Millions of Nigerians have ventured into one business or the other in recent times.
In fact, Nigeria’s over 37.07 million micro, small and medium-scale enterprises, MSMEs, account for more than 84 per cent of jobs in Nigeria.
Can you imagine that!
If you are interested in joining the fast-moving train of entrepreneurship, you are warmly welcome. It’s a very smart decision to make at this time.
Whether you are a student entrepreneur or you are an 8 to 5iver who wants to have other streams of income, or perhaps you are have been unemployed and feel it’s high time you started ‘your thing’, there are indeed a number of profitable business ideas you can start with little capital.
Before we list our top lucrative businesses in 2020, it’s important that you know that whether or not your business will be successful is almost 100% dependent on you.
It’s really not about the kind of business you venture into, so far you’ve tested its feasibility and you are aware of the causes of businesses failure in Nigeria. It’s your mindset towards your business – business ethics – that will take you far.
Dangote does not manufacture anything so out of this world. His products which are mainly FMCGs are largely already existing products ideas.
What distinguishes the Dangote brand is their attitude to business and of course, their ability to penetrate huge markets and become market leaders.
The good news is that you do not necessarily have to become a ‘Dangote’ before your business can be a successful one. Also, the Nigerian business environment is green already.
So with the right entrepreneur mindset, you can be sure to succeed in Nigeria as you venture into any of these lucrative business ideas below:
53 Businesses to Start In Nigeria in 2020 with Little Capital
There are different aspects to transport business that you can venture into and either way, you’ll find that the transportation business is a lucrative business here in Nigeria.
According to recent research, a total of about 64 vehicles are available per 1000 Nigerians. Compared to Libya’s 483 and Brazil’s 350, this is a far cry.
The positive side of this is that there is a huge opportunity in the transport industry in Nigeria.
Talking about the different aspects of transportation business that you’ll find lucrative, they are:
Transport networking services: This is a transport service where companies connect riders to drivers via apps or websites. The likes Uber, Taxify and other vehicle hailing services are good examples.
Higher purchase services: Higher purchase is a transport business where you buy a vehicle and then gives it out to a driver for a return of higher price than you bought it for in a specified period of time.
This is a very profitable one if you can save the capital.
Vehicle hiring services: Vehicle hire is a transport business where a businessman who can afford to purchase a vehicle – be it a Tricycle, Taxi or Buses and gives it to other people for hire, and he receives his daily or weekly returns depending on the binding agreement.
Any of these transportation business ideas is very lucrative.
If you do not have money to buy a vehicle now, you could look into joining the Uber bandwagon till you can save some money of your own and invest in transport business big time.
Some of the wealthy Nigerians in the country made their money by investing in the transportation business.
It’s no longer news that online shoppers are on the increase worldwide. Nigeria is not an exception.
According to recent research on e-commerce size in Nigeria, 65% of internet users shop online in Nigeria.
24% of internet users are expected to shop online in the nearest future. While 89% of internet users are potential online shoppers.
What does this signify? Since online shoppers will increase in years to come, e-commerce companies would need to work with delivery companies who can get good safely delivered to customers at the right time.
Apart from that, many small business owners who leverage social media to sell their products need small delivery companies to help get customers goods delivered at their doorsteps.
These delivery companies are more niche based than courier services which in most cases delivers anything and are large companies.
From what I have read and heard, mini importation to Nigeria is a hot business idea in Nigeria aright now. Lots of people are trooping into the business line – Nigerians no dey carry last. Lol.
Some of my colleagues started mini importation not too long ago and they are giving me interesting feedback so far.
The good thing about this business is that you can make a lot of money off it, it is highly profitable and lots of Nigerians would key into imported good that is guaranteed.
And yes, you don’t need a lot of money to start mini importation, that’s what the name – mini-importation – implies. Torchbanz.com’s How to Start Mini Importation Business in Nigeria will guide you to start mini importation business.
No. Dropshipping is not the new buzzword in business; it’s actually a business model that’s very lucrative for the up and mobile business minded Nigerians.
Truth is, you can start this business with zero or small capital!
Dropshipping is a type of business model which enables a business owner to operate without maintaining inventory, owning a warehouse to store their products, or even having to ship their products to their customers themselves.
