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 businesses in Nigeria that will not only out food on your table, but set you on the path to financial freedom. Yes, 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 don’t fully understand. You’re wondering what I mean by “thriving businesses 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 businesses in Nigeria you should consider.
Top 6 Thriving Businesses in Nigeria
Outlined below are six of the most lucrative businesses 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 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 the business.
Oil and Gas
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.
Of all the thriving businesses 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.
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. 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 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.
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
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.
Wrapping It Up
The thriving businesses in Nigeria are not limited to the six outlined above. There are many others which include;
Private school business
Hotel and hospitality business
Media and entertainment 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.
Pick one or more of these ventures and you’ll be on your way towards financial freedom.