy sources like solar panels and wind turbines is through setting up factories that manufacture these products on a large scale using local materials with little or no foreign inputs.

Agriculture business

Aside from oil, agriculture is another profitable business to venture into. With most Nigerians living in rural areas, it’s a lucrative and easy target for you. 

Even if you don’t have any money to start with, there are many options for you. Here are some steps on how to become an agriculturist 

  • Research your chosen niche by learning about its population base, location, soil quality and climate.
  •  Identify what they need (what they are lacking) in terms of production inputs such as seeds, fertilizers or pesticides among others
  •  Learn how to identify which crops will be best suited for their soil type and climate 
  • Look at their yields – compare them with other areas 
  • Take time to meet farmers – learn from them 6. See if there is potential for foreign investment
  •  If possible, get a government grant 
  • Use social media to create awareness 
  • Get financing from banks 
  • Market your produce well  to make more profit 
  • Create value-added products 
  • Find out where you can sell your products 
  • Don’t forget to register yourself with relevant bodies 
  • Join farmer groups 
  • Go international 
  • Keep records 
  • Advertise 

Food business

If you love cooking and baking, starting a food business might be a great way to make money.

Bakeries, caterers, restaurants, and more are all businesses that can net you some extra cash.

The internet has made it easier than ever to market your product or service online through platforms like Facebook and Instagram. 

And if you have products already manufactured, it is much easier to sell them online versus in-person at farmers markets or through local grocers. 

Plus, there are many tools available that can help you with marketing and tracking sales. If you’re not ready to start a business from scratch, consider buying an existing food business. 

Sites like BizBuySell allow people to buy and sell existing businesses—everything from restaurants to cupcake shops.

 As a bonus, some of these sites will even provide financing for your purchase! Once you find a good match, just make sure to run all business details by an attorney before signing on any dotted lines.

The internet has made it easier than ever to market your product or service online through platforms like Facebook and Instagram. 

And if you have products already manufactured, it is much easier to sell them online versus in-person at farmers markets or through local grocers. 

Plus, there are many tools available that can help you with marketing and tracking sales.

Blogging Business

The beautiful thing about starting a blogging business is that you can be as creative and enterprising as you want with it. 

Although most bloggers write about topics they’re passionate about, there are certainly some who have turned their blogging businesses into money-making ventures. 

If you take your time to explore different areas of interest (and even learn new skills), there are likely quite a few viable ways for you to monetize your efforts. Here are ideas to get you started 

  • Write sponsored posts: Sponsored posts are often paid per word or per click, which means that if you write an especially engaging post, you could make more than if you just wrote a standard one. 

However, keep in mind that many blogs won’t accept sponsored posts unless they come from companies in industries related to yours—so if yours is strictly travel-related content, don’t expect to get much sponsorship love from big banks or fast food chains! 

  • Sell advertising space on your site: This is a great way to earn extra cash without having to give up control over your content. To do so, contact companies directly and ask them if they’d like to advertise on your site; most will say yes! To find advertisers, try Googling to buy advertising space [your niche] or see what sites similar to yours are doing.
  •  Create ebooks/reports: If you have expertise in a particular area, creating an ebook or report about it can be a lucrative side hustle. 

For example, if you’re good at cooking healthy meals, create a cookbook filled with healthy recipes and tips. 

Or maybe you know how to knit? How about creating an ebook full of knitting patterns? You can sell these reports online through platforms such as Amazon Kindle Direct Publishing or CreateSpace.

  •  Sell your own products: If you have products, services or information to sell, consider selling them yourself instead of going through a middleman.

It might seem intimidating at first because you’ll need to set up a payment system and shopping cart, but it can be well worth it in terms of keeping more profits for yourself. 

  • Become a consultant: If you’ve got experience in a certain field, why not leverage it by becoming a consultant? Not only will you be able to charge higher rates than your hourly counterparts, but consulting also gives you more freedom in choosing where and when you work. Be sure to check out places like Upwork and Freelancer to get started.
  •  Offer coaching/consulting packages: Similar to consulting, offering coaching or consulting packages allows customers to pay for ongoing access to your knowledge base.