The retailer (you) partners with a drop shipper who manufactures or warehouses products, packages the products, and ships them directly to the retailer’s customer, on the retailer’s behalf.
The retailer and buyer do not get to see either does the retailer needs to have a shop to store any products or goods before making sales.
To start dropshipping, all you need is an online store which could be a website, an Instagram or Facebook account or other platforms where you display and advertise goods for potential buyers to see and make orders.
You also need to work with a manufacturer or warehouse owner where products will be sold from.
This is an easy way to make money in this start-up era of ours. How does it work? Very simple:
If you have an office space that is big enough, you can simply share it with fellow start-up owners who need such spaces but cannot afford to rent an entire office space or pay an entire 2-year rent.
Startups who rent co-working spaces get the spaces at a fringe of their rent budget and also enjoy the flexibility that comes with it.
Such flexibility includes a pay as you go package which means you pay for your rent daily or weekly when you use a co-working space.
You need a neat, presentable space for this business. Co-working spaces with free internet facilities and other perks are more attractive to start-ups looking for space.
If you know Brain Chesky’s Airbnb then you will have an idea of how short stay apartment work.
Similar to a hotel, a short say apartment is an apartment that is fully furnished for short term or long term stay.
The apartment also provides hotel-like amenities such as room service, housekeeping, a fitness centre, a laundry room, and a rec room.
What makes them different from hotels is that serviced apartments are like personal homes.
Most of them are equipped with full kitchens, Wi-Fi and in-apartment washers and dryers and other facilities in a home.
Because they are more homely than hotels, they come at more expensive prices and here is when the business sense comes in.
If you have a good apartment especially one located in Lagos, you may consider turning it to a suitable serviced apartment; list it on Airbnb or other platforms like Homeaway or Booking.com start making cool bucks!
Food is the most important need of man. Any kind of Food business is therefore almost always a profitable business especially when the business model and strategy is well taught out.
There is a food business that is fast gaining acceptance now, even though it’s not new. It’s a mobile food vendor.
How it works is that instead of renting a space, a food business sells food in a mobile kiosk in a particular location. The kiosk can only allow for taking away services, no sit and eat offer.
The good thing about this business is that you don’t have to pay for any rent. You may need may only need local government approval for your space. Once you get a fancy kiosk, no other serious expenditures.
Mobile food vendor is definitely a business you can start with little capital and it’s profitable too.
Yoga is fast gaining acceptance in Nigeria now, why not cash out on the new trend? Yoga is a group of physical, mental, and spiritual practices or disciplines which originated in ancient India.
Lots of fitness enthusiasts see yoga as a good form of exercise for the mind. But there are a few yoga studios for now, even as the need for such is on the increase.
That’s where the advantage lies; there are a huge market and less competition so far.
If you love yoga and fitness and you are looking for a profitable business to do in 2020, why not start a yoga studio?
If there is anything you can do to make you look younger and it’s within your reach to do it, will you be willing to do it?
If you answered yes, then certainly many people will also answer yes.
So if you are in the beauty business line, why don’t you open an anti-aging spa?
You definitely want to choose your location right. Such a business may not thrive in an area like Agege where people are preoccupied with finding their daily food.
But a place Ikeja on the mainland, Magodo and many areas on the Lagos Island will just be suitable.
There is this ‘organic things’ movement among blacks home and abroad recently that is gaining much momentum. Nigerians are not left out!
Attaining a glowing smooth skin is no longer the reserve of rich celebrities who can afford to spend money on expensive imported creams.
Even with a minimum budget, any beauty conscious Nigerian can buy custom made organic skin products and attain glowing skin.
There is a high demand for organic skins products and other organic products now; you should make your money from the trend before it cools off.
This is a business I will personally recommend for anyone who is looking for a most profitable line of business that is hassle-free.
About 10million loaves of bread are consumed every day in Lagos Nigeria alone. Now imagine how many loaves are consumed in the whole of the nation daily.
This is not surprising. Bread is one of the most common staple food in Nigeria next to rice and cassava flakes.
If you are considering going into any business in Nigeria, starting a bakery is your best bet. It is one of the most profitable businesses one can do in Nigeria with minimal capital.
