25 Hot Business Ideas in Nigeria (2023)

Updated on November 5, 2023

Do you want to start a lucrative business in Nigeria? It doesn’t matter if you’re a first-time entrepreneur or if you have some experience, these hot business ideas in Nigeria can help you become a successful Nigerian business owner.

Starting a business in Nigeria can be a daunting task, but with the right business idea and strategy, anyone can take advantage of opportunities and succeed in this lucrative market.

When you have valuable skills or expertise, it can be easier to start a business with low capital. But without a marketable skill or expertise, you’ll have to find trending hot business ideas in Nigeria so you can make money easily.

Let’s get started, here are the best hot business ideas in Nigeria that you should consider starting right now

1. Startup

Tech and Startup News in Africa for the Month of June 2022

Running startups in Africa and especially in Nigeria can be painstakingly hard but Nigerian startups are raking in millions of dollars in Venture capital and angel investing.

Starting a startup is one of the most interesting business ideas in Nigeria for anyone. However, you have to choose a good problem to go after or solve.
As long as it’s a profitable problem that can be solved with tech, and you believe you are equipped to solve this problem then you should take the leap and launch your startup.

You’ll need a very small but effective team that will form the foundation of a positive strong company culture. Some of the markets in Nigeria where startups are thriving and where you should look to target include fintech, healthtech, and e-commerce.

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2. Auto Body Repair Business

Because of how often cars get into minor or major accidents, car owners often carry out body work on their vehicles.

If you’re interested in the automotive space, then an Auto body work business is a good choice as it’s a thriving and profitable business.

For this business to succeed you’ll need to open an auto body repair workshop. You would need to learn the business to have any chance of succeeding.

You can combine your auto body repair workshop with an automobile spraying and branding service.

There are so many extra ways to make money from this business. You can sell drinks as well as suya with this business idea. You’ll need to make the place comfortable for customers. You can add a TV where people can watch sports or movies.

The requirements for this business include an open space as well as an enclosed place like a shop. You can use an iron container as the shop for the barbing salon. You’ll need a water source(maybe a borehole), a generator, a chair and benches. Barbing salon equipment.

For this business to work. You’ll need to get to a very good location where plenty of cars can park. You’ll have to employ at least 3 to 4 people. 2 people to wash cars and 2 barbers for the salon.

Starting this business idea in Nigeria can cost you at least N500,000.

When there’s a dent or patch on a car’s body and it is worked on, there is the likelihood that the car owner will have the body of the car re-sprayed, in order for the car to look new and presentable.

Top 18 Small Business Ideas in Nigeria 2023

3. Car Wash + Barbing Salon Business

A car wash plus a barbing salon business will be more lucrative than if you started them separately.

People can come and get a haircut while they wash their car. You help them kill two birds at a time.

Checkout: Best Business Apps in Nigeria

4. Online Retail Store

With the growing popularity of e-commerce in Nigeria, starting an online retail store can be a profitable business idea. You can sell a variety of products, from clothing and accessories to electronics and household items. Or you could go more niche and sell only glasses or sneakers.

To succeed in this business, you’ll need to focus on building a strong brand and delivering excellent customer service.

311 People are Reading: Best Online Business in Nigeria that Pays

5. Social Media Management

Social media has become an essential part of business marketing in Nigeria, and many businesses are looking for experts who can manage their social media accounts.

If you have experience in social media marketing, starting a social media management business can be a lucrative idea.

You’ll need to stay up-to-date on the latest social media trends, provide engaging and relevant content, and track and analyze your clients’ social media performance.

See: Business Ideas for Ladies in Nigeria

6. Freelance Writing

If you have a talent for writing, starting a freelance writing business can be a great way to earn money from home.

You can offer your services to clients who need articles, blog posts, website content, or marketing copy.

To succeed in this business, you’ll need to have excellent writing skills, a strong portfolio, be able to market yourself and your business and the ability to meet deadlines.

7. Graphic Design Services

With the increasing importance of visual content in marketing, graphic design services are in high demand in Nigeria.

