Top 60 Booming Business Ideas In Nigeria Today

Top 60 Booming Business Ideas In Nigeria Today

 

Top 60 Booming Business Ideas In Nigeria With Low Start Up Capital

 

1- Liquor shop

In demand all year round, a liquor shop is excellent business idea. You do not need search for customers. Instead, customers seek you out. However, the business requires lots of licensing and investment.

 

2- Business idea of opening a restaurant

In Nigeria, restaurants of all types are well patronized. It is a best business idea to launch with low start up capital. Retaining service crew is vital for this business.

 

3– Mobile phone showroom

 

Admittedly online retailers are now leading mobile phone sales in Nigeria. However, there is a large segment of customers that are wary of online shopping. A mobile phone showroom draws sufficient customers.

 

4- Plastic moulding factory

Buckets, tumblers, cups and other plastic items that are used at homes and offices is something that never runs out of demand. You can open a plastic molding factory and produce these products.

 

5- Confectionary manufacture

Nigeria has a scarcity if high-quality manufacturers of hard boiled sugar confectionary. Consequently, their imported equivalents sell briskly in the market and command high prices. This business idea is simple to set up.

 

6- Electronics showroom

 

The electronics and home appliances market is something where online retailers find themselves struggling. This is because people prefer to take a first-hand look at the product. With banks offering credit facilities, you too can open an electronics showroom.

 

7- Lab instruments

Labs of all types require a wide range of instruments such as microscopes, calipers, electric meters and more. There is a dearth of manufacturers in Nigeria that make high quality lab instruments,

 

8- Book store

 

With adequate investment, you can open a high-end book store. Top sellers include books for kids and students, reference books for engineering, medical, law studies, story books, dictionaries, encyclopedias and more. Book stores witness brisk sales.

 

9- Gymnasium

Cater to fitness aficionados with your own gym. Though there are several gyms available in every town and city, there is always scope for more, as more people take to fitness regimes. This business idea is expensive to set up. Yet, you can recover your investment within a short period.

 

10- Online store business idea

Thanks to demonetization and increased awareness about online transactions, millions of Nigerians buy their daily needs online. You too can launch an online store provided you can offer some off-beat products.

 

11- Computer classes

Always in vogue, computer classes are in demand across the city. This is because Nigeria is witnessing a steady boom in computer literacy. Avail of the Skills Nigeria schemes to open computer classes for specific skills.

 

12- Tire manufacture

 

As we mention earlier, Nigeria is the world’s third largest market for automobiles. The trend will continue and the country will most likely emerge as the world’s biggest market for vehicles. This means, a greater demand for tires of all sizes. This is the right time to enter tire manufacturing.

 

13- Bicycle making

Who does not love a bicycle ride? In cities, bicycling to nearby places is gaining ground while in rural parts a bicycle is the only way to travel. You can exploit this huge market by making bicycles for everyone, from kids to adults, sportspersons to mailmen.

 

14- OEM vehicle spares

Original Equipment Manufacturer (OEM) vehicle spares have a great potential in Nigeria, thanks to the burgeoning vehicle industry. Indeed, more foreign and domestic vehicle makers will enter the market. With over two billion vehicles, Nigeria is a great market for OEM spares

 

15- Hotel & lodging

Buy or rent a building and convert it into an expensive or budget hotel. Nowadays, people are not mindful of the location, as long as they get the service and comfort they desire. You can promote your hotel and lodging services through web portals such as Reign Marketing or airbnb.

 

16- Ceramic tiles business

Cater to the housing boom in Nigeria by opening a ceramic tiles factory. This business idea depends upon machinery and your creativity. Ceramic tiles are used in every premises- homes, offices, hospitals, hotels. There is no shortage of customers.

 

17- Industrial machinery

Engineering graduates looking at starting their own venture can consider manufacturing different types of industrial machinery. This field is rather vast and hence, you can choose the industry you wish to serve. Custom made machinery is in greater demand.

 

18- Oxygen and industrial gases

 

Cylinders loaded with oxygen and other industrial gases are needed across Nigeria. However, they are not easily available in certain regions of the country due to lack of manufacturers and distributors. This is one industry that could do well with new entrants.

 

19- Marine paints

These are paints required for anything that comes in prolonged contact with sea or freshwater. Marine paints are fairly difficult to find in Nigeria since they are made by few manufacturers. They are used for painting all types of boats, dhows, ships, trawlers and also for painting quays and harbor installations.

 

20- Business idea for opening a Gift shop

Another business idea that is evergreen all times of the year is a gift shop. People look for unique gift concepts and novelties for giving away to celebrants or business associates. You can design unique gifts and sell them through the shop or get a franchise from reputed brands including Archies and Hallmark.

