Top 7 most profitable business ideas in Nigeria 2022

It can be difficult to come up with good business ideas in Nigeria. Even if you have a lot of business ideas, deciding on the best one can be difficult. The first step in starting a business in Nigeria is to figure out what you want to do. Then putting that idea into action, which has the potential to grow into a multi-million naira enterprise.

Before you decide to invest money in a business idea, you must be certain about it. Before you dive into business ideas in Nigeria, it's critical to get a clear picture of what you're getting yourself into.

After reviewing our list of business ideas in Nigeria, you can begin by selecting the one that you believe will be profitable and enjoyable to you. You'll need to conduct research as well as develop a business plan. Here are some of our top 10 lucrative business ideas that you can develop in Nigeria with as little as 100k;

Mini importation

Mini importation business got a lot of buzz before the covid year, and is still hands-down, one of the best businesses to start up in Nigeria. And no, it doesn’t require a physical shop. You can very well start from the comfort of your own home.

For those that don’t understand the concept of this business, it is a business that entails importing items (usually in a specific category such as fashion and beauty) at a low cost through eCommerce sites such as Alibaba, Aliexpress, 1688 website, and DHgate. The items are then sold at a higher price, resulting in a profit. Take note, most of these websites usually require the use of an agent.

Exportation business

Just like the importation business, exportation is still very much a big deal in Nigeria. You don’t have to export to a whole country. You can start from that single friend of yours living abroad, and is constantly in need of African food and produce.

For people eyeing a larger market, cocoa, yam, vegetable oil, cassava, palm oil, textiles, groundnuts, and other raw materials are among Africa's most profitable international trades. These items are still in high demand on the international market. As a result, you can start and succeed in the exportation business in Nigeria.

Agricultural business

Agriculture is still one of Nigeria's best business investments today. This is a profitable business that is also inexpensive to start. One of the things that makes this business so appealing is that agriculture entrepreneurs in Nigeria have access to numerous loans and financing options. The Federal Government, through the Ministry of Finance, Central Bank, and Ministry of Agriculture, has established a dedicated Bank Of Agriculture .

With as low as 100,000 naira, aspiring entrepreneurs can start a variety of agricultural businesses. Here are some agricultural business ideas: Snail farming, poultry farming, and vegetable farming, Mushroom cultivation, Plantain production, Rabbit farming, catfish farming.

Pet trainer

As funny as this sounds, it really is lucrative. Making money from this particular idea would be easy because it is also uncommon, and that means a lesser competitive market.

To be able to pull this off though, you would need to be in liason with vets and pet food suppliers. This would help you reach your target market easier. You could also start up a blog or YouTube to further add value to your business.

Palm oil production/sales

This is still a very lucrative market, even though it is common. Palm oil is one of the highly used ingredients in Nigerian homes, and as such, is in high demand. You can either venture into production, or you buy and sell, which means buying at a cheaper rate and selling at a higher price. You can also decide to export this produce.

You need to consider a few things before venturing into this business, and they are as follows; Choosing a palm oil business model that works for you, obtaining your storage space as well as your storage tanks, making arrangements with suppliers, choosing a mode of transportation, etc.

Digital agency

There is a steady increasing buzz around the Digital marketing world, and it’s here to STAY. Consider starting up a marketing agency with a team of developers, content creators, digital marketers,etc, who share the same values. Take up Digital courses with reputable companies such as MAX Business School, Alison, Google, etc.

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Real Estate Agency

You can establish your own real estate development company and begin selling, leasing, and renting out-of-the-way properties. Alternatively, you could begin as a middleman or apprentice with a well-established firm to gain networking (connection), experience, and sufficient funds.

However, before getting into real estate, make sure you're comfortable with renting, leasing, flipping, and selling. All of this, combined with good managerial skills and an understanding that real estate is a capital-intensive business, and you're good to go.

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