10 Lucrative Business Ideas to Start In Nigeria 2023

Are you tired of searching for a high-paying job? If yes, then this article will help you find Lucrative Business Ideas in Nigeria. If you want to secure your future and financial life, then it’s time you stopped searching for jobs and create one for yourself.

Lucrative Business Ideas

Nigerians search for terms like “Lucrative Business Ideas in Nigeria”, and “Low capital Business ideas in Nigeria”. This is a good thing because it portrays a willingness to become self-reliant and become financially Independent.

There are a lot of businesses Nigerians are doing out there. But we have taken our time to select the most profitable and Lucrative Business Ideas that you can easily start with low capital and make decent money.

  1. Restaurant and Catering Services

This is one of the most Lucrative Business Ideas in Nigeria that will never fade in Nigeria or even in any part of the world, as long as food is one of man’s greatest wants. Restaurant Business can be small-scale or Large scale depending on the capital you have at hand.

All you need is a good place, good cooking skills (or hiring the best chefs around) and a few business skills such as impressive customer service.

Hang out at any popular road in any city and you would always find eateries littered about making a decent amount of money sometimes running into five figures in a day. You can also offer catering services to those who have events which would need serving meals.

There are too many opportunities in the restaurant and catering industry which you can take advantage of if you venture into it.

  1. Retail Shops

Retailing business has been a longtime business in Nigeria. It is highly in demand as consumers demand different products in small quantities on a daily basis, ranging from provisions to snacks and even plastics. It is a very profitable small-scale business in Nigeria.

All you need is a shop space in a strategic location, find prices that will attract customers and start selling your goods. It is a very reliable small-scale business idea in Nigeria.

  1. Hairdressing Salons

A hairdressing salon is one of the Lucrative Business Ideas that is recession-proof due to the craze for fashion by Nigerians even during tough times. Starting a hairdressing salon is relatively easy to set up.

You need to have good hairdressing skills (or hire professionals), a shop in a strategic location easy for someone to find, and a few needed tools and equipment. A generator is necessary due to the unsteady power supply in the country. After acquiring a few of these things, you can start making money from them as soon as possible.

  1. Bar and Relaxation Centre

This is one of the most Lucrative Business Ideas in Nigeria because it is in high demand. Nigerians love places where they can relax and enjoy themselves with drinks and some delicacies.

There are a lot of such places scattered all over the country and there is still space for more provided you can offer more value to your customers.

You need to make sure that you have what your customers want such as drinks, snacks, sometimes meats and others. The environment should befit a relaxation centre. Most people go as far as adding a football viewing centre to attract more customers.

Bar and relaxation centre is one of the trending businesses in Nigeria that will not fade anytime sooner.

  1. Transportation Business

Millions of people use public transport every day in Nigeria. That makes the transportation business one of the most Lucrative Business Ideas in the country. You can venture into it as a taxi driver, motorcyclist or bus driver.

Definitely, you will make money from it as soon as possible because a lot of people transport to different destinations daily. You just need to have a car that is suitable for a taxi cab, a motorcycle, or a bus, you can then register it with the proper transport authorities and you are good to go.

Some taxi drivers make even 5-6 figure incomes monthly because they have different operators under them all hustling cash for them. It is a very common business in cities, towns or villages in Nigeria.

  1. Blogging

What is Blogging?

Blogging is simply the act of providing content or disseminating news or information to a particular group of people who will be interested to read it through the Internet.

For Example, if I wanted to know the features of a particular phone I want to buy, I can just search the name of the phone and add the term “features” to it. e.g “iPhone 7 features” and it will display a list of websites that can answer my question.

lucrative business ideas

Such sites are blogs.

Since the Internet came into existence in Nigeria, a lot of Business models began to lose popularity such as the Newspaper houses being replaced by blogs offering this information for free who makes their money by attracting advertisers to the mix.

Choose any of the popular niches ranging from Entertainment to Health depending on your passion and income potential.

You can start it at almost zero cost. Believe me, a recession increases how much bloggers earn. You will get to find out that.

To get started with blogging, it’s important you avoid some blogging mistakes

  1. Supermarket Business

It is very common to find supermarkets in every place you go to. The reason is that it is simply very lucrative. Starting a supermarket business in Nigeria is more like starting a retail shop. The only difference is that you do it on a larger scale.

You need a shop space located in a strategic place that has a good population of both passers-by and those who live around. You can negotiate your products from suppliers, start selling and begin making money.

Supermarkets can sell drinks, snacks, and household items ranging from soaps, torches and many other items needed daily. Start a supermarket and watch your income rise daily.

  1. Phone Accessories Business

The emergence of smartphones in Nigeria has also triggered the need for phone accessories. Accessories like earpieces, screen guards, original batteries and even phones themselves.

All you need is a trusted wholesaler from which you can buy original items, set up your shop space in a place with a reasonable population, and start making money.

Phone accessories business has grown to become one of the trending businesses in Nigeria today from which you can make a decent amount of cash from if you do it the right way.

  1. Graphic Design Business

The demand for graphic designers around the country is increasing at an alarming rate. Due to the emergence of churches, schools, and businesses that all need graphic banners to promote their business or organisation in one way or the other, graphic designers are making it big from their skill.

You need

  • Graphic design skills (which you can learn or hire professionals)
  • A good computer system and printer and
  • A good place to work.

It is one of the businesses you can start from home and still make good money out of it.

  1. Laundry and Drycleaning Business

A lot of Nigerians due to the stress of corporate duties or not having enough, prefer to outsource most of their domestic responsibilities to others. One of such is dry cleaning and laundry. You hardly go into any laundry shop and find him or her idle.

This is because it is a business that is highly in demand, especially in Nigeria. Most of the things you might need are:

  • A good place
  • Shop space
  • A generator
  • iron
  • Detergents, and a few other washing items.
  • You can buy a washing machine if can afford it but if you can’t, you can still do the business.

In fact, 80% of the dry cleaners I know don’t use a washing machine. So there’s still a chance for you to make good money in the business.


The opportunity for you to secure your financial future has been unleashed in this article. What are you still waiting for? I know you would like to become a boss and CEO. Starting any of these Lucrative Business Ideas will make you become one of them and financially free.

Got a business idea? The next thing is to choose a business name.


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