Top 20 Business Ideas in Nigeria To Start In 2024

Do you intend to start a business in Nigeria during 2024? Then this is the place where you get the ball rolling. Whatever your approach -tech, agriculture, services, there is a profitable niche waiting for you. There are several business ideas in Nigeria you can even start from the comfort of your home.

Business Ideas in Nigeria

Nigeria, with its huge population and growing economy, remains a very ripe place for business startups. From the hustle and bustle of Lagos to the food basket regions, entrepreneurs are exploiting the potentials in the country in different areas.

Here is a list of the top 20 business ideas you can explore in Nigeria, considering the current market trends, technological advancements, and the growing demand for certain services.

1. Logistics and Delivery Services

The rise of e-commerce businesses in Nigeria and the need for fast and reliable deliveries have made logistics and delivery services essential. Starting a logistics company or a delivery service business can be a smart move in Nigeria, especially in busy urban areas like Lagos, Abuja, and port Harcourt.

Why It’s Profitable:

• Increased online shopping demands
• Challenges in transportation necessitate the need for reliable delivery services
• Minimal startup cost with motorcycles or small vehicles

2. Digital Marketing and Social Media Management

Many businesses continue to shift online and so the need for digital marketing experts keeps expanding. Many startups and Nigerian companies are looking for professionals who can help grow their brand presence and visibility on platforms like Google, Instagram, X, Tiktok, and Facebook.

Why It’s Profitable:

• Businesses need an online presence to stay competitive
• Increase in internet and smartphone usage

3. Become a Virtual Assistant

Becoming a virtual assistant is one way you can start earning six figures working from the comfort of your home. For those looking to start earning money in USD ($), this is a really good path to set yourself up.

Virtual assistants are in really high demand today. This means there are a lot of opportunities out there. You can learn how to earn six figures weekly from home as a virtual assistant.

4. Laundry and Cleaning Service

Many urban Nigerians are too busy to handle their laundry themselves because of tight schedules during the week. Offering laundry and dry cleaning services in residential areas or near office complexes can be a steady source of income. You can learn how to start your cleaning service and laundry business as it is an easy avenue to make money.

Why It’s Profitable:

• Consistent client base
• High demand for convenient laundry and cleaning services.
• Affordable startup cost

5. Blogging and Content Creation

If you can write or have the capacity to learn how to write, then this is a business to do in Nigeria. Blogging is a good way to make money online in Nigeria. All you need is internet access, good research skills, an interest, a laptop, and a lot of time. Your most important and perhaps expensive investment in a blogging career is your time.

Also, since you would want people to find your blog posts without manually promoting them all the time, you would need to learn how to optimize your posts for search engines like Google or hire the services of an SEO Expert in Lagos.

Set up a free blog with WordPress or Wix or if you have some money, set up your blog on the self-hosted server; populate your blog with quality content, get people to read your content (drive traffic), get their confidence, and monetize your blog with Google AdSense, display advert, affiliate marketing or sell information products such as ebooks, etc.

Why It’s Profitable:

• Growing Internet penetration
• Opportunities for Ad revenue and brand sponsorship
• Ability to reach both local and international audiences

6. Email Marketing Business

Over the next few years, the acceptance of e-mail marketing as a means of advertising is expected to grow and you can place your own company to take a substantial share of the market by starting your own e-mail marketing business now and offering your clients first-class services with proven results that would keep them coming back and referring others.

You can learn how to start making at least $1500 monthly just from writing emails for companies.

7. Facebook Marketing Business

With a growing number of Facebook users in Nigeria on a daily basis, business owners are beginning to realize how important it is for them to be seen on Facebook by their target customers. This is where Facebook ads experts come in.

You can set up a Facebook marketing business to help other business owners to market their products and services and get paid really well for it.

You can learn how you can make 7 figures as a Facebook ads expert.

8. Fashion Design and Tailoring

Fashion design is one of the most lucrative business ideas thriving in Niferia. The Nigerian fashion industry is vibrant, with traditional and contemporary styles taking stage. If you have a zeal and passion for fashion, designing clothes or offering tailoring services is a great way to capitalize on this trend.

