Best Business Ideas for Nigeria

If you’re thinking of doing business in Nigeria, there are a lot of options open to you. There are several lucrative business and investment opportunities in this country. The best part is that there are a lot of business options which don’t require all that much capital. We’ll discuss a few possibilities below:

1. Day-cares

There are more and more mothers all around the world, especially in Nigeria, who want or need to work after having children. This option should be open to them, but for that, a country needs a proper and reliable daycare setup. You could be the one providing this service and making a tidy profit while you’re at it.

2. Dry Cleaning and Laundering

As people are getting more and more successful in Nigeria, they want their clothes washed, starched and pressed in a certain way. Those who can afford it are even wearing delicate fabrics that require dry-cleaning instead of hand or machine washing.

By providing this service, one can be of help to those who may not have the time or know-how of how to wash their clothes properly. Hence, they would pay a decent sum for the convenience of someone else taking care of this chore.

3. Raw Foods

It’s a matter of not just how to start a business in Nigeria but also what is the most profitable business you can do with your skill, time, and effort. The Nigerian food market is a little different from others, especially those in the Western world. This is because Nigerians prefer to make and eat food made at home. They are, hence, more on the lookout for high-quality raw food rather than quick, processed meals.

Thus, you would be better off focusing on raw food than prepared ones. You can start off with the basic staples such as beans and rice and move on to other items when your business gains a name for itself.

4. Bakery

Since more and more people are working these days, they may have time to cook but not bake. Baking is a process that requires careful attention and almost constant watchfulness. Thus, a bakery business is very likely to become popular in Nigeria.

In order to start out, you may want to visit a school and offer your services for a bake sale or birthdays. Be sure that you’re working in an approved kitchen in order to avoid fines and/or penalties.


5. Cars

Cars are no longer a luxury in Nigeria. In fact, they’re essential for getting most things done in this country. You may consider a rental car service, which is a less risky and relatively low-capital option. No matter what you do with vehicles, though, make sure you operate within the limits of the law.

Before you start on one of the business opportunities in Nigeria, you should be updated on the legalities of your situation. See what taxes you have to pay and acquire any licenses you may need. If you keep things legal and above board, it would be much easier conducting any business mentioned above.


How to Start a Business in Nigeria

If you are considering doing business in Nigeria, you would have plenty to do before setting up shop. However, the requirements of a business in Nigeria’s economy are not always apparent. Below are some factors you should consider if you want to know how to start a business in Nigeria:

1. Make Sure Your Idea Is Viable

It’s easy to get a lot of ideas about a business venture, but are all of them useful, profitable, or even feasible? For instance, many people in Nigeria may want high-quality food but not the processed kind. Hence, your plan to supply TV dinners may not go so well. On the other hand, you may have quite a lot of success selling cured meats, freshly baked items, and anything that is nutritious and can contribute to a home-cooked meal.

You should also make sure that your business idea is possible in the existing infrastructure in Nigeria. This economy is notorious for having problems with power, roads, and other important facilities which are essential to a business. Thus, if your business involves a lot of travel, you may need to take a look at the condition of the roads you would use the most. There are several business opportunities in Nigeria, but not all of them are possible for everyone.

2. Make a Business Plan

Before breaking ground on your business, you should look at what it is you want to do and how you mean to accomplish it. This is best done by charting out a proper business plan. You can hire a professional to write it if you’re at a loss yourself.

Your business plan should include the following:

  • A description of your business
  • A professional summary of your activities
  • The demand for your proposed product or service
  • An analysis of the competition in the current market
  • How you mean to develop the company in the future
  • How the business would be managed and operated
  • What resources you need and how you would get them
  • A projection or prediction of your future finances

3. Registration

When you have a proper plan for business, the next step should be to register your company name with the CAC. This means the Nigerian Corporate Affairs Commission. This is the entity which registers all the businesses in Nigeria.

Registering would mean answering some questions about your company. You would have to tell them what kind of business you mean to do, the number of partners, stakeholders, etc. You would also have to tell them the name of your business in order to make sure it hasn’t already been taken by anyone else. This would also ensure that your name wouldn’t be copied by any competitor later on.

There would be a lot of advice floating around about several aspects of conducting any kind of business in Nigeria. You would have to glean the correct, useful and updated information in order to make your venture a success.