Figures from the National Bureau of Statistics estimate Nigeria’s population to be about 200 million. With this much strength in numbers, business opportunities abound for any innovative entrepreneur willing to invest in Nigeria. These money spinning business opportunities can be found both online and offline. Problem is, it’s hard to decide what business to venture into and make good profit. Here, I have profiled ten low risk and sure money spinning business opportunities you can invest in with little capital.
Billions of people across the world have access to the internet. So if you can find a hit product to sell online, you might just make some millions out of nothing. One major advantage of E-commerce is, you don’t need to sweat it. With a mobile device or computer and internet connection, you can get started. You can also partner with an already established company using your social marketing skills to convert your internet audience into potential customers.
Read more about E-commerce
2. OEM Reseller/Agent
There are several OEM’s in Nigeria who are looking for good marketers to help push up their sales. OEM stands for Original Equipment Manufacturer. As an OEM reseller or agent, you can make fast money even without startup capital. All you need is to have the required structure any legit sales company should have.
First, identify the OEM you are eager to partner with, have a discussion with them to ascertain their requirements, then set up your company structure before formally applying to be a sales partner with the OEM. Making money as a reseller agent is easy, just follow these three simple steps;
1. Identify those who might be interested in buying their products.
2. Convince the company to buy or sell at a higher price.
3. Deliver the normal rate to the OEM and make way for your huge profit.
3. Waste Management business
The Government’s inability to clean up waste from the environment has presented a business opportunity to entrepreneurs who can turn waste to wealth. You can set up a company that goes from home to home evacuating waste at an agreed fee. This waste can then be sorted and recycled into new products.
4. Set up a private school
With the Nigerian population expanding rapidly at an estimated rate of 3%, more schools are required to accommodate this growing numbers. So far, public schools have not been able to cope effectively with the increasing number of school children, neither are they equipped to provide the required standard to meet modern needs. Private schools are now springing up in every corner, and there is a need for more.
Education is one of the sure money spinning businesses one can venture into in Nigeria and make millions in a few years. I have seen schools move from rented apartments to their permanent sites within the space of 4 years. This in itself is a testament to the lucrative nature of the business.
5. Start a drinking spot
Ever wondered why new drinking spots are springing up everyday in all the nooks and crannies of the Country? It’s simply because such businesses are making huge profits than you can ever imagine. Nigeria ranks as one of the highest consumers of liquor in the world. Despite the usual complaint of economic crunch nationwide, night crawlers would always spare some funds to indulge with friends. However, you should do well to spice up your spot by arranging for pizza, shawarma, fish, and suya spots around your bar. Also, don’t forget to play some cool music.
6. Start a travel agency
Nigerians travel a lot. A visit to any of the immigration offices nationwide will give you an idea about how many people are planning to travel out. However, most of this people don’t have an idea how to go about it. And that’s where travel agents come in. Travel agents help to facilitate passport and visa procurement, hotel bookings in countries of destination, and tour arrangements for clients, at agreed fees.
7. Transportation business
Transportation business in Nigeria if rightly managed can be a huge money spinner. People require a means to move their goods and meet up with business appointments. However, our transport sector can best be described as a disheveled goldmine still waiting to be tapped. Airports are not available in all the states, and the rail sector is moribund. Most people travel by road using the next available bus, not even minding if the vehicle is road worthy or not.
You don’t necessarily have to own a big transport business to make huge profits. You can start small by registering your vehicle with a well-known transport company and start making some good money.
8. Start a sports betting centre
These are silent money making machines, especially among youths who are sports betting fanatics. There are so many sports betting companies available in Nigeria today – Nairabet, Merrybet, Surebet247, Lionsbet and Baba Ijebu. These bookies even provide agents with free banners and equipment to help them market their betting services. Most sports betting centres supplement their earnings by using the free space available as football viewing centres.
9. Start a YouTube channel
Ever heard of a business that has a potential of making $10,000 a day? In fact, a man named Felix Kjellberg, the owner of PewDiePie earned 12 million dollars back in 2015 by running a single Youtube channel. Youtube has proven to be the power of the Internet with an amazing 5 billion views per day.
Making money on YouTube is one of the easiest money making opportunities you can find anywhere. In Nigeria, this opportunity has not been well utilised. All you have to do is leverage on their creative abilities and create original content that can attract viewers and followers. With a reasonable number of followers, your YouTube channel can be monetized. Then, your earning potential really won’t be determined solely by the number of subscribers and views you have, but also by the level of engagement you generate, the niche you provide content to, and the revenue channels you explore.
10. Agricultural business
Farming is such a profitable venture, no doubt. But one area of agriculture that is yet well tapped is the overall business opportunities associated with agricultural production. Agriculturally related businesses that supply farm inputs such as farm machinery, seedlings, fertilizer and other chemicals as well as the various operations associated with agricultural product value chain all fall within this category.
You can start a farm machinery hiring company, invest in seeds and agrochemicals resale, or become an agricultural product transporter or middleman.
There are lots of business opportunities along the agricultural value chain, but only if you look carefully.