Nigeria is a country with enormous business ideas and opportunities for entrepreneurs. Why is this so? It is because in Nigeria, there are lots of needs to satisfy and problems to solve. If you as an entrepreneur can find a need to satisfy or a problem to solve, then you are definitely on your way to establishing a successful and profitable business in Nigeria. In my earlier articles, I published the list of top profitable business opportunities in Nigeria, I also explained the pros and cons of doing business in Nigeria. Using 2015 statistics in the country, I listed top 10 business destinations in Nigeria.
In this article, I am going to list and briefly discuss using recent statistics in the country top 10 profitable large scale business ideas or opportunities in Nigeria.
List of Top Profitable Large Scale Business Ideas in Nigeria
1. Real Estate Business in Nigeria
Nigeria is a country with a growing population of over 173 million people and a growing deficit of houses. The statistics released late last year by the National Bureau of Statistics and the Central Bank of Nigeria show that for the country to meet up with her high demand of houses, a whooping 17 million housing units must be constructed annually. Real estate business does not only have to do with building houses for living, it also include structures for offices, for companies. Real estate business in Nigeria involves management of properties of lands and the buildings on it. This could be selling of those properties or renting of them.
If you are skeptical about this particular idea, then you are not current with the trend in the country. Nigeria seeks to diversify her economy following recent global fall in oil price. A typical example of how profitable this large scale business idea is can be seen in Obasanjo’s Farm. It is reported that Obasanjo Farm makes 34 million daily from the farm. Agriculture can be an exciting business to go into, and the beautiful thing is that is equally rewarding. The Federal Government are working on policies that will encourage and support Agriculture in Nigeria.
3. Hotel Business in Nigeria
The hospitality industry (hotel, guest house, etc) in Nigeria is fast growing. With Nigeria becoming the hub of foreign investment in West Africa and increase tourist attraction sites, hotel business in the country will continue to grow. The key is to target the right strategic location for it. When you locate hotels and guest houses in a place where there are more activities and visitors, you are sure to succeed in the business.
4. Manufacturing & Production Business in Nigeria
Nigeria seeks to manufacture most of her goods in the country instead of importing. This is evidence in her recent Forex Policy and the foreign currency restrictions in the country. There are so many business opportunities in the manufacturing industry in Nigeria. Nigeria currently import cars, electrical appliances and accessories, clothes and jeweleries, tooth-picks, to mention but a few. The country has enough resources to manufacture most of these imported goods in the country. This is a very profitable large scale business idea to venture into in Nigeria.
5. Fast Food Business
Fast food business is growing into a very profitable business opportunity in Nigeria. With the growing busy schedule faced by business owners, employees and others in the country, most people tend to settle for fast food which saves time.
To succeed in this business, you need good management skills and enough capital to sustain the business. A good customer service is also paramount for success. But in a situation where you do not have the fund to set up your own brand, you can buy in to already established franchise such as Kilimanjaro, Mr. Biggs, etc.
6. Transportation Business
The transportation industry in Nigeria has not attain high standards and is still growing. When operated in a large scale, transportation business can be a very profitable business in Nigeria. Good examples of the profitability of this business in Nigeria are Peace Mass Transit, ABC, and others. Although profitable, you should be mindful of the buses and other transport systems you purchase. There are some transport companies with large customer base but no comfortable buses for her passengers. If a safe and a little better transport company comes up, they will definitely be out of business.
7. E-Commerce Business
Electronic Commerce in Nigeria is taking a new dimension. Although there is low penetration of internet in Nigeria, the business is growing faster than expected. Everyone wants ease in purchase and currently in Nigeria, there are very few reliable online market platforms where you can purchase anything you want.
Everybody wants to be educated regardless of the level of education you attain. Especially the tertiary institutions, Nigeria has very few schools compared to the number of people seeking education in the country. When you establish quality schools, you are sure going to get patronage. Schools like Covenant University, Redeemer University, and many other good schools in the country are excellent examples of how profitable this particular large scale business idea is in Nigeria.
Good health is of paramount important to human beings of every social class. Without life, no matter what you have or how wealthy you are, you will not be happy. Currently in Nigeria, the health sector is still developing and growing. Tapping into this business opportunity will definitely be profitable in the long run.
10. Construction Company
With the infrastructure deficit in the country, a standard construction company will definitely be a profitable large scale business idea in Nigeria. There is high demand for social amenities in Nigeria ranging from water supply, schools, good roads to mention but a few. And the solution to Nigeria’s housing deficit as recommended by some professional bodies is the construction of 17 million housing units annually. With this huge business opportunity in Nigeria, construction company is sure to succeed.
The list of top profitable large scale business ideas in Nigeria given above follows no particular order of arrangement. This list is dependent on policies in the country and the new administration of Muhammadu Buhari.
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