Why It’s Profitable:

• A high demand for custom made clothes
• Opportunities to sell both locally and internationally
• Nigeria’s growing influence in global fashion

9. Start a YouTube Channel

Starting a YouTube channel is a great way to make money while sleeping. You’d need to identify a niche to focus on, and what the target audience constantly searches for on YouTube.

A lot of people get frustrated trying to make money through their YouTube channel just because they failed to go through the learning process first. You can’t just wave a magic wand and start generating money.

You need to learn how you can grow a viral YouTube channel and turn it into a money-generating machine.

10. Liquid Soap Production

The market for liquid soap in Nigeria is so large that well-established brands are not meeting demand. 

Every household in the country needs this product. So there will always be a demand for it. You just have to be the one supplying.

If you look around you, you will find homemade liquid soaps with no branding at all, packaged in used plastic bottles being sold for between N50 and N100.

This is one of the major investment opportunities in Nigeria today. If you are looking for a small business idea in Nigeria that is profitable, then this is your best bet. You can make so much money producing liquid soap and selling it to supermarkets and other shops that retail to end-users, restaurants, bakers, caterers, and home keepers.

You may have to acquire some training that is available at vocational centers run by churches, government, and non-governmental organizations. Or better still educate yourself on home items.

11. Rental Services

People constantly need things that they do not possess. Some of the things you can start contracting out include chairs, canopies, vacuum cleaners, cutleries, cooking utensils, music box, ladder, etc. Once you are known to be engaged in this business in your environment, you may not be able to meet demand.

If you have an interesting range of expensive gadgets or equipment, you might consider exploiting them for side income businesses hiring them out on hourly use basis. If the business gets going, you can add more items as you discover what people like renting. Prepare a leaflet, advertise in a local newspaper or use social media to announce your services.

This particular business idea can be capital intensive sometimes and may require you to check out some platforms like Branch loan, Carbon loan, Palmcredit, Renmoney, Aella Credit, Quickteller loan, Opay loan, and C24 loan where you can get an instant online loan in Nigeria.

12. Mini Importation

The internet has redefined trade and commerce. Many people have struck gold by importing items online through eCommerce sites like Alibaba, Aliexpress DHgate, global sources, etc. With about N100,000 or even less, you’re open for business.

Identify people’s demands. Search all the eCommerce websites, and get a procurement agent to purchase these items. The agent will then send them to you to sell and make your cash.

Even with the falling value of the Naira, people who are engaged in this business still smile to the bank. Items you can import many varied and may include: mobile phone accessories, cosmetics, fashion items, etc.

This post is a very helpful resource on all you need to know about mini importation.

Related Post: What is Business Insurance?

13. Information Marketing

This is another internet-based business that has taken people out of poverty in Nigeria. Do you know anything that people don’t know, or know something that other people know but can present it differently, or know someone who knows something that others may not know?

You may be on your way to making money by packaging the information in the form of a report, an ebook, video, or audio, and selling them online. This is one of the benefits of digital marketing skills.

Take note, you do not have to write it as there are many resources online to help you. You can outsource the writing on Fiverr, buy master resell rights or private label rights books, rewrite and rebrand to your choice and sell. It’s important to note that making money from information marketing would require a good knowledge of digital marketing. You might want to check out some of the institutes offering digital marketing training in Lagos.

14. Event Planning and Management

Event planning is a fantastic business idea you can start with zero capital. All that is needed is your organizational skills and attention to details. Event planners help individuals and organizations coordinate events. You can specialize in a particular type of event such as weddings, birthday parties, or corporate events. A great way to get started is to reach out to event centers around your location and discuss with the manager to build partnerships. Also, you can utilize social media platforms such as Tiktok, Instagram, and Facebook to showcase your creativity and reach potential clients.

