You just came across some money and want to invest it wisely. You are thinking of business ideas in Nigeria you can start in 2020.
So, you decided to start a business in Nigeria, use the money to attain the financial freedom that has eluded you for so long.
The unemployment rate in the country is at an all-time high, with many fresh graduate waiting to be employed by multinational companies.
A months’ wait becomes a year and patience becomes laziness. But, what if you don’t have to wait?
There are many thriving business ideas in Nigeria that will not only out food on your table, but set you on the path to financial freedom.
Although there are some business ideas in Nigeria you may need a significant amount in capital to start some of the ventures outlined here. However, you’ll find it quite rewarding in the long-term.
Hold on now, there is something you might not fully understand. You’re wondering what I mean by “thriving business ideas in Nigeria”.
According to the dictionary, to “thrive” means to do well or flourish. So, if your business is thriving, that means you are making money. Without wasting anymore time, these are the top thriving business ideas in Nigeria you should consider.
- 1 Top six business ideas in Nigeria
- 1.1 Business ideas in Nigeria to start with 500,000 in 2020
- 1.1.1 Top 5 Business ideas in Nigeria to start
- 1.2 Share this:
Top six business ideas in Nigeria
Outlined below are six of the most lucrative business ideas in Nigeria.
AGRICULTURE business ideas in Nigeria
This business still remains one of the most profitable ventures in Nigeria, despite the fact that it has endured massive neglect over the years. The dependence on oil and gas has held agriculture back in the past. But, no more.
With many incentives in place to make the venture more attractive, millennials are now returning to agriculture.
There are now investors in staple foods such as rice farming and cassava farming. Fruit farming is even more lucrative with fruit juice companies demanding for more fruits than the country can supply.
So, what if you are not into growing of crops? No problem, consider animal husbandry. There is money to be made from rearing snails, pigs fishes and cattle.
So, why is agriculture lucrative business ideas in Nigeria? One word; population.
Nigeria is one of the most populous nations in the world and the number is growing by the day. That means we need to produce more food to avoid starvation; hence the rewarding nature of this business ideas in Nigeria.
OIL AND GAS business ideas in Nigeria
Nigeria is one of the largest producers of oil in West Africa. As such, the government and smart entrepreneurs have enjoyed the oil boom.
Yes, oil and gas requires a lot of capital to venture into. However, this business offers a wide range value chain to investors.
No one is asking you to build a multi-billion dollars’ refinery or an oil rig. Start with the little things, consider investing in the distribution of crude oil’s end products.
You can distribute kerosene, diesel, or petrol. Maybe own a filling station. Another lucrative part of oil and gas is the “gas” itself. Selling cooking gas is not a bad idea.
REAL ESTATE business ideas in Nigeria
Of all the thriving business ideas in Nigeria, this one is one of the most convenient. Why is it so, you ask? The reason is simple; property appreciates every day.
That means, if you purchase a piece of land, you can hold if for ten years and make some money through rent.
And when you finally decide to sell it, you would still be making a huge profit.
In fact, investors are advised to own as much properties as possible because it is the smartest and reliable form of investment. However, there is a downside.
Properties can be extremely difficult to liquidate. It can take as much as six months to sell a piece of land.
So, if you’re interested in a business that offers fast cash, forget real estate. But, if you can be patient, the reward will always be worth it.
TRANSPORT business ideas in Nigeria
As said earlier, Nigeria is a populous nation. As such, the number offers some opportunities to create thriving businesses in Nigeria. One of such venture is transport business ideas in Nigeria.
People have to move from one place to another, it is an essential part of survival.
One of the most lucrative part of this business is road transport. Why is road transport profitable, you ask?
A larger percentage of the country depend on road transport to move around. Investors make millions from intra-city and inter-city transportation.
In major cities like Lagos, Abuja, and Port Harcourt, investors are raking in thousands of Naira daily from the teeming population.
Uber service in Lagos has made the transport business ideas in Nigeria even more attractive there. Who says you can only make money from transporting people?
A booming part of transport business in Nigeria involves transporting goods and traders the point of purchase to sale. The major thing you need to succeed in this business is effective management.
EXPORTATION business ideas in Nigeria
This is one of the most popular businesses in Nigeria. The reason is fairly obvious, there are tons of goods in Nigeria that are of exportable value.
It ranges from agricultural produce such as cocoa, rubber, coffee, cashew to extractive products such as steel, limestone, coal, and crude oil.
Of course, the business is capital intensive. Furthermore, you need a reliable contact to sell your goods to.
If you have no idea how to start an exportation business in Nigeria, no problem.
There are loads of workshops that offer people this knowledge for free or at a stipend.
EATERIES AND RESTAURANT business ideas in Nigeria
Food is one of the basic needs of man. As such, it’s not surprising that investors are making so much money from this business. All you need is a good culinary skill and proper management to thrive in this business.
What if you can’t cook, does it mean you can’t venture into this business? No, simply hire the people you trust to do the cooking.
You don’t have to start with a five-star restaurant. It could be fast food, mobile food vendor, or roadside food vendor, depending on your initial capital.
