The economic situation in Nigeria has diverted interest in people trying or looking for the right lucrative business to start in Nigeria. Nigeria is the largest African economy yet nearly 95% of Nigerians are unemployed leaving only 5% of Nigeria in the workforce. There are many Universities and colleges of education / other tertiary institutions in Nigeria and every year thousands of Nigerian students are graduating from the Universities yet less than 1% of those graduating will get employed.
Prices of goods and services have gone to astronomical levels with few Nigerians being able to eat three square meals due to unemployment. Nearly 45% of Nigerians are leaving Nigeria for the Western world due to economic hardship in the country. Although many Nigerians are leaving for better pastures overseas yet about 10% of Nigerians leaving abroad want to come back home and establish their business in Nigeria but don’t know which business to start. There are also hundreds to thousands of Nigerians living in this country who want to start a business but do not know which business to engage themselves in, that’s why we are going to be looking into the best lucrative business to start in Nigeria in 2024.
ADVANTAGES OF STARTING BUSINESS IN NIGERIA
There are a lot of advantages to starting a business in Nigeria. First and foremost, when you start a business you have put your destiny in your own hands. This is because you are no longer working for anybody, you are just the boss of yourself. You have to set the time you go to work and when you close. Also determine how many days in a week you go to work. And you are not working under anybody because you are the boss yourself. One have to determine how much you pay yourself and how much you pay your workers.
Another advantage is that you will be able to build your brand and also grow your brand. This can continue to run even when you are no longer on this earth. However, Another advantage is that if you are hard-working, you can grow and become very rich.
As the sole owner of your business, you can be able to get loans for your business and at the same time, you can easily be recognized by the government and other organizations or unions/bodies. However, they can give you grants for your business at the same time you can create jobs and employ people.
MOST LUCRATIVE BUSINESS IDEAS IN NIGERIA
There are a lot of businesses someone can start in Nigeria and succeed in without much hassles in 2024 and they are as follows,
Oil and Gas Business
The truth behind this business is that both locally and internationally, the whole world depends on oil and gas daily to run our engines. This business will continue to be the King among all businesses and it is still going to dominate Nigeria and the world in general. Although it takes a lot of strong finances to run this business. However, the good aspect of this business is that, you can start by just selling engine oils and then graduate into selling kerosene, diesel, and petrol and then filling station.
This is a very big business in Nigeria that requires a lot of financial capital and it involves the distribution of oil and gas. However, Oil distributors import refined oil/petrol and sell and distribute them to all sectors of the economy.
This business will take you a few million bucks to start. It is a very lucrative business because many cars in Nigeria have a lot of engines and generators that require fuel to run. Therefore, People who start petrol stations can get very rich overnight. This is due to the high demand for petrol in all parts of Nigeria.
Cooking Gas Business
This business has been neglected in Nigeria but it is one of the high-rising and untapped businesses in Nigeria. There is a lot of money generated in this business and most people going into business are succeeding in it. A lot of homes use cooking gas. So when you start this business just know that a lot of people that use cooking gas will patronize your business. However, the good thing about this business is that it does not cost much to start.
This is a very good business to start in Nigeria. A lot of Nigerian homes need kerosene to cook in their various houses. However, even those with cooking gas also keep kerosene as backup when their gas finishes.
Oil and Gas Transportation
This is a very interesting business but it requires a lot of capital. This business involves buying oil tankers that lift oil at the oil depot and oil companies. However, You can rent your tankers to oil companies to lift and transport oil to and from and from one region of Nigeria to the other.
Learn More: HOW TO SECURE A PERSONAL LOAN
Agriculture they say is the backbone of every country. No country in the world does not have people who are into the agricultural business and Nigeria is not an exception. This is a very good business and with this business, you can get loans from the bank and the federal government funds for agriculture. However, there are a lot of agricultural banks that were set up by the federal government of Nigeria to give loans to farmers. Therefore, you can benefit from one of these scheme’s.
This business is very unpopular but it is very lucrative . However, A lot of people do not know about it , though risky but it is very lucrative.
Beef meat is one of the favorite meat in Nigeria and engaging in this business. However, for its meat and milk is very lucrative you can become a millionaire overnight through this business.
Palm Oil Business
This business is gold in Nigeria as most people require oil in the production of different oil end-use products, coking soup, etc. However, you don’t require heavy capital for this business but it can turn into a millionaire overnight.
This is one of the fast-moving businesses to start in Nigeria as cassava is used for various food in Nigeria. However, the demand for it here in Nigeria is very high.
This is one of the best businesses to start in Nigeria but it requires a lot of hard work and dedication.
This area of business is still untapped in Nigeria but it is very lucrative.
The food business is in the servicing industry and those in the servicing industries in Nigeria are making it big.
There are various franchises in Nigeria and Nigerians like big names like Mr. Bigs, KFC Fried Chicken, Nandos, etc. There are a lot of foreign franchises that can be introduced in Nigeria that are not yet here and the example of that is McDonald’s etc. However, bringing big and popular franchise in Nigeria can make you money.
There is a lot of money through restaurants. One of the good aspects of this business is that it does not require too much money to run.
Therefore, there Are a lot of other businesses to run and they are as follows, food supply business, blogging business, real estate business, furniture business, hotel business, transportation business, social media marketing.
Thank you for taking the time to read this article.