How To Make Money Using The Best Small Business Ideas In Nigeria

How to Make Money in Nigeria – Best Small Business Ideas in Nigeria

Discover the best small business ideas in Nigeria that can make you a multimillionaire. Many Nigerians have a strong desire to make money, and it all begins with a question like what can I do to make money in Nigeria? 

Have you been thinking of ways to make money in Nigeria? Learning how to make money in Nigeria is not as complicated as some Nigerians may believe. Even though the path to wealth may be complex, it is possible.

The key is to identify a business opportunity and create a better solution. These business opportunities exist in the difficulties and challenges encountered by people in their daily lives.

The opportunities here represent the problems faced by the population that have either not been addressed or have not been addressed with the right solutions.

This idea cuts across every business or activity you want to engage in for a profit. No matter the size of the opportunity you have identified, there is a need to focus on the value your solutions will offer your target customers. 

This post will cover traditional ways to make money in Nigeria like starting a business, getting a job and investing. The post will also touch on small business ideas in Nigeria that can help you make money.

If you want to learn how to make money online in Nigeria then we have a similar post on that titled How to Make Money Online in Nigeria (Discover the 12 Secret Ways). 

You should check it out to improve your chances of finding a profitable money-making idea that aligns with your strengths. 

3 Magic tips for making money in Nigeria

1. Be Creative

     There is a saying that “creativity is the mother of inventions”. Making money in Nigeria or anywhere else can be easy if you have a creative mind to identify problems across different sectors and provide solutions.

Allow your brain to think, and trigger it to become creative. As you become more creative, you can offer better solutions that will differentiate you from others in the industry. This can quickly set you up for success and help you make more money in Nigeria.

2.  Be Persistent

     Persistency is a character trait of most successful people who have managed to solve their money problems and make more money over time. Many people quit too early without attaining their goals.

The truth is, it requires time and effort to create and test better solutions that can help you to make money. Also, some solutions start bringing in money faster than others. You should realize this and avoid quitting too early in your money-making journey. 

3.  Be patient

      You need to be patient because making money is a gradual process that may take years for you to attain certain heights. You need to understand the time and money factor.

Money needs time to grow. Say you started a new business that involved a great deal of investment, you need to understand that it may take some time for you to be able to recover your initial capital before you start hoping to get returns on your investment. 

That said, let’s begin with the ways of making money in Nigeria.

Ways Of Making Money In Nigeria

 There exist several ways to make money in Nigeria. There are dirty ways to make money in Nigeria, but we will focus only on the legit ways of making money in Nigeria, which are getting a job, starting a business and investing. 

1.  Get a job

   There exist both skilled and unskilled jobs in Nigeria that you can apply for. There are jobs in different industries such as agriculture, retail, food processing, health care, transport, fashion and beauty, customer services and lots more.

While there are limited jobs that can employ all those willing and able to work, there still exists job openings from the state, individuals, businesses and even organizations.

Getting a job is the most traditional way, used by most people to make money legitimately in Nigeria. 

2. Start a business

Nigeria boasts a diverse array of businesses spanning various sectors, including retail, transportation, healthcare, agriculture, fashion, beauty, food processing, and more. These enterprises are owned by individual sole proprietors and large corporations.

If you possess a business idea capable of addressing prevalent issues within your community or on a national scale, then venturing into the Nigerian business landscape holds significant potential.

In this article, we will delve into a variety of small business ideas tailored to Nigeria, offering you the opportunity to explore and potentially adopt them for your entrepreneurial journey.

By taking this step, you can pave the way for self-employment and income generation within the Nigerian context.

3. Invest

  Investments are a great way to make money in Nigeria over the long term. Everything being equal, investments can generate income over the long term. So the best way to use your money to get more money is by investing it.

You can consider investing in real estate or seasonal goods that increase in value in specific periods of the year. Investing in stocks is also an option you should consider. 

