10 Lucrative Businesses in Nigeria to Start in 2024

1. Ecommerce Business

Starting an e-commerce business can be one of the most lucrative businesses in Nigeria to venture because of the increasing demand for online shopping.

According to a report by Statista, the e-commerce market in Nigeria is expected to grow to $75 billion by 2025.

To start an e-commerce business, you need to have a solid business plan, a website or an online store, and a reliable logistics system.

You should also research your target market and the products or services that you want to sell.

There are several e-commerce platforms available in Nigeria, such as Jumia, Konga, and Amazon, which can provide you with a ready-made platform to sell your products.

You can also create your own website using popular e-commerce platforms like Shopify or WooCommerce, which provide you with customizable templates and features to create a unique online store.

It's important to ensure that your website is user-friendly, has a secure payment gateway, and is optimized for search engines to increase visibility.

In addition to having an online store, you need to have a reliable logistics system in place to ensure that your products are delivered to your customers on time.

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You can partner with logistics companies in Nigeria, such as DHL, UPS, or local courier services, to handle your delivery operations.

Overall, starting an e-commerce business in Nigeria can be another profitable lucrative businesses in Nigeria if you have a solid business plan, a user-friendly website, and a reliable logistics system.

With the growing popularity of online shopping, there is a huge potential for growth in this industry.

2. Agriculture

Apart from being one of the most lucrative businesses in Nigeria, agriculture is one of the most important sectors in Nigeria's economy, contributing significantly to the country's Gross Domestic Product (GDP) and employing a large percentage of the population.

Nigeria is blessed with vast agricultural land, a diverse range of crops, and a favorable climate, making it an ideal location for agricultural activities.

The agriculture sector in Nigeria is divided into several sub-sectors, including crop production, livestock farming, fisheries, and forestry.

Crop production is the most important sub-sector, accounting for about 85% of Nigeria's agricultural output. Some of the major crops grown in Nigeria include cassava, yam, maize, rice, sorghum, millet, and beans.

Livestock farming is another important sub-sector of agriculture in Nigeria, and it includes the rearing of cattle, sheep, goats, pigs, and poultry. 

The livestock sector provides a significant source of protein for the population, as well as a source of income for farmers.

The fisheries sub-sector is also important in Nigeria, with the country having a coastline of over 800km and several large rivers and lakes. 

Fishing provides employment and income for thousands of people, with fish being an important source of protein for the population.

Forestry is the least developed sub-sector of agriculture in Nigeria, but it has significant potential for growth. Nigeria's forest resources include timber, fuelwood, and non-timber forest products such as gum Arabic, shea butter, and medicinal plants.

In recent years, the Nigerian government has taken several steps to boost the agriculture sector, including the implementation of various policies and programs aimed at increasing productivity, improving the value chain, and attracting investment.

Private sector participation in agriculture is also increasing, with many entrepreneurs and investors exploring opportunities in agribusiness.

Overall, agriculture in Nigeria has immense potential for growth and development, with the potential to create jobs, increase food security, and contribute significantly to the country's economic growth.

3. Mobile app development

Mobile app development is one of the most lucrative businesses in Nigeria  is a rapidly growing industry in Nigeria, with an increasing demand for innovative mobile applications. The rise in smartphone usage and internet penetration in Nigeria has led to a surge in demand for mobile apps that can offer solutions to a wide range of problems faced by Nigerians.

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Starting a mobile app development business in Nigeria requires technical skills and knowledge of programming languages like Java, Python, Swift, and others. You will also need to have a good understanding of mobile platforms like iOS and Android.

The first step in starting a mobile app development business is to identify a problem or a gap in the market that you can address with your app. This could be anything from a social networking app to a healthcare app or a productivity app.

Once you have identified your niche, you can start building your team, which may include developers, designers, testers, and project managers. You may also need to invest in equipment and software tools that are essential for app development.

Marketing your mobile app is also crucial for success. You can promote your app through social media, online advertising, and other channels. You can also consider partnering with influencers and bloggers to promote your app to their audience.

The mobile app development industry in Nigeria is highly competitive, and you will need to stay up-to-date with the latest trends and technologies to remain relevant. You can attend industry events, take online courses, and read blogs and publications to stay informed.

Overall, starting a mobile app development business in Nigeria can be one of the most profitable lucrative businesses in Nigeria, as there is a high demand for innovative mobile applications that can provide solutions to everyday problems faced by Nigerians.

4. Real Estate

Real estate is also one of the most lucrative businesses in Nigeria, with many opportunities for investors and developers.

Nigeria has a rapidly growing population, and there is a high demand for residential and commercial properties.

