Lucrative Business Ideas in Nigeria: There are lots of businesses in Nigeria, but just a few are profitable. While looking to start a business, one important thing to consider is how profitable it is.
With the way new businesses are trending in Nigeria, a lot of people end up venturing into the not-so-profitable ones, which results in a waste of time and money. Sometimes, the profitable ones may be too difficult for you, while the easy ones may not work in your area.
However, that doesn’t mean that there are no profitable businesses in Nigeria, as there are lots of them that could make you multiple millions of naira in profit with just a little effort.
Regardless of your location, or gender, in this post, we will show you some of the easiest and most lucrative businesses in Nigeria to start without much investment and make life-changing money.
Without further ado, let’s get started!
List of The Most Lucrative Businesses in Nigeria
In 2023, the most lucrative business ideas in Nigeria include:
The first lucrative business in Nigeria on this list is the agricultural business. Agriculture is the oldest way of making money in Nigeria, and till now, the agricultural sector is still one of the most profitable in Nigeria.
You can venture into this business in many ways. These include land cultivation like cassava farming, maize farming, rice farming, etc, and livestock production, like poultry farming, fish farming, cattle farming, and so on.
There’s a lot of money to be made from this business, as Nigeria is blessed with abundant fertile land. For example, you could make up to 200% profit from cassava farming. That is if you start with N200,000, you could expect up to N400,000 profit after harvest.
Agribusiness doesn’t end there as you can become a seller or distributor of all kinds of equipment and materials needed to run the business. This includes livestock feed production and opening an Agro store where you sell herbicides, insecticides, vaccines, etc.
2. Oil and Gas Business
The oil and Gas sector is a multi-billion-dollar sector in Nigeria, as this is where many billionaires are made in Nigeria. This business is very profitable as you can make millions upon millions of naira venturing into oil and gas in Nigeria.
There are lots of oil products that you can sell in Nigeria. This includes petrol, kerosene, and diesel, among others.
You can approach the business in several ways including becoming a distributor, operating as a filling station, and also starting on a small scale as a “Black Market”.
Regardless of how you choose to approach the business, there’s a lot of money to be made. You can start this business anywhere in Nigeria, and one amazing thing about the oil and gas business is that competition doesn’t really matter, as there’s high demand for the products across the country.
3. Palm Oil Business
No jokes, if you get it right you can become a multi-millionaire in no time venturing into the palm oil business in Nigeria. This business is also a part of the Agribusiness in Nigeria, however, the palm oil business deals with trading. That is buying and selling of palm oil.
Palm oil is more of a commodity than regular farm produces. This is because the price fluctuates throughout the year and if you’re lucky to know when and where to buy, you could make up to 300% ROI within a few months.
Since it involves buying palm oil from the producers or suppliers and reselling when the price rises, the palm oil business is very easy to start and can be started by anybody.
You can start this business with about any amount, although it is more profitable in some parts of the country than others.
4. Cooking Gas Business
Another highly profitable business in Nigeria is the cooking gas business. This is because of the high demand for cooking gas, as many households now use gas cookers to do their cooking.
Also known as the gas refilling business in Nigeria, the cooking gas business is a good source of daily income, easy to start, and generates a huge profit margin.
One cool thing about the gas refilling business is that it can be started on a small scale (little capital) and also on a large scale (huge capital). The profit of this business is massive, as a day can’t go by without making sales.
Blogging is another very lucrative business in Nigeria that anyone can start. This business involves sharing information such as news, guides, etc., online and making money.
You can start blogging with a very small amount of money and make millions of naira within months if done the right way.
To start blogging, you need to create a website that will serve as your blog, then start posting your content and monetize them through display ads and affiliate links to make money.
6. Forex Trading
Forex trading is another popular highly profitable business in Nigeria. Depending on your capital, this business can make you millions of Naira within 30 days.
Although making money is not guaranteed, as forex trading is very risky, if you don’t know how to trade, you could lose all your money on just a trade.
A lot of young Nigerians have been doing this and cashing out big. You just need a smartphone, trading skills, and your capital to start making huge money from the forex market.
