SIX Lucrative Businesses You Can Start In Nigeria Today And Make Big Money

There are several businesses you can start and run profitably in Nigeria. Below are six that readily comes to mind:

1. Rice Milling: One of the best businesses one can venture into in Nigeria today is parboiled rice production (Rice Milling).

Nigerians currently consume over 5 million metric tons, which is equivalent to over 100 million 50Kg bags of rice annually. With the current population growth rate of Nigeria, the consumption of rice is estimated to reach about 35 million metric tons (700 million 50Kg bags) by the year 2050.

There is high demand for rice in Nigeria. With a population of over 180 million people and an estimated national population growth rate of 5.7% per annum ,an average economic growth rate of 3.5% per annum in the past five {5} years, Nigeria has a large and growing market for rice.

As it stands, the current producers of good quality rice in the country cannot even meet up to 50% of the current demand. This is the reason why the market is flooded with poorly produced and low quality rice.

New entrants into the rice milling industry that can produce good quality parboiled rice will have an evergreen market waiting to be sold to.

Read more about Rice Milling Business In Nigeria here 

2. Drinking Water Production: Another good business that does very well in Nigeria is drinking water production (Bottled water and Sachet Water).

The growth of the middle class in Africa in general, and Nigeria to be specific, has led to a need for hygienically produced and well packaged food products like bottled water.

The market for packaged water is high and cut across all parts of the country. With a population of over one hundred and eighty million (180,000,000) people, and an estimated national population growth is 5.7% per annum, Nigeria has a large and sustainable market for packaged water.

Read more about Bottled Water Production In Nigeria here

3. Poultry Farming: Poultry farming is yet another business that gives good returns on investment.

Poultry farming has risen to become one of the most lucrative businesses in Nigeria today. This aspect of livestock farming, if set-up and managed properly, provides legitimate continuous income for entrepreneurs within a short period of time. There are over 160 million consumers in Nigeria and over one billion in Africa. This provides a large, growing and sustainable market for poultry farmers in Nigeria, and Africa in general.

Read more about Starting A Poultry Farming Business In Nigeria here 

4. Pounded Yam Flour Production: Pounded yam flour is another product that you can chose the invest in its production.

Pounded yam is a popular delicacy produced from boiled yam tubers, and is consumed by many people across Africa. However, a lot of people, especially the middle class find it difficult to prepare pounded yam the traditional way which involves boiling yam, pounding it in a mortar using a piston, until it becomes a succulent dough.

The growth of the middle class in Africa in general, and Nigeria to be specific, has led to a need for hygienically processed, easy to prepare and well packaged food products like yam flour.

Read more about Pounded Yam flour production in Nigeria here

5. Maize Flour Production: This is another business that you can quickly setup and make good money with.

Maize can be processed into several products including Maize Flour, Maize Grits. Starch, etc.

With few producers focusing on the production of maize flour in Nigeria, there exists a large gap that needs to be filled by aspiring entrepreneurs in the country. This supply gap will continue to grow as the population of the country grows.

Read more about Maize Flour Production in Nigeria here

6. Cooking Oil Production: The production of Cooking oil, also called Vegetable oil is yet another viable business you can quickly setup and make good money in Nigeria.

The present production level of Vegetable Oil in Nigeria is yet to meet the demand of Nigerians. There is currently a ban on the importation of vegetable oil into the country. The ban was placed in other to encourage local producers to expand their operations, and new investors to go into the production of Vegetable Oil. This has made the business to be very lucrative.

Read more about Cooking Oil Production in Nigeria Here

Bonus. The Business of Soybean Farming In Nigeria: Soybean farming is another business that will make you a lot of money if done well. It offers a good (2 – 3 x) return on invest.

Soybean can be cultivated favourably in most parts of Nigeria, but the major producing states in the country are Kaduna, Katsina, Niger, Benue, Borno, Kebbi, Nasarawa, Kwara, Oyo, Jigawa, and Taraba State.

Any farmer that goes into soybean farming will always smile to he bank because there is always a high demand for the crop. The demand has exceeded supply in recent time, reason why the price of the crop has now gone from about N150,000 per ton to over N300,000 per ton at the time of writing this report.

Read More About The Business of Soybean Farming In Nigeria Here

Also Read: Setting up Your Small Scale Rice Factory With Less Than 5 Million Naira.

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Wishing you all the best in your quest.