22 Business Opportunities for High-Income Earners in Nigeria 2023

People are looking for alternate sources of income due to employers of labour providing their employees with a static salary and the rising cost of goods and services. Consequently, setting up a firm is crucial.

Nigeria is a country that encourages commerce, and its population growth enhances business growth rates, which, if taken seriously, can multiply profits. The next great thing in this country is starting a business, especially if you have the cash to do so. This is much better than working twenty-two hours a day for pitiful wages or slaving away in foreign countries as an immigrant. We shall cover business opportunities for high earners in this article. Some business opportunities for high-income earners in Nigeria include;

Business Opportunities for High Income Earners in Nigeria

1. Oil and Gas

One industry that Nigerian billionaire investors deal in is oil and gas. The industry generates wealth and provides a favourable environment for new investors.

Consider oil and gas seriously while deciding which investment opportunity to pursue in Nigeria. It’s a game for billionaires, and to recover your investments, turn a profit, and win over your counterparts’ faith in doing business, you’ll need a long chain of investors.

2. Mining

Mother nature is to thank for preventing us from wreaking severe devastation on the tectonic plates that currently support our country. That is a more significant factor in why we don’t frequently experience naturally induced disturbances.

Despite this, mining is still a lucrative investment option in Nigeria. To extract oil and gas, mine coal, metal ore, and nonmetallic minerals, you can establish a mining company. You might also invest in setting up a business that deals in or sell minerals.

3. Petrol Station

Starting a gas station just costs a few million naira. You can always get consumers because there are so many automobiles in Nigeria. Additionally, many individuals rely on gas stations to supply electricity for their generators.

4. Cooking Gas Business

Nigeria has enormous potential in this industry. Many people ignore cooking gas because they are so preoccupied with gasoline. I was just talking to a buddy of mine who owns a medium-sized petroleum company. They consume anything manufactured of petroleum. He asserted that they generate more money from cooking gas than they do from other enterprises.

You have two options: either become a store and refuel gas for end users or supply cooking gas to businesses. This company is incredibly profitable, and starting it doesn’t cost anything. You can begin modestly and develop!

5. Oil and Gas Transportation

Petroleum products need to be lifted, just like any other commodity. You can buy tankers and start a company that lifts petroleum products that might also be shipped. These are some business opportunities in the oil and gas sector. Fleet management possibilities are also available within this business chain. It’s possible to locate more if you do your research. However, one thing is for sure: oil and gas continue to be among the most lucrative industries in Nigeria.

6. Foreign and Intercontinental restaurants

Food from other countries and continents is growing in popularity in Nigeria. Celebrities, foreigners, and high-net-worth individuals frequent eateries that serve these kinds of food.

You might start a Chinese, Italian, Indian, or other types of restaurant. You can work with someone knowledgeable about it all or learn how to prepare dishes that are frequently served in these establishments.

7. Real Estate Business

Real estate is among the most lucrative industries on a national and international scale. A roof over one’s head will always be necessary for people. Real estate will continue to flourish as long as the population keeps rising. This industry keeps expanding as more people relocate to cities.

Numerous alternatives are available in the real estate sector. As an agent, you can work finding homes and apartments for renters while receiving a fee or commission. Additionally, for a fee, assist landlords and property owners in finding tenants or buyers.

You can create homes in highly desired locations for sale or rental. Additionally, you can purchase land to develop or sell for a profit.

8. Hotel Business

One of the most lucrative industries in Nigeria is the hotel industry, which is highly profitable. Nigeria has a sizable population, and people frequently travel for both work and pleasure. Hotel offers them a place to stay. Additionally, travelers use motels.

To flourish in the hotel industry, you must either locate your firm in a less competitive area and expand there or provide superior or more affordable services in a crowded market. As a supplementary revenue stream, each hotel must include a space that can be hired out for events.

9. Services for Renting Car

The desire to drive oneself or one’s belongings from place to place is shared by only some who own a car. When someone rents a car, they rent it to them for a set period. It could last for a few hours, a few weeks, or even a day. Nevertheless, the car must be returned within the agreed-upon deadline; otherwise, the person who rented it could be sued.

Usually, the cars are returned to the location where they were rented or to a different office of the car rental company that is closer to the renter.

Having functional and appealing vehicles is crucial to starting a car rental business. Additionally, this is based on the services you intend to offer. No matter whether it’s a luxurious car or not, consider your target customers before making your car choice.

10. Property Investment:

This entails purchasing real estate, primarily buildings, and then reselling them after some time, at a time when the value must have significantly improved. This kind of employment necessitates extensive research and competent agents who can aid in the search for properties or lands in desirable areas. One with an immediate likelihood of increasing value.

