Starting profitable businesses in Nigeria is no longer something only the rich can do. With all the opportunities popping up, it leaves you wondering what businesses are easy to run, yet profitable. As long as you aren’t looking to start a full-scale manufacturing company, there are plenty of viable options out there.
The Nigeria economy has seen many changes over the past few years. As a result, people are more conscious than ever of their spending. They are looking for better alternatives to beat the recession and make their dollar stretch further. One of the solutions is finding “business opportunities” that offer higher value to your money.
Starting one of the many profitable businesses in Nigeria can be the first step towards self-employment or the final destination for people who hate their jobs! Whatever your case, you need a good business idea. And to get one, you’re in the right place.
7 Most Profitable Businesses In Nigeria
Starting an Uber business is the most innovative and safest business because it is simple, easy, cheap and profitable. There are two ways to go about beginning the Uber business. You can either become an Uber driver or buy a car and become an Uber partner.
The advantage of becoming an Uber driver is that you do not require any capital. You download the app and drive for customers when you have time. On the other hand, buying a car and becoming an Uber partner requires capital. However, once you have started the business, you need less effort than being an Uber driver since you are not required to work whenever you want to but only during peak hours.
Uber business can be an entire employment business, which allows you to be your boss and work from anywhere with an internet connection. It is one of the most profitable businesses in Nigeria.
Uber business can be done as part of your full-time job. If you have a regular job, Uber business can help you make extra money without quitting your job. This enables you to diversify your income stream and increase its overall profitability. Running an Uber business with a regular job makes it easy for the average person to earn money online because they do not need to quit their day jobs.
Although there are many profitable businesses in Nigeria out there, it is vital to start a company based on something you know. For instance, if you are good at Math, you can make money tutoring people online. It is easy to start and you can make a lot of money.
An example of profitable businesses in Nigeria that is also easy to start is online tutoring. The money you make from this business would depend on how many people you tutor, how much you charge them per hour or day, and how many students you decide to teach.
Online tutoring is one of the most lucrative businesses you can engage in in Nigeria. With the emergence of the internet, there has been a rapid rise in the demand for online tutoring services. Due to mobility, convenience and affordability, people increasingly turn to online education.
Read also: How to create a digital product in Nigeria
With a business plan, you can establish your goals and objectives, and estimate your potential costs and profits. You can also determine your market share, and the equipment and facilities you will need to be successful.
Online tutoring is one of the most profitable businesses in Nigeria if done right. The business idea is to give tuition services to students over the internet or by phone. You can do this with or without a degree, but having a degree is better for authority.
For adverts, use classifieds and online directories. You can even start a website for this purpose. Include the mode of payment methods and a list of courses that you teach to inform all site visitors.
If you are looking for easy and profitable businesses in Nigeria, you should consider blogging. You do not need any formal education or special skills to start blogging in Nigeria. You can make money online by blogging if you know where to start, how to go about it and how to generate income from it.
So why blogging? Because the internet is one of the largest industries in the world, with more than two billion users worldwide. And Nigeria has one of the highest numbers of Internet users in Africa, with more than 30 million active Internet users and more than 120 million mobile phone internet users.
And according to statistics, 72% of online Nigerians are active on social media, and this number is growing. So there is no reason you can’t start a blog and profit from it. Many companies pay money to bloggers to promote their services or products on their blogs or websites. You can use your blog to sell your products or promote other people’s products and get paid by commission. This is called affiliate services and the most common platform that supports it is Amazon.
Read also: How to make money from blogging in Nigeria
Combining blog hosting services with Adsense, affiliate marketing and other blogging income sources, you can be sure that you will own a profitable business in Nigeria within a few months.
Freelancing has become a popular business in Nigeria. It is one of the most manageable and profitable businesses in Nigeria, especially in this generation. All you need is a computer, a mobile phone, and an internet connection. No Capital Required if you already have the skills, and you can start making money within 24 hours.
Making money online has become a lot more accessible over the years, and more people are turning to freelance to make some regular income on the internet.
