best businesses in Nigeria

What are the best businesses in Nigeria?

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First of all, I will like to say Now Nigeria still remains a hub for most entrepreneurs and investors. In fact, Nigeria is now the largest economy in Africa, the number one destination for Foreign Direct Investment in Africa, and one of the fastest-growing economies in the world. That’s why South African and Chinese companies are scrambling to invest in Nigeria.

So here is my list of business you can start in Nigeria

1. Mining

Nigeria is blessed with a lot of mineral resources like Limestone, Coal, Iron ore, Bitumen, etc. Aside from this, the mining industry in Nigeria is set to take off because the federal government in June 2013 implemented a policy to drive forward the mining industry by declaring the importation of mining equipment duty-free.

The government is also going after many dormant investors who were granted mining licenses but are not utilizing them. This act I believe will spur growth in the mining sector. If you have the financial capacity and a team, you can come in, register yourself under CAC and position yourself in this sector.

2. Setting up a private mini refinery

There are lots of business opportunities in the oil and gas sector. Building a private refinery and refining crude oil is another business you should look into because there is a lot of potential in it.

In January 2012, the federal government announced the partial removal of subsidy and with a long-term plan to totally remove fuel subsidy.

What this means in essence is that petroleum product importers will now sell as they buy; thus bringing in competition and it is a known fact that 80% of petroleum products consumed in Nigeria are imported.

3. Importation of wears

Clothing is another basic need of man. Regardless of the economy, people must wear clothes and this includes shoes, bags, underwear, perfumes, etc. Now there is a fast-growing trend now and that is “Used clothes” or “Recycled clothes,” otherwise called “Okirika.”

Since the economy is getting tougher and there’s a need to be clothed, the masses have resolved to buy used clothes rather than new ones. Still, yet, there is a market for new clothes; for men, women, and kids. You can source your materials from China, Hong Kong, Italy, France, Dubai, and even from India, etc.

4. Training centers

Every year, millions of people sit for examinations and tests in Nigeria and most of these people usually need some kind of training or tutorials.

You can position yourself as a provider of such training and make money off this niche. Examples of training you can offer include skill & vocational acquisition training, corporate management skill training, etc. You can also conduct tutorials for individuals writing professional exams LIKE CCNA, CCNP, ITIL, and general IT stuff

5. e-Services

Nigeria is catching on with the rest of the world with respect to technology. If you are technologically inclined, you can set up a shop in Nigeria and start offering e-services to clients.

Examples of such e-services include Web designing and development, Web hosting, App development, Digital marketing services, Search Engine Optimization services, Banner design services, Bulk SMS services, Online registration of exams such as JAMB, WAEC, professional courses, etc

6. Waste Management

Waste management is another business with future potential because Nigerians are yet to imbibe the habit of proper waste disposal. However, states like Lagos have been doing a lot to encourage proper waste disposal and management.

Now there are several businesses you can start within the waste management niche and these include waste recycling, waste disposal, junk hauling, organic fertilizer production, etc.

7. Alternative Power Installation

As the world goes green, and Nigeria battles its power supply challenges; there is an already established opening in Nigeria’s power sector.

Even though the government has taken steps to deregulate the power sector by granting licenses for Independent Power Plants, granting a free import duty for the importation of power generation equipment, and commissioning several power projects, this will never hamper the growing demand for alternative power generators such as solar energy, windmills, Inverters, etc. You can either make money by importing and retailing these materials or you can choose to focus on installations.

8. Food processing

Another profitable industry to consider is the food processing industry. The concept of this industry is simply to take raw food materials and turn them into finished products.

In fact, there are a lot of businesses you can do in this niche, and examples of such businesses include Tomato puree production, Frozen food production, yogurt production, Vegetable oil production, Garri Processing, oil palm processing, groundnut processing, Fruit juice production, Rice milling, etc.

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