You can make as much as N2million weekly by selling just 50,000 loaves of bread.
Wealthresults latest guide on How To Start A Bread Bakery Business In Nigeriais all you need to start your own bakery business.
Have you heard of Fiverr? Okay, I’ll help you out. Fiverr is the world’s largest marketplace for digital services.
People looking for digital services such as graphic design, Infographics, content writing, WordPress designers, programmers, keyword research, video animators, etc. visit the website – Fiverr – to find providers of such services for an affordable price.
So if you have any of these digital skills or more, why not get on Fiverr and start offering your skills in exchange for some cool cash?
As I said, there are many digital skills that you can sell for people looking for them on Fiverr but some of the most sought after services are animation i.e whiteboard animation creator, speed drawing etc.
If you have animation skill, please jump on this opportunity A.S.A.P! You will be on your way to making hundreds of dollars even on your first jobs.
Making money on Fiverr is one of the crazy ways to make money digitally in 2020.
As of the latest statistics,
Electricity production in Nigeria reached 8,441 GWh. Compared with Russia’s 1,110,800 GWh or United Nations 4,460,800 GWh, Nigeria is a far cry!
With the epileptic supply of electricity around the country, it’s a no brainer that any alternative to electrical energy supply will flourish, especially if it is affordable.
Little wonder solar energy production, sales and installation is a profitable business idea in Nigeria.
I believe this line of business is largely untapped going by the population of energy needing Nigerians. If well structured, you can profit from solar energy sales and installation line of business.
How about you start your own wine brand?
All you need is a trusted connection with any wine-producing company located in any of the wine-producing countries in the world like China, Chile, Italy, Spain or others.
Then you will need to strike a deal with the company whereby they produce wine using your own customised wine brand name – make sure to register this name with the necessary body.
You get imported to Nigeria and become the distributor here in Nigeria. You can expect your profit margin to be gross as you are also the producer of your wine brand.
Population and the number of wine lovers in Nigeria are some of the pointers to the fact that it will be a profitable business.
Upon further research, you should be able to get the numbers and ascertain how huge the market is or otherwise.
Alcoholic wine will likely fly more than non-alcoholic – Nigerians love alcohol.
Businesses like running a YouTube channel is classified under online businesses to make money in Nigeria. It’s a very lucrative online business and thus qualifies to be in this list of profitable businesses in 2020.
If you are frequent on YouTube you may have some favourite channels by now. What makes them your favourite YouTube channels? Content, of course, you love their contents.
From comedy skits to business tips, celebrity gist to Big Brother Naija updates and relationship advice, the list of YouTube content types is endless.
YouTubers make money through adverts from companies like Google and other paid-for company adverts. There are many more ways to get paid through YouTube in Nigeria.
The revenue from your YouTube channel can be up to 6-7 figure or more depending on the number of your subscribers you are able to garner and the consistency and creativity of your videos.
Interior décor is a lucrative business in Nigeria for anyone looking to start a business, and it cost little or no money to start.
The major challenge lies in you identifying and finding your customer base. If you can overcome that challenge, you are on your way to making lots of bucks for the business.
You may even decide to add sales of items such as centre rugs, cotton, beddings and others like it.
You only need one or two customers in the beginning. Once you have those, they can refer you to others.
In fact, as an incentive, you may promise them a certain percentage if they bring business for you. Now, that’s some free business tips for you. Okrrrrrr!
Wallpaper is a preferred technology by many Nigerians – who can afford it – when it comes to beautifying the house.
Durability and varieties of patterns and designs are some of the advantages of painting technology over other technologies.
You can capitalise on this trend and get a solid business for yourself.
If you want to profit more from wallpaper business, you may want to have your own wallpaper brand.
All you need do is to work with people who manufacture wallpaper in counties like China, let them produce designs in your brand name and then you will import it to Nigeria and be the distributor.
For the fact that you are directly importing by yourself and serving as both the distributor, you are able to get more profit margins.
Retail and installation are also avenues to make money from wallpaper, you want to explore all of these if you don’t have money to become a distributor.
With the increasing divorce rate globally,Nigeria has it’s fair – or call it unfair share of divorce rate.
