Every journey starts with one step. In business, it’s not different. You want to become a millionaire in fifteen years time, but you know that you have to start somewhere.
So where do you start? Which are the best businesses around?
Well, if your aim is to make millions every year then you need to pick your options very wisely. For example, you can’t start selling skateboards in Lagos and hope that you’ll be raking in millions month after month. It will never happen. But you know very well that Nigeria has a lot of oil and oil is a very precious resource. So if you can find your way into the oil sector then there is a chance you could be a millionaire very soon.
That said; here are the Top 10 Nigerian businesses that can make you millions easily.
E-commerce is probably the most promising Nigerian business that can make you millions that one can easily engage in at the moment. One major advantage of online commerce is that you have over a billion customers on the internet and all the tools you need to convert these people into buyers. You can work with an already established company to help you start and operate your business.
2. Sell construction materials
The construction industry in Nigeria is booming and the housing sector is a perfect indicator of this. But where do these people get their materials from? Local dealers definitely! This investment might require a substantial initial capital but that’s probably the only stumbling block. As soon as the business is up and running, you’re guaranteed continued success.
3. Real estate
There is no doubt that real estate is one of the most lucrative businesses in Nigeria today. People are making 100% profits on land in Lagos! And if you’ve been keen then you must have realized that the emerging middle class are now buying rather than renting homes. If you can find your way into the industry and steer clear of con men, you’re on the path to riches.
4. Hotel business
Some would wonder how you could still make millions with hotels when there are innumerable high-class hotels all around. But ask yourself how all these hotels manage to remain in business, making huge profits every day, when the competition seems too stiff. The hotel industry is a goldmine and it has always been. However, you’ll need excellent management skills in order to be successful.
5. Oil and gas
Nigeria is one of the biggest producers and exporters of oil in Africa and the rest of the world. This presents you with several opportunities ranging from running a petrol filling station to supplying diesel and distributing kerosene among others. People who venture into oil and gas related businesses never take long before they are millionaires; that’s for sure. This is one sure Nigerian business that can make you millions.
6. Rice farming
Rice is Nigeria’s staple, isn’t it? There is a huge demand for the product in the country. Actually, the Nigerian government imports rice worth several billions of dollars from Thailand and China every year because local production is never enough. Farming is a bit labor and capital-intensive so you should be prepared to invest heavily in the two. There are several companies that are willing to partner with those interested in rice farming in Nigeria which you can always take advantage of.
7. Snail rearing
Snail farming stands out mainly because it’s a very low-cost business. Snails don’t require special food and their maintenance is simple and very cheap. With the demand for these animals rising sharply in the past few years, there is never a shortage of market. Coupled with the fact that not many people are rearing snails on a significant scale and you have plenty to smile about.
8. Tokunbo trade
Trade in second-hand items is big business in Nigeria. A large fraction of Nigerians, out of poverty, prefer to spend the little they can afford on second-hand items rather than buy new ones. Second-hand clothes are arguably the most popular.
9. Poultry farming
Poultry farming is a business for everyone and has the ability to turn your thousands into millions very quickly. If you can start with about 1,000 birds and manage your business properly, you should expect in the region of N30 million every year. However, even if you can’t afford 1,000 birds for a start, you can always start with a few hundred and upscale with time.
10. Investing in the transport sector
The transport system is currently in a mess but it’s still quite a very profitable industry. People who are able to manage their businesses effectively are churning hundreds of millions annually.
These are the sure top 10 Nigerian businesses that can make you millions, certainly, these business ideas will never fail you in Nigeria. That is if you can put in the right effort.