Small business ideas in Nigeria ( List of small-scale businesses in Nigeria)

Best small-scale business ideas to start in Nigeria

  In every economy, small businesses play a vital role in the economy. They are the backbone of any economy as they help to create employment, drive innovation, and strengthen communities. We will explore some of the small business ideas in Nigeria that you can start today to make money in Nigeria.

There exist many different types of small businesses in Nigeria. This post is going to cover seven types of small businesses in Nigeria. They include retail businesses, service businesses, manufacturing businesses, construction businesses, hospitality businesses, agriculture businesses, and healthcare businesses. 

We are not covering online businesses in this post. If you want to learn about making money online in Nigeria then we have a separate post on that. Check on How to Make Money Online in Nigeria (Discover the 12 Secret Ways)

Let’s get started with some retail businesses you can start in Nigeria. 

Retail Businesses to Start in Nigeria

A retail business sells goods directly to consumers. There are several profitable small retail businesses you can start in Nigeria. Let’s explore.

1. Start a fashion Boutique business

Starting a fashion boutique is a profitable small business idea in Nigeria you should consider, especially if you love fashion trends and are always up to date in the fashion world.

The key here is to offer something different and make a difference. Ask yourself, “ How can I start a unique and profitable fashion boutique in Nigeria?”.

Look around your environment and study the lifestyle, income and habits of those around you. Are they mostly low-income people, or are they above average? 

Once you’re sure, you can decide on the type of boutique you want to set up. Do you want to be involved in the general fashion category, or do you want to specialize in the sales of specific fashion wear like vintage clothing or plus-size wear? 

Maybe you could also consider partnering with local designers to set up a designer boutique. Once you’ve decided on the niche to serve, make sure your inventories are of the best quality.

Also, consider locating your business where there is a high population density. This way, your brick-and-mortar shop can be more visible and attract many clients. To stand out, adopt good marketing strategies and be creative. 

2. Start an electronics and accessories shop

          Almost every adult owns an electronic device in Nigeria. Starting an electronic store is a small business idea in Nigeria you should consider. Electronics are in high demand in Nigeria, especially in large towns and cities.

In this business, you can offer a diverse range of electronic products like Computers, TVs, cell phones etc. You can also consider selling electronic accessories as they attract similar clients. 

In this business, knowing how to choose quality-grade products for your store can help to distinguish you from the crowd, as there are many fake electronic products in the market.

If clients can trust the quality of the products you offer, you will have them returning and also referring your business to others. If you’ve got the capital, then setting up your business for wholesale and retail can be a good idea to consider. 

3. Grocery stores

     People need groceries daily and often go to grocery stores to get them. Starting a grocery shop can help you meet the demands of people around your community. Many people make money in Nigeria by setting up a grocery shop, and you can too.

I know you will say there exist many grocery shops in your community, but that is the business world, and while you are making such excuses, wait for a while, and you will see another new grocery shop in your community.

The business world is highly competitive, so you either adopt good strategies to start and survive, or you start up just for the sake of it and be taken out of business by a competitor in just a few months. 

Other retail businesses you should consider include:- Bookstores, furniture stores, gift shops, toy stores, departmental stores, and more.

Service Businesses to start in Nigeria.

 One thing I love about the service sector is that it is hard to go wrong in this sector, and most of the time, you do not need too much capital to get started. What you need is the right skills and ability to market your services. Let’s explore.

1. House Care Services

    The majority of the working class hardly have enough time to care for their homes. If you live in a middle to high-income neighbourhood and are passionate about this, you should consider starting a house care services business, as it is one of the fastest ways to make money in Nigeria. 

You can offer one or a variety of house care services, like house cleaning, landscaping, household shopping, and lots more. If you are in the cleaning sector, you can offer your services to homes, offices and commercial businesses.

You can begin by selling your services to friends, family and neighbours. You can later expand to businesses and organizations as you grow your customer base and business.

