To make money in Nigeria, you have to study the economy and what thrives in it. You can’t possibly sell winter jackets and expect to get returns from it, our weather is not inclined in that way. That said, this review basically points out ventures that work in Nigeria and that are safe and reliable to delve into;
Customers are crucial in business and apart from this being a very promising venture, it is a sure section that guarantees you billions of customers. Working with an already established company would better help you understand how things work here before going on to start yours.
2. Construction materials
Infrastructure will forever be needed be it housing, hospitals, schools, etc. that is to say that there will always be a demand for building materials. The Dangote Group is well known for their innovation in this aspect. Though it requires a substantial capital but there is also a continued assurance of you being in business all year long
3. Real Estate
Land will always appreciate and people are making money in it especially in Lagos. Most people don’t even rent homes now, they buy them. This is a lucrative business to put investment into. If you want to be successful here like Warren Buffett, you need to know that it is expensive and line up your financing.
4. Oil and Gas
What most Nigerians don’t know is that we are one of the biggest producers and exporters of oil in Africa and the world. Most people have started running petrol stations across the country, distributing diesel and kerosene in large quantities. This also requires a lot of capital, but it will keep you in business and make you millions for a very long time. I personally know someone who started a small petrol station in Kaduna last year and it has only gotten better ever since.
5. Rice Farming
One of the visions we are driving at in Nigeria is food security. Though it is sometimes hard labor to cultivate and also capital intensive, you are definitely going to remain in business. For example, Rice is a staple crop in Nigeria with high demand across the country. Sadly, we still have to import this product from countries like Thailand even when we have the means to do it. Invest in this
6. Hotel Business
The hotel business is highly competitive, granted, but it is another goldmine waiting to be tapped. As usual, you will need capital but what would keep you in the game is excellent management skills.
Now to a low-cost business; snail. They are also low maintenance and don’t require a lot of food. Not many people are into this business, so that’s an edge for you especially as the demand is rising.
Poultry farming will put you in business all year long turning your capital into millions. Even if you don’t start with many birds, you can always start with a few hundred work your way up from there. This guarantees millions if you are religious about it.
Trade in Second-Hand items
Simply, fairly used products or tokunbo trade. A fraction of Nigerians would rather purchase fairly used products in order to save money be it electronics, cars, clothes. This may not guarantee you millions in the beginning but there is a method to everything. In markets all over the country, second-hand items are moving fast. The OLX website is also known for its safe trade of products and services.
You need management skills to venture profitably into this business. Transport companies make millions of monies from it every day. Also, you will need a good amount of initial capital. There is always business for road transportation in Nigeria and companies like ABC and God Is Good transport amongst many others, have found a niche here.
Most businesses require capital. Even if you don’t have enough to start, investors are all over the place looking for places to put their money. As long as you can put in the right effort and consistency, you are on your way to making millions.