Starting a real estate business in Nigeria requires a significant investment, as the industry requires substantial capital to acquire land, build or buy properties, and develop them.

However, the potential returns on investment can be high, particularly in rapidly developing urban areas.

One option for starting a real estate business in Nigeria is to start a real estate agency.

A real estate agency helps individuals and businesses buy, sell, and rent properties.

As a real estate agent, you will need to have excellent negotiation and communication skills, as well as a good understanding of the local property market.

Another option is to buy and sell properties.

This involves acquiring properties at a low price, renovating them, and then selling them at a higher price.

This can be a profitable venture, particularly if you can identify undervalued properties in up-and-coming areas.

Investing in developing residential or commercial properties is another option for starting a real estate business in Nigeria.

This involves buying land, obtaining the necessary permits, and constructing buildings that can be sold or rented out.

This can be a high-risk, high-reward venture that requires a substantial investment, but the potential returns can be significant.

Marketing is also essential in the real estate industry.

You can promote your properties through social media, online advertising, and traditional marketing channels like billboards and print media.

You can also consider partnering with other businesses in the industry to expand your reach.

Overall, real estate is a profitable lucrative businesses in Nigeria, with many opportunities for investors and developers.

Starting a real estate business requires substantial capital and expertise, but with the right strategy, it can be a successful venture.

5. Food and Beverage business

If you are looking for one of the most lucrative businesses that requires a small capital, starting a food and beverage business could be a great option

Food and beverage is a thriving industry in Nigeria, with many opportunities for entrepreneurs and investors.

Nigerians love to eat out, and there is a growing demand for both local and international cuisine.

Starting a food and beverage business in Nigeria requires a good understanding of the local food culture, as well as knowledge of the different types of cuisine that are popular in the country.

You will also need to have excellent culinary skills, as well as knowledge of food safety and hygiene.

There are several options for starting a food and beverage business in Nigeria.

One option is to start a restaurant or cafe.

This involves identifying a suitable location, obtaining the necessary permits, and setting up a restaurant or cafe that serves delicious food and drinks.

You will need to have a good understanding of customer service, as well as experience in managing a team.

Another option is to start a food truck or mobile food business.

This involves setting up a mobile kitchen and selling food at different locations. This can be a lower-cost option than starting a restaurant, and it allows you to reach a wider audience.

Catering is also a popular option in the food and beverage industry in Nigeria.

This involves providing food and drinks for events like weddings, parties, and corporate events. 

You will need to have excellent organizational skills and be able to manage multiple events at the same time.

Marketing is also essential in the food and beverage industry.

You can promote your business through social media, online advertising, and traditional marketing channels like flyers and billboards. 

You can also consider partnering with other businesses in the industry to expand your reach.

Overall, the food and beverage industry in Nigeria is a profitable sector with many opportunities for entrepreneurs and investors.

Starting a food and beverage business requires expertise in culinary skills, management, and marketing, but with the right strategy, it can be a successful venture.

6. Renewable Energy

Renewable energy is a growing industry in Nigeria, with increasing demand for clean energy sources to power homes, businesses, and industries.

Nigeria has significant potential for renewable energy, including solar, wind, hydro, and biomass energy sources.

Starting a renewable energy business in Nigeria requires expertise in engineering, project management, and renewable energy technologies.

You will need to identify a niche in the industry and develop a business model that can generate revenue.

One option for starting a renewable energy business in Nigeria is to focus on solar energy.

This involves installing solar panels on rooftops and selling the electricity generated to customers. 

You can also provide maintenance and repair services for solar panels.

Another option is to focus on wind energy.

This involves installing wind turbines in areas with high wind speeds and selling the electricity generated to customers.

You will need to have expertise in wind turbine technology and project management.

Hydro energy is another renewable energy source that can be developed in Nigeria.

This involves building hydroelectric dams and selling the electricity generated to customers.

You will need to have expertise in civil engineering, hydrology, and project management.

Biomass energy is another renewable energy source that can be developed in Nigeria.

This involves using organic materials like crop residue, wood chips, and animal waste to generate electricity.

You will need to have expertise in biomass technology and project management.

Marketing is also crucial in the renewable energy industry. You can promote your business through social media, online advertising, and traditional marketing channels.

You can also consider partnering with other businesses in the industry to expand your reach.

Overall, renewable energy is a promising lucrative businesses in Nigeria, with many opportunities for entrepreneurs and investors.

Starting a renewable energy business requires expertise in engineering, project management, and renewable energy technologies, but with the right strategy, it can be a profitable venture that can contribute to a more sustainable future.

7. Education and Training

Education and training is also one of the most lucrative businesses in Nigeria, as the country has a large population and a growing demand for quality education.