2. Personal Chef Service   

       If you love cooking, thinking about how to make money in Nigeria should not be stressful, especially if you live in big towns and cities. Becoming a personal chef is a great and profitable small-scale business idea in Nigeria you should consider.

As a personal chef, you can help households plan their meals, offer cooking services and even go grocery shopping. It all depends on your agreement with your employer. If you are a good chef and market your services rightly, you may attract high-value clients.

3. Childcare Service

       If you love caring for kids, you should consider starting a childcare service business in Nigeria. While you can work for someone, if you have the capital, you should consider setting up a baby daycare centre to help busy parents have a safe place for their kids during work hours.

If executed with precision, this has the potential to become a lucrative small-scale business venture in Nigeria.

Such services have a high demand, especially in large and busy towns, which are host to the working class with household incomes from average to top earners. 

4.   Event planning

Nigeria is a hub for events and celebrations. If you possess strong organizational skills and a keen eye for detail, venturing into the event planning business in Nigeria can be rewarding. Numerous Nigerians have found success in this industry, achieving self-employment and financial stability.

The realm of event planning in Nigeria offers a wide spectrum of opportunities. You can specialize in orchestrating various events, including weddings, birthday parties, corporate gatherings, and lots more.

Other small business services you can start in Nigeria include:- Master of Ceremonies (MC), Event photographer, Hairstylist, Makeup artist, Manicure and Pedicure services, Personal trainer, Yoga instructor, Handyman services, Massage therapist, tutoring, Car wash services, Laundromat business, travel agent services, transportation services, delivery services, consulting firms, health care services, construction companies, advertising agencies, and lots more. 

Hospitality businesses to start in Nigeria

  Hospitality businesses provide food and lodging to travellers and other customers. Here are some hospitality businesses you can start in Nigeria and make money. Let’s explore.

1. Hotels and Motels

   Hotels and motels are a place of rest for most local and international travellers. Those visiting your country, like tourists, local travellers or people who need a place to relax away from home are more likely to rest in hotels.

This makes a hotel business a lucrative small business idea you should consider.

In starting a hotel business, it is vital to choose a good location. Consider locating your hotel around areas where the customer segments mentioned above can easily find and locate you, this way, you will be able to attract a steady flow of customers. 

2. Restaurants

       Restaurants have been an evergreen business sector in Nigeria over the years, as most people love to eat out. Your location will determine the kind of restaurant to set up that would be profitable. Picking and serving quality meals is a sure way to attract and keep clients. 

Other hospitality businesses you can start in Nigeria include:- Travel agencies, Bars, resorts, cafes, bed and breakfasts and lots more.

Manufacturing businesses to start in Nigeria

Manufacturing businesses produce goods sold to consumers or other businesses. There are many profitable manufacturing businesses you can start in Nigeria. Let’s explore.

1. Construction Metal works manufacturing

With the growth in the construction of houses in Nigeria, starting a metal works business is a great small business idea to consider in Nigeria. If you are skilled at welding, you can create different metal products used in the construction, decoration and equipment of houses like windows, doors, gates, tables, chairs and other metal works.

If you love this business idea but lack the necessary skills to get started, consider learning about how the business operates, get started, and employ other skilled professionals to work for you. 

2. Furniture Manufacturing

    There is hardly a home you will walk in and not find a furniture product. Furniture manufacturing has stood the test of time as one of the most lucrative small business ideas in Nigeria, and the demand is still on the rise.

If you are passionate about creating new furniture designs for individuals and businesses, then acquiring the necessary skills needed to get started in this sector would be worth it.

You can manufacture furniture products like beds, cupboards, doors, tables and chairs, which are in high demand in Nigeria.

3. Soap Manufacturing 

       There is a high demand for soap in Nigeria. You can produce both solid and liquid soaps, and starting a soap manufacturing business does not require much capital. You should decide on the types of soaps you want to produce.

