₦airaland Forum

TheSparrow:
There are several businesses you can start and run profitably in Nigeria. Below are six that readily comes to mind:

1. Rice Milling

One of the best businesses one can venture into in Nigeria today is parboiled rice production (Rice Milling).

Nigerians currently consume over 5 million metric tons, which is equivalent to over 100 million 50Kg bags of rice annually. With the current population growth rate of Nigeria, the consumption of rice is estimated to reach about 35 million metric tons (700 million 50Kg bags) by the year 2050.

There is high demand for rice in Nigeria. With a population of over 180 million people and an estimated national population growth rate of 5.7% per annum ,an average economic growth rate of 3.5% per annum in the past five {5} years, Nigeria has a large and growing market for rice.

As it stands, the current producers of good quality rice in the country cannot even meet up to 50% of the current demand. This is the reason why the market is flooded with poorly produced and low quality rice.

New entrants into the rice milling industry that can produce good quality parboiled rice will have an evergreen market waiting to be sold to.

2. Drinking Water Production

Another good business that does very well in Nigeria is drinking water production (Bottled water and Sachet Water).


The growth of the middle class in Africa in general, and Nigeria to be specific, has led to a need for hygienically produced and well packaged food products like bottled water.

The market for packaged water is high and cut across all parts of the country. With a population of over one hundred and eighty million (180,000,000) people, and an estimated national population growth is 5.7% per annum, Nigeria has a large and sustainable market for packaged water.

3. Poultry Farming

Poultry farming is yet another business that gives good returns on investment.


Poultry farming has risen to become one of the most lucrative businesses in Nigeria today. This aspect of livestock farming, if set-up and managed properly, provides legitimate continuous income for entrepreneurs within a short period of time. There are over 160 million consumers in Nigeria and over one billion in Africa. This provides a large, growing and sustainable market for poultry farmers in Nigeria, and Africa in general.

4. Pounded Yam Flour Production

Pounded yam flour is another product that you can chose the invest in its production.


Pounded yam is a popular delicacy produced from boiled yam tubers, and is consumed by many people across Africa. However, a lot of people, especially the middle class find it difficult to prepare pounded yam the traditional way which involves boiling yam, pounding it in a mortar using a piston, until it becomes a succulent dough.

The growth of the middle class in Africa in general, and Nigeria to be specific, has led to a need for hygienically processed, easy to prepare and well packaged food products like yam flour.

5. Maize (Corn) Flour Production

This is another business that you can quickly setup and make good money with.

Maize can be processed into several products including Maize Flour, Maize Grits. Starch, etc.

With few producers focusing on the production of maize flour in Nigeria, there exists a large gap that needs to be filled by aspiring entrepreneurs in the country. This supply gap will continue to grow as the population of the country grows.


6. Cooking Oil Production

The production of Cooking oil, also called Vegetable oil is yet another viable business you can quickly setup and make good money in Nigeria.

The present production level of Vegetable Oil in Nigeria is yet to meet the demand of Nigerians. There is currently a ban on the importation of vegetable oil into the country. The ban was placed in other to encourage local producers to expand their operations, and new investors to go into the production of Vegetable Oil. This has made the business to be very lucrative.

Wishing you all the best in your quest.

Source: To read more, Visit: https://planbiz.com.ng/five-lucrative-businesses-you-can-start-in-nigeria-today-and-make-big-money/

Note: I can prepare a business plan for you on any of the above businesses. Reach out via Call/WhatsApp: 09022106607

TheSparrow:
There are several businesses you can start and run profitably in Nigeria. Below are six that readily comes to mind:

1. Rice Milling

One of the best businesses one can venture into in Nigeria today is parboiled rice production (Rice Milling).

Nigerians currently consume over 5 million metric tons, which is equivalent to over 100 million 50Kg bags of rice annually. With the current population growth rate of Nigeria, the consumption of rice is estimated to reach about 35 million metric tons (700 million 50Kg bags) by the year 2050.

There is high demand for rice in Nigeria. With a population of over 180 million people and an estimated national population growth rate of 5.7% per annum ,an average economic growth rate of 3.5% per annum in the past five {5} years, Nigeria has a large and growing market for rice.

As it stands, the current producers of good quality rice in the country cannot even meet up to 50% of the current demand. This is the reason why the market is flooded with poorly produced and low quality rice.

New entrants into the rice milling industry that can produce good quality parboiled rice will have an evergreen market waiting to be sold to.

2. Drinking Water Production

Another good business that does very well in Nigeria is drinking water production (Bottled water and Sachet Water).