7. Start a YouTube Channel
Another lucrative online business to start in Nigeria and make a lot of money is starting a YouTube channel. This business is very ready to start and can be started anywhere by anybody.
From starting a faceless YouTube channel to creating a vlog, there are many ways to approach this business and be successful.
You can make money from YouTube through the partner program, affiliate marketing, and/or sponsorship. With the YouTube partner program alone, you can make hundreds of thousands of naira daily.
8. Invest in Real Estate
Real estate has become the talk of the town in Nigeria now. This business is very lucrative and is currently where millionaires are made in Nigeria.
Real estate business involves building and/or buying and selling and/or renting out properties such as homes, apartments, warehouses, lands, and so on.
Real estate business can be operated in many ways from being an investor to being an agent. Whether you’re an investor or an agent, you can make millions of naira from the real estate sector in Nigeria. Although it requires a lot of money to start.
9. Transportation Business
Transportation business is one of the oldest and most profitable businesses in Nigeria that till today is still making money on a daily basis.
This business involves conveying passengers or goods from one place to another usually by road. Since people travel across the country every day, your income is daily with this business.
Transportation businesses can be operated using buses, bikes, and tricycles. To start this business you’ll need to get any of those, then employ a driver who will be delivering daily after work.
10. POS Business
If you’re looking for a lucrative business in Nigeria that doesn’t require much stress, a POS business is a good one to give a shot. This business is one of the fastest-growing and most profitable ventures right now in Nigeria.
It involves completing banking transactions such as cash deposits, transfers, withdrawals, bill payments, and so on using a POS machine, and charging your customers a small fee for your service.
POS business generates money day in and day out, and it can be started by anybody whether male or female, student, graduate, non-educated and even housewife. On average, POS agents make around 5,000 Naira in profit daily.
11. Hotel Business
Although it requires huge capital, the hotel business is another lucrative business in Nigeria that could make you money passively on a daily basis.
With the rate at which Nigerians, especially youths patronize hotels in Nigeria these days, you can make a lot of money owning a hotel in any part of the country.
It is not necessary you start with multiple hotels, as this business can also be started on a small scale. You can start with just a 10 suit hotel and scale from there.
12. Start a Logistics Company
The rise of ecommerce business in Nigeria has increased the demand for logistics companies, thereby making the business a good one to consider when looking for a profitable business to start in Nigeria.
Logistics business involves the transportation of goods from sellers to customers. This business is sometimes referred to as the dispatch rider business in Nigeria, as many logistics companies deal with the delivery of urgent and fragile stuff like food, electronics, and valuable documents.
You can start a logistics company with less than 5 million naira in Nigeria and make a lot of money in a short time, as the business is still slightly untapped in most parts of the country.
13. Food Restaurant
It’s obvious that we all eat every day, and more than 70% of Nigerians eat outside (i.e restaurants or mama put). This makes the food restaurant business another lucrative daily income business in Nigeria that can be started in any part of the country.
Although you need to be a good cook and also have reasonable capital to start this business, the profit margin is insane, as you can make up to 100% ROI from a food restaurant.
14. Pure Water Business
Pure water business is another profitable business to start in Nigeria. In Nigeria today, the purest water you can get at an affordable rate is sachet water, and since we all need water to survive, selling pure water is not just lucrative, but a good source of daily income in Nigeria.
From starting as a retailer and/or wholesaler to opening a pure water factory, there are lots of ways to approach this business. Although the capital needed to start varies depending on the type you start, the profit margin could range up to 200%.
Starting a pure water factory is the most profitable of all, although the most costly and most stressful to start. However, you can make up to millions of naira in revenue daily by starting a pure water factory in Nigeria.
15. Recycling Business
Recycling business is one of the most underrated businesses to start in Nigeria, but it is insanely profitable as you can make millions of naira every month from tire and scrap metal recycling alone not to talk of other recyclables.
While there is no limit to the amount of money you can make from a recycling business, people usually turn their attention away from it, since it involves going from one scrap yard to another.
You can start this business with about any amount, as in some cases, you don’t need to do the difficult and irritating part of the business yourself, as you can employ people who will find recyclables from dump sites. So, your job is just to sell them and make money.