For starters, basic washing soaps can be easy to formulate. If you intend to produce other categories of soaps like medicated soaps, you need to undertake more research to ensure your product is skin-safe.  

 Agriculture businesses to start and make money in Nigeria    

Agriculture businesses produce crops and livestock. There are many options to consider in this sector that can help you to start a small-scale business in Nigeria. Let’s explore. 

1.  Livestock farming 

         Livestock farming is a small business idea in Nigeria you should consider. Most livestock farmers now practice livestock and dairy farming as they grow their cattle for meat and milk production. 

So, while you can sell your livestock for meat, you can also milk them and supply them to companies producing yoghurt, butter and cheese. This can increase your revenue and help you to make money in Nigeria. Before venturing into this business, it is good to study how to raise different varieties of livestock.

2. Poultry farming

      Poultry farming is, if not the most commercialized agricultural sub-sector in Nigeria. In poultry farming, you can raise birds like chickens, turkeys and ducks, which are in high demand in Nigeria. You can also sell their eggs to individuals and companies to make money in Nigeria.

While this activity, can be carried out for personal and commercial purposes, you should consider commercializing it, as this post is about how to make money in Nigeria.

Getting proper training on how to start a poultry farm and grow healthy birds at a lower cost is something you should aim for to be successful in poultry farming.

3. Snail Farming

       You may not like it or believe it but snail farming is very profitable and the demand for snails is always on the rise. Many Nigerians love consuming snails, and cosmetic companies also use the mucin from snails to produce skin care products.

This has greatly increased the market value of snails, especially during the dry season, as they are being demanded by homes, food processing businesses and cosmetic companies.

Snails take a long time to reach maturity, say about a year. This alone makes it expensive. So if you can start an average to large snail farm with the right knowledge about how to start a snail farm, you can make a lot of money in Nigeria than an average employee. 

4. Vegetable farming

    Vegetables are in high demand all over Nigeria, so this is a great small business idea in Nigeria to consider. If you love farming, starting a vegetable farm the right way can enable you to increase the food supply and solve some hunger crisis in Nigeria while making money.

Knowing the vegetables that are most demanded in your area and how to properly grow and market them is a great way to set your vegetable farming business up for success. 

Other small agricultural businesses you can start in Nigeria include:- Maize farming, Plantain farming, Fish farming, Rice farming, Cocoa farming, Palm tree farming and lots more.

Construction businesses to start and make money in Nigeria

Construction businesses build and repair structures, and there is a high demand for different categories of construction engineers in Nigeria. Let’s explore.

1. Building contractor

      If you possess expertise in building construction, you have a valuable opportunity to launch a construction business in Nigeria. This is due to the substantial construction activity occurring across virtually every state in the country.

This business is profitable and can help you to make money in Nigeria. You can secure contracts for building individual homes, commercial buildings and industrial facilities. 

2. Electrical contractor

   If you have the required skills to become an electrical contractor, you can use these skills to make money in Nigeria. You will be in charge of installing, maintaining, and repairing the electrical systems in buildings. This is a great small business idea in Nigeria that you should consider as this remains an evergreen business. 

3. Flooring and Tiling

     Flooring and tiling professionals can earn from their skills by installing and repairing different categories of floors, walls, and countertops. They make use of materials like tile and hardwoods.

Those in this field get contracts mostly from residential homes and commercial buildings. Just like in other fields, it is important to stay updated with new trends and techniques. 

Other construction businesses you can start to make money in Nigeria:-  Roofing Contractors, Painting, and lots more.

Education Businesses to start in Nigeria.

Education businesses provide instructions to students. There are numerous money-making opportunities in this sector. Let’s explore.

1. Open Tutoring centres in Nigeria

      With many students preparing for different kinds of examinations in Nigeria, tutoring centres have become a great small business idea that many entrepreneurs in Nigeria are cashing out from.

