There is a saying that if you can do business in Nigeria you can do it anywhere. This saying is a fact especially now that Nigeria is in economic recession. There are legitimate businesses you can do in Nigeria now, that will give you desirable profit. In addition to other factors, you will need to consider the risk and reward of the business venture. Below is the list of ten businesses you can do in Nigeria together with the risk and rewards.
There are various Agric businesses you can do now. Intact, the government of Nigeria is encouraging and providing incentives investors and individuals who which to do Agro-business. The types of agriculture businesses are:
1. Poultry Farm
2. Palm oil processing
3. Cassava planting and processing.
4. Snail rearing
5. Cat fish rearing
6. Plantain and Banana farming.
7. Rice Processing.
The risk here is act of God such as flooding or no rain fall. The return is overwhelming. This is true because there is a large population in Nigeria that will consume your agric product.
Transportation is another good business in Nigeria. You can transport people and goods within a state and interstate. The risk are that it’s involves a large some of money, the car or bus is prone to accident which may affect the travellers negatively and the price of fuel in Nigeria change from time to time. There can also be fuel scarcity. However, you can always recoup all the cost and make some profit.
Pure Water Business.
Here, you can produce shachet water or bottled water or both. There are many pure water businesses in Nigeria, but the market is still very large and you will make good profit from it.
Also called fast food business. Though it require good some of money to start and patient to get many customers, when it comes to foods, there are many bachelors, spinsters and marriage persons that will patronise your business.
You can affiliate with a producer of a product to sell it’s product. For example, if you know someone who is a good fashion designer, you can affiliate with him or her to sell their product and make profit from it. You will need to spend money to advertise their product through social media. However, once you made a sale, you will supprise how cool is the business.
You can open a primary and/or secondary school. However, continous marketing is important for you to get many students. The more students you have the more profit you will make.
This kind of business involve huge capital. But it is the best business you can do in my opinion. Land and building never depreciated but appreciate every year. The fear of this business in Nigeria is the fear of destruction by the government if the building is along were road will be constructed.
Car wash is also a viable business. However, you will need to locate it in a busy area. Car wash has been use by people to fund voluntary service to sponsor back-to-school project in Ikorodu, Lagos, some years ago. This show how profitable is the business.
You can learn this trade and use it to make good profit in Nigeria. Nigerians loved fashion. So, definitely, there is huge money here. But you must be a professional and be creative.
Oil and Gas Business
You can open a filling station that sell kerosene fuel and deisel. You can also open a gas station. Persons in this line of business has made it big time. If you can effort it you will be on your way into making millions of Naira each year.
There are so many other businesses, that are not mentioned above. You can help others know about them by mentioning them in the comment box below.