Sad to say, many of the very extravagant weddings where there are showy display of wealth and affluent end up in comatose prematurely. Such wedding ceremonies are common in Nigeria and from what the news we hear, most of these weddings don’t last a minute.
Even sadder is the fact that weddings of everyday people who aren’t celebrities hardly last these days.
It’s a no brainer then that couples need the services of professional marriage counsellors more than ever before.
This service business has great potential here in Nigeria. People love to get married; they love to stay in their marriages too. Many will be willing to pay for the services of a marriage counsellor if that would guarantee the longevity of their marriage.
Please note that if you do not have the professionalism and experience it takes to run this service business, you are better off not starting it.
If you have professional knowledge in any services like marketing, sales, career, social media, etiquette, just mention it, why not start offering your services in exchange for some money now?
A consultant is a person who is an expert in a particular field who gives professional advice to individuals and businesses in their area of expertise.
If you have a well-developed network and you are self-motivated, consultancy might just be your thing, and trust me; you can charge anything you want to charge clients as long as you are sure to give value even beyond expectation.
These 9 Steps to Becoming a Consultantwill help you kickstart a career in consultancy.
Small Business Ideas in Nigeria for 2020 with
Capitalise on the economic situation in the country to create affordable detergent products.
Detergents are some of the most useful products in every home, rich or poor. But most of the known brands producing these items sell them at a price that many households in Nigeria cannot easily afford.
If you can make the required sacrifice to learn the skill, you could start making your own detergent. To start with, you can sell to your immediate network; your family, friends, church members and colleagues.
With the right business mind, experience, and knowledge, you could expand your business and grow to become a brand that will be reckoned with.
I have a few friends operating in this business line and trust me, they are living the life!
You may be of the opinion that this business is overhyped and already saturated, but the gospel truth is that there is a large and huge market beauty business in Nigeria.
I have a friend who started her makeup business about 8 months ago, initially, the business was slow and discouraging but by the third month, more customers started coming into her studio to check her skills up.
Because she is extremely good at what she does, most of them would come back bringing even their friends and family members to have a life-changing beautifying experience. And that was it!
Today, she has about 10 girls learning with her with each paying nothing less than N100K each.
I can tell you for free that makeup business is legit one of the most profitable low capital business you can ever do in Nigeria.
My friend has also introduced sales of demanded makeup items and some other fashion items like perfumes into her business line. Way to go!
53 Businesses to Start in Nigeria in 2020 with little capital
Made in Nigeria products seem to be gaining increasing acceptance and patronage from Nigerians home and abroad about now.
One of the indigenous industries that people seem to patronise more apart from our music is Nigerian fashion including Nigerian fashion design brands and more recently, indigenous shoe line brands.
As a result of this development, lots of Nigerian youths have learnt the skill of shoemaking and a few are becoming successful shoe companies already.
But is it too late to jump on this trend? NO
With the right skill, marketing, and most importantly business strategy, you can start your own shoe line today and the rest may just be one good history.
But first of all, you may need to invest in acquiring knowledge.
Just like makeup business, fashion design seems to be over-saturated. It is as though there is a tailor in every corner of every street.
In fact, there is always a clash of interest in deciding which tailor to give your clothes since there are too many family members friends and colleagues who claim to be fashion designers. Lol.
For these reasons, you may not be excited about going into fashion design. Well, you concerns are justified. There are many tailors around.
But the truth is, there are only a few fashion designers. Besides, most of those who are in the business now may close up soon for lack of accurate knowledge and creativity.
If you love fashion designing, you have the skill – I mean the professional training – and you have a fair knowledge of how to have a customer base, then you should consider fashion designing still.
One thing though is that it may take time before people get to know how unique your brand is and until then, you may not be able to charge as much as you would desire.
But once your brand name is out there, voila!
Of course, there is no way this list will be complete without including blogging as one of the best business ideas for 2020 in Nigeria.
I have been blogging long enough to know how profitable blogging is in Nigeria.
Yes, blogging is a business you can run full-time and pay your bills with. More than that, you can live your dream life solely on blogging.
True as the above statement is, there are ways to go about blogging if you don’t just want to pursue it as a passion.