Real Estate business

No doubt, there is money to be made in real estate if you play your cards right. Real estate can be a lucrative business for many people. 

Even though it’s not without its challenges and risks, you will find that there are still a lot of opportunities to be gained. 

For example, one way you can make good money with real estate is through buying and selling properties on your own. 

Of course, doing that takes time, effort and skills so make sure you are ready for it! There are also other ways you can get involved in real estate such as being an agent or broker, or by investing in property development companies. 

If any of these sound like something you would like to do, here are some tips on how to start a successful real estate business * Take Advantage of Opportunities – When you have bought a property, try to look at it from different angles. 

For instance, consider whether you could use part of it for your own purpose and lease out another part. 

As long as there is a demand for renting spaces, then you should consider getting into real estate investment. 

Take Part in Property Development – With proper knowledge about construction and design, property development may just be what you need to kick-start your career in real estate business. 

It is a great option for those who want to become investors but don’t have enough capital to buy their own piece of land and build their dream home. 

Build Relationships – Networking plays an important role in making things happen. 

It helps you connect with others who share similar interests and goals as well as give you access to new opportunities.

 If you want to succeed in the real estate business, make sure that you build relationships with people who can help grow your business.

Furniture business

Some who have time and skills on their hands decide to venture into the furniture business.

 It involves buying, refurbishing and reselling old or used furniture items, adding value by cleaning and painting them. 

This can be an easy way to make money for some, but might require a lot of work to get started.

 Also consider whether there’s enough demand in your area or whether you’re going to need a license.  Furniture can also take up quite a bit of space if you don’t have room to store it all at once. 

And if you do start selling it, make sure that it is safe for customers to sit on and use before sending it out.

Become a Freelancer

Freelancing is one of the best ways to make money online in Nigeria. Many Nigerian freelancers can make about N300,000 to N500,000 monthly from their freelance jobs. 

Freelancing is a great option for beginners because it requires little investment and you don’t need any experience or previous training. 

Here are some tips for starting a successful freelancing career Many Nigerians who want to start a business fail simply because they don’t have enough capital to get started. 

To avoid that problem, it helps if you build up an emergency fund before quitting your job and launching your business full-time. The three-month rule is a good guideline: Save up three months’ worth of living expenses in case your business fails and you need to get another job quickly.

 Or, if you prefer to plan ahead even further, try saving up six months’ worth of expenses. And while it may be tempting to use all your savings as startup capital for your new business, resist that urge—you should always keep some cash on hand in case unexpected costs arise during your first few months (or years) in business. 

If you’re thinking about becoming a freelancer, there are two main things to consider: 

  • What will you sell? 
  • How will you find customers? Let’s take these one at a time… 

What Will You Sell? There are many different types of products and services that people sell as freelancers—everything from graphic design to dog walking to accounting services. 

If possible, choose something that allows you to work remotely so that you can set your own hours. 

This gives you more flexibility to balance your work with other responsibilities like family, friends, or exercise. 

However, not every type of service lends itself well to remote working; legal advice and medical care are just two examples where you really need to meet with clients face-to-face.

If remote working isn’t an option for your chosen profession, then look for ways to offer a virtual version of your service instead—for example, offering Skype consultations instead of in-person meetings. 

2. How Will You Find Customers? Once you know what kind of product or service you want to sell, your next step is figuring out how to reach potential customers. For most freelancers, especially those just getting started, word-of-mouth marketing works best. 

Tell everyone you know about what you do and why they should hire you—and ask them to spread the word too! Other low-cost strategies include posting flyers around town or advertising through social media channels like Facebook and Twitter. When you’re ready to take your freelancing business to the next level, you might want to invest in paid advertising. Google AdWords and Facebook Ads are both great options for driving targeted traffic to your website. 

You can also check out sites like Upwork, PeoplePerHour, and Fiverr, which connect freelancers with businesses looking for help. Finally, remember that a lot of business comes from repeat customers. Make sure you deliver high-quality service and follow up with customers to make sure they’re happy.

