How to make Money in Nigeria
Starting up a business or looking to invest in Nigeria, there is no better place to start your entrepreneurial journey than Lagos across Nigeria, one of the largest cities in Africa with a growing population of about 20 million people of diverse cultural heritage. Small business ideas that entrepreneurs can invest in are endless. Everyone in Lagos is considered a hustler, always doing one thing or the other in exchange for money.
Every category of human being whether the working class, the student, the poor, the rich… everyone wears clothes. Whether it is setting up a shop or going into the mobile clothing business, clothes are items that never run extinct. Every time people ask me for small business ideas they can start with little capital, I always suggest the clothing business to them.
Fitness is simply stay healthy, most people do not mind setting a little cash aside to engage in fitness activities. People want to look slay these days. You could establish a reputable fitness center to help people achieve their fitness goals. You can also offer home services where you can organize training for interested persons who have special needs.
How to make Money in Nigeria Domestic Services
There are a couple of domestic services available. For example, Nigeria’s epileptic power supply has made most people dependent on their generators. This means they will always need someone to service or fix their faulty generators. For most working-class people who do not usually have time on their hands, they might need help with the cleaning of their houses or compounds. You could provide this service.
The issue of power supply which not only affects the state but the country as well makes it difficult to conduct business. Based on personal research, most businesses have to run on a generator for at least 12 hours a day and with a state that is prone to unexpected fuel scarcity, it could be tough making ends meet. Good internet availability is also a serious concern for businesses.
Food And Catering Services
Food and catering services are one of the small business ideas that anyone can invest in. Everyone eats. As a smart investor, you could go into the buying and selling of raw food items, selling cooked food to the masses as Lagos is popularly known for the existence of ‘bukas’ (sheds or small shops where cooked meals are sold at relatively cheap prices) in various neighborhoods or you could start a full-blown restaurant. It all depends on what you think would suit you the most and the location. You could also start a catering service that takes care of food needs during events
Real Estate Business
No doubt this sector in Lagos state and across the country is dominated by professionals as well as unprofessional. They are mostly referred to as agents. You can invest in the acquisition of lands or buildings and in about two years, you can gain as high as twice the capital from the sale.
Lagos is a densely populated area hence there are accommodation challenges. You can take advantage of this problem by starting your own real estate agency committed to helping people find their ‘perfect’ houses.
Cab Hiring Services
This could be a very good business opportunity. With a lot of people having places to go, Studies have shown that an average cab driver in Lagos State earns an average of N10,000 daily. You don’t have to have a lot of cars right away, you can start with just one car then gradually build your fleet. Also, if you can’t do it yourself, you could employ a driver to run the cab service on a hire purchase basis.
Planning an Event
No doubt consider this as a small business idea because you do not need much capital to start. The popular term for parties in Lagos State is ‘owambe’ and, boy, Lagosians love their owambe! There could as well be a party every day in Lagos. As an investor, you can tap into this by setting up your own event planning service and making money helping people in organizing their events.
Day Care For Kids/Children
Study has shown that most of the residents in Lagos belong to the working class which comprises working mothers who need help looking after their kids. You can start a standard daycare center that helps in this function.
Sale Of Cosmetics and Hair Styling
No doubt this is a lucrative small business idea because Lagosians are known for being trendy and fashion-conscious. They can benefit from this service. You can set up a unisex saloon grooming the men and styling the women. You can also sell cosmetic products in a large or small scale.
How to make Money in Nigeria By Becoming the Owning A Bar
Hanging Out as a result of the stress of work, traffic, or whatnot, is very important most people need to unwind, feel better with friends. You could offer a solution in terms of a good place to relax and unwind after a stressful day or week. Depending on the standard of service you will want to offer, this may not be considered a small business idea. It can also be considered as a small business idea if you just want to start small.
Dry Cleaning Service
You could open a dry cleaning outlet or a laundry mart which would cater to the working class and people who do not have time to get their laundry done. Make it comfortable enough and even offer add-on services so it becomes a one-stop.
Repairs of Phone and Sales
Selling of phones and repairs could be very lucrative in this part of the country. An example of a successful phone retail outlet is SLOT. Ikeja (capital of Lagos) hubs ‘the computer village’ where phone sales and repairs are done.
Personal research of mine has shown that a local phone repairer makes a minimum of N12,000 everyday and learning this skill takes not more than 4 months. You could as well be a major distributor for certain brands of mobile phones. Sometimes, information and going out there to look for opportunities is all that it takes.
With the volume of cars applying the roads of Nigeria, the condition of most roads in the state, and the lack of time to wash their cars, most people use the car wash. A car washing business is one of those businesses that will always thrive. You can partner with petrol stations and more.
As listed above there are several services and job that can anyone can go into and not just make a living in there but become very great.
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