Lucrative Businesses in Nigeria 2020

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It’s 2020, and the largest country in Africa is filled with lucrative business opportunities. Nigeria is blessed with both physical and human resources. It is no wonder investors outside the shores of Africa are pitching their tents in search of economic profit. Below are 20 lucrative businesses to get you started on the right path.

Agriculture 

Agriculture in Nigeria is lucrative and goes beyond farming and rearing animals (thanks to innovation and technology). It is one of the oldest businesses in Nigeria and the entire African continent. Smart SMEs in Africa have laid hold of the Agricultural business and are making huge profits. 

Lucrative Businesses in Nigeria 2020
Agriculture

The agricultural business in Nigeria is made of different practices like livestock, animal husbandry, farming etc. All you need to do if you want to go into Agriculture is; first do your research, decide on what practice of agriculture you want to go into, secure an adequate land, register your business and then hire labour.

Oil and Gas Business

The oil and gas business in Nigeria continues to be a lucrative business in Nigeria because crude oil is one of Nigeria’s major goldmine resources. In oil and gas, just like any business, you will need to conduct your research and understand the business to become successful at it.

Catering business

The catering business in Nigeria is hitting the roof! Think of the last party you went to. Whether it is a birthday or a wedding, people need food! Venturing into the catering business is never a bad idea. You will need to ensure your location is good and you maintain a good relationship with your customers, so they come back for more! The bottom line is you can explore your cooking skills and be sure to generate lots of income.

Real Estate business

Real estate is hot in Nigeria. The global pandemic has increased the value of owning a home as people had to stay in their homes this year. Real estate continues to triple in value as the years go by. Just like any business, getting all the knowledge, you need about real estate is important in becoming successful in real estate.

Transportation business

As the population in Nigeria keeps increasing, the need for transportation also increases. Different transportation hubs have arisen such as Bolt and Uber. You can start up a transportation business to help people get around town.

Social media marketing

Understanding social media marketing gives you a massive edge in today’s digital world. Most businesses are taking their business online and building an online community. You can offer social media marketing services to businesses who require such services and generate income. 

Fashion business

SMEs in Africa are springing up with stylish and unique fashion. Nigeria is home to all the action as lots of fashion hubs are springing forth. You can start your fashion line today!

Skincare/ Cosmetics

This is a lucrative business in Nigeria. You can start selling great skincare products to consumers and make profit. You can also promote your products on social media to attract more customers.

Baking business

Baking is another lucrative business in Nigeria in 2020. There’s always a need for a cake or pastry during a birthday, wedding or any kind of party. You can start your own baking business today and be sure to make lots of profit in the long run.

Writing

Every business is in search of a writer that turns words into cash. Social media content writers are also needed as well. You can start your own writing business and make lots of profit.

Photography

This is becoming a huge business venture in Nigeria. Imagine taking pictures of events like birthdays or weddings. There’s so much out there in the photography world! If you love to take pictures, this will be a great business to start! Take your camera out there and start today!

Event Planning

You can set up your own event planning business and help people plan events. The interesting part about this business is that it is in high demand in Nigeria, and it is also lucrative. 

Tutoring

This is another lucrative business in Nigeria in 2020. If you love to teach, you can put up different courses online and teach people on any subject. You could also hold WhatsApp master classes or put up a course on some online platforms and make some money.

Laundry Services

This is another business that can bring you a ton of cash in the long run. This business requires little capital and is easy to start. One important thing you would need to consider is the location of your laundry business. You might want to choose a place that’s noticeable and well-populated to attract many customers. You might also choose to offer delivery services. 

Make-Up business

The make-up business is making waves in Nigeria. It is easy to learn and relatively cheap to start up. You can start to make up for your friends and clients and get paid. It is both lucrative and fun!

Hotel Business

The hospitality sector in Nigeria is on the rise as tourists and international investors and visitors come into Nigeria. You can start up a hotel business to host these visitors and generate income. You will also need to consider the location of your hotel. For instance, a hotel close to the airport is likely to attract a large number of people, as visitors come into the country.

Carwash Business

People are busier and may not have time to wash their cars themselves. You can start washing cars and make daily income from it. It is relatively cheap to start and is very lucrative.

Dropshipping business

This is a highly lucrative business as ecommerce activities have increased around the world. The dropshipping business simply involves you acting as an intermediary between the supplier and the buyer. It, however, involves you having an online store. You buy your items from a wholesale supplier, and the supplier sends the goods in your name to the buyer.

Blogging

This is a fun business that can generate you a consistent income for a long time if you get it right. Though it requires patience and hardwork, focus on solving problems and offering value to people, and in due time, you would generate income.

Logistics business

Now more than ever, people want their goods delivered to them at home. Delivery services are faster and more convenient. You can start up a logistics business and help sellers transport their goods to their customers and get some income. 

Remember always to put your best foot forward and also you must always think of the customer. You can check out our article on 100 customer service quotes you should know to get started on how to fetch and retain your customers. Do you have comments or suggestions on any topic on SMEs in Africa? Kindly drop them in the comments section below!

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