The List is endless…
We do not limit the thriving business ideas in Nigeria, there are many others which include;
- Private school business
- Hotel and hospitality business
- Media and entertainment business
- Ecommerce business
There are two things that all these businesses have in common; they require capital to start up and a level of commitment to see it through. You also need to conduct a lot of research to know more about what you’re investing in.
But to also help individuals that do not have large capital for any of business ideas in Nigeria stated above, we have gathered a few business ideas in Nigeria that do not cost much to start.
There is just one little problem, let say the money you have is no more than five hundred thousand Naira. So, you ask yourself, are there business ideas in Nigeria to start with 500,000 Naira in Nigeria?
Business ideas in Nigeria to start with 500,000 in 2020
Relax, you’re not the first person to ask this question and you probably won’t be the last – Business ideas in Nigeria to start this year.
The only problem is most people that ask this question are looking for a “get rich quick” scheme like Ponzi schemes or lottery numbers.
So, let me make it clear from the beginning, I’m neither going to tell you which Ponzi scheme is the in-thing, nor will I divulge any winning number. This article is about legit Business ideas in Nigeria you can to start with 500,000 Naira or lower in Nigeria.
Now that I’ve gotten that off my chest, let’s jump right in.
Top 5 Business ideas in Nigeria to start
Outlined below are some of the Business ideas in Nigeria to start you can invest in with a capital of just 500K or lower.
Grocery Store business ideas in Nigeria
This is just a fancy word to describe opening a store that caters to the daily needs of households and individuals. That’s right, it’s what we call “shop” in Nigeria.
Items that you can sell range from toiletries, snacks, soft drinks to matches and candles. Basically, anything that is needed for basic survival and more.
The great thing about this business is that, the location is not so important if there are people in the place you pick, there is money to be made. You have the option of either having a permanent store or a temporary one.
The temporary ones are usually made from wood or container.
What advantage does a temporary grocery store offer, you ask?
It is relatively cheaper when compared with the cost of paying yearly rent to a landlord. Furthermore, the fact that it is temporary means, you can move to a more suitable location in case of a natural disaster.
Farming business ideas in Nigeria
No, I’m talking about growing of crops. Although it’s lucrative, it’s not one of those businesses to start with 500,000 Naira in Nigeria. But animal farming is. One of the most lucrative of this business is fish farming, which confers the following advantage to the investor;
It is cheap to start
Doesn’t require a specialized Knowledge
Has a large market
If you’re not interested in fish farming, consider other areas such as, cattle rearing, piggery, snail farming. Perhaps the most lucrative of these is poultry business.
Why is poultry farming lucrative, you ask?
The demand for egg and poultry meat has always surpassed the supply. And as the population of the country is growing, the demand can only increase.
Poultry farming is thriving in Nigeria because importation of birds is discouraged. This implies that the populace must patronize local farmers.
Event Equipment Rental Service business ideas in Nigeria
This business is a good investment because, it’s a onetime thing. You have to purchase the equipment’s once and enjoy continuous profit from renting them out.
Example of equipment’s that you’ll need to start this rental service business include, canopies, tents, chairs, tables, etc.
The major thing you need for your business to thrive is the right contact. Start by getting two or three event planners that’ll require your service every week or more.
This ensures that you start making profit immediately.
Dry Cleaning Services business ideas in Nigeria
There are some essential things that most people cannot do on their own. The reason varies from lack of time to the inability to do it. There are people performing these services foot a fee.
One of such service is dry cleaning.
You can start this business from the comfort of your home.
All you need is a good washing machine, access to water, iron and electricity.
There is another part you must pay attention to; marketing. It becomes easier to make money from dry cleaning when people are aware if your business. You also need to create a good brand to make your business stand out.
Importation business ideas in Nigeria
Importation business involves buying goods from other countries and selling in Nigeria. The profit from this business comes from the difference in the value of the currency used.
Now, you have heard it said that you need a lot of money to venture into importation business ideas in Nigeria. This is not true.
The advent of internet and internet banking has made importation in Nigeria easier. All you have to do is pick an area of interest, something that solves a problem in Nigeria, an example is a Power case.
Next, look for an online store where you can get it for a cheap price. Consider Amazon, eBay, or Alibaba.
After picking the online site, contact the seller and discuss the terms of importing your goods to Nigeria. You need internet banking to make your payments.
After payment, your goods will arrive and you can start selling. Like any other sales business, importation business in Nigeria requires a lot of marketing.
What products can you import into the country, you ask. You can import anything that interests you, ranging from computers, kitchen utensils, clothes, and home appliances to mobile phones, bags and shoes.
On a Final Note
There are many business ideas in Nigeria to start with 500,000 Naira in Nigeria and they are not limited to the ones outlined above.
You might want to check our post on how to start hire purchase business in Nigeria.
There are other people making money from renting out building materials, running football viewing centres and operating a car wash business.
Making money from any of the ventures outlined above is a matter of picking something that works for you.
Do an in-depth research to gain a better understanding of these ventures and invest your five hundred thousand Naira into the business that suits you.
Finally, invest a lot of hard work with commitment and watch your 500,000 Naira business grow into a multi-million naira business.