Nigeria has enormous business opportunities. They are inexhaustible! The investment opportunities in virtually all sectors of the Nigerian economy have not been fully maximized. These are wealth creation opportunities and sources of job creation if well utilised.
There are many Business Sectors In Nigeria you can consider for investment. However, in this post, I want to show you some of the best sectors to invest in Nigeria and achieve high profitability:
1. Manufacturing – The production, marketing and distribution of household goods and commodities. Most of the commodities used in Nigeria are imported and anyone who can start the local production of these items will enjoy local patronage and will also enjoy the government support in various forms. The manufacturing sector is what made Aliko Dangote the wealthiest man in Africa .
2. Transportation – Intra and Inter city transportation services are always needed. People can’t do without moving from place to place. If you are going into transportation business, try to add some creativity and style into it so that you can stand out from your competitors.
3. Agriculture – Consider rice production, poultry, tomatoes, cassava, fish and oil palm farming etc. People must eat and so, anyone who is into the production of food products will always be in business. One good thing about agriculture is that, there are no major raw materials needed. Nigeria has large, good and fertile land and good weather conditions that favours agriculture.
4. Education – Establishing primary, secondary and even tertiary institutions is lucrative in Nigeria. There are several public and private educational institutions in Nigeria. However, only few are of good standard. This is one of the reasons why many wealthy people send their children abroad to study in foreign schools. Anyone who can provide standard educational services will succeed.
5. Health care – Health is wealth. Child and maternal mortality rate in Nigeria, especially in rural areas is high. Although, several government initiatives is being carried out to improve the availability of quality health services in the country yet, there is still a huge gap in accessing quality and affordable health care services in Nigeria. A lot still needs to be done and more players and investors are needed in this sector. When this is done, the mortality rate will reduce and the amount of revenue that the country is loosing annually to other countries from medical tourism will also reduce.
6. Hospitality – There also few world-class hotels and hospitality institutions in Nigeria. We need more investors in this sector. Majority of people in this sector are not well-trained and experienced. We need experienced and skilled professionals in the hospitality sector who would transform this sector so that we can begin to see what is obtainable in various parts of the world.
7. Entertainment – The entertainment sector in Nigeria has witnessed a leap in recent times with the growth of the Nigerian Movies Industry. However, more investors are needed in this sector, so as to introduce other forms of entertainment that are obtainable in other parts of the world. We need more fun and relaxation centers, cinemas, family entertainment centres, children play centres etc, that provide awesome indoor and outdoor entertainment services.
7. Real estate – Housing in Nigeria is left majorly to individuals and the mortgage system is not fully functional. We need more investors in this sector who would provide reliable mortgage system that would help the average Nigerian to be able to own a home without having to pass through the stress of building themselves.
8. Oil and gas – This remains a major player in the nation’s foreign exchange. Several opportunities abound in this sector, in both up-stream and down-stream of the petroleum industry. For example, mogul Aliko Dangote has seen this opportunity and is building an oil refinery in Nigeria to support the government-owned refineries. You can own an oil well. You can go into distribution of the petroleum products. Just study the areas that you have the resources and capacity to invest in and get involved.
9. Mining – Nigeria is blessed with many natural resources, but the country has focused more on oil and gas. We have bitumen, limestone, gold, granite, coal, lead, zinc, kaolin, iron ore, tin, salt etc. The mining sector in Nigeria is yet to be fully tapped. We need more investors in this sector who would fully explore the enormous potentials that this sector holds.
1. Tourism – There is huge deficit in the nation’s balance of trade in the tourism sector. Every year Nigeria losses millions of dollars to other countries when it’s citizens travel to other countries for vacation and tourism. They don’t come to our tourists site, as much as we go to their tourists sites. We need investors who would partner with the government to develop the nation’s tourism sector and make it more attractive and appealing to both Nigerians and the international community.
11. Information and Communications Technology – There is huge gap that is yet to be closed in this Business Sectors In Nigeria when compared to other more developed countries. We need more programmers, apps developers, software specialists, hardware developers, database management professionals, experts in artificial intelligence, AI etc. This is an untapped sector. What we are currently doing is just scratching the surface of this sector when compared to the inexhaustible potentials that this sector has to offer. In fact, most jobs globally will come from this sector in the near future, if we begin to position ourselves and invest adequately into it.
12. Power generation and distribution – Failure in the energy sector of Nigeria has always been a major problem which has bedeviled the success of many other sectors in Nigeria. Till today, power generation remains one of the greatest problems of the country. We need more investors in the power sector. We need more reliable distribution companies. More competition will help to drive the sector. This sector should be more independent of the government just as the telecommunications sector. However, things cannot work out in this sector, if we keep using old tactics that haven’t been successful to address the sector.
13. Trade –This Business Sectors In Nigeria constitutes the largest part of the nation’s total economic sectors, mostly as a result of the less stringent and rigorous requirements involved in starting a trade in the country. Nigeria has the largest trade and market in Africa. It is easier to do start a trade in Nigeria than any other place in the world that I know.
However, there is too much focus on this sector. There is need to keep growing the trade sector while not leaving the other service-based sectors to remain under utilised.
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What are your views regarding the businesses listed above? Are there other businesses you think that should also be on this list? If yes, let me know using the comment section below.