Unlike traditional schools, tutoring centres in Nigeria experience a rise in the number of students at different periods within the year, especially when these students are preparing for their university entrance examinations.

So if you are researching how to make money in Nigeria, this is a small business idea you should consider.        

2.  Language schools

   Starting a language school can be a profitable small business in Nigeria. Language schools are not as popular because they serve a specific niche. Many people in Nigeria want to improve their English proficiency, they want to master the art of reading and writing.

Others want to learn foreign languages like French and German, while others want to learn and master their native languages. So which audience do you want to serve? Well, that is going to depend on a lot of factors and resources at your disposal.

For a start, think of the languages you can effectively teach, think of your environment and identify if there is a need for what you want to offer, think of hiring possibilities, are there are people around you can hire to support your business if there comes a time you need to expand? Asking these little questions will help you better prepare and set up for success. 

3.  Elementary Schools

      Starting an elementary school is a sure way to impart knowledge to kids. You may not believe it, but there are many low-quality elementary schools in Nigeria with poor learning practices. Such schools are cheap and easy to afford, but education should be seen beyond that. 

Quality should be chosen, over quantity. Garbage in garbage out (GIGO) educational institutions should be discouraged, and the best way to do this is by setting up quality and affordable elementary schools to train kids and give them the solid educational foundation they need to strive in life.

As an entrepreneur, it is your responsibility to make this happen while making some money along your journey. We look forward to hearing your success stories. Best of wishes. 

Other Education businesses you can start to make money in Nigeria:- Secondary schools, colleges and universities and lots more.

Healthcare Businesses to Start in Nigeria

Healthcare businesses provide medical care to patients, and in Nigeria, this is a very profitable small business idea to consider. Let’s explore.

1. Start a Pharmacy business

Who has never gotten sick in their life? If you know of any, then the person must be a superbeing. Starting a pharmacy business is a profitable small business idea in Nigeria you should consider. Many people make money in Nigeria by investing in a pharmacy business.

Contrary to what you may think, you do not need to be a medical practitioner to set up a pharmacy business in Nigeria, but to get started, you would need to acquire a license and strictly abide by the laws governing this sector. Starting this business near residential areas with a high population density can be profitable. 

2. Clinics and Hospitals 

       Depending on your budget, starting a clinic or hospital in Nigeria can be profitable. Nigeria has a very large population size, so everything being equal, the increase in the demand for medical care isn’t going down anytime soon.

If you have the capital and are thinking out of the box, consider setting up a specialist hospital that diagnoses and treats specific illnesses.

If you are not a medical practitioner, having a medical practitioner as a business partner is a sure way for patients to get the best of services. Good luck. 

Other Healthcare businesses you can start to make money in Nigeria:- Rehabilitation centres.

FAQs

1.  What are some hidden business opportunities in Nigeria?

  There are many hidden small business opportunities in Nigeria you can identify around you. If we put it out here then it’s not going to be a hidden business opportunity anymore.

But the truth is most business opportunities are hidden not because they do not exist already but because these businesses have not been well exploited in your area.

So it is your responsibility to be creative, think out of the box and identify these business opportunities around you that have not yet been well exploited. If you can do this, then you will be on your way to making money in Nigeria.

2. What is the importance of a small scale businesses in Nigeria

 The importance of small-scale businesses in Nigeria includes:- 

1. Small businesses foster economic growth by creating employment and supporting the growth of communities.
2. Small businesses drive innovations 
3. Small businesses are a source of government revenue. 

Wrapping UP

 If you are thinking of how to make money in Nigeria, consider thinking of small business ideas that can help you create a business. Owning a small business is an opportunity for you to grow professionally and reach your full potential.

This way, you won’t be adding value only to yourself, but you will be contributing to the economic and social welfare of your community.

No matter the business idea you decide to get started with, be sure to do further research and be realistic in your approach. As always, we wish you the best of luck on your journey to success.