You can start a graphic design business by providing services like logo design, branding, web design, and print design.

To succeed in this business, you’ll need to have strong design skills, use the latest design tools and software, and stay up-to-date on design trends.

8. Beauty and Personal Care Products

Nigeria has a large beauty and personal care market, and there are many opportunities for small business owners in this industry.

You can start a business by creating and selling your own line of beauty and personal care products, such as skincare, haircare, and makeup products.

To succeed in this business, you’ll need to create high-quality products, use safe and natural ingredients, and develop effective marketing strategies to reach your target audience.

9. Photography & Videography Services

Nigeria has a large and growing media industry, and there are many opportunities for small business owners in photography and videography.

You can start a photography or videography business by providing services like event coverage, portrait photography, or commercial photography and videography.

To succeed in this business, you’ll need to have a good eye for detail, use high-quality equipment, and provide excellent customer service to your clients.

10. Home Decor and Furnishing

Nigeria has a growing middle class, and there is a growing demand for home decor and furnishing products.

You can start a business by creating and selling your own line of home decor and furnishing products, such as furniture, bedding, and accessories.

To succeed in this business, you’ll need to create high-quality products, offer unique and trendy designs, and develop effective marketing strategies to reach your target audience.

11. Tour and Travel Services

Nigeria is a beautiful and diverse country, and there is a growing demand for tour and travel services. You can start a tour and travel business by providing services like tour packages, transportation services, and travel planning services.

To succeed in this business, you’ll need to have a deep knowledge of Nigeria’s tourist attractions, provide excellent customer service, and develop strong relationships with hotels, airlines, and other travel service providers.

12. Blogging

A blog is still one of the best business ideas in Nigeria you can start. But it can’t just be the usual blog. It has to be different.

There are only two types of blogs you can start with. Niche blogs or Lifestyle blogs. Lifestyle blogs allow you to write about everything but with Niche blogs you write about one thing.

Lindaikeji is a lifestyle blog. Starting a blog about Bitcoin is a niche blog.

Niche blogging offers certain advantages over lifestyle blogging. Because you’re writing about one thing with a Niche blog you can get more solid methods of finding ideas.

Niche blogs also give you a reliable audience. An audience you can understand and one that will understand the type of blog you’re running.

Starting a new blog involves planning and research. Starting a blog is the easy part. What the blog should be about is the important thing.

You need to be very selective of the niche topic your blog will be about. You can choose to blog about a passion of yours or about a topic that interests you.

You also need to research keywords in your niche. If you’re a blog about travel in Africa. Some of your keywords might be: “holiday in Africa”, and “hotels in Africa”. You can come at a keyword from a different perspective.

The main thing with keywords is that you have to understand search intent. It’s not enough to know what people are searching for, you should also know how they are searching for it, and the structure of the words or sentences they use when they search online.

You’ll also need to pick up SEO skills.

You’ll also have to think about how you’ll make money from your blog. Are you going to monetize your blog through ads, Affiliate partnerships, digital products or even consultations?

One of the easiest ways of starting a blog is buying a domain name and hosting on Hostgator and installing WordPress. Here’s how to start a blog in Nigeria for beginners or anyone.

Whatever you don’t understand. Google is your friend.

13. Phone Accessories Business

The reason this is on this list of business ideas in Nigeria is because of the booming smartphone market in Nigeria. Every day thousands of phones and phone accessories are bought in this country.

Selling phone accessories can be a very competitive business in Nigeria. But it is also one of the current lucrative business ideas in Nigeria. You can buy an accessory for 1000 and sell it for anywhere from N1,500 to N1,800.

As more people go online via smartphones, they will need to replace phone parts as well as accessories. The market is only going to get larger.

Some of the phone accessories that you can sell include batteries, phone cases, chargers, earpieces, headsets and memory cards. You can get them from phone markets like Computer Village in Ikeja.

You’ll need a shop or a store to act as your warehouse as well as a sale point.