11. Gym Business

Another expanding industry is the gym industry, which caters to young people who want to get muscular and fit and obese women who want to regain their bodies after having a child. The gym fills this need since people would spend any amount for anything that produces results. Ownership of a gym is not a requirement for personal training. While earning money, you can always hire a trainer to assist in training your customers. When successful, it would generate more business and more revenue. The most important thing is to hire an experienced personal trainer and modern gym equipment in a fair price range. This type of business will suit a person with empathy for consumers and handsome.

12. Uberpreneur – Driving for Uber

Many factors influence people’s decisions to drive for Uber. Some people do it so they can drive whenever and wherever they want. Since they are in charge, they can choose their hours and can work as much or as little as they like. The weekly salary for an Uber driver is from 80,000 to 120,000 Naira on average.

In Lagos and a few other Nigerian cities, Uber driving is currently one of the most profitable business ventures. You are given the freedom to work whenever you like, whether it be during the day, at night, or on the weekend, and you can also make some extra money doing it. Some drivers work as drivers full-time, while others only work as drivers on the weekends and in the evenings after their day jobs.

13. Film Production Business

Currently, one of the industries with the quickest growth is Nollywood. Blockbuster movies are regularly created, and those in charge of the industry are doing everything possible to ensure that outstanding movies are also made. When you launch a film production company, you can also jump on board. To board the train, you don’t need any qualifications.

14. Internet Radio Business

You should know how internet radio differs from classic radio sets if you’re interested in starting an internet radio station, especially given that a computer will serve as the business’s source of power. You should have a clear understanding of the types of business you will be focusing on and the subjects you will need to cover to attract your target audience before starting this venture.

15. Hospital

It is interesting to know that you don’t have to be a doctor to own a hospital. People visit doctors every day, making the health industry immensely profitable. Health is a significant value. Why not construct a hospital if you have the means to do so? The next item on your to-do list will be to hire a doctor, nurses, hospital cleaners, and every other team member a hospital needs to function. You can start working after paying the employee’s weekly or monthly wage.

16.  Tracking & Security Services

In Nigeria, launching a tracking and security firm is a quick way to get rich due to the amount of insecurity there. In Nigeria, selling security tools, including cellphone trackers, CCTV cameras, car tracking devices, alarm systems, and other tools, has proven to be a lucrative industry. Anyone passionate about security and safety should check out this company.

17.  Sales and Supplies of Safety Equipment

In Nigeria, this is still one of the untouched markets where you can invest and prosper. To launch this firm, you do not need to acquire specialization or expertise in safety. You need to know enough about the product to succeed. The company sells safety gear such as hard helmets, lanyards, harnesses, safety shoes, and various other items.

18.  Exportation Business

You may believe that exportation businesses do not exist in Nigeria. I’m going to pop your bubble and tell you that exporting is still a very profitable business in Nigeria. Exporting raw goods, including vegetable oil, palm oil,  textiles,  cocoa, yam, cassava, groundnuts, and other products, is one of Africa’s most lucrative worldwide companies. There is still a substantial demand for these products on the global market. You can successfully start an exporting company in Nigeria as a result. If you want to engage in profitable buying and selling in Nigeria, consider establishing an exportation business.

19.  Car Dealership

Sales of autos, including trucks, cars, and other vehicles, have unquestionably proven profitable in Nigeria. Starting a car dealership business, particularly in Lagos, Nigeria, is sufficient to bring you a respectable quantity of profit, given the people there. Suppose you need more money to start. In that case, you can work with Nigerian car dealers who are already well-known until you can attract clients and generate enough money to operate independently.

20.  Starting a Pharmacy

One of the best businesses in Nigeria to start if you want to succeed financially is this one. Nigeria is a very profitable country to open a pharmacy, especially if you locate your business in a densely populated area. Setting up a pharmacy business in Nigeria doesn’t require you to be a doctor. But to be accepted, you might require a license.

21.  Printing Press

This is one of the oldest and most active small businesses in Nigeria that is still profitable. Starting a printing press operation where you can produce products like news bulletins, magazines, banners, and flyers in quantity is one of the well-known and lucrative business ideas in Nigeria. If you have the necessary resources and the right location, one of the best business ideas to become wealthy quickly in Nigeria is the printing press.

22.  Airbnb Rental Services

A short-term house rental is one of the quickest ways to make money in Nigeria. The population is growing in most Nigerian cities, especially Lagos, making it profitable to start an Airbnb rental business. All you need to do is post your home on websites like Airbnb and other platforms for vacation rentals; then, you can begin accepting paying guests.

Conclusion

Investing in unexplored investment opportunities, like most of those explained in this article, is typical practice to build a solid financial future and achieve financial independence. However, you need a sizable sum of money to invest if you can choose from the list of lucrative investment possibilities in Nigeria listed here and get started right now.