16. Professional Laundry Business
If you’re seeking what lucrative business can I start in Nigeria with low capital, then rendering a laundry service would be a good answer. This business is not just profitable but can make you money on a daily basis.
You can start a dry cleaning business in Nigeria without any amount since not much equipment is needed to operate the business. This business can be started by anybody in any part of the country whether locally or using advanced equipment.
Laundry business can be started both on a small scale and a large scale. However, starting on a large scale would be ideal, as you’re likely to work with influential people who will pay well for your service.
You can also operate a home service laundry as a side hustle if you have work already or you’re a student. Regardless of how you operated, you can make up to 700K monthly as a dry cleaner in Nigeria.
Dropshipping is another lucrative business in Nigeria right now. This business was recently introduced in Nigeria and has been making people a lot of money.
Dropshipping is an online business that involves buying products from suppliers and shipping them directly to your customers without having to see or touch them. Here, you’ll have to create an e-commerce website where you list your products for sale.
Learn More: The Ultimate Guide to Dropshipping in Nigeria
18. Exportation Business
Exportation business is another old but still massively profitable business in Nigeria that can be started by anyone.
This business has been making people a lot of money over the years, as Nigeria is blessed with a lot of raw materials and natural resources that are in high demand abroad.
You need a lot of money to start an exportation business in Nigeria, and also you must have good networking skills as an exporter. You can export different kinds of goods including cocoa, charcoal, timber, cassava, snail, etc.
This business is very profitable because as an exporter, you get paid in foreign currencies. As we know, naira is weak against many of those foreign currencies, so after converting the money, it will be a lot in naira.
19. Rental Service
Rental business involves the renting out of stuff such as canopies, chairs, tables, pots, etc on a daily basis for an exchange of payment.
This business is ideal for people in parts of the country like the southwestern part where ceremonies are done frequently.
20. Distributorship Business
If you are seeking what business can I start in Nigeria and make the most money without having to work too hard, becoming a distributor is not just perfect, but could make you millions of naira in return every day.
This business involves partnering with manufacturing companies such as Dangote Cement, Yale Foods, Lafarge, Coca-Cola, Chivita, Viju, and so on, getting goods from them, and distributing them to wholesalers and retailers.
Distributorship business is not as easy to start as others on this list but makes the most money. You can make a lot of money daily as a distributor.
For example, assuming a full truck load of Dangote cement is 2 million Naira, you can distribute it to retailers, and make 2.5 million, keeping 500K as profit daily per truck.
21. Boutique Business
Starting a boutique business where you sell all kinds of fashion materials such as shoes, shirts, pants, caps, and so on is another highly profitable business in Nigeria that can be started by anybody in any part of the country, even in rural areas.
This business makes a lot of money because of the increase in demand for fashionable wears. You can start a boutique business both on a small scale and a large scale and make money.
22. Start a Block Industry
Block industry is one of the fastest-moving and highly profitable businesses right now in Nigeria. With the continuous trend in the real estate industry, the demand for blocks has been on the rise for many years now and has been making people a lot of money.
You can start a block industry business in Nigeria regardless of your location.
The business is perfect when set up in a newly developing area as there’s where demand for the products is high. Anyone can start the business, although it requires a lot of money upfront.
23. Electronic Business
Sales of all kinds of electronics business is another lucrative business you can start in Nigeria. You can start this business anywhere in Nigeria and make money.
It is very easy to start, although you need to know about electronics and have a reasonable capital.
24. Foodstuff Business
Foodstuff business is a very lucrative one to venture into as it is easy to start, not capital intensive, and can be operated anywhere in the country. Since food is a must for survival on a daily basis, foodstuff sellers make money every day.
This business moves fast, is easy to operate, and doesn’t require huge capital to start. You can start with as low as 100,000 Naira and make up to 5,000 Naira and above in profit daily.
25. Car Wash Business
Car wash business is not just a highly profitable business in Nigeria, but a business that can be started on a small budget. This business is very easy to start and can be started anywhere in Nigeria.