Getting a shop for your phone and phone accessories business will cost from N150,000 to N350,000 depending on your location. You also need to buy stock to kick off the business. This can put you back anywhere from N100,000 to N200,000.

14. Gym & Fitness

This is one of the untapped business ideas in Nigeria.

People will always look to get fit. There are positive signs that the health and fitness industry will continue to grow globally as it continues to thrive as one of the world’s largest growing industries.

People are becoming more self-aware of their health, especially with the recent coronavirus pandemic. A well-run gym is a good business opportunity in Nigeria. that can provide you with a stable income.

On social media, people see celebs, their friends and strangers go to the gym to keep fit.

Starting a gym business requires significant capital. You’ll need a location (medium-sized space), Gym equipment and a gym instructor.

Starting a gym business in Nigeria can cost from N500,000 to N5 Million. Depending on whether you have a space already or not and the type of gym equipment you purchase. Do you want to get new gym equipment or get some clean used ones?

15. Mini Importation Business

The importation business is still one of the hottest business ideas in Nigeria. This business has made a lot of people millionaires in Nigeria.

Mini importation business usually involves importing items (usually in a particular category like fashion and beauty) at a low price through eCommerce sites like Alibaba, Aliexpress, 1688.com and DHgate. You then sell those items at a higher price and make a profit. With about N100,000 or even less, you’re open for business.

But before you start importing items for sale, you need to decide the items you want to sell. This will depend on your research to identify people’s demands.

One way to find out what people are looking for in Nigeria is to use a Google search.

You also have to decide how you intend to sell your imported goods. Do you start your own online store or use 3rd party eCommerce sites like Jumia and Konga or listing sites like Olist and Jiji.

You can also decide to do all your sales via social media sites like Instagram, Facebook and Twitter.

There are so many items to import and sell. Like fashion and beauty items, phone accessories, and even home items.

Checkout: Best Online Shopping Sites in Nigeria

16. Mobile Food Truck Business

I know, there are a lot of food businesses around now. Especially online food vendors, but a mobile food truck business idea in Nigeria offers a different twist.

A food truck offers a way for your business to differentiate itself from other food businesses. For this business to work, a prime location is needed. A location that has a lot of foot traffic is perfect.

Your menu also offers a way for you to differentiate yourself. Going Niche will always pay you. You cannot serve everybody.

Apart from selling from a particular location, You can also serve on occasion since your food truck is mobile.

You can also partner with companies near where you park your food truck, to supply them with lunch. That’s why where you choose to park your mobile food truck is very important.

The main requirement for this business idea is the food truck. You can search Google for where to buy a food truck. I’m sure you’ll find some solutions.

Checkout: Top Daily Income Business in Nigeria

17. Sports Betting Shop

Sports betting is currently a business goldmine in Nigeria and it will continue to grow. The amount of people betting in Nigeria right now is insane. The biggest search on Google in Nigeria right now is about betting sites.

Betting has become one of the biggest alternatives for making money on the side in Nigeria. You can take advantage of this by opening a betting shop.

The sports betting business would require you to become an agent with one of the prominent sports betting companies in Nigeria like Sportybet, Bet9ja and Betking.

You’ll need a shop, computers, monitors, printers, an internet router and a betting tile. You’ll need at least N400,000 to N700,000 to start a sports betting business in Nigeria.

This business idea in Nigeria can net you anywhere from N150,000 to N400,000 per month depending on your location.

18. Sell Used Clothes (Okrika)

This is one of the business ideas in Nigeria with very high-profit margins.

Nigerians buy used items more than they buy new ones. Because of the bad financial situation of the country. So most people looking to buy clothes buy second-grade clothing.

When they wear it you can’t tell if they bought it from a boutique or not. You can buy bales of used clothes from Aba, Onitsha and Lagos and sell them in other cities.

Even if you’re in a city like Lagos where used clothes are everywhere you can decide to sell them online via social media. You just have to be creative.

When you buy them, take very good pictures of them and upload them to social media for people to buy. You don’t exactly need a shop to sell used clothes in Nigeria.

