The Most Profitable Small Businesses in Nigeria Now

Published on: February 9, 2021 (Updated on: April 22, 2024)

Knowing the most profitable small businesses in Nigeria is important if you are planning to start a business. The world of business has got so many business ideas (whether small business ideas or big ones) that it sometimes gets so confusing to make a decision.

The most profitable small business in Nigeria now
The most profitable small businesses in Nigeria now

If you are in Nigeria, then you know that starting a profitable small business of your own is the new normal. Of course, it's one of the best things that anyone can do for themselves in a time like this. However, when it comes to building and running a business in Nigeria, it isn't one of the easiest things to do. This post highlight the most profitable small businesses in Nigeria.

First, you have to come up with the perfect business idea, then you create a business plan and strategy that can help you scale your business. Next, you move to the stage of looking for customers and clients who will buy your products or service. You also have to come up with a plan to retain these customers and make them loyal to your brand. Finally, you start thinking of ways to expand your small business so that you can make more money. That sounds like a lot of work. Well, it is.

The truth is that; whether you're in Nigeria or not, building a profitable small business and growing it is one of the most challenging things to do. However, some industries and business types have proven to be very profitable over the years. So, a good idea will be to consider starting a profitable small business in these lines. The good thing about some of these small businesses is that you don't need a lot of money to start them.

Below are 11 of the most profitable small businesses in Nigeria now:

1. Mini importation business

Mini importation business is one of the less stressful businesses to do in Nigeria and one of the most profitable.

To start this business, you have to, first of all, identify the popular eCommerce sites mini importation experts in the country use such as Aliexpress, DHgate, etc. Then identify people's needs and demands. Search the eCommerce sites to get a procurement agent that will sell to you. Get your items and sell!

You can start your mini importation business in Nigeria with N100,000 or less, depending on the items you choose to sell. Start with a few quantities, then increase them as your customer base increases.

2. Food and catering business

Food and catering is a very profitable business in Nigeria
Food and catering service

Food and catering business is one of the most profitable small businesses in Nigeria because everyone eats food every day. So, if you think you've got great culinary skill, then it's time to put it to work.

You can consider making small chops, pastries, pasta, chicken and chips, etc. However, you need to learn the art of packaging these meals to look presentable and delicious. You should also have a plan or strategy to transport items to your customers whenever they make a purchase.

3. Freelance web developer

You see, there are many small businesses in Nigeria that want to create websites so that their potential customers can find out more about them via their sites. The problem is that because they are still a growing brand, most of them can't afford to pay IT companies to develop their websites for them. So, as a freelance web developer, you can make money by charging them a considerably affordable price to help set up their websites. it's a win-win. Isn't it?

4. Fashion design and tailoring

Can you cut and sew clothes? Do you know a little about branding and marketing? If the answer is yes, then you've got a shot at one of the most profitable small businesses in Nigeria. You've got a chance to make money using these skills. Why not start a fashion business already?

You see, everyone likes to look good. As a designer in Nigeria, you can make money starting a small fashion business that caters to this need. For instance, Nigerians like to party a lot. For every party they attend, they wear different outfits made by designers and tailors in the country. So, put your skills to use and make money while at it.

5. Cosmetics or skincare production and sales

cosmetic and skincare products are very profitable in Nigeria
Cosmetic and skincare products are very profitable in Nigeria

If you love beauty, then cosmetic and skincare business might be something to consider. You can make and sell local-made skincare products like black soap, coconut oil, carrot oil and other vital oils for the skin. You can also become a distributor for big cosmetic companies in the country.

You see, Nigerians now pay attention to their skin and beauty, which is why this industry has become one of the most profitable small businesses in Nigeria.

6. Sales of mobile phone accessories

Mobile phone accessories include headphone, AirPods, phonemics, ring lights, phone pouch, etc. Since the inception of mobile phone communication in Nigeria, sale of mobile phones accessories has been one of the most profitable small businesses in Nigeria. With the number of content creators out there, there continues to be a constant demand for these items in Nigeria.

7. Poultry business

Poultry business is a lucrative business because food is important to everyone. Eateries and restaurants, food vendors and retail sellers all need your product as a livestock farmer to run their business. However, you will need to learn a thing or two about poultry farming before commencing this business.

8 Transportation business

There are different ways to go about the transportation business in Nigeria. For instance, if you have a car and you know how to drive, you can become an Uber driver. You could get a driver to do the job, and get a certain amount of money on a weekly basis.

Also, you could get a car for interstate travels. Get a driver and register with the appropriate bodies within the state.

9. Event planning

Remember what we said earlier about Nigerians liking parties? Well, as an event designer, you can be sure that you'd have a lot of events to plan from time to time, as long as you offer excellent services.

10. Photography

photography is very lucrative in Nigeria

Photoshoots are like the order of the day now. Brands and individuals use photoshoots to make a major announcement to the world.

For instance, when a brand wants to unveil a new product, they simply take pictures of the products. When an individual wants to get married, celebrate their birthdays, etc. they also take pictures of themselves to post on their social media platforms.

So, being a photographer at a time like this in Nigeria will earn a generous income as long as you provide excellent services.

11. Delivery business

Delivery business is very profitable in Nigeria

The list of the most profitable small businesses in Nigeria would not be complete without mentioning delivery business. Most small businesses in Nigeria need the services of a delivery company to transport their product to the doorsteps of their customers. You can start your own delivery company, and be the go-to person for other small businesses as far as delivery is concerned.