Many lucrative business ideas with low capital only require your inputs in terms of time and dedication. The rise in the unemployment rate in Nigeria has forced a lot of young people to think of ways they can make money themselves. We create this list of profitable business ideas in Nigeria for Nigerian youths who are entrepreneurial-driven and ready to think out of the box. 

These business ideas do not need a large capital to start and you can be sure of getting instant income the moment customers start rolling in.

You can also enroll in our Digital Marketing Master Class that can help you learn how to manage whichever business you think of starting today.

Why digital marketing?

The world is digital now and you can market virtually everything online especially on social media platforms and Google. 

Here are the latest profitable business ideas to start in Nigeria in 2021

#1. Snail farming

Snail farming business ideas are a huge one anyone can start in Nigeria. It involves the rearing of snails for their end product which you can sell off in the market. Snail is one of the most successful businesses in Nigeria and depending on how well you run the business.

Starting a snail business can be capital intensive sometimes and may require you to apply for a loan where you can get an instant online loan in Nigeria.

#2. Email Marketing Business

Email marketing is a branch of digital marketing in which you can start to help businesses effectively reach out to their customers. Starting an email marketing business requires knowledge of digital marketing and you can learn the nitty-gritty of it in less than 3months.

All you need is to build a good email strategy, with proven results on conversion and clients will keep coming back for more and also referring others. Successful businesses outsource email marketers for them to focus on other important things. Email marketing doesn’t need a lot of capital to get started.

#3. Rice Farming Business

Rice is one of the common foods for everyone in Nigeria. Virtually all homes in Nigeria consume rice. The demand for rice commodities has greatly increased over the past years and there’s a reduction in supply no thanks to the border closure.

However, the shortage in supply and increase in demand has opened up opportunities for anyone to venture into and make profitable income. 

The rice farming business requires a lot of lands and a little capital to start. You will most need the capital for labor-intensive jobs and fertilizer.

#4. Poultry farming

Another smart and lucrative business idea is poultry farming. Poultry farming is a lucrative business in Nigeria because you can sell meat like chicken and eggs. You need a large capital to start poultry farming in Nigeria but if you have a solid business plan, you can get a loan in the bank to start.

Egg supply and distribution is also a good smart business idea. You can stretch yourself beyond rearing chickens alone to distributing the produce like eggs.

Nigerians consume eggs on a daily basis and it is a good source of animal protein.

#5. Selling fruits

Looking for a very lucrative business that requires less capital? Fruit selling is the business you should consider. You can sell different types of fruit ranging from apples, oranges, grapes, cucumber, carrots to bananas. You can incorporate fruit vegetables like tomatoes, and leafy vegetables as well.

#6. Taxi business 

Taxi business is another lucrative and latest business idea in Nigeria in 2021. As people will always want to move around, you can be sure of steady income throughout the weekdays and even weekends. Technology has made this even easier and with apps like Uber and Bolt, you can register as a Taxi driver on your phone. To get started, you need a car and if you don’t have the money to buy yourself one, you can rent one and you are good to go. Bolt, Uber, and other apps help build your rating as a driver; the higher your ratings, the more people would want to use your car.

#7. Offering Catering Services 

Can you cook a delicious meal? Do you find cooking fun?

If your answer is a yes, then the catering business can be a means to making steady money in Nigeria. Nigerians enjoy and patronize great cooks no doubt about that. 

If you’re on a budget, start with the cutlery and other equipment that you already own. Remember to go exceptional with the packaging and let your customers taste the uniqueness in your meal

That way it can be appealing to your customers and they can keep patronizing you.

#8. Fish Farming

Almost every Nigerian loves eating fish. The demand for fish is always high and sometimes you can get to the market and see no fish to buy. This ever demand for fish is what makes fish farming a lucrative business on our list of business ideas in Nigeria.

With some space and a pond, you can get up and running with a fish farming business with a little money in your savings. 

Ensure you site your pond in a good location close to water. If you’re just starting out, consider investing first in Tilapia fish as it is easier and more economical

#9. Event planning 

Event planning is a profitable business idea to do in Nigeria that will never have you broke. Organizing an event can sometimes seem tedious at the beginning because you’re dealing with humans who can sometimes be difficult to manage. But with consistency and commitment, you can be on your way to cashing out every weekend and week. There is always a birthday somewhere or funeral, naming ceremony, wedding, and graduation party.