Why It’s Profitable:

• Consistent demand for event planners
• Opportunities for both small and large-scale events
• High income potential from weddings and corporate clients

15. Food Cart/Mobile Food Business

Ask yourself this question – what sells fast in Nigeria? Food is one of the primary needs of man. Whatever the condition is with a man, he must eat. As a result, the food business will always be lucrative in Nigeria. It is one of the most thriving businesses in Nigeria.

The key to success here is to differentiate yourself by choosing a specialty menu, a niche, and a market segment. You cannot be everything to everybody.

Select your market carefully where the returns are higher. For example, you can choose to serve workers of big organizations like digital banks, oil and gas companies, and multinational organizations and develop a relationship with their HR departments to allow you to bring your food during their lunch or within specific hours of the day. You can add special delivery of specialty food to busy executives as part of your service.

This particular business can be capital-intensive and so, you might want to explore grants for small businesses. Plus some platforms like Palmcredit, Branch Loan, Specta Loan, Fint Loan, C24 Loan, or Quickteller Loan allow you to get an instant online loan in Nigeria.

16. Fitness and Wellness Services

As Nigerians become more health-conscious, there is a growing demand for fitness and wellness services. You can become a personal trainer, yoga instructor or offer other health and wellness services. You can design customized fitness programs for individuals based on their goals. It could be for weight loss, muscle building, or strength training.

Why It’s Profitable:

• Increased focus on healthy living
• Opportunities for partnerships with nutritionist and wellness brands.

17. Phone and Laptops Repair

Another business idea in Nigeria that is lucrative is phone and laptop repairs. The increasing use of smartphones and laptops in the country means that repair services are also in high demand. Setting up a phone and laptop repair business can be a long term profitable and steady source of income.

Why It’s Profitable:

• Affordable startup cost with the right technical know-how
• High demand due to frequent phone and laptop issues.

18. Drop shipping

This is one of the new business ideas in Nigeria. It is a form of business that you can start with very low capital. What you need is your laptop or smartphone, internet data, and your social media platforms e.g. Facebook, Twitter, Tiktok, etc. ( which could serve as your online shop)

This is one of the lucrative business ideas that has made people millions of naira. The secret of the business is identifying and knowing what the people need at a particular moment and knowing where and how to source for those items (AliExpress is a good place to start dropshipping in Nigeria).

Why It’s Profitable:

• You can sell products online without owning a physical outlet
• Opportunities for partnerships with suppliers who will handle the storage.

19. Social Media Marketing

The Social media space has grown to be an important tool that can drive not only the visibility of businesses but also their profitability.

Indeed, some forward-looking companies now have a social media strategy as a full-service function within their organization while some others outsource this service. This is why there is a growing need for people with social media marketing strategy and development skills.

Take advantage of this development to learn the tricks of using Facebook, Twitter, LinkedIn, Online Forums, and Blogs to sell goods and services and offer this to the many individuals and corporate organizations, including SMEs yearning to launch into the digital marketing space and make money for yourself. You can check this out on how to make money on Facebook. 

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

20. Bakery and Confectionery

Whether it’s bread, cakes, or pastries, Nigerians love their baked goods. Starting a bakery business can be both enjoyable and profitable, with the opportunity to supply homes, stores, and events.

Why It’s Profitable:

• Relatively low startups with the right equipment
• Opportunities to expand into catering for events.

Frequently Asked Questions

What do I need to start a business?

The basic things you need to do are to conduct market research, write a business plan, choose a business name, register your business, and fund it.

Can I get insurance for my business?

Of course, you can. There are small business insurance plans designed to cover losses you might incur while doing business.

What businesses are high in demand?

Online businesses like email marketing, affiliate marketing, content marketing, website design, information, and blockchain technology are currently high in demand, and this may not be changing anytime soon.

Can I start a business without capital?

Yes, you can. An online business in Nigeria that pays can be started with very little or no capital. There’s even an option to have access to supply chain finance. All you need is to have the required skill and be able to convince a prospective client to work with you. You can also learn smarter ways to invest money here in Nigeria and ways to save money as a family.