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Nigeria somehow has managed to gain momentum towards positive growth and development in the last many years, primarily due to some empirical focus on developing education, transport, and infrastructure.
Keeping its massive population, growing middle-class families, rapid urbanization, new natural resources, etc. in mind, here are around 20 best the most lucrative(some are even new) small business ideas that we believe are certain to succeed on the soil of Nigeria in 2021:
1. Security Services
Even though the government took some measures to tackle security problems, it doesn’t succeed in wiping out insecurity entirely from the country. Therefore, opening a security services business is one of the best opportunities Nigerian entrepreneurs can cash in.
2. Educational Institutes
Even in today’s literal age and time, Nigeria still heavily suffers from a 50% illiteracy rate. There is a need for establishing more and more educational institutes to tackle away this serious social problem. Hence a great area that is worth contemplation.
3. Manufacture Gas Cylinders
Due to its largest gas reserves and the expanding domestic and international gas consumption, starting a gas cylinder manufacturing unit is another excellent business Nigerian entrepreneurs can think about. However, it should be noted that such an initiative requires heavy investment.
4. Gas Valves and Burners
In addition to gas cylinders, aspiring entrepreneurs can also focus on manufacturing gas valves and gas burners
5. Poultry Feed Production
Back in 2003, when the government of Nigeria banned chicken importation from other countries, the local poultry production has significantly paced up from then. In fact, this step has turned Nigeria into the largest poultry producer in Africa.
However, the unavailability of required poultry feeds has been a significant problem for the local industry. Therefore, poultry feed production is another right area that demands considerable entrepreneurial attention.
6. Manufacture Marble Tiles
Abuja, the capital of Nigeria, is one of the few places in the world blessed with abundant marble reserves. Keeping this easy availability of marble reserves in mind, local aspiring entrepreneurs can consider launching marble tiles manufacturing business in Nigeria.
7. Establishing Power Plants
Power deficit is another area that demands urgent entrepreneurial attention in Nigeria, as surveys show that there are still 95 million people in the country who live without adequate electricity.
8. Manufacture Transformers
Along with power plants, aspiring entrepreneurs can also launch a transformer manufacturing business in Nigeria.
9. Solar Power Plants
Solar power has great potential to grow fast in Nigeria. After all, it is a country that heavily lacks an adequate supply of power.
10. Cement Production
Cement production factory has great potential in Nigeria. After all, everyone knows that Nigeria is a place that requires more housing for its growing population.
11. Canteen Businesses
Food canteens work significantly better at places such as private firms, schools, factories, etc. As more private companies, schools, and even factories are continuously increasing in Nigeria, aspiring entrepreneurs can consider food canteens.
12. Open a Restaurant
Opening a restaurant that exclusively focuses on preparing food of local taste and ready for taking out by customers also has the highest chances of surviving in Nigeria.
13. Fish Farm
Ever since people gave up catching fish in rivers, fish farming has become a reliable means that serves fish to people. So, if you don’t lack space availability, you may dig a pond to raise fish, especially the breed of catfishes in Nigeria.
14. Poultry Farm
Opening a poultry farming is worthy of attention in Nigeria despite unpleasant competition in the trade because the empirical analysis of poultry consumption speaks itself.
15. Second-Hand Clothes
Given the popularity of second-hand clothes find among Nigeria people, starting a business that sells second-hand clothes shouldn’t be overlooked by you.
16. Snail Farming
Snail farming could possibly give you a financial breakthrough because ground facts reflect snails consumption is growing at a staggering speed in Nigeria.
17. Fruit Juice Business
Because fruits form pineapples to mangoes to oranges are abundantly available in Nigeria, you can operate a lucrative fresh juice business there.
18. Real Estate Business
Despite the odds of risk involved, a real estate business could most possibly prove a real money-spinner in a nation like Nigeria, where providing housing accommodation to its growing population has become a challenge.
19. Rice Cultivation
Rice farming is probably an opportunity in the agribusiness domain that isn’t just potentially lucrative but needs relatively almost nothing to start if you land suitable for rice cultivation.