Nigeria is home to over 200 million people, and is the most populous nation in Africa and third in the world.

It has also been discovered that almost 70% of the total Nigerian population are youths below the age of 40, which has made the Nigerian economy the most versatile and robust economy in Africa.

This article will guide you on specific money-making and lucrative business ideas to start now in Nigeria.

Why You Should Start a Business In Nigeria.

Most people are afraid to start a business in Nigeria for fear of the unknown; an important question that they often ask is, Who will buy my products? I don’t have money to start a business and so on.

This is a normal thing to say, but let me say that any business you decide to start is yours yourself, and nothing can ever take it from you; it is better to own a business than to mind someone’s business. Therefore, here are very few reasons you should start a business here in Nigeria.

1. Nigeria is a huge market.

Nigeria has the largest market in Africa with a population of over 200 million. It is one of Africa’s key oil producers, producing high-value crude oil which consists of its export.

Nigeria is Africa’s largest ICT market, accounting for 29% of internet usage in Africa. In May 2021, the Nigerian Communications Commission reported that Nigeria had more than 160 million active mobile telecom subscribers of GSM.

Fibre optic expansion is currently taking place in Lagos and Abuja, this has made Nigeria the largest service sector in Africa.

2. Nigeria has an untapped agricultural sector.

Nigeria’s agricultural sector employs nearly 70% of the population and comprises nearly 22% of GDP. Nigeria possesses an abundance of arable land and a favourable climate for the production of nuts, fruits, tubers, and grains.

With over 1 million SQ KM of land, most farming in Nigeria is subsistence-based, utilizing manual labour and relatively little agricultural machinery.

Nigeria continues to maintain import restrictions on several agricultural products, including poultry, beef, pork, and rice, this is to enable its production in the downstream economy.

3. Nigeria has a youthful Population

Nigeria, is the most populous black nation, with an annual population growth of 2.61 per cent. Currently, over 33.6 million (16.8 per cent) Nigerians are regarded as youths (aged between 15 and 35).

However, according to statistics, about 43.69 per cent of Nigeria’s total population were aged 0 to 14 in 2019. This means that in the nearest future, the youth will increasingly form the bulk of the country’s population as children grow older into young adults.

4. You have enough time for yourself.

One thing about working in Nigeria is that everything that makes you is taken from you, including your time.

Time is very precious, and it can never be recovered when it is taken from you; even if you enter fry fasting and prayers, it is gone forever.

You have to be very smart to plan your time carefully and not be carried away. Lead nations like the United States pay people wages based on their time, but here in Nigeria, labour is abused; a black man wants to take everything from you to run their business.

5. Nigeria offers attractive incentives.

The Nigerian government has put in place a comprehensive package of investment incentives to stimulate private sector investment from within and outside the country, unlike any African country.

There are a lot of these incentives, but one among them is the Companies Income Tax Act which has been amended to encourage potential and existing investors and entrepreneurs.

Pioneer status gives industries a five-year tax holiday, and tax relief is provided for research and development.

6. The state of Nigerian infrastructure is improving drastically.

Nigeria become the only country in West Africa with the longest standard rail gauge, behind the likes of South Africa and Egypt to do so.

Nigeria is rapidly developing its physical and industrial infrastructure, in terms of transportation, communications, electricity and water supply.

Extensive road repairs and new construction activities are gradually being implemented as state governments, in particular, spend their portions of enhanced government revenue allocations.

7. Nigeria is a future economic power.

Nigeria with a huge populous, huge and young labour force has made it one of the most futuristic economic power when it comes to the African economy.

In 2005, Goldman Sachs identified Nigeria as one of its N11 countries, states with a high potential of becoming, along with the BRICS, the world’s largest economies in the 21st century.

8. Nigeria has a strong Banking and Financial sector.

When you hear of fintech in Africa, one thing country in Africa comes to your mind and that is Nigeria. In 2009, Nigeria took significant steps to strengthen the banking sector. These reforms came on top of a major banking overhaul in 2006 that reduced the number of banks and increased a bank’s minimal capital requirement.

Since 1999, the Nigerian Stock Exchange has enjoyed a strong performance because of its major banking reforms.

9. Nigeria has huge resources.

Nigeria has one of the highest gas reserves in the world, most of which are yet to be fully exploited. Mineral resources include coal, tin, iron ore and others. Agricultural products include, among others, groundnuts, palm oil, cocoa and coconut.

Nigeria also has a booming leather and textile industry and is one of the largest oil producers on the continent creating huge inflows of foreign investment. Some of it is used in producing high-quality brands such as Versace and many others.

Most Lucrative Business In Nigeria

Nigeria as a country has a GDP of over $540 Billion with a population of more than 250 million, with a GDP per capita of more than $2,600.

If you ask me, this is quite low, but something can be done within this range, even though it’s not going to be western standard priced goods and services. Here are some business ideas that can be kickstarted in the Nigerian economy and will bring your profit, let’s go.

1. Start a co-working space.

2. Start a Barbing Saloon.

3. Nanny Business.

4. Start a Fast Food Business.

5. Start a Tech hub.

6. Start an Event Center.

7. Become an Uber/Bolt Driver….

I wrote a comprehensive guide on some of the most profitable businesses to start in Nigeria, check out the link to the article below to learn more.

https://tchelete.com/lucrative-business-in-nigeria/

PS: Admin Please send this to the front page, Nigerians need this at this time.