The business scene in Nigeria and other African countries have evolved and taken a new shape. From time to time, new businesses continue to emerge to provide solutions to peoples’ changing needs.
If you’re an investor, a new entrepreneur looking to make a mark or a veteran businessperson trying to expand your business line, it is important to understand what businesses are profitable at the moment. And also what businesses hold enough prospect for the future.
To help you decide, here are 33+ hot business ideas in Nigeria or Africa that you could invest in today:
See Also: How To Start A Lucrative Travel Agency Business In Nigeria: The Complete Guide
1). Travel Agency Business:
The travel business has always been highly profitable, and it is getting even more lucrative over time. To get an upper hand in the competition, identify and meet the particular demands of the populace and offer them comfort, cheaper deals, and easier access to visa.
2). Oil and Gas Company Business:
Oil and gas are two basic commodities needed for everyday survival. As of 2019, the global exploration and production of oil and gas were worth $3.3 trillion. The oil and gas business may require a high startup capital but is a worthy investment in the long run.
See Also: How To Start A Lucrative Oil And Gas Company Business In Nigeria: The Complete Guide
3). Cyber Cafe Business:
Global digitization has significantly boosted the need for Internet services. Although most people use their mobile phones for their basic cyber needs, they resort to cyber cafes for more digital services, web surfing, etc.
4). Frozen Foods Business:
Starting a frozen foods business is another great business idea to make good profits. All you have to do is focus on a specific group of frozen foods with high marketability in your chosen area and build a strong distribution network.
See Also: How To Start A Lucrative Frozen Foods Business In Nigeria: The Complete Guide
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5). Makeup Business:
The makeup business is now a hot business and makeup artists are smiling to the bank. Almost every sector of modern society requires the services of makeup artists, ranging from but not limited to including fashion, modelling, the movie industry, music, print and visual media, photography, etc.
6). Event Planning Business:
Modern society places so much value on excellent planning and organization when it comes to events, and this explains why there will always be a steady market for event planning in Nigeria or Africa.
Providing great event planning services to individuals and groups is bound to continuously grow.
See Also: How To Start A Lucrative Event Planning Business In Nigeria: The Complete Guide
7). Plastic Recycling Business:
The advocacy for a safe, pollution-free environment creates room for recycling business. According to the Surfers Against Sewage, about 8 million pieces of plastic are washed and dumped into water bodies each passing day.
Recycling plastic is not just a lucrative business but an effort at saving the planet.
See Also: How To Start A Lucrative Plastic Recycling Business In Nigeria: The Complete Guide
8). Real Estate Business:
The real estate business is one of the most lucrative investments at the moment because people will always need a rook over their heads for living or work reasons. All you need are strong capital and great knowledge of the industry.
9). Car Dealership Business:
The automobile industry in Nigeria is continuously growing. As of 2019, Nigeria was home to well over 11 million cars.
Depending on your startup strength, you could start by trading fairly used cars.
10). Record Label Business:
The Nigerian entertainment industry has been projected to reach $10.8 billion, with new and emerging acts gracing the scene. You could start a profitable record label to identify, sign and promote talents.
The profitability of the record label business in Nigeria is massive!
See Also: How To Start A Lucrative Record Label Business In Nigeria: The Complete Guide
11). Software Company Business:
Most modern companies and sectors of today’s society depend heavily on software to run their daily activities and it is the job of software developers to develop such software tools.
The software business is a multi-million dollar business and it is open to anybody irrespective of startup capital.
12). Tissue Paper Production Business:
Ever wondered how many tissue papers are consumed per person each year? Over 5.2 kilograms! The global need for toilet paper continues to soar as more parts of the world – Africa as a case study – adopts more hygienic toilet systems, among other uses.
A toilet rolls production business is a great business venture you could start with a fair capital.
See Also: How To Start A Lucrative Tissue Paper Production Business In Nigeria: The Complete Guide
13). Commodity Brokerage Business:
Commodity brokerage has raised millionaires and billionaires over time. The business involves facilitating transactions between buyers and sellers. Commodity brokerage is not limited to any one type of business. Hence, brokers are always in high demand.
14). Tourism Business:
Nigeria is blessed with beautiful sites and attractive nature. Starting a tourism business opens up lots of opportunities for people in the locale and very high profits for the investor/entrepreneur. With the right business strategies in place, you could grow your tourism agency into a multi-million dollar business.
See Also: How To Start A Lucrative Tourism Business In Nigeria: The Complete Guide
15). Consultancy Business:
A consultancy business tries to bridge the gap between clients and freelance workers. It also involves providing professional advice and guidance to individuals and companies in the given niche. Brands and companies understand the need for consultancy agencies in their field and pay handsome fees for professional consultancy.
16). Food Processing And Packaging Business:
People in the corporate world are always busy and constitute a ready market for food processing and packaging brands. People are willing to pay for packed foods to save time. And beyond the corporate world, some people want food delivered to their homes.
See Also: How To Start A Lucrative Food Processing And Packaging Business In Nigeria: The Complete Guide
17). Quail Farming Business:
Quails are rich in nutrients and are always in demand. Practising quail farming requires fewer resources than other poultry businesses. More so, quails are easy to raise and have a high market value.
