Top 19 Lucrative Business ideas in Nigeria for 2020
Fortunately from last many years, due to some empirical focus on the development of education, infrastructure, transport, etc, Nigeria somehow gained momentum towards positive growth and development.
Keeping its massive population, growing middle-class families, rapid urbanization, unexplored natural resources, etc in mind, here are 19 best, in fact, the most lucrative(some are even new) small business ideas that we believe are certain to succeed in on the soil of Nigeria in 2019:
1. Security Services
Even though the government took some measures to tackle away security problems, yet it doesn’t succeed to wipe 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 as well as international consumption of gas, starting a gas cylinder manufacturing unit is another great 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 the importation of chicken 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, unavailability of required poultry feeds has been a major problem for the local industry. Therefore, poultry feed production is another good area that demands significant entrepreneurial attention.
6. Manufacture Marble Tiles
Abuja, the capital of Nigeria is one of the few places in the world that is 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 the adequate supply of power.
10. Cement Production
Cement production factory has great potential in Nigeria after all everyone knows the fact that Nigeria is a place that requires more housing for its growing population.
11. Canteen Businesses
Food canteens work extremely 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 there.
12. Open a Restaurant
Opening a restaurant that exclusively focuses on preparing food of local taste and which is ready for taking out by customers has also the highest chances of surviving in Nigeria.
13. Fish Farm
Ever since people gave up the practice of catching fish in rivers, fish farming has become a reliable means that serves fish to people. So, if don’t lack the availability of space, 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 unpleasantly rough 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 from 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.