There are tons of lucrative business ideas in Nigeria at the moment, all guaranteed to bolster your income in one way or another.
This might be the 1000th time you’re attempting to hop on a new business, so much it feels like you’re imitating the frog or his brother, the toad. However, you need to stop dwelling on what went wrong and instead focus on what to do next. Spend your energy moving toward the answer.
The secret of success is to do the common thing uncommonly well. Nigeria is a country with a population of over 200 million people and a rapidly growing economy, and with the right business ideas, entrepreneurs can make a lot of money in Nigeria.
Okay, it’s time to unveil already.
Business Ideas You Can Take Advantage of in 2023
Online Grocery Delivery
With the rise of e-commerce in Nigeria, online grocery delivery is one of the most lucrative business ideas in Nigeria in 2023. This business requires a good understanding of the local market, a reliable delivery system, and good customer service.
Digital Marketing Agency
Digital marketing is one of the most lucrative business ideas to emerge in recent years, owing to digitalization and social media. Apart from being a good career choice, it is also a great business to start.
This business requires proficiency in digital marketing, good customer service, and a good understanding of the local market. You can utilize platforms such as Google Ads, Facebook Ads, and Instagram Ads to grow the business.
Food Delivery Service
Food is a necessity everywhere that no one can do without, and not everyone has the time to step into the kitchen to whip something like this up…
So, why not step into that space and start a food delivery service? All it requires is a good understanding of the local market, a reliable delivery system, and good customer service. Even if you don’t know how to cook yourself, it’s not a problem; you can hire people for that.
Everyone knows that Nigeria’s education system is not something to be overly proud of, which makes online tutoring a great and lucrative business in Nigeria. It’s very easy if you know book; all you need is a computer and a network of people in need of your services.
And in case you’re worried about the latter being hard to come by, fret not; it is hardwired into the DNA of almost every Nigerian parent that education is the key. And the more, the better. You can also use platforms like TutorVista, Udemy and Tutor.com as a launch pad.
The only drawback might be that you don’t get to do things like this…
With the frequency with which owambes keep popping up in Nigeria these days, event planning is a great business to start. You don’t need to worry about the market; it is there, every weekend, and even on weekdays now (my God!) as people try to limit the number of guests codedly.
What do you need? A good understanding of the event planning process, a little capital and connections to grow referrals. You can also use platforms like Eventbrite, Meetup, and Eventful to scale the business.
Social Media Management
Everybody is on social media these days, from the woman by the junction that sells pepper to Davido. But do you think Davido is the one managing his Facebook and Instagram by himself? Of course not; that’s where a social media manager comes in.
To grow this business, leveraging on platforms like Hootsuite, Sprout Social, and Buffer is a great strategy. This is not a capital intensive business; all you need is the right skill and a laptop and utilizing the right platforms to source the right clients. Celebrities are not the only ones in need of social media managers; businesses and corporate organizations do too. This makes it one of the best lucrative business ideas in Nigeria at the moment.
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Web Design and Development
Digitalization is a great wave, and its spread has created more and more opportunities, among them web design and development. This business requires a good understanding of the local market, good customer service, and a good understanding of web design and development.
Mobile App Development
Apart from web development, mobile app development is another example of lucrative business ideas to start. Ever heard of Android Studio, Xcode, and React Native? They are spaces you can employ to deploy this skill, and you can easily find courses online that teach it.
A virtual assistant is an independent contractor who provides administrative services to clients while operating outside of the client’s office. They typically operate from a home office but can access the necessary planning documents, such as shared calendars, remotely.
This business requires a good understanding of the local market, good customer service, and a good understanding of virtual assistant services. Consider Upwork, Fiverr, and Freelancer as classic locations to monetize and excel with the service.
This one needs no introduction; everybody is now a CEO in their own right, thanks to the beauty of online stores. Here, you can sell virtually anything (even a country, if you can get away with it) as long as you have the exposure to get your goods out there and you have a good understanding of e-commerce.
Welcome to my world. Now, I know what you’re thinking; how is writing among the lucrative business ideas? You will be shocked at what certain writers out there make, especially if they manage to land contracts with companies overseas.
Everyone needs a writer for something; they don’t just know it. And while it might seem like something easy, it actually requires a set of skills, most especially masterful command of a particular language and a healthy dose of creativity.
Nigeria is a great place to start a business, and with the right ideas and strategies, entrepreneurs can make a lot of money. So, what are you waiting for?