At PiggyVest, we care about many things. Of course, we are mainly concerned with helping you to save and invest money safely and securely. But we are also passionate about getting you to learn stuff like how taxes work and understand the best ways to make money online in Nigeria. 

Speaking of making money — have you ever wondered what the most lucrative business in Nigeria is? Well, there’s a few. 

The most lucrative businesses in Nigeria include agriculture, restaurants, furniture, real estate, oil and gas, haulage and logistics, car wash, and transportation. All these businesses offer great returns on investment and are perfect for the Nigerian clime.

In this article, we’ll share 8 of the most lucrative businesses to start in Nigeria and highlight why they’re classed as such. Let’s begin!

1. Agriculture

From fish and vegetable farming to chicken and cattle rearing, the agriculture industry offers many great options for Nigerians looking to start a business. The good news is that the industry is one big party: you can even start multiple agricultural businesses at once.

You might need some help navigating transportation and storage — two of the most serious challenges facing Nigerian farmers today. You might also need to establish strong relationships with wholesalers and market your products aggressively to make good sales.

Still, the issues in agriculture are minor compared to the commercial potential. Plus, you can start with relatively little capital. For example, starting a poultry farm might require ₦100,000 but the returns on that investment might be double, if nothing goes wrong before it’s time to sell the birds.

2. Restaurant business

While it might seem like there are way too many restaurants in Lagos, that abundance is an indication of the profitability of the business of restaurants in the city. After all, everyone has to eat! Plus, great restaurants (even online ones like 500Chow) are assets for touristy hotspots like Lagos and Port Harcourt.

Unlike with poultry farms, you might need a substantial amount of money to start a restaurant business in Nigeria, but the returns can be juicy if successful.

Still, the costs can be steep, so we recommend using the internet to your advantage. 

For example, you could use Pocket App by PiggyVest’s e-commerce feature to sell directly to your customers and save on rent and other physical restaurant costs.

Of course, this business model would mean you’d have to leverage social media and focus on excellent delivery services — just like Dare Aderinokun’s Quacktails.

3. Furniture business

Furniture businesses might not be trendy in Nigeria, but they’re — undoubtedly — one of the most successful ventures you can start. This business requires skill and a lot of work, but you can make millions of naira designing and building items like sofas, tables and wardrobes.

Of course, you might need to deal with issues like rising costs of raw materials and unprofessional artisans. But every business has challenges. Get inspired by Chukwudozie Maduabum, who turned his hobby into a thriving furniture business.

4. Real estate business

The business of real estate needs little to no introduction. It is — unsurprisingly — a very lucrative business in Nigeria. In fact, according to Statista, the real estate sector was one of the most stable and successful industries in the second quarter of 2022 — with a growth of 4.42% compared to Q2 2021.

You can start a real estate business by investing in assets (buying and selling properties and construction materials) or earn passive income by becoming a landlord. It’s up to you!

Either way, the money you’ll make depends on factors like the property’s location and its purpose.

5. Oil and gas business

Nigeria is the continent’s biggest oil producer today and was one of the top 20 largest oil-producing nations worldwide in 2022. We’re so oil-rich that petroleum products account for approximately 90% of all our export value, and the entire industry is worth trillions of dollars (according to Statista).

What does this mean?

Well, that’s easy! It means that you can start a profitable business in the oil and gas sector.

For example, you could invest in a cooking gas depot and sell directly to homes and businesses. Or you could build a filling station and serve a section of the 11.8 million cars in Nigeria today.

There are so many options to explore in oil and gas, and the best choice for you will largely depend on how much capital you have available. 

6. Haulage and logistics business

Logistics businesses have become wildly successful worldwide — partly due to the recent coronavirus pandemic and user-friendly platforms. In Nigeria, they’re so successful that it’s almost impossible to go a full day without seeing a delivery motorbike, car or bicycle on the road.

Handling logistics is lucrative. And you can corner local markets with lots of bikes and excellent service.

Of course, you can also try haulage and transport large amounts of goods for companies of all sizes. This option is more profitable than regular logistics, but you would need to invest more capital (for trucks and highly trained drivers).

7. Car wash business

We already shared how Nigeria is swarming with cars — more than 11 million of them — so this business idea just makes sense. But while a car wash might not seem very profitable initially, you can make a tidy sum if you invest in high-end equipment and offer professional services.

You could also set up shop in high-brow areas so you can attract better-paying customers.

Overall, you should make profits in no time if you run this business well, and you can start with little capital.

8. Transportation business

Transportation is a core part of the 21st century, whether you are heading from Lekki to Ikeja or from Earth to Mars. Getting involved in the business of moving people can make you a fortune. In Nigeria, you can set up commercial vehicles, leverage ridesharing services or even invest in alternatives like air, rail and water transport.

Whichever you choose, there’ll always be a demand for your services with the right marketing strategy. But you would need to get your prices right, considering the rising cost of fuel.

Conclusion

While certainly profitable, most of the businesses in this article will require a great deal of capital and time to get off the ground. But, you can start them anywhere — Lagos, Plateau, Kaduna or Aba — and still make lots of money from your investment.

Just don’t forget to consult professionals and other experienced business owners to ensure you know all the fine details about whichever business you choose. Quality advice can help you avoid problems like fraud and other money-related wahala.