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10 lucrative business ideas you can start in Nigeria

Are you thinking about a business you could start up in Nigeria?

10 business ideas in Nigeria [Nairametrics]

So many people prefer to start up a business either in addition to their 9-5 jobs or because they want to become their own boss.

Starting a business in a country like Nigeria is a big deal that requires lots of hard work. However, the major part of this process is knowing which business to start that can be lucrative.

If you are wondering what business you can venture into in Nigeria, here are ten business ideas;

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Nigeria is one country where the demand for rental services is quite high which makes this one great business idea in Nigeria. The rental services industry encompasses a lot of categories and you can pick anyone to venture into.

These categories include renting out cars, equipment or machines (cameras, mics, generators etc.) event items (cooking utensils, canopies, chairs etc.) and so much more. You can start small or start big as long as you do so in areas where the demand is high. This business idea in Nigeria can indeed be lucrative.

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Another lucrative business idea in Nigeria is the fashion business. The demand for clothes is always on the high side which makes this one great business idea. The exciting part about this business idea is that you can go into it whether you know how to sew or not. This is because you can easily open up a fashion house and employ tailors to work for you.

There are also different lucrative categories when it comes to the sewing business and some of them include sewing menswear, women's clothes or specialised uniforms for schools, military personnel or any other profession that requires uniforms. You could also go into the sale of fashion items and with the right planning, you can almost never run out of customers.

Nigerians love good football and most football lovers love watching with other people. This is why a football viewing center is a great business idea in Nigeria. You could do this in two ways - you can either set up a viewing center strictly for football viewing with the seating arrangement made solely for that and people pay to come in to watch matches. Or you could set up a bar where people buy drinks and watch matches for free.

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If you have hairdressing skills or know how to barb, the salon business might just be the right business idea in Nigeria for you. Even if you do not have the above skills, you can always set up a salon and employ hairdressers and barbers to work for you. As long as you employ people who are skilled at it, this business idea in Nigeria can be lucrative.

You might not have the skills to make hair or you probably are not interested in setting up a salon but still want to go into the hair business. You can easily do this by selling hair.

Over the years, the demand for good quality wigs has increased a whole lot as more ladies prefer wearing wigs compared to having to sit for hours making their hair. Hence, selling and making different kinds of wigs is another great business idea in Nigeria.

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To succeed in this business, you will need to have an online presence so you can reach a large audience.

Over the years, more Nigerians have switched from using Automated Teller Machines (ATM) or going into the bank to using Point of Sale (POS) for cash withdrawals and other financial transactions. This is why the POS business is a great business idea in Nigeria.

A POS business is also easy to start as all you need is a strategic location, the POS machine itself and a stand. You can always take this business idea to another level by setting up a chain of POS stands in different locations and employing different vendors to work for you.

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Car washing is another business idea in Nigeria that is lucrative and easy to set up. People will always require the services of a car wash and if you've got space, you can easily set up a car wash business.

Nigeria is a rich country in terms of agriculture and numerous business ideas can come out of this. You could decide to go into snail farming, poultry, fish farming, vegetable farming etc.

One thing to consider though is that, while this area of business is quite lucrative, it can come with lots of risks such as disease outbreaks, changes in feed costs, unfavourable climate changes and even dishonest staff. With the right planning though, you could always succeed in doing any of the above.

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The palm kernel business is one great business idea in Nigeria lots of people are not even aware of. This business involves the processing and sale of products derived from palm kernel nuts.

This business is lucrative because almost every part of the palm kernel is useful and products that could come out of it include the usual palm oil used for cooking, palm kernel oil used by food processing, cosmetics and pharmaceutical industries and the palm kernel nut that can be used in making palm kernel cake for animal feed.

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We live in a digital world where most people prefer to acquire skills online. Hence, a great business idea in Nigeria would be to start an online school for learning different kinds of skills.

You can set up a website and employ lots of tutors who will teach different kinds of skills such as wig-making, makeup, digital skills etc. The demand for this sort of school is quite high and with the right marketing, you will be making huge money from this.

There you have it, ten business ideas in Nigeria that you can easily start. It is however important to note that each of these business ideas has its challenges, hence, thorough research and planning are important to make it work.

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