It is no news that the rate of unemployment in Nigeria is high. Hence, a lot of people do not have jobs and this can be depressing. However, there is a way out of this. You can start your own business and build it up. In no time, you can start generating a high income for yourself. If you are searching for a lucrative business in Nigeria that you can use to make ends meet, you have come to the right place.
What are the benefits of starting a business in Nigeria?
There are several good sides to starting a business in Nigeria. First, you get a chance to grow and build a reputable brand for yourself. Basically, when you own your own business, you are creating a brand for your name. The bigger you grow, the better your brand becomes.
Secondly, you become your own boss. Moreover, you cannot get fired since you are your boss. This gives you a sense of security.
Additionally, doing your own business gives you a better opportunity to create wealth for yourself. The competition in a conventional workplace is too much. Also, promotion and salary increments do not come easily.
Lastly, you have the chance to make a major impact on the Nigerian economy by creating jobs for the unemployed in Nigeria. This reduces the rate of unemployed people in Nigeria.
Top 10 most lucrative businesses in Nigeria
Here are the most lucrative businesses in Nigeria:
1. Agriculture business
The business of agriculture is as old as man and will never fade as long as humans exist. Basically, this makes it a very valuable and strategic business for anyone to venture into. In Nigeria, one of the perks of venturing into the agriculture business is that the government makes loans available for people in this business. Moreover, it is easy to start since you have the help of the government.
2. Oil and Gas business
Most people in Nigeria need oil and gas for their daily activities. Since there is a high demand for it, the oil and gas business will continue to thrive. Basically, many Nigerians depend on gas to cook.
Also, people who have cars or tricycles need fuel to move around. Additionally, the poor state of electricity in Nigeria made it necessary for people to buy generators, which run with fuel. Even large-scale businesses depend on diesel or fuel to operate seamlessly.
All these make oil and gas essential for most people in Nigeria. This makes oil and gas a lucrative business in Nigeria.
3. Food business
The food business is another lucrative business in Nigeria. This business will never go out of style since people will always eat. Food is one thing people can not do without. Therefore, as long as you run your business well, you will definitely make profits.
4. Real Estate business
Since people always need a roof over their heads, the real estate business will never go out of style. There are several opportunities you can get in the real estate business. You can work as an agent. Assisting people to find accommodation for a fee or commission. Also, you can help property sellers find buyers or help landlords find tenants for a commission.
5. Blogging Business
Blogging is another good business that can earn you money. Basically, news and gossip blogs are taking over newspapers. Nowadays, many people prefer to read news and other entertainment gifts online rather than in newspapers. Blogging opens enormous opportunities.
Also, this business is relatively easy to start. You do not need too much to start. A self-hosted blog will cost you approximately N4, 000 for a domain name and a token of N27, 000 for hosting annually.
6. Hotel business
The hotel business is another booming business in Nigeria because of its large population. Due to Nigeria’s large population, the rate of people migrating from one part of the country to another will also be high. This is where having a hotel comes in handy.
Basically, people who migrate will definitely go to hotels to seek temporary shelter. Also, people coming into the country temporarily will patronize hotels.
7. Furniture business
The furniture market is huge and demand is relatively high. People will always need furniture in their household, office, or shop. If you have the skill, you can start your own carpentry shop. However, if you do not have the skill, just open a carpentry shop and employ skilled carpenters to do the job for you.
8. Transportation business
Transportation is another thing most people can not do without in a day. People are always moving. Basically, people have to go to work, church or mosque, or move from city to city.
Conclusion
Owning a business in Nigeria is one of the best things you can do for yourself as a Nigerian. Basically, it offers you job security and you will earn more than conventional office workers. The list of the lucrative businesses in Nigeria provided above will guide you on the best choice to make as an individual.
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