There are several websites where you can sign up as a freelancer. The only setback to these sites is that you may not be satisfied with their rates, but it’s still a good place to start. If you are serious about freelancing as a business, create your website and deliver your services at whatever pace you want.
It is hard work, but it pays extremely well. As long as your services are in demand, and your marketing is top-notch, you’ll have the right clients looking for you. A freelancer who markets himself well can easily make between ₦250,000 – ₦500,000 monthly from his online business. That’s a pretty good monthly return.
If you’re interested in exploring this idea to start your profitable business in Nigeria, you should check out insight’s freelancing section. There are loads of beneficial information there to guide you.
Also, you can join our WhatsApp community for updates on freelancing resources and other available business venture program.
Thrift shops are one of the best profitable businesses in Nigeria for anyone. It is fun and easy to operate. With a thrift shop, you can make a handsome profit while helping people in your community by providing them with high quality used clothes, furniture and other necessities.
The idea is simple. Suppose you have some old clothes, furniture, electronics or other items lying around at home that you no longer need or use. You can either sell them to a local thrift store or start a shop yourself. The thrift stores will resell those items at a discounted price to customers.
You don’t need to be an entrepreneur or businessman to run a successful thrift store business. You may not even need to have a physical space. Your website or social media pages will serve for conducting sale so that customers who are not near your location can still shop from your store online.
Thrift shops have proven themselves as one of the most profitable businesses in Nigeria today.
Information products marketing
Another profitable business in Nigeria is Information products marketing. Information products are packages of information that you can sell online or offline. They include ebooks, software products, courses, how-to guides, and manuals, or offline events like seminars and workshops.
It is also called info business or info product business or infoshop. You sell info products just like you do goods in a regular shop.
For starters, you need a Unique Selling Proposition (UPS). This is what makes your product different from others in the market. It’s usually something like this: ‘This information product teaches you how to make money from home’ or ‘This information product will teach you how to lose weight.” A strong USP increases the chances of your infoshop becoming a profitable business in Nigeria.
Of course, you need some proof of the validity of your product. You can do this with testimonials of people who have used your product and gotten results. You would also need a website for this. Several website builders offer free websites for people starting their online businesses. You can drive traffic to the site via social media like Facebook, Twitter and Google plus.
If you want to succeed in the information product business, a website and social media would help you serve customers better. You can run surveys to have a list of possible ideas to work with when starting your own information products marketing business. The more trust and customer base you have, the faster you can grow a profitable business in Nigeria.
The livestock business is a very accessible and profitable business in Nigeria. Some people think it’s a risky venture, but is there anything worthwhile without risks? The truth is that this business is an investment with a reasonable prospect of returns, and many Nigerians are making millions from it.
The most profitable livestock farming business involves rearing poultry and fish. The other ventures are goat, sheep and cow rearing.
In Nigeria, there are two ways to start a poultry business. One, buy chicks from suppliers (the best time to get them locally is in August) and rear them for sale during festivals. Two, buy mature chickens, slaughter, and sell in parts. The latter can be more profitable and less stressful than the former as it does not involve an initial capital outlay, except for owning a working freezer. Feeding costs are low because the chickens eat kitchen scraps and other items that you usually throw away.
Nigeria is a country of 1.3 billion people and has the biggest economy in Africa. With a pervasive entrepreneurial history, it might as well be your oyster. It’s only a matter of finding the suitable business model to start a profitable business in Nigeria and initiate your million dollar idea.
We’ve researched and listed the following seven profitable businesses in Nigeria; from e-commerce to food delivery and more. Feel free to let us know which ones you agree or disagree with. Happy business, guys!
- Ayomide is a freelance writer. His goals include producing relevant, enlightening, and entertaining articles, blogpost. His healthcare background as a medical laboratory scientist-in-training makes the niche his forte. However, his excellent research skill gives him the flexibility to write on a wide range of topics. He can be reached at Iamichaelayomide@gmail.com.