Except you’re in a rural or suburban location. You can start this business idea in Nigeria with little capital of N70,000 to N200,000.

For this business idea, you’ll have to start locally but think globally.35. Bike Delivery Business

19. Bike Delivery Business

Nigeria’s population and its bad road infrastructure mean people face difficulty in getting things from point A to point B.

A bike delivery business is one of the hottest business ideas in Nigeria for taking advantage of this crisis.

You can start this business with two bikes delivering documents, food and other items for people. This business can also work in almost every state in Nigeria.

Checkout: Best Delivery Services in Lagos Nigeria

If you want to start this business, I’ll advise you to start it outside Lagos because of the amount of delivery business in Lagos of late.

You’ll need to get responsible and reliable drivers for this business idea to work out. Your pricing too will also help especially at the beginning of the business.

If you offer better prices than your competitors and always make deliveries early, customers will likely choose you over the competition.

Also See: International Courier Services in Nigeria

20. Social Media Marketing Agency

One of the best online business ideas in Nigeria that you can make money from.

Social media marketing involves generating marketing leads for businesses using social media.

Most business owners just want to run their businesses without having to deal with the headache of building their online presence. This offers an opportunity for you to start this business idea in Nigeria.

Since your social media marketing agency will be small at the start. You’ll want to start small and focus on a specific niche or set of niches.

You’ll need to focus on a particular industry or sector. e.g hospitality industry or real estate companies. Just ensure that whatever industry you pick has money.

You’ll also need to build out the products you’ll offer to clients. The products can be content creation, Marketing Audience Acquisition (growing follower counts, email lists, etc) or Lead Generation (using social media to acquire new leads and clients).

For this business idea to work, you’ll need the right tools. You’ll need to know how to create engaging content. You’ll need a scheduling tool for scheduling posts on social media. A tool for creating stunning images will also be needed.

The hardest part of this business is getting clients. Since clients won’t just magically come to you, you’ll have to go after them.

Another important thing is determining your pricing. Are you going to bill clients per post, per hour or weekly? I suggest you start off with packages.

Something like N15,000 per month for handling a business social media account. Your packages have to be very detailed so you won’t have clients asking you to do things you might not be interested in doing.

Having an already established social media presence can help you take some pressure off yourself as you start this business.

21. Home Cleaning business

A home cleaning business is an inexpensive way to start a business that makes you money.

Homes will always need to be cleaned, so people, especially 9-5 workers tend to find ways to transfer this work to another person.

To kick off this business you’ll need to do the cleaning yourself at the beginning. Th yourself. Ois will give you all the knowledge and tools you need to train your future employees. Of course, you can always have an assistant with you.

You’ll need to do research and educate yourself on how to clean properly. What type of chemicals do you use? Next, you’ll need to build out your service list.

This will contain all the cleaning services you offer. You can look at what other cleaning businesses offer to create your own service list. You’ll also need to get cleaning equipment and supplies for your business.

Supplies and equipment can fall into two categories:

Supplies that get used up will need to be purchased regularly. Like rags, latex gloves, face masks, all-purpose cleaners and even mops.
Other equipment that you’ll use, Like vacuum cleaners.

This is one of the most untapped business ideas in Nigeria right now.

22. Restaurant Business

This business idea might look very common but launching a successful restaurant business can be a very profitable venture.

People will always eat, and if you’re known for offering mouth-watering, tasty meals at a fair price. You will have a winner on your hands.

To start a successful restaurant business you’ll need to choose a restaurant concept and brand. This will communicate what your restaurant is all about.

You’ll also need a business plan that can help you develop your strategy and understand the details of your restaurant.

The other things you’ll need for your restaurant business idea in Nigeria to kick off are to, create a menu for your restaurant, get capital (you can check out business loans in Nigeria), a good location, food equipment, restaurant furniture and decor, and hiring the right staff.

23. Gift Box Business

As you’ve noticed. I talk about Niches a lot. A niche helps you differentiate your business from the competition.