The growth of the middle class in Africa in general, and Nigeria to be specific, has led to a need for hygienically produced and well packaged food products like bottled water.

The market for packaged water is high and cut across all parts of the country. With a population of over one hundred and eighty million (180,000,000) people, and an estimated national population growth is 5.7% per annum, Nigeria has a large and sustainable market for packaged water.

3. Poultry Farming

Poultry farming is yet another business that gives good returns on investment.


Poultry farming has risen to become one of the most lucrative businesses in Nigeria today. This aspect of livestock farming, if set-up and managed properly, provides legitimate continuous income for entrepreneurs within a short period of time. There are over 160 million consumers in Nigeria and over one billion in Africa. This provides a large, growing and sustainable market for poultry farmers in Nigeria, and Africa in general.

4. Pounded Yam Flour Production

Pounded yam flour is another product that you can chose the invest in its production.


Pounded yam is a popular delicacy produced from boiled yam tubers, and is consumed by many people across Africa. However, a lot of people, especially the middle class find it difficult to prepare pounded yam the traditional way which involves boiling yam, pounding it in a mortar using a piston, until it becomes a succulent dough.

The growth of the middle class in Africa in general, and Nigeria to be specific, has led to a need for hygienically processed, easy to prepare and well packaged food products like yam flour.

5. Maize (Corn) Flour Production

This is another business that you can quickly setup and make good money with.

Maize can be processed into several products including Maize Flour, Maize Grits. Starch, etc.

With few producers focusing on the production of maize flour in Nigeria, there exists a large gap that needs to be filled by aspiring entrepreneurs in the country. This supply gap will continue to grow as the population of the country grows.


6. Cooking Oil Production

The production of Cooking oil, also called Vegetable oil is yet another viable business you can quickly setup and make good money in Nigeria.

The present production level of Vegetable Oil in Nigeria is yet to meet the demand of Nigerians. There is currently a ban on the importation of vegetable oil into the country. The ban was placed in other to encourage local producers to expand their operations, and new investors to go into the production of Vegetable Oil. This has made the business to be very lucrative.

Wishing you all the best in your quest.

Source: To read more, Visit: https://planbiz.com.ng/five-lucrative-businesses-you-can-start-in-nigeria-today-and-make-big-money/

Note: I can prepare a business plan for you on any of the above businesses. Reach out via Call/WhatsApp: 09022106607

iramure:
Haulaging/transport business. The vehicle is always giving issues. Ended up spending close to #2.2 million to repair which included changing the engine to tokunbo, yet no breakthrough. Las las, the vehicle is in mechanic workshop for the past 2 months. What a huge loss!

MamaFryo:
Meat delivery biz. It ended in tears. I started building my customer base from family and friends; they ruined the biz with debt.

However, I won't give up because I have the brand name registered already. I will repackage and come up with new strategy. I never say die.

adonainana:
Hotel business

At first i chopped money like there was no tommorrow, it a low budget hotel with sales of about 5k per night. Was banking in about 30k per day. It was like blood money for someone who has never made that much money from anything for like the first 6 months.

Mistake 1
About late last year, Nigeria happened and Buhari proved himself to why he was Buhari, inflation and purchasing power, i noticed people who still wanted to bring babes didnt have enough money left like that cos of food inflation etc. Most were now going for short time service which was 1500 naira for 2 hours. And as a man once you are done with what you want to do, your eye go clear till next time konjiii hooks you and you are back again.

So in essence i was cashing in more 1500 naira bookings instead of the 5,000 naira bookings resulting in less income per night

Mistake 2
When i was making crazy money per day, i too was forming big boy dashing people around money and acting like i had money, what people came to the hotel to do, me too i carried people to other expensive hotels to do.

Also i was repairing almost everything in the hotel customers will spoil, anything be painting the same wall over and over again

Meanwhile price of emulsion went from 4k to 12k minimum, i still would be doing renovations non stop

I even wanted to buy diesel generator at one point in time and give customers AC, Rooms that i know they wont still sleep in for less than 5k a night. Thank God i couldnt afford the diesel generator

Mistake 3- Ramadan period
Chai this period for like 2 months was hard ooo, its like everyone was holy and no one wanted to spoil thier fast, but once Ramadan ended, things went back to normal.

Conclusion
Save your money and put your money where your mouth is.

