Editor’s note: Kingsley Frank, the NAIJ.com partner blogger, explains 10 most profitable and lucrative business ideas to start in this present Nigeria's economy.
More details in NAIJ.com’s step-by-step guide for guest bloggers
These are the 10 best performing business opportunities you can start in this hard economy and create an income generating revenue for yourself.
Are you an entrepreneur here in Nigeria? Do you wish to start any business in this current economy? But don't know the best profitable and best performing business to venture into?, cheer up and read through.
This present Nigeria's economy situation has discouraged some small investors and entrepreneurs on starting any business due to the fear of investing their money into a business that will not generate income and as well they wouldn't be able to regain their start-up capital.
Commuters queuing to board to the Bus Rapid Transit (BRT) established by Lagos government to alleviate transport problem
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And also note that the best time to start any business is now, don't wait until the country's economy is balanced. According to Forbes, the best time to start a business is during a downturn here are some reasons stated clearly by Forbes:
- People want innovation
- Downturns give startups negotiating power
-People want to save money
- You will build a lean startup with good habits
- Smart investors wants to invest
They are so many business ideas in Nigeria to start with in this present economy but I will be sharing with you 'Top 10' only, I will confidently tell you that these listed business opportunities will still be relevant in years to come whether be it in a good or bad economy, enjoy!
1. Food Business
Food business is my number one business ideas on this list, reasons because people might not afford the money to buy all the basic things they need in life but they wouldn't go a day without satisfying their bellies.
This type of business is a thriving and profitable business any entrepreneur should think of provided you are a great cook and you have what it takes win people's heart through your meals, why not give this business a trial?
2.Transportation
Transportation is an important key contributor to the Nigeria's economy and the industry is of extreme importance to the mass in terms of moving people from one place to another and also conveying of goods.
It is not everyone that can afford a private car rather they use commercial buses to get to their various destinations. If you own either a truck, mini bus and trailers and you are also interested in this kind of business, then go for it.
it is not a must you should be an expert as a driver but you can hire someone who has more experience when it comes to driving, play it safe when employing any one, good business management, trustworthiness and proper financial recording should be your main priority.
3. Freelancing
You might be hearing of freelancing but you don't know the meaning and how it works?, to make things clear Freelancing is when you are hired to do a job(mostly writing) and you will get paid for it based on the bargained price, you don't have to be committed to one client but multiple clients.
They are so many websites where you can register as a freelancer, sites such as freelancer.com, upworkcom and fiverr.com. You must be extremely good at writing so as to increase your freelancing business's growth.
4. Agriculture
Agriculture is one of the highest key contributor to the country's GDP. Nigeria is a blessed country with so many agricultural business ideas such as poultry farming(which happens to be one of the best), rice farming, snail farming, Fresh vegetable farming, palm oil business, beans farming and much more.
They are so many agricultural business ideas you can choose from based on your area of interest, another solid reasons why you should take this business serious is that Nigerians are increasing in population and most of them depend on farm produce to survive, so the need for agricultural product will also increase as the population increases.
5. Blogging
Blogging is one of the best paying online business as of now, if I am not mistaken? But blogging is not this kind of business you jump into and you want to make money through it over-night, it takes a lot of time before you can make money from a blog let me be open-minded with you blogging is not as easy as you think it is.
One thing I will advice you when starting a blog is to find your passion and also stick to the niche that reflects that passion, once you are a passionate about a topic you wouldn't go out of topics easily. Remember that blogging is a long term business.
6. Real Estate Development
Real estate development is one of the booming, profitable and lucrative business in Africa and Nigeria. The population of every country is increasing day by day due to increase in number of mortality rate, so the need of securing a shelter among various families will be paramount.
They are so many real estate business ideas to choose from such as property management and real estate agent or broker.
This a multi-million naira business here in Nigeria, some entrepreneurs who has engaged themselves in this kind of business has recorded a huge amount of success.
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7. Fashion Designing
Fashion Designing is the rave of the town here in Nigeria, some Nigerians are known to be heavy spenders when it comes to fashion mostly on the occasion of attending a party, wedding ceremonies and so much more.
If you are a good fashion designer then consider this to be a profitable business for you, they are some certains you need to consider in other to generate more income for you in terms of your marketing skills this is a crucial skill you need to master in other to fit in the market place.
8. Education
The need of learning on how to read and write for every Nigerian children is very and extremely important and some Nigerian parents has taken so much interest in it and the possible way to make sure their offspring acquire the knowledge is by enrolling them into creche, primary and secondary school.
As an investor who is passionate in setting up any business in the education industry, you should give it a kick-start. You need an aggressive marketing drive to stand out among your competitors.
9. Automobile repair services
Number of vehicles is increasing steadily in Nigeria and the need of getting a vehicle in its best sharp is by giving it a regular service. I once came across a post online about how a Nigeria graduate turned into a millionaire by getting his hands dirty, this should be your motive.
Automobile repair service requires you to have a proper approach on how to know the causes of a vehicle malfunction and the best way to resolve the problem by giving it a technical hand and you can also attend auto repair skill acquisition programs to give you a better knowldege of it.
10. Event Planning
No matter how hard the economy of a country can be, people will still plan for various events ranging from weddings, parties and naming ceremonies. To give this a kick start, you need connection and proper networking but trust event planning is a lucrative business opportunities any entrepreneur can think of.
Base on the slow but ascending rate of self killing attempts in the country, I decided it is best I write something to encourage people going through rough and tough times. I am relieved as I pen down this article.
I hope it does the same to you too. Don’t forget to like this article on my blog.
The views expressed in this article are the author’s own and do not necessarily represent the editorial policy of NAIJ.com.
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Watch this video in which a petty trader identified as Kudirat Adebayo was allegedly shot and killed by a stray bullet reportedly fired by a policeman attached to Olosan Police Station in Mushin, Lagos:
