Connect with us


Profitable Business in Nigeria: 13 Profitable Businesses to Consider in Nigeria Today



Business Solution - Investors King

Researching that single profitable business in Nigeria today requires a certain skill level, tools and understanding. But to ensure that individuals with the necessary capital and needed commitment invest in a profitable business in Nigeria today, Omobobola Popoola has compiled 13 profitable businesses to consider as of today.

With the current state of the country, having businesses or business ideas which will fetch you a lot of profit is highly welcomed. However, while it is very good to have business ideas, it is imperative that one also knows profitable business in Nigeria to avoid silly waste of money and time.

Some people may have good business ideas, but unfortunately those business ideas are not right for the environment in which they find themselves.

If you are a Nigerian citizen or resident who has just acquired some capital and doesn’t know how best to utilize it, this article is for you. This article will cover profitable businesses that one can dip their toes in, some of them being venturable with only a little capital. These businesses can also be well-executed without a lot of business experience.

Here are some of the profitable businesses you can embark on in Nigeria today, in no particular order:

  1. Selling Mobile Phone Accessories

In Nigeria today, this is a very promising business idea. The boom in technology, coupled with the use of smartphones in the country makes the business viable. As common with technology, some of the accessories that accompany phones malfunction or get worn out from time to time.

Mobile phone accessories like wired earphones and wired chargers are prone to tear and wear, and usually stop working when the wires cut (visibly or not). Other accessories that are popularly in demand are memory cards, removable batteries, screen guards, pouches, etc.

The first thing to do would be to obtain a space where you would be selling the accessories, you can even start with a small space. After that, start to purchase some of these accessories and stock up, while trying to drive traffic for your store.

  1. Rental Services

As it is popularly known, Nigeria is a very party-heavy zone. Hardly any weekend passes by when people are not hosting parties commonly known as “owambe”. These parties also do not come cheap, as the hosts usually spend quite a lot of money, especially if the host is of a high societal status, or if the party is of an extremely large scale.

Party hosts will always need items that they don’t have readily available. You can acquire items like chairs, canopies, cutlery, cooking utensils, etc. and then start contracting them out to those who need them. You can also decide to contract out these items at an hourly use basis. As your business goes on, you can start to determine what people rent the most and tailor your services to those items.

  1. Poultry Farming

This is one potentially lucrative business; it involves rearing and taking care of chickens either for the purpose of meat or for their eggs. These can also be done at the same time, with the layers providing the eggs while other breeds are raised solely for their meat properties.

Chickens are usually used at small gatherings or events, but they are mostly used on big religious occasions like Christmas and Easter.

Millions of naira can potentially be made from this business, but that is largely dependent on the amount of time and money that has been invested into it. With N500,000 and a provided space for the birds, one can purchase the chickens, feeding troughs, chicken feed and so on with the hope of making a lot of money back. This will however only be possible if adequate time and energy are invested in the business.

  1. Fish Farming

This is another animal farming-based business that has massive potential to be lucrative in Nigeria. It may even have more potential than the chicken farming business in the short term.

Fish farming varies, but the most common type of fish farming in Nigeria is Catfish farming. The high demand for fish everywhere in Nigeria makes fish farming a particularly profitable business in Nigeria.

  1. Snail Farming

Snail farming can be said to be underrated by Nigerians at large.  In Nigeria, snail is hardly ever enough as it is a commodity with incredibly high demand yet low supply. This disparity in demand and supply provides the opportunity to make a huge profit from the business.

The farmers involved in this business are also relatively small, and some of them even do the business on a small scale. Investing a large amount of time and energy will definitely yield high returns.

  1. Cooking Gas Business

This is a lucrative and evolving, yet ignored business opportunity in Nigeria. People recognize the lucrativeness of petroleum products, but focus more on petrol and kerosene while ignoring cooking gas.

In this business, you can set up your own establishment where acquire cooking gas and supply to retailers or refill gas for consumers. You can do either of the two, or decide to combine and do both. The business also does not necessarily require starting with huge capital (large scale). You can start small and expand as you continue to grow the business.

  1. Transportation Service Business

Recent security challenges across the country have left a good number of people reluctant to use public transport or comfortable while using it, if they don’t have a choice.

You can decide to set up a private transportation service, with either buses, cars or bikes (depending on the location). This business has high potential for success, as seen with businesses like Uber and Bolt (Taxify).

One way to set yourself apart from the other transport service businesses is tailoring the business to reach some areas where those other businesses would normally not reach. This could even help to grow the business’s customer base.

  1. Hairdressing

Hairdressing is another overlooked business that has the potential to be lucrative. Imagine opening a hair salon in an area that desperately cries out for one, especially when you are particularly good at this craft.

You can start with a small shop, and with proceeds made expand into a much bigger salon in the future.

  1. Photography

Photography is fast becoming a highly lucrative business in the country. You can decide to be an event photographer, covering events or provide services to individual customers who want photoshoots.

The fastest way to get the most out of this is to identify a niche; an area of photography where you want to focus on. This could be heavily influenced by interest or ability.

  1. Cake Making

Pastries are becoming highly coveted products in Nigeria. From roadside puff puff  to the meatpies sold in stalls, and even to the doughnuts sold in restaurants, these baked goods are capturing the hearts of Nigerians.

Of all these baked goods, cakes are arguably the most lucrative and inviting. The sheer effort that is put into making them deserves much higher prices than the other baked goods.

The scale on which the business is being done will also determine how much capital is to be invested into the business. Cake bakers could provide their services at almost all events, including birthdays, anniversaries, weddings, etc. These events would pay considerably more than regular customers.

  1. Petrol Station

The cooking gas business has been mentioned earlier in this article, and it would not be right to gloss over the petrol station business. Oil and gas is generally a lucrative business, as Oil is Nigeria’s op export product.

While the petrol station business requires millions of Naira to start, it is almost always guaranteed that the money will be made back. The amount of cars in Nigeria, and which depend on petrol as fuel is enough to ensure that you never run out of customers.

Also, the poor electricity supply in virtually all parts of the country has highly encouraged the use of generators by Nigerians. Most of these household generators are also fueled by generators. This hish usage of petrol, partnered with establishing the station in a populated area is sure to make a lot of income in both the short and long run.

  1. Football Viewing Centre

Nigerians, both male and female have a strong love for football. This strong love for the sport would make any provided avenue to watch while at the same time interacting with like minds who also love the sport.

The high recurring bills slapped on TV services like DSTV have forced many lovers of the “beautiful game” to run to viewing centres around them to watch the sport. The three main ingredients required to start this business are a decoder, a big television and space.

This business is even further boosted by the fact that multiple competitions now take place simultaneously, giving the people multiple opportunities to come into the centre, and also giving the owner multiple opportunities to rake in solid income from it.

  1. Waste Management

The collection and disposal of waste in (populous) areas in Nigeria is incredibly sub-par. This is why a lot of gutters in many major cities are usually filled with trash items like empty plastic bottles, empty biscuit wrappers, empty water sachets, etc. These items eventually clog up the drainage system, causing flood sometimes.

Nigerians are yet to properly absorb the practice of proper waste disposal. Although states like Lagos are taking steps towards proper waste management, individual Nigerians are still yet to learn waste disposal.

Within the waste management space, there are different business which you could start and make very good income from. You can be involved in recycling waste such as bottles, or even tissue paper. You can also provide garbage collection and disposal services, organic fertilizer production, etc.

The lack of many players in the space could lead to high payments for services.


Continue Reading


SMEs in Africa That Adopted Tech For Their Businesses Reported Higher Rates of Sales




International Finance Corporation (IFC) analyzed data from a survey of 3,325 small and medium-scale enterprises (SMEs) in seven countries in Africa reported that businesses that adopted tech for their operation, reported six times higher sales levels, increased rate of productivity, and 1.9 times the number of employees than non-users.

The survey which was conducted in Kenya, Mozambique, Nigeria, Senegal, South Africa and Tanzania revealed that less than seven percent of micro-enterprises disclosed that they used digital technologies for their business. 71 percent of respondents reported that there was no need for the use of technology while 35 percent disclosed that using technology for the operation of their businesses was quite expensive for them.

While 34 percent revealed that they did not have the technological know-how of these technologies, 20 percent revealed that lack of access to high-speed Internet was a reason for not adopting tech in their business.

As the world grapples with supply chain disruptions and stifled economic growth following the aftermath of the covid-19 pandemic, the adoption of technology by businesses in Africa has never been more prominent compared to other continents.

Despite the ongoing digital revolution that is transforming economies and driving innovation across all economic sectors, the African continent has continued to play catch-up with the rest of the world. Analysts suggest that for a wide range of SMEs in Africa to adopt technology for their businesses, the people need to be empowered with the necessary digital competencies.

While the formal business sector in Africa is dominated by Small and medium-scale enterprises (SMEs), the adoption and leveraging of technology in business is of great importance and can play an important role in accelerating the continent’s industrialization and economy.

Digital technology has no doubt created new opportunities for businesses across the globe, however, Investors King understands that businesses in Africa are yet to enjoy the full benefits of technology because of a difficult environment. 

Continue Reading


Union Bank Pledges More Support for Nigerian SMEs



Union bank - Investors King

Union Bank of Nigeria has declared that it will stand like a pillar behind Small and Medium- sized Enterprises (SMEs) to ensure growth and development in the country economy.

Head, Small and Medium sized Enterprises (SMEs) Products & Segments, Union Bank, Ayokunnumi Abraham made the declaration at the Business Day newspaper ‘Top 100 Fastest Growing SMEs in Nigeria’ conference.

The conference was themed, “How SMEs can thrive in an age of volatility.”

Mr. Abraham said SMEs needed to pay attention to capacity building and keeping proper financial records as he noted these are the areas that will attract investors.

“SMEs must focus on building capacity and developing the necessary skills to increase their expertise if they hope to succeed in this volatile age. SMEs also need to embrace technology and digital tools as an enabler for business growth while ensuring their books and records are organised if they hope to attract funding from the right financial partner.”

Union bank were joined by other various stakeholders in the SME sector, including entrepreneurs, industry experts, start-ups, and financiers at the event.

Union bank has remained one of Nigeria’s Leading financial institution ever since its creation in 1917 and were awarded at an award ceremony held after the conference as “Nigeria’s SME Financier of the Year.”

According to the organisers of the award, the award was in recognition of the bank’s efforts to support and promote the growth of the SME sector in the country.

Continue Reading


State Govts Responsible For Funding, Approving Beneficiaries of NG-CARES Grants– Bank of Industry




As the process of obtaining the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) grants is ongoing, the Bank of Industry, BOI has cleared the air on its responsibilities.

BOI stated that each state government is fully responsible for funding and selecting beneficiaries for the NG-CARES scheme, not the bank.

This is contained in a statement issued by the BOI on Sunday, clarifying the processes of implementation and disbursement of the grants.

Investors King understands that the NG-CARES scheme is an initiative of the World Bank in partnership with the federal government of Nigeria to aid recovery of communities, households, and businesses affected by COVID-19 Pandemic.

According to the BOI statement, each state is in charge of funding arrangements and determines its preferred grant sizes and number of beneficiaries across different programme components as approved by the World Bank.

The statement indicates that the World bank chose the Bank of Industry to provide and monitor the infrastructure for the actualisation of the scheme in Nigeria.

The BOI stated that it will disburse the funds as directed by the states, noting that “its role as an execution partner is to work on the end-to-end application and verification processes and present successful candidates to enable states’ decision-making for disbursements.”

“The World Bank nominated the bank to provide this infrastructure for the delivery of the MSME component of NG-CARES (RA3) nationwide. Following this nomination, 28 out of 33 states chose BOI as their preferred execution partner to leverage the bank’s MSME infrastructure to deliver NG-CARES.”

Investors King reports that enquiries on the eligibility requirements, implementation status, and other information on the programme can be accessed through the NG-CARES federal CARES support unit, state delivery agencies, or its official website–

The BOI noted that only candidates that meet the requirements of the initiative will receive the grants.

The bank added that each state does the selection for disbursement as they manage the funds available for the programme and make sure there is fair distribution of the grants across business categories, local government areas, gender and other demographics which will be accounted for.

Continue Reading