You can start a bridal gift box business or even one targeted at weddings or couples. You need to find out the customer potential. How many people are searching for the type of gift boxes you want to offer?

You also have to determine if the idea is profitable.

Having a business plan is essential for understanding the details of this business.

Starting a gift box involves registering your business name, choosing a sales channel (how you’ll sell to people), the design of your boxes, a flair for creativity, and a startup capital of at least N100,000.

24. Poultry Business

To start a poultry business in Nigeria you’ll need to choose the breed of birds (chicken) you want to rear.

The common breeds are layers, broilers and cockerel. You’ll need a very suitable poultry location. You’ll need reliable poultry housing that has to be kept clean and hygienic at all times.

It’s important that housing for the chicken is spacious, so they can move freely. The housing also needs to be raised so flooding doesn’t come and ruin your business one day. You’ll need feed (food) for the chicken.

The feed must always be kept clean and dry. You dont want contaminated feed killing your birds. You also need to frequently give proper medication and vaccines to your birds.

You’ll also need a plan for marketing your chicken and eggs. You can consider avenues like selling to shops that sell provisions, supermarkets, home delivery, and even hotels and restaurants.

You can start a small poultry business with N50,000 Naira. You can get up to 90% interest from this business.

25. Content Creation Company

You can start a business that creates content for prospective clients or for a broader audience.

For one that creates content for clients, you’ll need to create a website (online presence), find a way to get clients, and maybe print business cards.

If your content creation is geared towards a broader audience online, you’ll have to use platforms like YouTube, and social media sites to reach your audience.

It’s important you pick a niche. You cannot be a company that creates all types of content for everybody.

You can create content for working professionals. Content like how to have a work-home balance, how to get a promotion at work and how to switch careers.

Your content doesn’t have to be in one format. You can have written content that you can turn into infographics and videos. You just have to be very creative.

26. POS Agent Business

POS business is one of the most popular business ideas in Nigeria. Any small trader or merchant can use their existing business structure to help people living around them send and receive money, as well as pay for bills.

In essence, a POS business or mobile money agent makes cash available to people in exchange for a commission or fee through a POS machine.

If you live in an area where it is difficult to get to a bank or ATM and where a lot of POS agents do not exist, you can really make a daily income if you position yourself right.

Since every bank has a POS agent service alongside other financial institutions. You can join up to 3 of these POS Agencies so you can avoid downtime.

Some of the popular and best POS business agents in Nigeria to join are GTB POS, OPay POS, Moniepoint & BAXI. Here’s how to start a POS Business in Nigeria.

What Business Can 100K Start in Nigeria?

The types of businesses you can start with 100K in Nigeria are POS business, an online store, phone accessories business, blogging, fitness trainer, laundry business, baking and pastries business, Okrika clothes business, trading business etc.

What is the most Profitable Business in Nigeria?

The most profitable businesses in Nigeria are oil and gas companies, entertainment businesses, sports betting franchises, e-commerce businesses and agriculture and farming businesses.

Choosing a Hot Business Idea in Nigeria

There are a few things to consider when picking business ideas in Nigeria. A business plan will help you know the nitty-gritty details of your business idea. It will also help you when you need to access outside funding from investors or even government entities.

Some of these businesses you can run from your home, and others you might need to get a shop or an office space. It depends on how you want to run the business.

You don’t have to do everything yourself in your new venture. You can have a co-founder(business partner) who can help with some of the aspects of the business.

For some of us, starting our own business in Nigeria is a dream that is kept on hold mostly due to the lack of funds or the struggle for a good business idea.

Coming up with good business ideas in Nigeria can be tough. Even if you have lots of business ideas, choosing the right one might be difficult.

There are a few things to consider when picking business ideas in Nigeria:

How much do you know about the industry your business idea will operate in?

You need to be clear about your business idea before you decide to pour money into it. It is important to gain clarity about business ideas in Nigeria before you jump into them.

After going through the above list of business ideas in Nigeria you can start and pick the one you think will be profitable and you’ll enjoy doing. But make sure you’ll need to do research and create a business plan.