The Nigerian economy offers an abundance of business opportunities. Consider these seven industries if you want to earn big. Anyone can start with small capital. When managed well, these businesses bring impressive revenues to their founders.
1. Oil and Gas
Nigeria is one of the world’s largest exporters of crude oil, and nothing beats fossil fuels in terms of scope. Undeniably, it is the most lucrative industry in the country. Its products are used everywhere, from airplanes to cars to stoves. Since Nigeria has a poor electricity supply, fuel is king. All companies depend on fuel or diesel, whatever their size.
2. Palm Oil
This resource is like gold. It is used in the production of myriad things, from cream to soups. Palm oil is imported from Nigeria in gigantic amounts. This business is incredibly profitable. Even though goods containing palm oil are controversial products with regard to health effects, many countries are willing to purchase them for different types of production.
3. Different Types of Farming
First, there is cassava. Millions of Nigerians depend on products made from it, such as fufu and Garri. The demand is massive. Secondly, there is beef. It is extremely popular, so cattle farming is a lucrative business idea. Additionally, Nigerians treasure cow milk.
Poultry, especially chicken and turkey, is popular with Nigerians. The demand is particularly high during festive seasons. Poultry farming may be started with little initial capital. Snail farming is a budding business segment with impressive potential.
Snake farmers rear these animals for commercial purposes. Competition is low, as this business is risky. Therefore, companies see impressive revenues.
4. Restaurant Franchise Business
It is the easiest way to get into the food business. A franchise for Mr. Bigg’s and other big fast-food brands can be acquired through the United African Company of Nigeria (UAC). The key is to find a good location for your establishment. Choose a spot where competition is minimal.
Alternatively, consider opening a local restaurant catering to a specific niche — for example, Edika-ikong and Afang soup or amala. This will help your eatery stand out. Finally, serving foreign and intercontinental food is also potentially lucrative. Such menus attract wealthy patrons and travelers.
5. Online Trading
In recent years, Nigeria has seen a surge in Forex trading. Today, it has the second-largest volumes on the continent. Residents may buy and sell currencies, stocks, and other financial instruments using platforms and apps. They connect to the largest financial market with a spectacular turnover of 6+ trillion US dollars daily.
Sadly, the country is yet to see any comprehensive legal framework for the industry. Local traders are advised to start trading in Nigeria through regulated brokers. These have licenses from reputable organizations like the FCA in the United Kingdom or the FSCA in South Africa.
At the moment, Forextime is the only broker that offers trading accounts denominated in the naira. This means clients save on conversion fees. Entry into their live market is extremely affordable, as it requires just $10 for holders of cent accounts.
6. Blogging and Vlogging
Today, many consumers prefer to receive information and news from social media, rather than official media channels. The phenomenon of blogging has allowed amateurs to become influencers and celebrities. Popular bloggers have millions of followers, and they can monetize their pages in numerous ways.
First, brands reach out to them with promotion requests. Secondly, they may sell their own products or services. Thirdly, if they are members of the YouTube partnership program, they make around $1,000 for every million views.
Any blog or website may also be monetized through the Google AdSense service. It is a network connecting advertisers and website owners, it matches them automatically. Overall, both blogging and vlogging are profitable in Nigeria, just like in other countries. Successful bloggers can make over 20 million nairas monthly.
7. Real Estate Business
Real estate is lucrative anywhere in the world. After all, people always need homes, and companies need commercial space. As the local population is growing and flocking to cities, the demand is high.
This field offers a number of opportunities. The entry-level option is agent work. Real estate experts help clients find suitable properties, and their income is usually commission-based. On the other hand, they are paid by landlords and sellers.
The second option is the development of properties in prospective areas. These are later sold or rented out. Finally, some residents invest in lands, so they can either develop them or sell after they gain value.
The Bottom Line
These are some of the most lucrative industries. Unemployment in Nigeria has been exacerbated by the pandemic, making remote work vital. Traders and bloggers earn money regardless. All they need is a decent computer or smartphone.