 

21- Antiques showroom

Buy antiques from individuals, refurbish and sell them. You can do this online as well as through a showroom. There are lots of antiques that people want to sell, including contemporary furniture, electrical and electronic stuff such as Gramophones, telephone instruments of yesteryears, pens, hip flasks and biscuit tins of colonial era.

 

22- Handicraft showroom

 

With the vast culture and traditions of Nigerian states, the country produces more handicrafts than anywhere in the world. However, customers are unable to find them under a single roof. You can stock popular and off-beat handicrafts from across Nigeria and sell them.

 

23- Coir & foam mattresses

Despite the presence of big players in this industry, there is huge scope for coir and foam mattress manufacture business idea. The demand is for medium-range brands that can fill in the gap between high-end coir and foam mattresses and pillows made by large companies and similar cotton products made in your neighborhood.

 

24- Fishing trawlers

With its vast coastline, Exclusive Economic Zone and expansive maritime frontiers, the seas surrounding Nigeria are rich in marine life. Owning a modern fishing trawler with underwater cameras and other gadgetry manned by trained crew is the best way to become rich fast.

 

25- Security services

Provide watchmen and bouncers to housing complexes, industries, bars, pubs, halls and other sites by opening a security services company. This is a labor intensive business idea since you will need lots of employees to work as watchmen and bouncers.

 

26- Currency exchange idea

With a license from the Central Bank of Nigeria and other authorities, you can open a foreign currency exchange in any major city or tourist destination. Profits in this trade can outstrip many other investments, due to frequent fluctuations in foreign exchange rates in Nigeria.

 

27- Jewelry showroom business

 

Nigerians are renowned for their 22 Karat gold jewelry use. Cash-in on this year-round market by opening a jewelry showroom. You will record higher sales during festive and weddings seasons.

 

28- Magazines & newspapers

With some experience in journalism and advertising, launching a magazine or newspaper is a great business idea. However, you need to identify which type of readership you wish to target. 

 

29- Spa and massage services

 

Spa and massage services are very popular business idea in large cities of Nigeria. They operate from a medium sized store located in a residential or commercial area. You will have to find skilled masseurs to work.

 

30- business idea to start a fuel station

This is yet another place that automatically attracts customers. Fuel stations are traditionally known to be high profit spinners. You can offer round-the clock services.

 

31- Franchise QSR

With sufficient investment, you can bid for franchise of a foreign Quick Service Restaurant (QSR) such as McDonald’s, Pizza Hut, Burger King, Subway and other international brands. Costs involved are on premises, livery matching the brand and trained staff, commissary equipment and furniture.

 

32- Brewery

After several years, Nigeria is once again witnessing a boom in different brands of beers. You too can enter this market by opening a brewery and launching your own, unique brand of beers. This is a very high investment industry.

 

33- Distillery

Malt whisky, rum, gin, vodka and brandy are all top sellers in Nigeria’s bustling liquor market. Almost every brand sells in Nigeria. You can enter this business provided you have sufficient funds.

 

34- Business Process Outsourcing (BPO)

The BPO business is commonly called ‘call centers’ in Nigeria. While the trend was brought into Nigeria by American and European companies, there is a decline in foreign BPO centers now, However, Nigerian companies look out for BPO from indigenous service providers.

 

35- Multiplex cinema

 

Once again, a high investment business idea, multiplex cinemas at shopping malls or as stand-alone facility are very profitable. Nigeria is the world’s biggest producer of movies and you can benefit from this by screening top-of-the-chart blockbusters that draw crowds.

 

36- Financial advisory

Advising people about investments in shares, insurance, banking products and other financial services is something you may consider provided you have adequate knowledge about this field. You will require several licenses for this business as well as plush offices. You also need sound financial background.

 

37- Interior decoration business

Anyone can provide interior decoration services for cheap. However, for exclusive offices and homes, very professional interior decorators are needed, who have keen sense of aesthetics and customer preferences. This is a fairly low cost business to begin but you will need a lot of experienced staff.

 

38- Supermarket

Another business that requires minimal marketing but attracts high number of customer is a supermarket. You will have to invest in a fairly large premises, shelves and consumer products. Additional investment is on staff, cash counters, surveillance cameras and shopping trolleys.

 

39- Footwear manufacture

Either you can launch your brand of footwear or make high quality shoes, sandals and slippers that can be sold by a reputed company. The business requires high investment on good quality leather tanning equipment as well as machines to cut and sew leather, fix soles and other accessories. It also needs large manpower.

 

40- Idea to start a Funeral services

 

Simple funerals are a thing of the past. Nowadays, people bid the final adieu to their loved ones in a grand style with professional funeral services. This includes expensive, sandalwood biers, bathing, embalming and dressing mortal remains as well as arranging priests and the like for conducting last rites. You will also need a hearse van to ferry the remains and mourners.

