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Lucrative Businesses in Nigeria

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Lucrative Businesses in Nigeria

Several thoughts might cross your mind as a Nigerian willing to start a business. They could range from the lucrative businesses in Nigeria to venture into the best starting time or the capital needed. However, the most important puzzle to solve when choosing a business is knowing how lucrative it is.

Asides for Nigerians, Nigeria has become a significant hub for foreign investors looking to expand their operations into Africa. The country offers a wide range of opportunities to those who want to invest or trade internationally. There are several ways to make money through entrepreneurship in Nigeria. From trading commodities to starting a franchise, there are various options.

While there are several lucrative businesses in Nigeria to choose from, this blog post will guide you through the best ones we can't overlook. Read on!

Poultry Farming

Poultry farming is one of the most lucrative businesses in Nigeria and worldwide. The reason is that the demand for poultry products keeps increasing daily. You could start a poultry farm to aim at selling eggs, raw chicken meat, or chickens. So, growing chickens is a good way to earn passive income if you have extra space at home.

It takes about 3months to raise a chicken from hatching until marketable. Once they reach maturity, you can sell them easily for between NGN2000-5000 each. However, the prices solely depend on the weight of the chickens.

The initial investment may be high, but the profit potential is very promising. For example, if you buy 100 chicks for N10,000, after three months, you would have earned above N30,000. That’s a total return of over 300%. Also, you can make money selling eggs. In fact, egg sales account for 80% of the total revenue of poultry farmers.

The only downside to this business is that you must live near enough to where people eat meat. Otherwise, you won’t be able to sell the product.

Laundry Business

Another profitable business in Nigeria is laundry services. This service is popular among locals and foreigners because it saves time and energy. Laundry services also offer an opportunity to work with minimal equipment. All you need is a washing machine, dryer, detergent, and some clothes.

You can either do the laundry yourself or hire someone else to do it for you. If you choose the latter option, you should know that hiring a professional launderer is not cheap. But, if you save up some cash, you can afford to pay for the service.

Depending on the load size, you can charge anywhere between N100-N200 per wash. A typical load weighs around 30kg. If you don’t have much experience doing laundry, then you can always opt to learn more by watching videos online.

POS Business

Another lucrative business idea we can't overlook in Nigeria is the POS business. It's a relatively new concept in Nigeria, but it's already gaining popularity. A POS system allows customers to scan items as they shop. After scanning, the customer receives a receipt containing item details, price, and quantity.

This technology helps reduce human errors during transactions. It also makes shopping faster and easier. Additionally, it reduces the risk of theft since the items are scanned before being sold. Therefore, everyone needs the services of a POS in their area. And if you can start, you've opened a path to a daily income business.

However, the location is essential to note before starting this business. Your POS business might not thrive if you're in an area close to banks or where there are several other POS attendants around.

Further, you can use a POS system to increase your earnings if you own a restaurant, bar, or any other establishment.

Restaurant Business

In this present day, where everyone is too busy to cook for themselves but must eat, the restaurant business will thrive. So, as a restaurant owner, it's sure to earn money on a daily basis. To start a restaurant, you'll need to invest capital into building a place; it's capital intensive. Also, choosing a good location is essential.

Once you've chosen your location, you'll need to prepare for opening hours. These hours vary depending on your location. Some restaurants open from early morning until late at night, while others close earlier.

Moreover, choosing the food you'd like to serve depends on the location. The reason is that you need to discover what they like to eat in that area. For instance, if you're in the South West, you might consider the native food of the Yoruba people. Also, you'll need to determine whether you'd like to cater to residents or tourists.

After you've made these decisions, you can start your restaurant business. However, you need to advertise your restaurant, so people know about it. You can print some flyers and also advertise on various social media platforms.

While a restaurant business is lucrative, you must keep track of everything to be successful. This includes sales records, inventory levels, and staff salaries.

Affiliate Marketing

It's no doubt that affiliate marketing is a lucrative business in Nigeria and worldwide. In fact, it has become one of the most popular ways to make money online.

There are many reasons why affiliate marketing is profitable. First, this online business allows you to sell products or services without spending money upfront. You get paid when you make a sale, and it doesn't need much time or effort to set up.

To start an affiliate marketing business, all you need is a website. Most websites offer free hosting, which means you don't have to pay anything to host your site.

You can choose to promote any product or service on your website. As long as you provide quality content, you will get visitors to buy your product or service on a daily basis.

Fashion Business

Everyone loves to be in vogue, making the fashion business a lucrative business. Research shows it's among Nigeria's ten most lucrative businesses today. This is because people like to buy clothes. So, they do everything possible to ensure that they look good.

People don't just go out and buy clothes; they go into malls and shopping centers to check what's trending. They ask friends about brands and designers. Some even read magazines and blogs to learn about trends.

If you can advertise your works on blogs and flyers, you're more likely to reach more people. Once you have an edge, you can charge whatever price you want. You can sell anything from shoes to handbags, dresses to shirts, and jeans to jackets.

Real Estate Business

The real estate business is one of the best businesses you can start today. This is the business for you if you want to make money fast. Indeed, there is no better way to make money now than buying land and building houses.

You don’t even need much capital to start a real estate business. All you need is enough cash to buy some land and build houses. However, there are still many things you must know before starting a real estate business. Here are five tips you need to know before starting a realty business.

  • Do your research

  • Start with a budget

  • Choose an investment location

Ice Block Business

The summer heat has made the demand for ice blocks high in the country. People are looking for cool water and drinks during the scorching days. Even hotels and restaurants have seen a spike in customers. Some even offer discounts on drinks and food items.

If you venture into this, you will find huge potential for this business. However, you need to know how to start one to be successful. Here are some tips for those interested in starting an ice block business.

  • Choose a location where it gets cold.

  • Get a permit from local authorities.

  • Buy a freezer.

  • Find suppliers.

  • Sell ice blocks.

Pastry Business

Many people always love to snack on something; this is where the pastry business comes in. You can easily start a pastry business from home by making donuts, pie, and buns. This is not only easy but also very profitable. Also, you don't need a lot of capital to start, but here are a few things to consider before starting.

  • Choose a location where people visit often.

  • Hire employees.

  • Make sure to hire qualified staff.

  • Buy equipment.

  • Set up a display area.

  • Sell pastries.

Transportation Business

Except there's a lockdown, people are always commuting, and not everyone has a car. So, there's a high demand for commercial vehicles, making the transportation business lucrative. If you own a vehicle, you can use it to transport goods or passengers. It doesn't matter whether you drive a truck, van, bus, or taxi, as long as you can get a license to operate one.

However, you should note that owning a vehicle isn't enough to make a fortune. You need to learn the actual way to run a transportation business. Once you've learned the necessary things, you can start to earn money daily through this business. Further, you can hire a driver if you have other things to do.

Conclusion

These lucrative businesses in Nigeria are great opportunities for anyone who wants to make money fast. But, you need to do your homework first. Learn about these businesses so you can avoid any mistakes.

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