What is the Most Lucrative Business in Nigeria?

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Most Lucrative Business in Nigeria

Nigeria is blessed with a lot of natural resources yet more than half of the entire populace cannot afford three meals per day. A large percentage of graduates are unable to get good jobs and millions of people are wallowing in abject poverty.


Because we are lazy!

It’s just the bitter truth. Nigerians always want the easy way out; we always want everything served to us on a platter of gold and when it seems like we are not getting what we want, we blame the government.

The government cannot do it all; it’s about time we learn how to help ourselves and turn around our fortunes for the better. People like Aliko Dangote and Femi Otedola did it so why can’t you?

There are so many lucrative businesses in Nigeria right now that can make you a millionaire within few months. I have taken out time to analyze the top three most lucrative businesses in Nigeria and how you can start making money from them below.

1. Most Lucrative Business in Nigeria: Oil and Gas

The word ‘oil and gas’ is synonymous with wealth in Nigeria. When you tell people that you are into oil and gas business, they immediately start to see you as someone who is financially loaded and this is not far from the truth.

Oil and gas business is very lucrative in Nigeria. It has turned lots of people into overnight billionaires and I believe if you are willing to take a bold step today and invest in this business, you would have no regrets.

And no, you don’t have to have much capital, what you need more than anything else is the determination to success. So let’s see, what are the categories of businesses under oil and gas-:

  • Petrol station(High Capital)
  • Petrol and Diesel Distribution Business(Medium Capital requirement)
  • Cooking Gas Sales(Medium- Low Capital Requirement)

Petrol Station

In almost every home in Nigeria, you would find a motor vehicle. And in places where you won’t find a vehicle, you would most likely find a generator. These two items are powered by petrol and that is why setting up a petrol station is very lucrative.

You can either set up your petrol station as an independent marketer, meaning that your petrol station would bear your name and you would run it as you deem fit or as a dependent marketer meaning that you would obtain a franchise of another petrol station, say Total or Mobil who would brand your petrol station and provide you with some set of rules, standards and procedures to follow in running the business. To start a petrol station in Nigeria you would need-:

  • Two plots of land in a strategic place preferably in a busy area.
  • Feasibility studies to fully understand how lucrative the business would be in your chosen location as well as to understand the strengths, weaknesses, opportunities and threats of the business.
  • Business registration and license.
  • Carefully carried out survey of the land.
  • Structural design
  • Underground storage tank which may be between 30,000 liters and 60,000 liters.
  • Perimeter Fencing.
  • Office space which you could also convert into a supermarket, car wash or restaurant.
  • Standby generator.
  • Electronic fuel pumps.
  • Staffs including a manager, accountant and petrol attendants.

Petrol and Diesel Supply

This kind of business involves mobile distribution of petrol and diesel to homes, offices, schools and several corporate clients.

Due to the epileptic power situation in Nigeria, most businesses and corporate organizations rely on generators for power supply and also rely on mobile suppliers for easy access to fuel whenever they need it. To start this business, you would need-:

  • A business license and registration.
  • A source of supply (NNPC Depot or wherever you can get wholesale fuel supply).
  • A list of clients.
  • A fuel tanker or a truck with some drums to carry the fuel around.

Cooking Gas Sales

This is another lucrative business in the Nigerian oil and gas industry, A large percentage of Nigerians have shifted from using kerosene stoves to cooking gases. In fact, cooking with firewood is fast becoming a thing of the past in many Nigerian homes. With N500, 000 and a space in a strategic location, you are ready to start your own cooking gas sales business.

2. Haulage 

Haulage business is one of the largest industries in Nigeria at the moment. Nigeria imports a whole lot of items and these importers need people to help them transport their goods from the port to the their business location.

Apart from importers, manufacturers also need haulage contractors to help distribute their goods to wholesalers and retailers.

There is also so much opportunity in the oil and gas industry for haulage contractors as well.

3. Most Lucrative Business in Nigeria: Real Estate

Real estate is another lucrative business to start in Nigeria right now. The value of lands in Nigeria can go up by more than a 100 percent in two years.

A friend of mine bought an acre of land in a relatively undeveloped area last year and right now, the only regret he has is that he didn’t buy more than an acre last year. Suffice to say that the value of lands in that area have gone up more than a whopping 70% and is expected to go further up.

The best thing about investing in real estate in Nigeria is that you do not need special qualifications, licenses or experience. All you need is the capital, the ability to forecast and the smartness to be able to identify and run away from scam deals.

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