#10. Plantain chips making business

This list of business ideas in Nigeria cannot be complete without this lucrative, fast-moving, and profitable business. Plantain chips are one of the common commodities you find in the streets to fancy stores and traffic/roadside hawking.  One advantage of this business is that it does not require large capital to start and you can make your money within a few hours.

#11. Car washing Business

Many people think the car washing business is only for the poor who are just looking for a business to sustain themselves. But I can tell you that car washing is a very lucrative job. You don’t necessarily have to own land or rent offices before you can start. Nothing stops you from making cool cash if you can strategically set it up in a place where there are many vehicles.

The requirements to start a car wash business are renting a space, having a water supply, purchasing a generator, purchasing chairs and benches, and the washing machine to be used. Additionally, you’ll need to hire qualified employees to wash the vehicles and operate the washing machine.

On a small scale, this business is not capital intensive. You can also go a step further to provide your customers with comfort while they wait by installing a TV in the waiting area set where they can watch sports or movies. 

The business can be expanded to include a barbershop as it grows while they wash their car, people can get their hair cut. You help them kill two birds with one stone.

This business offers so many additional ways to make more money. With this business idea, you can sell drinks and BBQ Suya. You’ll just need to make the place a comfortable and happy spot for your customers. 

For this business to be successful it would be best if you could get an ideal location where plenty of cars can park. You’ll need to hire at least 3 to 4 people. 2 people to wash cars and 2 barbers for the salon.

In Nigeria, starting this business would cost at least N500, 000.

#12. Dry-cleaning Business

For busy people, laundry can be a difficult task after spending hours in the office and in traffic. This is why in places like Lagos, dry cleaning is a lucrative business. With an affordable dry cleaning agent in the area, many people will choose to bring their clothes to you for dry cleaning every week. Dry cleaning is a booming business in Nigeria and it is expected to keep growing as more people join the middle class.

#13. Cake and Cupcake Bakery 

Along with event planning and organizing business, you can incorporate baking of cakes for the wedding to birthday, anniversary, and end-of-year parties. This means a lucrative opportunity in the baking and event planning industry.

Baking and decorating for occasions are lucrative business ideas for passionate bakers to venture into.

#14. Fashion Designing and Tailoring

Looking for lucrative home business ideas that you can start in Nigeria and earn almost immediately?

Consider fashion designing and tailoring business. This business idea is increasingly becoming a profitable business. Why we include this on our list is because we know Nigerians love to party and every party always comes with its own “Asoebi” which means an endless opportunity and a steady stream of income for you. You can learn fashion designing and become a professional in under 6months. All you need to get started is a sewing machine and of course, you don’t have to start with an industrial machine before you can get customers and make money. As you earn and save, you can afford that and many other things that can make the work easier for you.

#15. Cosmetics and Hair Salon business

This business idea is reserved for those who are beauty freaks. There is an endless opportunity here because events, ceremonies, or parties will never stop as long as we are humans. And just as we mentioned earlier, We Nigerians love to party and we don’t joke with our gorgeous looks; we all want to look good and admirable all the time.

So this business idea performs well in Nigeria in terms of income generation. You can open a unisex salon and provide services to both male and female customers.

#16. Pure water business

Water is one thing humans cannot live without. Due to the importance of water, pure water business makes this list of the most lucrative businesses in Nigeria.

Presently, Nigeria has over 180 million residents and all of them drink water! Therefore, this business is very lucrative and offers a high level of returns, because you will always have buyers.

Even though this is a capital-intensive business, it is well worth investing in, especially with the right management skills. Apprenticeship in a pure water company can provide you with the knowledge you need or you can talk to someone who is in this business to guide you on what to do to get started. You must also get the necessary legal qualifications.

#17.  Liquid Soap Production 

There is such a large market for liquid soap in Nigeria that established brands are unable to meet up with demand. This product is essential to every household in the country. In other words, there will always be a need for it. You just have to be the one supplying.

If you look around your neighborhood, you will see homemade liquid soaps that aren’t branded but packaged in used plastic bottles being sold for about N50 to N100. Today, this is one of the most important investment opportunities in Nigeria. You can make a lot of money producing liquid soap and selling to supermarkets and retailers who sell to end-users, restaurants, bakers, caterers, and home keepers.

