Most Profitable Business Opportunities in Nigeria (2020)


Nigeria is fast becoming one of the fastest growing economies in the world. With a population of over 150 million people who have various needs and wants, Nigeria is a great country to start a profitable business. There are many profitable business opportunities in Nigeria for entrepreneurs who want to start a business in Nigeria.

 

Most Profitable Business Opportunities in Nigeria

Here are the Most profitable business opportunities in Nigeria

1. Farming

Farming is one the most profitable business opportunities in Nigeria due to the large population of Nigerians. Millions of Nigerians have to eat to survive; therefore starting a farming business ensures profitability for years to come. You can start:

  • Fish farming
  • Snail farming
  • Plantain farming
  • Poultry farming
  • Tomato farming
  • Livestock farming
  • Crop farming etc

You can also go into food processing; that is, converting raw food produce into finished products. You can process:

  • Tomato into tomato paste
  • Plantain into plantain chips
  • Cassava into garri
  • Cocoa into chocolate
  • Poultry into frozen chicken
  • Flour into bread
  • Beans into beans flour etc

Farming is a capital intensive business but the return on investment is high. You stand to make millions of naira on a monthly basis if you create a proper structure for your farming business. If you want to start a farming business in Nigeria, all you have to do is:

  • Get sufficient capital (loans or savings)
  • Write a business plan
  • Do your market research
  • Buy or lease farmland
  • Start production

The best thing about farming is that the Nigerian government constantly supports farmers through loan incentives or subsidy programs. If you apply for these programs and financial support, your farming business will grow very quickly and you will able to expand your business.

 

2. Photography and Videography

Photography and videography are one of the fastest growing businesses in Nigeria right now. Photographers and videographers are always in business because Nigerians love to have parties and attend events. Photographers like Kelechi Amadi, Felix Crown, Klala Photography have built profitable businesses in Nigeria. If you have a photography or videography business, you can get clients who will pay you to take photographs or film videos at their:

  • Weddings
  • Birthdays
  • Burial ceremonies
  • Graduation parties
  • Naming ceremonies
  • House warming parties
  • Engagement parties
  • Conferences and seminars etc

If you want to start a photography or videography business in Nigeria, you should:

  • Learn photography or videography at a school
  • Get sufficient capital
  • Buy equipment such as cameras, lenses, tripods, memory cards.
  • Rent a studio space
  • Advertise your business on social media, so you can get hired by clients.

Photography and videography business in Nigeria is one of the most profitable business opportunities in Nigeria due to the high demand for their services.

3. Event Planning

Events are organized in Nigeria every day. Nigerians organize weddings, birthdays, seminars, master classes among many other events all the time. However, many people are busy and not organized, which is when the services of an event planner are highly requested.

Especially in the Nigerian wedding industry, event planners are in high demand due to the stress involved in planning Nigerian weddings which are often an elaborate affair. Event planners organize events, contact vendors and ensure everything is in order to ensure the success of an event. Event planning is a very profitable business opportunity in Nigeria because event planners are paid very well and are in high demand.

4. Blogging

Blogging is a very profitable business opportunity in Nigeria and the likes of Bella Naija’s Uche Pedro and Linda Ikeji are proof. Both female bloggers run and own two of the most successful blogs in Nigeria and are very rich. If you start a blog in niches such as lifestyle, fashion, beauty, entertainment, food and technology, you can build a profitable business that will continue to make you money for many years to come.

5. Fashion Designing

Nigerians have to wear clothes to look good and therefore ensure that fashion designers are always in business. If you can design clothes that look good on Nigerians’ bodies like Tope Fnr, Ejiro Amos Tafiri and Mai Atafo, you will become very successful in the fashion designing business and make a lot of money as well.

6. Jewelry Design

Jewelry is worn mostly by women in Nigeria and is a very profitable business. The likes of Geebalo and Oma Beads have built a successful business designing and making jewelry for Nigerian women.

If you want to start a jewelry design business, go to any jewelry designer and learn the craft. You can then set up your own studio, and advertise to get clients who will buy your jewelry pieces.

7. Makeup Artistry

Bibyonce and Layefa Beauty are celebrity makeup artists who make a lot of money from applying makeup on people’s faces. The makeup artistry business is very profitable as long as you are talented, you will have a steady influx of clients.

8. Catering

Nigerians have parties and many other events on a regular, and food has to be served regularly. This has ensured steady business for caterers. If you know how to cook really well, catering is a profitable business opportunity for you in Nigeria.

9. Real Estate

With the increasing population of Nigerians, the demand for good and affordable housing has also grown. Real estate is big business in Nigeria. It is capital intensive but has a high return on investment. You can build affordable housing for the middle class or luxury homes for the rich. Both markets are profitable in Nigeria.

10. Book Publishing

The book publishing business in Nigeria is big business. You can target school children in the primary and secondary schools, or make books for adults. Nigerian adults read a lot as well. Due to the high demand for books by students and adults alike, book publishing is the one of the most profitable business opportunities in Nigeria.

The Nigerian economy is welcoming to entrepreneurs who are willing to provide goods and services that Nigerians need. Get sufficient capital, write a business plan, do your research, provide great products and have great customer service; you are sure to build a profitable business in Nigeria.


Blessing Eji is a freelance writer, blogger and social media manager. She works as a content creator and curator for brands and local businesses. Follow her on Twitter @EjiIfeoluwa

2 thoughts on “Most Profitable Business Opportunities in Nigeria (2020)”

Leave a Comment