Nigeria is the biggest commercial centre in Africa, and as such has attracted several foreign direct
investments (FDI) into her domain. It has also served as the most vibrant hub for Nigerians themselves. Little wonder, the nation is a host to several investors from China, Europe, Lebanon, South Africa, to mention a few.
Read more about Business
In this article, I’m going to highlight some profitable
businesses to venture into or
start-up in Nigeria. This article will be a collection of businesses that are both industrial and domestic in nature. This means that the businesses highlighted below will consist of both those that are highly expensive and technical to set up and those that require lesser industry in setting them up.
Finally, the information reached in this article was gotten from a collection of data generated from several quarters.
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Oil And Gas
Although the process of procuring, mining, and sales of oil and gas is solely controlled by the federal government. However, there are a whole lot of business opportunities in the sector. There are several foreigners and Nigerians who have private oil production sites where they mine and refine oil. There are others who’re involved in the supply chain process, where finished products from oil and gas, such as diesel, fuel, kerosene, grease are sold to retailers and final consumers.
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Importation Of Clothes
Cloth is a basic necessity of man. Despite the declining economy of the country, people must clothe themselves. Clothing ranging from shoes, bags, underwear, jewellery, perfumes, etc. are always imported into the country from China, Hong Kong, Italy, Dubai, and India. The importation of clothes popularly known as ‘okrika’, a business where Nigerians import into the country ‘used clothes’ or ‘recycled clothes’ is fast becoming a trend. However, the business had been in existence since the mid-1970s. Despite the numerous ban on the importation of secondhand clothes, the declining economy continues to attract Nigerians towards the acquisition of these imported clothes.
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Training Centers
This business is one the most profitable and easy-to-setup businesses in Nigeria. With over a million people sitting for entrance, professional and standardized examinations and tests every year in the country, there’s a need for these millions of people to go through special tutorial programmes to stand a chance of passing. This is where the opportunity of opening a training centre comes in. Examples of training centres you can offer include skill & vocational acquisition training, corporate management skill training, etc. You can also conduct tutorials for individuals writing professional exams like CCNA, CCNP, ITIL, etc.
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e-Services
In this age of technology and digital experience, Nigeria cannot afford to be lagging behind. Nigeria is relatively nascent in the area of technology. With the desire for competence and need for ease among the teeming populace of the nation, it’s expedient that one cashes in on the opportunities that the tech industry offers. Services such as web designing, app development, web hosting, digital marketing, search engine optimization (SEO), banner design, bulk SMS, online registration for examinations and professional examinations can be offered to both public, private and sole ownership businesses.
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Waste Management
Waste management holds a whole lot of business opportunities in Nigeria due to its multipurpose functions. Nigeria is a nation where waste is improperly disposed of. However, countries in Asia and Europe are generating millions of dollars through waste recycling, organic fertilizer production, fuel generation, and even animal feeds. In Lagos State, for example, waste management is a serious business and local and foreign investors can cash in on this opportunity.
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Alternative Power Installation
With epileptic power supply in Nigeria despite a colossal power sector in the country, Nigerians and the world at large are looking for ways to generate alternative power supply. Despite the government’s involvement in improving power through the licensing of private power plants which have seen the importation of power generating sets and equipment (generators), generating power is still costly. This has led to the emergence of green energy. Green energy is an alternative power supply that can be generated through several means, mostly through solar, windmill, inverters, etc. Opportunities in this business include offering various services such as importing and retailing these materials or offer installations services.
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This article was first published on 15th October 2021
nnaemeka-emmanuel
Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.
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