18). Egg Supply Business:
The egg distribution business is saturated with small-scale distributors, yet they struggle to keep up with the daily demand for eggs across the country. Starting the egg distribution business with a wide and trusted supply chain network gives you an edge in the market.
See Also: How To Start A Lucrative Egg Supply Business In Nigeria: The Complete Guide
19). Magazine Business:
Another underrated business idea for you to consider is the magazine business. Businessmen and women, career individuals and other members of the society in one field of expertise or the other are heavy consumers of magazines related to their industry.
You could also add launch a novel magazine with content people always craze to look forward to.
20). Mobile Toilet Rental Business:
A mobile toilet rental business sounds like an odd one, but it is one of the new hottes business ideas in the event business. Construction companies, public events and communities without toilet facilities are potential clients.
See Also: How To Start A Lucrative Mobile Toilet Rental Business In Nigeria: The Complete Guide
21). Network Marketing Business:
Gone are the days when manufacturing companies bothered about how to get their products to the grassroots consumers. With the presence of network marketers, their products can reach more markets through direct personal marketing.
A network marketing business involves a long complex system but with an error-proof strategy, you could make millions off this hot business idea.
22). Solar Energy Business:
The solar energy business is one of the hottest business ideas introduced to the power industry in response to the erratic electricity supply.
Solar energy creates rooms for several job opportunities, ranging from sales of solar panels to maintenance and repair services.
See Also: How To Start A Lucrative Solar Energy Business In Nigeria: The Complete Guide
23). Supermarket Business:
The supermarket is one of the hot business ideas that thrive in populated towns and cities. As long as your supermarket is located at the heart of town and it caters to the basic and most demanded commodity needs of the locals, it is bound to grow in leaps and bounds.
24). Photography Business:
Weddings, concerts, birthdays and other related events are some of the reasons photography is in constant demand and has evolved into the digital sphere.
Photography is a business any trained person can start from the corner of their room.
See Also: How To Start A Lucrative Photography Business In Nigeria: The Complete Guide
25). Biscuit Or Cookie Production Business:
Starting a biscuit or cookie production business is a way to make millions off students because they are a steady market for snacks. Although the industry is heavy with competition, a good business strategy will help you establish your place in the industry.
26). Tea Farming Business:
Tea farming in Nigeria or any other part of Africa is currently a hot business idea. The business thrives on the high demand for tea, the second most-consumed drink after water, all over the world.
To get the best of a tea farming business, network with a trusted export company to take advantage of the international market.
See Also: How To Start A Lucrative Tea Farming Business In Nigeria: The Complete Guide
27). Cake Making Business:
The growing number of cake bakers across the world testifies to the high profitability in cake making. You could up your game by introducing new awesome designs and taking your craft to social media so you can reach a wider market.
28). Shoe Making Business:
Professionally trained shoemakers are making it big with this hot business idea. It is a business anyone with the needed skills could grow into a large business, given the right distribution channel and branding.
See Also: How To Start A Lucrative Shoe Making Business In Nigeria: The Complete Guide
29). Bread Bakery Business:
The global bread bakery business raked in over $507 million in 2020. Families across Nigeria and other African countries are lovers of bread. Starting a bread bakery is a hot business idea with lots of potentials.
30). Catering Business:
The catering business is closely related to the event planning business in Nigeria. Ceremonies and special events are occasions in need of professional caterers. Starting a catering business requires some capital and labour but it is a highly lucrative business if you have the right network.
See Also: How To Start A Lucrative Catering Business In Nigeria: The Complete Guide
31). Social Media Marketing Business:
Businesses have now taken their products and services beyond traditional physical marketing and adopted social media platforms to reach new markets. You could start a social media marketing business to help brands who have no clue on how to use the platforms to grow their sales and user engagements.
32). Generator Rental Business:
A generator rental business is an answer to the erratic power supply in Nigeria and many parts of Africa. Companies and individuals rent generators for occasional business purposes or large events.
See Also: How To Start A Lucrative Generator Rental Business In Nigeria: The Complete Guide
33). Mechanic Workshop Business:
The rise in automobiles in Nigeria and other African countries have created the need for technicians and engineers who can repair and service motor parts for optimal performance. You can build a large mechanic workshop and employ the services of trained technicians.
34). Interior Design Business:
Another modern hot business idea you could start is the interior design business. With the right advertisement strategy, you could reach people who are willing to invest a lot of money into improving the appearance of their homes and apartments.
The interior design business is one of the businesses that has come to stay.
35). Noodles Production Business:
Several brands have built their business into multi-million naira empires in the noodle production industry. The industry is no doubt saturated, but there is still room for new brands. A noodle production business requires sufficient startup capital and an efficient marketing strategy.
See Also: How To Start A Lucrative Interior Design Business In Nigeria: The Complete Guide
To Sum It Up
Nigeria is home to several business ideas, thanks to its growing economy. Irrespective of your niche and areas of interest, you could grow your business into a multi-million naira business empire with the right strategies.
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What are your thoughts on these 33+ Hot Business Ideas In Nigeria And Africa? Let me know by leaving a comment below.