First of all, have a niche. There are different blog niches. Choose from these 101 Best Blog Niches.
Then work on creating badass contents in any niche you choose. Simply be the best! Be frequent and consistent too.
To become a successful career blogger, you need to take it professionally. Get trained!
There are hundreds of thousands of materials online on becoming a successful blogger and making money from blogging, dig them up and read them. Watch videos, keep searching.
Learn SEO tricks and tips too.
Here are some resources that will help you:
30 “Proven” Ways to Make Money Online Blogging with WordPress
How to Start a Blog Business That Makes Money In
Lagos state alone plays host to over 5 million cars and 200,000 commercial vehicles in Nigeria.
In 2017, Lagos State recorded an average of 227 vehicles per kilometre of the road on a daily basis.
These statistics indicate that there are enough vehicles in Nigeria a business like a car wash is surely a lucrative one.
Lagos is a very busy city where people are always in a hurry. Lots of workers who are mobile hardly enough rest time talk less of having time to wash their cars.
It’s a no brainer that car wash is a good business in Lagos especially if you get a good location and water supply.
By good location, I mean an open area that is not too far from residential areas.
If you live outside of Lagos, you may want to get a space where there is a traffic of vehicles and people who can subscribe to your services.
While customers wait in turn for their vehicles to get cleaned, another business by the side may be a small joint where customers get to drink beer and ‘asun’ while they wait for the services.
Other Profitable Businesses you can Start in Nigeria with Little Capital are:
26. Custom clothing
Another small business idea for anyone who is looking for a business to do in Nigeria is the custom clothing line.
People love to wear their custom T-shirts and polos in different unique designs and with different inscriptions.
If you get very creative with it, you could start creating beautiful custom clothing and get the word out there through social media i.e. IG, Facebook and WhatsApp.
Custome clothing will sell in 2020 more than ever before for the very smart creative business-minded people in Nigeria, you watch out!
27. Event MC
I need not say that Nigerians are fun-loving ever happy people. For this reason, one thing you cannot take away from them is parties, events, celebrations etc. day after day.
You can turn this interesting tendency of Nigerians into a sustainable business for yourself especially if you love talking and you have a passion for making people happy.
You don’t necessarily have to be born an entertainer or be trained in some school to become a successful MC.
While training and learning cannot be overemphasized as a success determinant in any endeavour, YouTube videos and courses may be all you need to sharpen your skills as an MC. SO, invest in those.
One thing you would also need is social media. You need to leverage social media to connect with people who need your services so you can get started and grow to become a successful Master of Ceremony.
28. Professional photographer
When you think photography, think of the many opportunities you can create through that skill and not just taking pictures at events.
You could edit photos and pictures for brands. Start Youtube editing for the hundreds of thousands of people who need your services. You may decide to sell your photos on stock images and many other opportunities.
Left to me, photography skill has never been needed or more profitable in Nigeria and in another place than it is now.
You may want to go learn photography. If you are very creative and business-oriented, you will get value on your investment.
29. Fitness instructor
Nigerians are highly conscious of the need to keep fit, not just look good now. The rate way people are serious with their fitness goals these days is like never before. Young, old; women, men; rich or poor, everyone wants to keep fit.
If you share this value of fitness and healthy living, you could turn your passion into a profitable business by becoming a fitness instructor/coach.
This is a small business idea for 2020 and beyond that can be trusted. With a few paying customers, a nice space to train and other few logistics, you could start a business along that line. A good location for this business will be a residential area.
30. Publish Ebook on Amazon Kindle Direct
31. Cake business
32. Agriculture
33. Poultry farming
34. Barbing Salon
35. Social media influencing
36. Amazon Kindle Publishing
37. Affiliate marketings
38. Programming
39. Online/offline Jewelry shop
40. Shoe line
41. Sales of Hair weaves/ wigs
42. Uber Driver
43. Become a GOTV Agent
44. Waste Management business
45. Confectionery business
46. Event management
46. Healthy fast-food restaurants
47. Mobile phone and accessories sales
48. Car dealer
49. Daycare/ Crèche
50 Cooking gas sales
51. Home tutor
52. Ankara sales
53. Free image download website for Nigeria.
I wish you the very best in your new business endeavour.
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