It’s another day, another business idea in Nigerian business industry and this is a very good thing because in the past, Nigerians weren’t too serious about tapping into its business opportunities. We left all the viable businesses for the Lebanese, Chinese, Americans and Indians to run while we opted for importing goods into the country instead.
Thankfully, Nigerians have woken up now and many more people are coming up with smart business ideas and setting up lucrative businesses too. This is not unconnected to the fact that the governments we have had in the last few years have encouraged and supported the establishment of small and medium-sized business as a strategy for stimulating economic growth.
When you talk of lucrative businesses in Nigeria, there are a lot of them but if you want a list of the fastest moving businesses in Nigeria with high rate of turnover and profit, here they are-:
1. Agricultural Food Crops Production
The government continues to impose stiff measures and sometimes, ban the importation of food items that can be indigenously produced. Food items like rice, groundnut oil and frozen livestock, fish and poultry are not allowed to be imported into the country. This however, gives room for investors to make huge amounts of money from manufacturing and packaging these food items.
Some of the items you can produce for sale include cocoa powder, rice, cassava flour, frozen poultry, fish and livestock, cashew and peanuts.
Another fast moving business in Nigeria is exportation business. Nigeria has vast resources from mineral resources to agricultural resources. These items are sought after in the international market and have very high growth potential. Some commonly exported products include bitter kola, sesame seeds, coal, gall stones and several others.
3. Security Outfit
Well, the police might be our friend but not so many Nigerians are content with leaving the protection of their lives and properties to the police. Many people believe that the Nigerian police officers are too corrupt and incapable of defending its citizens so they prefer to hire private security outfits with specially trained security men to guard and protect them and their businesses. Visit any bank, hotel or corporate outfit and you would find these private security men stationed there.
4. Facility Management
For years, Nigerians have been accused of having poor maintenance culture. Public facilities are quickly damaged and nobody cares about repairing or replacing them. Thanks to facility managers, that is slowly changing. Facility managers help to manage properties, houses and all types of facilities on behalf of its owners. This is another fast growing business opportunity in Nigeria.
5. Real Estate
Another lucrative and fast growing business opportunity in Nigeria is to buy lands and wait till it appreciates and then resell or, build houses, offices or shops and rent them at to people for a fee.
Haulage is booming right own in Nigeria. There are people I know that make about half a million naira monthly with just one truck.
These days, the internet is where the big money is. The internet breaks all physical barriers and allows transaction of business with anyone from any part of the world. Some lucrative e-businesses in Nigeria include web designing, mobile apps development, Bulk SMS services, database management and online stores.
8. Waste Management
Proper waste management is necessary for good health and proper maintenance of public facilities. Waste management is a business with a lot of potential in Nigeria.
9. Alternative Sources of Power
Although Nigeria’s power situation seems to have improved a bit, it is still unreliable. Alternative sources of energy not only provide power when PHCN strikes but are also cheaper compared to regular power supply.
Importation of basic things that can be manufactured in Nigeria has also reduced. Manufacturing of items like tissue paper, washing liquids and detergents, candles, cloths, paper bags and candles are now being produced on a small scale in Nigeria.