 If you want to become a freelancer, but don’t know exactly what you want to sell, here are a few ideas for easy-to-start businesses that can help you get your feet wet.

Become an Online Marketer

Affiliate marketing is one of the most cost-effective ways to make money online. 

Affiliates are paid a commission for sending potential customers to a business’s website, or engaging people already interested in that business on social media platforms like Facebook, Instagram and Twitter.

Considering how many people are already on these channels and use them every day, it’s likely some of your audience may have an interest in your niche too.

If you can tap into that market, affiliate marketing can be a great way to monetize your site. 

Use affiliate networks such as ShareASale or FlexOffers to find products and services to promote, then build relationships with them by answering questions about their products, offering advice and creating valuable content. 

Don’t forget to track your conversions so you know which products perform best. There are also several make money from home courses out there that teach you how to become an affiliate marketer. 

Consider taking one of these courses if they fit well into your schedule and will help you come up with ideas for promoting different companies’ products and services on your site.

Become a Website Developer

Creating your own website can help you stand out in today’s hyper-competitive business world.

Having a presence on the Internet gives you access to unlimited customers from around the globe who are just a few clicks away from becoming your biggest fans. 

Whether it’s for business or personal reasons, it’s never been easier or more affordable to build and maintain your own website. 

By creating your own site, you have complete control over what content appears and where it appears. 

And with so many free tools available online, there’s no excuse not to get started! 

Here are some of our favorite websites that will help you get started 

  • Wix – A very easy to use drag and drop tool for designing your own site without having any coding experience.

 The only downside is that you’re limited by their templates, but overall it’s a great place to start if you’re looking for something simple. Squarespace – Similar to Wix, Squarespace is also very easy to use and offers lots of templates. 

However, unlike Wix, they don’t limit you to using their designs. It’s one of my favorites because they make it really easy to create an awesome looking site without needing any technical knowledge at all. Weebly – If you’re interested in learning how to code your own site (but don’t want to learn HTML), then Weebly is a good option for you as well.

They offer a bunch of different options for building your site, including drag and drop, which makes it super easy to create. They also offer email hosting and domain registration through them as well. 

WordPress – This isn’t quite as user friendly as some of these other options since you’ll need to know how to write code yourself in order to customize it however you’d like. 

But once you get past that initial hurdle, WordPress has tons of plugins (small programs) that allow you to add almost anything onto your site.

Become an App Developer

The Android market is an open-source software development platform developed by Google. This means that anyone can download, modify and distribute it. 

If you’re interested in creating your own app but don’t have any programming experience, you might want to consider using Android Studio to get started quickly. The software is free to download and compatible with Windows, Mac OS X and Linux operating systems. 

Become a Personal Trainer

If you’re not afraid of some hard work, a career as a personal trainer could be right for you. 

As a personal trainer, you’ll need to know how to develop effective workouts, determine what equipment is best for each client and keep your clients motivated.

 A degree in physical education or exercise science can help you gain an advantage in launching a career as a personal trainer. 

For example, if you’re interested in becoming a certified professional fitness trainer (CPFT), you can find out more about certification requirements here . Or, if you want to become a certified strength and conditioning specialist (CSCS), check out these resources .

 And don’t forget that it’s important to stay on top of continuing education credits! So, once you’ve got a foot in the door, see if there are any opportunities for continuing education within your organization. 

You might also consider getting a master’s degree through an online program like those offered by Saint Joseph’s University . Whatever path you choose, remember that developing specialized skills is crucial to remaining competitive within your field. Remember: Keep learning—and always put yourself out there!

Become an Events Organizer

If you’re organized, take pride in your work and want to make extra money, organizing events could be a great side business idea for you. 

To really be successful at it, though, you need to enjoy meeting new people and like preparing creative projects. 

If that sounds like something you would enjoy doing then there are steps you can take to turn it into a profitable business idea—one that’s likely to get you excited about getting out of bed each morning! Here are just a few ideas to help you launch an event planning business:

Become A Tax Consultant

This is one of my favorite ways to make money! All you need is your Bachelor’s Degree and you are ready to start your own business. 

