Some of the individuals that are making it in Nigeria are into a certain kind of business or another in order to make profit and improve their standard of living. Below are some of the viable businesses that one can dive into in Nigeria to make sizeable amounts of money.
One of the viable sectors of the Nigerian economy is its agricultural sectors. Although this sector of the economy was neglected and abandoned when petroleum products were discovered in the country and because of the oil boom in the 70’s, however before then, agricultural products were a good source of income both locally and internationally.
The good news is that Nigerians are now recognizing the large potential that is hidden in the business of agriculture although they are slowly discovering it but it is a fair development. Take poultry farming for example, that produces a sizeable amount of profit to those engaging in the business. Cultivating cassava is another business that will produce a huge amount of profit. Rearing snails and even the cultivation of rice is another source of high income.
Oil and Gas
Nigeria has been blessed with so many natural resources in its soils which makes it difficult to fathom why the most of the country’s population have a substandard living. When oil was first discovered in Nigeria through exploration by foreigners, Nigeria was a recognized nation because it made a lot of foreign exchange profit from this particular sector of its economy.
Even though the Nigerian economy is in a poor state, it doesn’t necessarily mean that the sectors of its economy are dwindling. Individuals who are into the oil and gas business are making huge amounts of money from it. Being in the oil and gas business may require ownership of petrol filling stations, supply of diesel, and distribution of kerosene, however, regardless of which one a person is into, huge profit can be made therefrom.
The purchase and sales of locally made furniture in Nigeria is another major earner of profit. One does not have to be a carpenter to be in this kind of business, in fact, if you’re looking to be in this kind of business and have no interest in carpentry, you could just make arrangements with a carpenter whose skills and designs you and a lot of other people (say his customers) consider to be commendable and state-of-the-art. Once you find one whose products you like and feel that customers would like, you can just open up a gallery to help him display his products and make sales when clients demand for them. Because of your arrangements with him, you get to give him (carpenter) some form of remuneration.
Pure Water Production
You know how popular this is in Nigeria and how many that are dispensed daily. Though this business is capital intensive but well worth investing into, especially if you can manage it properly with professionalism.
As a result of the huge amounts of profit made from this kind of business, there are a lot of companies that are into the production and distribution of processed water in sachets more commonly known as Pure Water in Nigeria. The pure water business is another business that provides a sizeable amount of profit to individuals or companies that are engaged in the business.
Truth be told, the pure water producing business is one that require a huge investment in capital, however, the returns that are gotten from the business makes it worth the while. A lot of this kind of water is consumed on a daily basis in Nigeria by a vast amount of people because it is cheap and readily available by road sides and in motor parks as well as small retail shops.
Sales of Building Materials
New houses and other shelter structures such as offices and classrooms are being built in Nigeria almost every day, however it is surprising that people complain that there are no houses available. People build estates, business centres, malls and small retail shops a lot these days across Nigeria and to build, certain building materials are needful for these projects to be completed and this requires the services of people who are engaged in the sale of building materials.
Making investments into the sale of building materials such as roofing sheets, utilities (sinks, WCs), tile floors, and more is one of the lucrative businesses available in Nigeria. Individuals who are engaged in this business are making huge sums of money from it, however it also needs some big spending to acquire the products from the actual manufacturers.