Five Most Lucrative Business Ideas in Nigeria in 2020

The current pandemic has put on hold or crashed many businesses in Nigeria, as have many other factors which have been prevalent in the country for some time now, like the issue of power supply.

Despite the challenges, there are few businesses one can still venture into in these trying times that can benefit financially from despite the coronavirus, poor power supply and many other challenges facing the teeming population. We take a look at some of the business ideas that can be sustainable at the moment.

Most lucrative business ideas in Nigeria

1. Blogging Business

Blogging business has definitely earned its place among the most lucrative businesses in Nigeria. More and more people prefer to read news online than newspapers. Gradually news blogs are replacing newspapers for many people. This has open enormous opportunities.

Bloggers make money through direct advertisement, ad networks, affiliate marketing, product sales, sponsored post, partnerships and many more. On average, high end bloggers make over 20 million Naira every month in Nigeria.

2. Cosmetics Production Business

If you love beauty, then going into the cosmetics business will be your best bet. For you to do well in this business in Nigeria, you will need to engage in some deep research.

It is important because you will need to learn new things about the cosmetics industry that will keep you up to date, creative and innovative in business. One can also become a make up artist which are very important to many Nigerian women who like to apply the make ups.

3. Waste Recycling

So much has been said about the environment in the past years. Big players like the US and China are going big about safeguarding the environment. True, Nigeria may not have gotten to the point where we cut our fossil fuel reliance and go completely green. But Nigerian entrepreneurs are not giving up. Waste recycling is a good project for the environment.

People look down on waste collection and rightly so, because of the diseases it could bring due to some contaminated waste product in the environment which the waste was deposited in. Waste recycling could bring a fortune.

4. Agriculture/Farming

A large portion of land in Nigeria is very fertile for growing all kinds of crop, whether for immediate consumption or a very large scale for sale. One can also grow cash crops which will strictly serve as raw materials or can be exported.

Agriculture also involve animal farming. Livestock rearing could be very lucrative in areas where the lands are not fertile enough for growing crops. Poultry, Cattle rearing, Sheep/Goat and Pigs are common livestock which can be reared in Nigeria.

5. Mining

There are many mineral deposit in Nigeria which has not been fully harnessed and which when it is harnessed, could bring a lot money for any person carrying out the mining. Some of the mineral deposit in Nigeria include Tin Ore, Limestone, Coal and many to numerous to mention.

The mining sector in Nigeria is growing very fast and the present government of the day is very interested in the sector and are ready to support individuals going into the sector.

What do you think?

Written by Paul

Expert in Digital Marketing, Video Animations, and Business Strategic


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