Top 10 Lucrative Business Ideas to Start in Nigeria with Just 200,000 Naira (2023)

Are you tired of working for someone else and never making enough money? Do you dream of escaping that cycle and taking charge of your destiny? Do you want to become your boss??If the answer is a resounding "yes," then you're in for a treat. Allow us to introduce you to Tunde, an enterprising soul with a pocketful of dreams and a burning passion for financial freedom. Armed with just 200,000 Naira, he went on a quest to find the most lucrative business ideas that could pave the way to prosperity.

Now, let's dive into the world of possibilities that Tunde explored. What top business ventures can turn your modest investment into a successful venture? How can you navigate the Nigerian market and find the perfect opportunity that aligns with your interests and budget?

Join us as we reveal the secrets to starting a lucrative business in Nigeria with limited funds. Get ready to discover new horizons and empower yourself with the top 10 lucrative business ideas to start in Nigeria with just 200,000 Naira. Let's go ahead and get started.

Why Should I Start a Business in Nigeria?

There are many great reasons to start a business in Nigeria. One of them is that Nigeria has a huge population - more than 200 million people! That means you'll have many potential customers for your products or services.

But wait, there's more! Here are some other good reasons to start a business in Nigeria:

Vast Market Potential:

Nigeria is home to over 200 million people, making it the most populous country in Africa. This large consumer base presents an immense market for businesses to tap into. Whether you sell products or services, the large Nigerian market can help your business grow and make a lot of money.

Entrepreneurial and Innovative Culture:

Nigeria has a strong culture of entrepreneurship, where people are resilient and creative. It ranks high in global reports on entrepreneurship, showing that people there are good at coming up with new ideas and making businesses successful. As an entrepreneur in Nigeria, you will be part of a lively community that loves new ideas and celebrates innovation.

Rapid Technology Growth:

Nigeria is experiencing a lot of progress in technology and digital innovation. Unsurprisingly, most people refer to our tech sector as "Africa's Silicon Valley." Many tech companies, including yours indeed, have seen a flurry of significant strides and investments. This tech boom offers aspiring entrepreneurs exciting opportunities to capitalize on the growing digital market. The increasing adoption of mobile technology and internet penetration has created a conducive environment for e-commerce and online businesses to flourish.

Embrace Nigeria's thriving market, creative business culture, and technological advancements. Start your business journey with these lucrative business ideas, and find endless possibilities ahead.

Ready to start your mini-importation career? Click here to join a community of like-minded individuals navigating the importation world together.

What Are The Top Lucrative Business Ideas in Nigeria?

Let us get right to the top lucrative business ideas in Nigeria.

1. Offer Catering Service

Do you love to cook? Launching a catering business may be the perfect business idea for you. You can cook from home and cater to other local events. This is a lucrative business idea that you don't need a huge capital base to start. Besides the cost of food items, you may have to also hire a few employees as you begin to book more events. Your bill and service charge should cover these expenses.

2. Start a Palm Oil Storage Business

You can make a lot of money by storing palm oil and reselling it during the off-peak seasons. Buy palm oil between February and April, when the price of palm kernel drops. Then, resell it in July for a profit of 50-60%.

3. Transport Business

Many organizations in Nigeria need transportation but need help to afford to buy vehicles. Buying a bus (or several buses), can make you the go-to transportation service. Schools, religious organizations, and non-profits could outsource their transportation and logistics to you. Focusing on a sector like education or e-commerce delivery is a good idea. You specialize, serve many schools and retailers, and grow a lucrative business.

4. Establish a Security Agency

Security is not the sole responsibility of the government. The need for excellent security services in Nigeria is on the rise. You can set up an agency, recruit professionals or become a bodyguard. Another option is to import and sell security products.

5. Invest in Property

Property investment takes more upfront capital than some other business ideas in Nigeria. But if you have the capital, you should definitely look into purchasing land or property in Lagos. The returns can be as much as 100%-200% profit when you resell the property. You can also lease office buildings or homes and make a reasonable passive income each month.

6. Create a Writing Company

Many of the jobs in the United States are currently outsourced to other countries. Writing is one of those jobs. Most businesses have blogs, and they also need web content for marketing materials. The need for quality writers never decreases. Offering freelance services from home is a good idea. You can also own a writing firm, source jobs online, and recruit writers from Nigeria to work for you.

7. Open a Daycare Center

There are many daycare centers in Nigeria. A majority of them don’t meet the high standards of parents who use their services. If you’re creative, love children, and have a clean home or property, opening a daycare is a great business option.

8. Offer Web Development Services

The technology market is expanding. The United States also outsources many web-related jobs to other countries. You can learn web design and coding online and then offer web development services from home. This is one industry where you can make very good money if you're a Techie.

9. Sew Specialized Uniforms or Special Items

The need for specialized uniforms in Nigeria is huge. In Lagos, there are over 500 schools and businesses with this need. There are also military and paramilitary groups with such a large demand. Sewing specialized uniforms for these groups will keep you busy for a while.

Also, you can take advantage of the COVID-19 pandemic and start a face mask sewing business. The demand for N95 Masks is so high that manufacturers cannot keep up with demand. Many countries have endorsed the use of fabric masks instead. You can supply hospitals and other businesses with a high risk of exposure.

10. Sell Quality Products to Family and Friends

This is a great option as you can start on a small scale and then expand as your friends begin to refer you. At Heroshe, we help small business owners buy their inventory in America. We never mark up prices. You can?buy quality products from websites like Amazon, and eBay, deliver them to your home, and then resell them to family and friends.

To begin, you can?watch our video explaining the process?or?sign up right away. And if you're looking to scale up to?mini importation, we have a comprehensive guide available for you to read and get started.

Do you want to learn more about mini-importation? Read this article.

These are only ten out of the long list of lucrative businesses to start in Nigeria. As long as you’re entrepreneurial and creative, you can start a lucrative business. Don’t be afraid to step out of your comfort zone – without risk, there is no reward!