10 Lucrative Businesses In Lagos 2023.
The good thing is that there are still lucrative businesses in Lagos despite the shape of the country as we speak. They usually involve little or large capital depending on which business you would like to startup.
However, you might be looking for a business idea in Nigeria as a full-time employee or to generate multiple streams of income for you. This article will guide you on businesses you can startup in Lagos.
There are lots of business ideas you can start in Nigeria which are lucrative. Below, we have detailed a list of businesses you can start in Lagos. To start a business, you need to have a business idea, and implementing it could make you a multi-millionaire.
So if you are planning to start a lucrative business in Lagos, the best and right time is now.
Lucrative Businesses In Lagos 2023
Below are some examples of startup businesses you can begin in Lagos with little profit and get huge profit.
1. Mini Importation
You might think that importation does not occur on small scale but lest you know that you can start importing things from other countries and start selling them in your country.
Lagos is one of the highest important ports in Nigeria and if you reside in Lagos it will save you the expense of waybills.
You can start importing from countries like China, America, Dubai, Turkey, Malaysia, etc.
2. Car Dealership
As cars are usually one of the major sources of transportation in Nigeria, people do desire to have cars due to the high population in Lagos, Nigeria, starting a car dealership business, especially in Lagos is enough to fetch you a large amount of profit.
Car dealership is one of the major businesses to startup in Lagos which requires high capital to startup.
3. Real Estate business
The desire of everyone is to be retired and financially free. That can only be possible if you build passive numerous income streams like real estate.
Real estate management is one of the untapped sources of money.
This is a source of passive income that can help you earn money even though you are asleep.
4. Fashion designer and tailoring
When you have learned tailoring or fashion designing, you are good to go. Tailoring is now even more lucrative than it has ever been.
In the quest for fashion and looking good, people sew new clothes often and tailors/ fashion designers are usually responsible for this.
As this is a source of daily income in Nigeria, fashion designers can now post their designs on social media to attract customers to them
5. Mobile Food vendor business
Food is among the fast-selling products in Lagos. Due to the high population of people in Lagos, there is a need for a large supply of food.
The mobile food business is one of the most profitable businesses to start in Nigeria as most people would rather buy food than cook due to the nature of their jobs.
As a mobile food vendor, try as much as you can to be different by focusing on a niche.
6. Rental Services
This is one of the hottest businesses one can startup and earn from it within a short period. As events are being done frequently, there would always be a need for renting some equipment and materials.
It usually involves giving things out to people in need of them in exchange for money. Some of the things that can be rented out are canopies, chairs, tables, cars, cooking pots, etc.
Rental services are one of the low-capital startup businesses with high profits. And once you start, you can use digital marketing services to advertise your brand.
7. Affiliate Marketing
This is one of the profitable online money making businesses in Nigeria anyone can start with little or no capital.
An affiliate marketer is a person who helps to sell someone else products and get paid based on agreed commission with the given company.
This is another lucrative business idea to venture into it in Nigeria. There are lots of events and happenings in Lagos today and people want to capture memories and take pictures.
In order to start photography, one needs to learn the skill and improve it as time goes on and get more customers as your brand grows.Hence, you can profit from this business really quickly.
In Nigeria today, especially in Lagos, people tend to take pictures regularly due to some reasons and this is a means of getting income regularly.
Since the Nigerian economy no longer seems to favor many of its citizens, people are beginning to think outside the box thereby discovering several other means of earning apart from the oil that the country is well known for.
In a nutshell, agriculture has helped to produce some millionaires in Lagos. There are many branches in this field that you may not know. One of the most lucrative is fishery and also snail rearing.
10. Exportation business
You might be of the ideology that the exportation business does not exist in Nigeria. But let me tell you that exportation in Nigeria still exists and is a very profitable business to invest in Nigeria.
If you are seeking a buying and selling business in Nigeria that is successful, then consider the exportation business.
Exportation of raw materials such as cotton, cocoa, palm oil, crude oil, groundnut, etc is one of the most profitable businesses one can venture into in Africa.
These raw materials are still high in demand in the global market as one can get a lot of money from them. It can also be a source of foreign exchange earnings. Hence, you can start an exportation business in Nigeria and succeed at it.
To have a successful business in Nigeria, you should consider the geographical location and market demand.
Furthermore, this requires a lot of people’s market research. You can choose from any of the ideas on our list of the 10 lucrative businesses in Lagos, but it is important you do what you are passionate about and that has a robust profit margin.