There are many opportunities for entrepreneurs and investors in this industry, from providing basic education to specialized training programs.

Starting an education and training business in Nigeria requires a good understanding of the local education system, as well as expertise in teaching, curriculum development, and training methodologies.

You will also need to obtain the necessary permits and accreditation from regulatory bodies.

One option for starting an education and training business in Nigeria is to start a school or academy.

This involves setting up a facility and providing education to students from kindergarten to secondary school levels. You will need to have a good understanding of the curriculum and teaching methodologies, as well as experience in managing a school.

Another option is to start a vocational training center.

This involves providing specialized training programs in areas like technology, business, or hospitality.

You will need to have expertise in the specific area you are providing training in, as well as experience in developing and delivering training programs.

Online education is also a growing industry in Nigeria.

This involves providing education and training through online platforms, such as video lectures, online courses, and webinars. 

You will need to have expertise in developing and delivering online education programs, as well as experience in marketing and promoting them.

Marketing is also essential in the education and training industry.

You can promote your business through social media, online advertising, and traditional marketing channels like billboards and print media. You can also consider partnering with other businesses in the industry to expand your reach.

Overall, education and training is a promising lucrative businesses in Nigeria, with many opportunities for entrepreneurs and investors.

Starting an education and training business requires expertise in teaching, curriculum development, and training methodologies, but with the right strategy, it can be a profitable venture that can contribute to the development of the country.

8. Health and Wellness

The The health and wellness is among the best lucrative businesses in Nigeria, with a growing demand for health and wellness products and services.

Starting a health and wellness business in Nigeria requires expertise in the specific area you are providing products or services in, as well as knowledge of health and wellness trends.

One option for starting a health and wellness business in Nigeria is to start a gym or fitness center.

This involves providing fitness and wellness services to customers, such as gym equipment, fitness classes, and personal training.

You will need to have expertise in fitness and wellness, as well as experience in managing a fitness center.

Another option is to start a health and wellness center.

This involves providing health and wellness services, such as yoga, meditation, massage, and acupuncture, to customers.

You will need to have expertise in the specific services you are providing, as well as experience in managing a health and wellness center.

In addition, you can also start a health and wellness brand.

This involves designing and producing your own health and wellness products, such as supplements, vitamins, and health foods, and marketing them to customers.

You will need to have expertise in product development and marketing, as well as knowledge of health and wellness trends.

Marketing is also essential in the health and wellness industry.

You can promote your business through social media, online advertising, and traditional marketing channels like billboards and print media.

You can also consider partnering with influencers and health professionals to promote your brand.

Overall, the health and wellness industry is a promising industry in Nigeria, with many opportunities for entrepreneurs and investors.

Starting a health and wellness business requires expertise in the specific area you are providing products or services in, as well as knowledge of health and wellness trends and marketing strategies, but with the right strategy, it can be a profitable venture that can contribute to the growth of the industry in the country. 

Starting a health and wellness business in Nigeria requires expertise in the specific area you are providing products or services in, as well as knowledge of health and wellness trends.

One option for starting a health and wellness business in Nigeria is to start a gym or fitness center.

This involves providing fitness and wellness services to customers, such as gym equipment, fitness classes, and personal training. You will need to have expertise in fitness and wellness, as well as experience in managing a fitness center.

Another option is to start a health and wellness center.

This involves providing health and wellness services, such as yoga, meditation, massage, and acupuncture, to customers.

You will need to have expertise in the specific services you are providing, as well as experience in managing a health and wellness center.

In addition, you can also start a health and wellness brand.

This involves designing and producing your own health and wellness products, such as supplements, vitamins, and health foods, and marketing them to customers.

You will need to have expertise in product development and marketing, as well as knowledge of health and wellness trends.

Marketing is also essential in the health and wellness industry.

You can promote your business through social media, online advertising, and traditional marketing channels like billboards and print media. 

You can also consider partnering with influencers and health professionals to promote your brand.

Overall, the health and wellness industry is a promising lucrative businesses in Nigeria, with many opportunities for entrepreneurs and investors.

Starting a health and wellness business requires expertise in the specific area you are providing products or services in, as well as knowledge of health and wellness trends and marketing strategies, but with the right strategy, it can be a profitable venture that can contribute to the growth of the industry in the country.

9. Transportation & Logistics

Transportation and logistics is an essential industry in Nigeria, as the country has a large population and a growing demand for efficient transportation and logistics services.

There are many opportunities for entrepreneurs and investors in this industry, from providing transportation services to logistics management.

Starting a transportation and logistics business in Nigeria requires a good understanding of the local transportation system, as well as expertise in logistics management and fleet management.

You will also need to obtain the necessary permits and licenses from regulatory bodies.