Unlike before, the car wash business is becoming more and more popular and profitable in Nigeria as car washes charge up to N3000 per car in some parts of the country.
You can start this business either as a mobile car washer or have a shop for your business. Regardless, you can get started with about any amount.
Professional car washes in Nigeria could make up to hundreds of thousands of naira every day. So, if you have reasonable capital, consider starting on a large scale.
26. Sales of Mobile Phones and Accessories
Sales of phones and accessories can also make you a lot of money as it is a source of daily income in Nigeria. People know the Igbos to be the most popular in this business, although it can be started by anyone in any part of the country.
You can start this business selling all kinds of phones and also accessories including chargers, batteries, phone cases, and earphones, as well as power banks, memory card chips, and mp3 players.
You need reasonable capital to start this business, as you’ll need a big shop, and buy phones that are expensive in bulk. This business is highly scalable and has a massive profit margin. You can make up to hundreds of thousands selling just one phone.
27. Become a Uber Driver
Also known as uberpreneur, you can make a lot of money by becoming an uber driver in Nigeria. This business is what has been making a lot of youths thousands of naira daily. The amazing part is that it can be started as a side hustle.
Just a car is what you need to start this business. This business is a part of the transportation business, just that it is more professional. You can make up to 500,000 Naira and more monthly driving people to their destinations.
If you’re looking for the most profitable business in Nigeria for cooks, rendering a cook-on-demand service is a great one to try, as it can be started small, and is a source of daily income.
This business is fairly new in Nigeria, it involves getting orders to cook for an individual at a time and getting the food delivered to them yourself or using a dispatch rider.
This business is very profitable and doesn’t require huge capital to start. Although it is not yet popular in many parts of the country, if you live in Lagos or Abuja, there’s a market for the business. You can make up to N3,000 profit per order.
29. Affiliate Marketing
Affiliate marketing is another lucrative business that can be started by anyone in Nigeria, as all you need is a smartphone or PC, and an internet connection to make money.
It is a form of internet marketing that involves recommending products to people and getting paid a commission when they buy the products.
Affiliate marketing requires little capital to start, and it is highly scalable. You can go from making nothing to millions of naira monthly if you find and promote a high-converting product, although this takes a lot of hard work, consistency, and good marketing skill.
30. Football Viewing Center
Nigerians are lovers of sports, football especially. So starting a football viewing center could make you a lot of money on matchdays.
I believe the term “football viewing center” is self-explanatory. So all you just need to start is good capital, secure a big hall, and get all the equipment to get started. The most money is made on weekends from this business.
31. Open a Gym
With Nigerians now starting to prioritize fitness, opening a gymnasium could make you a lot of money daily in Nigeria. Although the business is capital intensive, it is very profitable.
You can charge up to N1500 and above per person daily, and since it is something that they need they’ll keep coming back every day, and you’ll be making money every day as well.
32. Open a Bakery
One of the oldest but still lucrative businesses in Nigeria is the bread bakery business. Bakery in Nigeria is just like a restaurant.
Nigerians consume bread a lot, so opening a bakery to make bread is also a good daily income business idea in Nigeria.
This business is capital intensive, which means you need a lot of money to start. Also, you must acquire baking knowledge to open a bakery in Nigeria.
33. Cement Retailing Business
Last on this list of the most profitable businesses in Nigeria is the cement retailing business. This business is very profitable and it involves the sales of bags of cement to final consumers.
Cement is in high demand in many parts of the country as there’s been a continuous increase in house building and renovations across many states, thereby making it a fast-moving business.
Also, the frequent hike in the price of cement makes the business more profitable, as you can make up to 500 Naira profit per bag.
To start, you just need a shop, then meet with a distributor to get your shop stocked, and you can start selling.
It doesn’t cost a lot to get started, as some distributors supply cement to retailers on credit. So, whether you have huge capital or small money, you can start this business regardless of your location.
While looking to start a business in Nigeria, it is very important you consider how profitable it is, as a lot of popular businesses in Nigeria end up not generating good profits.
With this post about the most lucrative businesses in Nigeria, I believe you now have ideas on the business that is best for you!