Doing business in Nigeria is currently viewed as one of the most lucrative business ventures, in today’s global business environment. For the past 50 years Nigeria has been dependent on its valuable oil resources, which have brought great wealth to a select few, but oil is not the only lucrative business in Nigeria.
However, as Nigeria’s economic sphere slowly changes, its economic structure diversifies to overcome its dependency on oil. This shift has opened up the playing field for a new generation of entrepreneurs in Nigeria. People, who can identify business opportunities in Nigeria, know that the oil industry is not the only business that you can enter and make money from.
If you are thinking of setting up a business in Nigeria and making millions of Naira from it, you can choose from a variety of options. Read and find out Top 10 Lucrative Businesses in Nigeria That Make Millions of Naira.
1. Mobile Food Vending Business
If you love cooking, mobile food vending will be a good and lucrative way to get into the catering business in 2017. More caterers are expected to go mobile in 2017 because people will appreciate having their food brought to them. The major challenge with this, as with any food business, is getting peoples’ trust. You do this with proper hygiene, tasty meals and timely, consistent delivery. It will also put a lot of ‘mama put’ on their toes to improve their quality of their cooking.
2. Dry Cleaning & Laundry
Float a professional dry cleaning business and keep your rates low and service quality quite high. This type of business is especially profitable in a big city, or urbanized area.
3.Pure Water Production
Although this business needs some capital investment, it can be worth your effort and money in the long run particularly if you can manage pure water production and keep the quality intact over a long time. Your options are to sell as sachet, bagged or bottled water.
Although a little messy at present, it is a profitable sector in Nigeria and can help you make millions annually.
8. Logistics/Courier Business
The increase in eCommerce businesses will open doors for more delivery/courier companies to emerge. If you are shipping goods from Owerri to Lagos, someone has to deliver them. Cost of shipping is a hindrance to eCommerce business in Nigeria. More delivery companies will provide healthy competition, forcing down prices.
9. Online Marketing
Take your pick: blogging, freelancing, information marketing, affiliate marketing, there are plenty. More people will make more money online in 2017 than they did in 2016. It is no longer a secret that people make full income on the internet. By the way, if you plan on starting a blog in 2017.
10. Canned food production
This is a very promising profitable venture to invest on in 2017. Thankfully Tomatoes/tomato pastes are also included on the list of banned products. Early November 2016, a leading indigenous local tomato paste manufacturer, Erisco Foods Limited, made good its threat of shutting down the $150bn plant and relocating its manufacturing base to a location outside Nigeria, thanks to recession, but that also present opportunities to other entrepreneurs to fill up the gap. I see a lot of smart Nigerians investing in tomato pastes production in 2017.