This is one of those businesses that can be done from anywhere, as long as you have access to the internet. Being a tax consultant will allow you to advise people who are starting off on their tax filing, letting them know which forms they need to file depending on their type of business and income levels. 

The best part about being a tax consultant is that you get to help people with something so important while also making some good money doing it. 

If taxes aren’t something you like working with, there are plenty of other opportunities for consultants out there. For example, if you want to work with small businesses, go ahead and become an accountant or bookkeeper instead.

 There are many types of accounting services out there; all you need is your degree in accounting to get started in any field you choose.

Get Started with Microlending

If you have a business idea and a very small startup capital, microlending can be a great way to get things going. 

Sites like Kiva let you apply for loans as low as $100 that are disbursed to start-up entrepreneurs in developing countries.

 Not only will your money help an entrepreneur start or grow his or her business, but you’ll also receive a nice return on your investment—as much as 20 percent annual interest.

The Best Way To Get Started With Microlending: Kiva lets lenders choose who they want to lend money to; if you want your funds to go toward women-owned businesses, click women borrowers under focus on their homepage.

Startup with an eCommerce store

Building an eCommerce site can be a good way to make money. Even if you’re not an entrepreneur and don’t want to run your own business, there are still ways you can earn money by selling items online. And with new options like Shopify, becoming an online seller is easier than ever. 

If you have some free time, you can sell products on eBay or Amazon using store fronts or drop shippers. If you have more time, then setting up your own website may be worth it.

 If it doesn’t work out, then at least you tried and learned something in the process!

Real Estate

In a nutshell, real estate agents buy and sell property. They connect people who want to sell property with people who want to buy it. 

But that’s not all; they also help set up listings, price properties, attend open houses, negotiate on behalf of clients, and even help find a contractor or an attorney if necessary. 

If you want to get into real estate for yourself, then you need to go through training in order to take your state’s licensing exam. 

Once you have a license, there are plenty of ways to make money—from working as an agent to starting your own brokerage firm. Here are some tips: * Study: Go online and do research so you can learn about real estate investment strategies. * 

Get licensed: Work towards getting your broker’s license by taking classes at a local college or university. 

  • * Find a mentor: Talk to successful brokers in your area about how they got started and what their best advice is for newcomers. 
  • * Get licensed: A broker’s license will allow you to act as an agent on behalf of buyers and sellers. 
  • * Build your reputation: The more deals you complete successfully, the more opportunities will come your way. 
  • * Advertise: Make sure potential clients know about your services by advertising them on business cards, fliers, and social media sites like Facebook and Twitter.

Hotel business

The Nigerian hospitality industry has always been lucrative and those in Lagos looking to make a killing should consider investing in hotels. 

There are many successful hotel businesses in Lagos but you can also choose to buy shares in an established hotel if you do not want to start one from scratch.

 Apart from accommodation, these hotels offer other services such as conference rooms, restaurants, bars, nightclubs and fitness centers. 

If you have enough capital to invest in real estate, buying land or a building for sale could be another option. 

This will enable you to sell it later at a profit once your business is doing well. With all these options available, starting a hotel business does not seem like that much of a challenge.

Social media marketing

Small businesses have a lot to gain from social media. Even if you’re not creating a profile for your business, it’s important to participate in social platforms so that you can engage with your customers and find new leads.

 For example, don’t just post on Facebook; create an account on Instagram as well. Not only will you be able to share pictures of your products or services, but you’ll also be able to connect with people who like photography and showcase your skills. 

It doesn’t hurt that 75% of users say they follow brands on social media because they want exclusive discounts or promotions (source).

 The more places where you advertise your brand, the better! If you need help getting started, check out our guide on how to start a small business on social media. Don’t forget about LinkedIn either—it has over 400 million users, many of whom are looking for employment opportunities. 

This is especially true if you’re trying to hire someone: 77% of recruiters use LinkedIn to source potential candidates (source). By participating in these networks, you give yourself access to millions of potential clients and employees. If nothing else, you might meet some great friends along the way!