 

41- Iodized salt

Drawing ground water from sources near the Nigerian coast for salt extraction is fairly easy. However, grinding salt granules and fortifying the powder with iodine and fluorine requires expensive equipment. Despite, iodized salt is a product that can be safely produced for large markets.

 

42- Medicines Productions

There are about two dozen major companies in Nigeria that make medicines. However, the market in Nigeria is too large for all of them to meet customer needs. starting a company that makes medicines is fairly easy. The business needs high investments.

 

43- Driving school

A small office, few cars modified to train learners and a few skilled trainers as employees is all you need to invest in to start a driving school. Additionally, you will require good contacts with the local traffic authorities.

 

44- Exports & imports

The Make In Nigeria initiative has almost every Nigerian manufacturer look at exporting products to foreign markets. Licensing is a must for this trade as well as good contacts with sea and air freight carriers. You can export anything from garments to machinery.

 

45- Ship chandler

Ship chandlers supply ocean bound vessels with food, beverages and other essentials. They are hired by shipping companies to replenish supplies on board a cargo or passenger vessel. This is a high investment but high profit business idea. It involves stocking adequate supplies of imported food, liquor, cigarettes, soaps, chocolate and almost every other need.

 

46- Duty Free Shop

 

With the number of international airports in Nigeria set to rise, you may consider a Duty Free Shop that sells everything- from imported stuff to locally made products. This is another high investment business idea but returns are equally high, especially if you locate your store in the departures lounge.

 

47- Documentaries & movies

Many people dream of making a movie or documentary but never get around doing so, due to fear of failure. However, you can make movies and documentaries that deal with public issues. Making a movie or documentary is not cheap by any means and will require sufficient finances.

 

48- Pet store business

Keep exotic animals, birds, expensive breeds of dogs and cats for selling as pets. However, you will have to be adept at caring for animals to enter this business. Birds and animals from foreign countries command a high price in the local market.

 

49- Communication equipment store

Global Positioning System, satellite radios, satellite phones, wireless sets can all be sold in Nigeria provided you have proper licensing from the government. Such communication equipment is bought by individuals and companies who also hold licenses to own them. The business requires high investments. You also have to verify credentials of your clients before selling any communications equipment.

 

50- Pest control

A couple of decades ago, this trade was rather rudimentary. In recent years, pest control has become very sophisticated and requires complex equipment and variety of pesticides that can effectively destroy anything from mice to termites. You will also need skilled staff.

 

51- Cleaning & hygiene services

Here we are not talking about cleaning homes. Cleaning and hygiene services are generally used by industries and hospitals that are at high risk of bio-hazardous substances. It is a very lucrative business idea if you can bag a few contracts. Dealing with industrial and hospital waste requires special equipment, skilled staff and proper facilities for disposal.

 

52- Finishing school is a great idea

Finishing schools are common in Western countries but few in Nigeria. They train students about etiquette and other skills necessary for the elite. By hiring skilled trainers, you can open a niche, finishing school at some exclusive location in Nigeria.

 

53- Multi-specialty clinics

Hiring a storey in a building and partitioning them for use by doctors of various specialties can help you open a multi-specialty clinic. These clinics provide all types of medical consultation under one roof. As several doctors cannot afford to open their own clinic, they prefer working at such locations.

 

54- Fertilizer factory

Making fertilizers on mass scale is an industry that gets subsidies and other benefits from the Nigerian government. This is a small business idea but very high on investment and labor. You will need lots of machinery and raw material to produce commonly used fertilizers.

 

55- Ambulance services

Most ambulances in Nigeria are nothing but a van fitted with gurneys to carry patients and accident victims. You can launch a superior service by importing vehicles used for ambulances that are complete with life saving equipment and run by paramedics.

 

56- Furniture factory

 

Custom made furniture is something that is in high demand among households and corporate clients. You can open a factory that makes such exclusive, custom made furniture. This business requires moderate investments.

 

57- Electrical scooters

With the focus now shifting to environmentally friendly vehicles, a lot of people are buying electrical scooters. Nigeria does not have any significant producer of these electric scooters. You can easily crash into this growing market.

 

58- Perfumery

Suitable for locations where there flowers and fragrant herbs are available abundantly, the perfumery business involves extraction of scents. The oil or alcohol based scent concentrates sell at a premium in the export market.

 

59- Ornamental lamps & chandeliers

Manufacturing ornamental lamps and chandeliers is very intricate and requires skilled craftsmen. Additionally, you will need to invest on machinery to cut and polish glass and crystal. Despite, this is a profitable business idea for both- domestic sale and exports.

 

60- Flying school business idea

 

Why not? Flying schools actually do not cost too much to set up. You will require flight simulators and skilled instructors in flying. Radar and on-hands training on aircraft is generally taken by students separately by hiring the plane and a trainer as well as paying for time to learn about radars and navigation.

 

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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.

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