Now im still back but more clever now, I have stopped pointless renovations. And i have started saving my money,

Even now i have started lying to my staff that there is no money for renovations, lol the same people that remit 30k per day room bookings for me every day haha

CelestineNelson:
None...because I always do enough market survey and requirements gathering before I venture into anything. It is said that he who does not plan actually plan to fail...

Krak:
I opened a Surebet247 shop and I ran the business for months without commission. Customers winnings were always more than the amount played every week.

Last last I ended up closing shop after spending a fortune on recurrent costs.

I still regret going into that business.

AgentGoat:
Look for a paint that would last more even if it's more expensive.

zinaunreal:
Beshop. It wasn't the business that brought me down but the black man who will enter my shop and be angry/envious at how too equipped it is for a betshop.

They want to view matches but not pay, they want to play game but not pay , they want to bet on credit. 2 million down the drain.

I had a viewing enter a game shop and a bet shop all in thesame shop but the community was hell bent on giving their money to my competitors because they are not used to modern facilities. I have carried my load for better investment. Wish the devilish black minded Nigerians well.

Nigeria is dead. Just a matter off time that its rotten corpse will blow up on our faces .

Hamzaay:
Do you think I need to convince you. Poverty is in the mind bro. You are limitless.

That’s my account

Providence2020:
Poultry. It's very practical on paper but when it goes live it slowly grows into a drawn out timeline of heavy expenditure, it's not for the inexperienced or faint of heart. I know how many times I had to dispose off dead birds that were perfectly normal the previous day. The worst part is the market that's very inconsiderate, someone even priced my fuccing birds at 2,500 each. That's after almost two months(8 weeks) of N23,000 per week. Regretful!!

I admit there's other variables that I won't mention here but remember the op says only businesses that we regret so that's it.

My failure in this business and generally most traditional businesses drove me into internet money, I haven't looked back since

lkillbrokehoes:
I lost millions of naira back then on MMM ponzi scheme, I had to move on though and I thank God for now because I'm more richer than then.

CheedyJ:
Pls, kindly share if you can so that we can learn .. BTW, I thought female wears dey move wella

ijeshaboy:
Poultry my wife was dashing people eggs, and life chicken, i have to close down.

zinaunreal:
Beshop. It wasn't the business that brought me down but the black man who will enter my shop and be angry/envious at how too equipped it is for a betshop.

They want to view matches but not pay, they want to play game but not pay , they want to bet on credit. 2 million down the drain.

I had a viewing enter a game shop and a bet shop all in thesame shop but the community was hell bent on giving their money to my competitors because they are not used to modern facilities. I have carried my load for better investment. Wish the devilish black minded Nigerians well.

Nigeria is dead. Just a matter off time that its rotten corpse will blow up on our faces .

GRAMMARJAMES:
Good Morning Nairalanders..............

At times in Life, one need to reflect on some things that has happened. The ability for you to move on is what matters most.
This Brings us to the topic of Discussion,.
Which Business Did you regret starting because it ended up in a huge loss.

let me start,

I Purchased a Pup Caucasian Male and Female sometimes 2019, (N300,000). I had the intention of breeding them for reproduction., No matter how hard the male Cauc KNACK the female, she wont just take in., i took the female Cauc to another dog for KNACKING, still she did'nt take in., las las ehn, na inside pepper soup she ended.

The male Cauc is still here Gallant and serving as security.

Lets hear from you Guys, which business did you regret starting because it didn't yield much profit as anticipated.

Overthemoonman:
I invested over 200k in crypto, now my money no even each 10k for all my wallets again.. All the coins din turn 00

Hamzaay:
Delivery business. People over here no won pay for jobs ooo and the delivery thing is risky so I have to opt into my long time business freelancing and I am making noting less than $1k in a week for a bad days and $4k in other good weeks.

Hamzaay:
Do you think I need to convince you. Poverty is in the mind bro. You are limitless.

That’s my account

showafrica:
Lol.. Use ichimoku.. Buy and sell, don't hodl. If you want to hodl, buy and forget till after 5yrs.

Dam417:
Forex,crypto & betting ...lost a car I intended to use to start a new life buy uber/bolt to thieves.. God please don't let me die in depression.

psucc:
Ikot eyop. Da iwuôhô naña nke kere.

lazkizz:
Beer parlor,
my friends and my girlfriend Drank both the Capital and interest

Can't even pay the shop rent

iramure:
Haulaging/transport business. The vehicle is always giving issues. Ended up spending close to #2.2 million to repair which included changing the engine to tokunbo, yet no breakthrough. Las las, the vehicle is in mechanic workshop for the past 2 months. What a huge loss!