One option for starting a transportation and logistics business in Nigeria is to start a taxi or ride-hailing service.

This involves providing transportation services to customers using your own vehicles or by partnering with drivers. You will need to have a good understanding of customer needs and preferences, as well as experience in managing a fleet of vehicles.

Another option is to start a logistics company.

This involves providing logistics management services, such as transportation, warehousing, and distribution, to businesses and organizations.

You will need to have expertise in logistics management, as well as experience in managing a logistics company.

10. Fashion & Beauty Business

The fashion and beauty industry is a growing lucrative businesses in Nigeria, with a large consumer market and a growing demand for fashionable and trendy products.

Starting a fashion and beauty business in Nigeria requires creativity, a good understanding of the local market, and knowledge of fashion and beauty trends.

One option for starting a fashion and beauty business in Nigeria is to start a clothing store or boutique.

This involves selecting fashionable clothing items and accessories and selling them to customers. 

You will need to have a good understanding of fashion trends and customer preferences, as well as experience in retail management.

Another option is to start a fashion and beauty brand.

This involves designing and producing your own clothing and beauty products and marketing them to customers.

You will need to have expertise in fashion and beauty design, as well as experience in product development and marketing.

Online sales are also a growing trend in the fashion and beauty industry in Nigeria.

This involves setting up an online store or using e-commerce platforms like Jumia or Konga to sell your products. You will need to have expertise in online marketing and e-commerce management.

In addition, you can also start a beauty salon or spa. This involves providing beauty services like hair styling, makeup, and skincare to customers.

You will need to have expertise in the specific services you are providing, as well as experience in managing a beauty business.

Marketing is also essential in the fashion and beauty industry. You can promote your business through social media, online advertising, and traditional marketing channels like billboards and print media.

You can also consider partnering with influencers and celebrities to promote your brand.

Overall, the fashion and beauty industry is a promising lucrative businesses in Nigeria, with many opportunities for entrepreneurs and investors. Starting a fashion and beauty business requires creativity, knowledge of fashion and beauty trends, and expertise in marketing and retail management, but with the right strategy, it can be a profitable venture that can contribute to the growth of the industry in the country.

Frequently Asked Questions (FAQ)

1. Which business is the most profitable in Nigeria?

Answer: Determining the single most lucrative businesses in Nigeria can be challenging as profitability depends on various factors including location, market demand, competition, and your expertise. However, some of the most profitable sectors in Nigeria include oil and gas, agriculture (especially poultry and fish farming), real estate, information technology, and the fast-moving consumer goods (FMCG) industry. It's essential to conduct thorough market research and assess your own skills and interests before choosing a business.

2. What business can 100K start in Nigeria?

Answer: Starting a business with 100,000 Naira in Nigeria is possible, but it may limit your options. Here are some small-scale business ideas you can consider:

Retailing: You can start a small retail business selling products like clothing, groceries, or electronics.
Catering or food vending: Starting a small food business, like a small restaurant or food cart, can be a viable option.
Mobile phone accessories: Selling mobile phone accessories, such as chargers and phone cases, can be profitable.
Event planning or decoration: If you have organizational skills, you can offer event planning services for weddings, birthdays, and other events.
Remember that success depends on your location, target market, and how well you manage your resources.

3. Which business to start with 500k?

Answer: With 500,000 Naira, you have more options for starting a business with a bit more scope. Here are some business ideas to consider:

Mini-importation: You can import small quantities of popular products and sell them locally for a profit.
Small-scale agriculture: Consider poultry farming, snail farming, or vegetable cultivation.
Digital marketing agency: If you have marketing skills, start a digital marketing agency offering services like social media management and SEO.
Bakery or confectionery: Setting up a small bakery or confectionery can be a profitable venture.
Again, thorough market research and a well-thought-out business plan are essential for success.

4. What business can I start with 700K in Nigeria?

Answer: With 700,000 Naira, you can explore more business opportunities. Here are some business ideas for this budget:

Boutique or fashion store: Start a clothing boutique or retail store, focusing on fashion and accessories.
Salon or beauty spa: Invest in a beauty salon or spa offering hair, skincare, and beauty services.
E-commerce: Set up an online store selling various products, leveraging platforms like Jumia or Konga.
Mini supermarket: Open a small supermarket, stocking groceries, household items, and daily necessities.

Remember that success in any business venture depends on factors like market demand, competition, and effective management. Conduct market research and create a solid business plan before starting your venture.

Please note that these business ideas are meant to provide inspiration, and the success of any business depends on several factors, including location, market conditions, and your ability to manage and adapt to changes in the business environment.

Always conduct thorough research and seek professional advice when starting a new business.