Top 5 Most Profitable Businesses in Nigeria

Top 5 Most profitable Businesses in Nigeria
Image Credit: Dayo Adetiloye

Nigeria’s atmosphere is suitable for businesses and many people have taken the advantage of this to make the most out of their businesses. You may not know the actual business with the highest profit but it is quite easy to identify the most profitable businesses in Nigeria.

This article focuses on the top 5 most profitable businesses in Nigeria. Millionaires have emerged from these businesses and this practically reveals how profitable they are.

Sale of Furniture

This business has the potential to thrive under every circumstance because everybody likes to furnish his/her residence. Furniture items such as chairs, tables and wardrobes are needed to complement the beauty of splendid homes. For this reason, rich people go to furniture dealers to see the furniture items in stock.
Interestingly, this business doesn’t necessitate being a carpenter. All you need is substantial capital to set up a beautiful showroom and get regular supplies of furniture from local carpenters.

Importation of Second-Hand Vehicles

In Nigeria, second-hand vehicles –also known as Tokunbo vehicles –sell faster than the new ones. Many Nigerians can’t afford new vehicles and that is why they prefer to opt for the used ones. With substantial capital, you can import used vehicles from advanced countries like China, Germany and France.

Transportation Business

In Nigeria, transportation companies make reasonable profits but as good as it seems to them, supernormal profits roll in during some festive periods when numerous Nigerians travel from one corner of the country to another. With huge capital layouts, many shrewd Nigerian investors have bought several cars and employed professional drivers to convey passengers/goods from one place to another.

Hotel Business

Hotel Business is an opportunity for large-capital investors to make the best out of investments. Investing in hotel is really lucrative but to ensure you don’t run out of profit, you have to consider the location of the hotel. If you’re just thinking about this business, make sure the hotel is located in an area with high concentration of white-collar jobs.

Irrespective of economic situations, the management of hotels will continue yielding profit because when people are away from their residential quarters or even home countries, they prefer lodging in hotels in the meantime.

Exportation of Raw Materials

This business is best enjoyed by Nigerian farmers who grow large-scale export commodities like cocoa, sesame seeds, garlic and lots more. Without doubts, Nigeria needs to export some of its agricultural products to the countries where they are in high demand. In order to facilitate exportation, Nigerian farmers are encouraged to engage in large-scale farming which should be sufficient for commercial purposes.

Exportation is one of the most profitable businesses in Nigeria simply because the country still focuses on exporting raw materials as a basis for expanding its revenues. If you’re into the business of exportation, you need adequate information about the commodities you’re allowed to export from Nigeria to other countries.

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