You may require training that can be acquired at vocational centers operated by churches, government, and non-profit organizations. Branding and fine packaging will give you a large market to rely on and you will be smiling to the bank.

#18. Cassava farming

Most Nigerians are dependent on cassava-based products such as Garri, fufu, and others. There is a huge demand for these products, which makes this business very lucrative. Should you decide to go into this specific agriculture business you can make more research on how to start a cassava farming business in Nigeria

#19. Cattle farming

Nigeria is a country where beef meat is very popular and there is almost as much value placed on cow milk in Nigeria as there is on oil. These factors make cattle farming businesses one of the most lucrative businesses in Nigeria.

#20. Cooking gas business

To a large extent, Nigeria and the rest of the world rely on oil and gas and it is evident that this business will continue to flourish as long as the trend continues. Among Nigeria’s most lucrative businesses, oil and gas are undoubtedly at the top.

Let’s look at it this way: cooking relies on gas or kerosene. Whether we are driving cars, using okadas, or using Keke-napep, we need fuel to get around. In addition, poor electricity supply means we have to depend on fuel for electricity.

Most people, on the other hand, are so focused on petrol that they neglect cooking gas. Gone are the days of Kerosene.  The majority of households in Nigeria now cook with a gas cooker, which has led to a surge in demand for gas.

You can make the most money from cooking gas than from any other business. You can either sell cooking gas to retailers or become a retailer and refill gas for end users. Starting this business is not expensive, and it is very profitable. You can start small and grow!

All you’d need for this business is a shop, a few gas cylinders (one or two would be enough to get started), and some basic materials such as scales, hoses, etc.

#21. Sports Viewing Centre Business

Do you love sports and want to earn money doing what you enjoy? Then this is one of the cheapest businesses to start in Nigeria. To get started you simply need a viewing space, a television, and a DSTV console to watch and you are ready to go.

The business can be further expanded to include a betting shop as you grow. This will make you lots of money real fast in Nigeria as football is one of Nigeria’s hottest sports.

Setting up a sports betting/viewing center to watch live football games in public will certainly bring in a lot of money, particularly in populated urban areas. Quite frankly, many people enjoy watching football with their friends more so than alone at home.

#22. Rental Services

Rental services are also a profitable business as people always tend to need things they do not have. It is one of the hottest startup business ideas that you can start and make money in Nigeria. Occasionally, events are held. People always need help with renting canopies, cars, chairs, cutlery, cooking utensils, music boxes, ladders, etc.

The rental business has low capital requirements and high profits. Once you start, you can use digital marketing services – advertisements on social media to be more visible to your audiences and build brand awareness in your environment, and possibly beyond.  

Once all this kick starts, you may be overbooked that you may not be able to meet demand.

#23. Hotel Business

The hotel business is one of the untapped businesses that is quite lucrative in Nigeria. Many people travel each and every day for various reasons, and they will probably need somewhere to stay, either for a night or as long as they wish. And of course, there is a fee for it. 

Therefore, a hotel business will always be a lucrative business to start in Nigeria. In order to succeed in the hotel business, you should either look for a less competitive environment and start-up or provide better or cheaper services in a more competitive area.

To supplement your income, your hotels should provide a hall which people can rent for events. You could also include a bar and restaurant.

#24. Ice Block Production and Sale

Ice block production has always been considered one of the best business ideas for startups in Nigeria. Perhaps, the tropical climate and abundance of sunlight and heat in Nigeria may have made it so. Moreover, it is a profitable business idea you can kick start even with a very small capital at your disposal.

With a medium-sized generator and a deep freezer, you can start off right away. Once you begin making money, you can scale up by acquiring an ice block-making machine. 

There might be no electricity in some parts of town where it is difficult for households to maintain adequate stock levels of cold drinks and water in their refrigerators It is because of this that ice block production is a money-making business in Nigeria.

Your target market includes households around your neighborhood, retail shops, restaurants, and bars where drinks need to remain ice-cold at all times.

Conclusion

In your new business, you don’t have to take on everything yourself. You can have a co-founder (business partner) who can assist with certain aspects of the business.

To start a business, you need an idea, passion, followed by a BUSINESS PLAN and MARKETING PLAN. All these businesses mentioned here are some of the most profitable businesses in Nigeria even if you decide to start on a small scale.

But always remember to put important factors such as the location of the business and the market demand into consideration before you choose a business to venture into.