10 Business Ideas in Nigeria That Can Generate Income in 2024
As 2024 approaches, many will be developing New Year resolutions—what you want to accomplish in the new year and how you intend to accomplish it.
While some will ultimately accomplish their set objectives, others are just another dead duck list. If one of your goals for 2024 is to start a business that will help you earn extra money or create an income stream for yourself, you are on the right track.
As the new year draws near, this article will highlight a few low- to mid-income Nigerian businesses you can launch to generate extra cash.
Without further ado, let us look at 10 profitable business ventures that can be started in Nigeria and make money.
1. Food vending business
The food vending business is one that will generate income if properly managed. Since it is inevitable for people to go without food, particularly when they are working, it is a profitable business that can provide a daily income in Nigeria. I could recall when I was working at Ikeja, as a bachelor, I would resume work at 7:30 AM without breaking fast. However, I stop by the street next to my office, where I have my sure “Mama Nonso” to grab some food or “take-away” to the office to eat in my free time. Food vendors can sell items like snacks, drinks, meals and many more. On the other hand, you can also partner with popular eateries or food sellers, who prepare the food while you package it for delivery to customers who order from you either in person or online. With a startup capital of like ₦200,000 — ₦500,000, you can make a good 10%–40% profit margin at the end of the month.
2. Laundry and dry cleaning business
These days, people are busy. Weekdays are for work, so on the weekends, they are either concentrating on their personal objectives, leisure activities, or relaxation. The reason they frequently neglect to dedicate their weekend schedule to doing the laundry and pressing a load of clothes used during the week. As a result, dry cleaning is yet another extremely profitable industry in Nigeria that you can enter and earn a good living from. You can get your laundry and dry cleaning business up and running with a start-up capital of around ₦100,000 — ₦500,000, depending on how big you want to go, while working on improving your services to differentiate your business offer from competitors.
3. Barbing salon
Barbing salons is a lucrative business that can make you a whopping income in Nigeria today. Although it may appear simple, the salon business extends beyond simply providing customers with haircuts and styling services; modern stylists provide more professional services such as hair treatment, manicures, and pedicures, among others. For starters, you can start with home services while using social media to promote your skills and attract customers. You can start the business with around ₦250,000, excluding shop expenses. As a beginner, you will need a professional clipper, comfortable furniture, a hair-washing sink, a gown, and other necessary types of equipment to provide a good customer experience.
4. Phone accessories business
One of the items people spend their money on is gadget support and utilities. Since phone parts are expensive these days, it is wise to get any support items or utilities that can make your phone or gadgets serve you better and last longer, which is why the phone accessories business makes this list. This business involves selling accessories for mobile phones, such as chargers, earpieces, power banks, and phone cases. Using social media sites like Instagram and WhatsApp, you can launch this business from the comfort of your own home. With an initial investment ranging from ₦250,000 to ₦1,000,000, you can start generating additional revenue each month.
5. Event Planning and Decoration
Nigerians are known to be party freaks. You may be wondering why, despite the harsh economy facing the nation, parties remain glamorous and lively, and social gatherings continue to draw large crowds of people.. No matter the condition of the weather—come rain, come sun shine—Nigerians will party! LOL. Your event planners and decorators are the ones who turn your event into a hit and something your guests will never forget. The event planning and decoration industry is broad and includes weddings, birthday parties, and business gatherings, among other events. One feasible approach would be to concentrate on a particular market niche, like wedding event planning, surprise party planning, or event décor. This will assist you in developing a specialized clientele and a solid reputation in your fields of expertise. Depending on how big you want to start, starting an event planning business will require a sizable start-up capital of between ₦500,000 and ₦2,500,000. However, with the right network, marketing, and quality delivery, you will most likely see a quick return on investment.
6. Photography business
Photography businesses are a popular and thriving industry in Nigeria today. Remember, I just finished talking about event planning and decorations, right? Photographers are among those who contribute to making your event worthwhile and memorable. With the rise of social media and the growing demand for high-quality visual content, photographers have discovered a lucrative market for their services. From capturing weddings and special events to creating stunning portraits and product images, photography businesses offer a wide range of services to cater to various needs. Moreso, technological developments have opened up the field of photography, making it possible for ambitious photographers to launch their own companies with comparatively little capital. For individuals who are passionate about capturing moments and creating art, the photography industry is an enticing endeavor due to its apparent potential for growth and success. In Nigeria, you can start a photography business with ₦600,000 to ₦1,500,000 in startup capital. This includes purchasing the kits and a medium-format camera.
7. Mini importation business:
The mini-importation business is very profitable; you can start with very little and make a substantial profit of up to 200%, if not more. This business involves importing high-turnover goods from other countries, especially from China and selling them in Nigeria. With just your internet-enabled laptop or phone, an acceptable payment system and research on your market needs, you’re good to start your mini-importation business. With the help of these and other resources, you can find the product your market requires on reputable websites like Alibaba, 1688.com, Aliexpress, Amazon, and the like. Next, hire a reputable shipping company to deliver it to your verified home address or the closest local government. A start-up capital of about ₦200,000 to ₦500,000 can make an average of 50% to 200% of profit in a month. Before starting this business, though, you will need to arm yourself with a great deal of knowledge and information to prevent being duped.
8. Phone or Computer Repair Business:
First and foremost, before starting a phone or computer repair business, one needs technical skills. As the name suggests, it entails providing clients with computer or phone repair and maintenance services. As Nigeria is among the African countries with the highest use of smartphones, you can easily survey your environment and check if there is a market for you to serve. You noticed I advised you to study your environment before starting because this particular business seems to be oversaturated and concentrated in computer villages (a concentrated area where they sell, repair, and replace computers and smartphones) across the country; hence, you will need to research your market needs and environment to mitigate your risks. With a start-up capital of about ₦300,000 to ₦1,000,000, you can kickstart the business to get yourself a daily income.
9. E-commerce business/Online Vendors:
E-commerce and online vendors are two separate businesses, but they have some similarities in their ways of operating. While e-commerce necessitates a standard website for your product along with a payment integration system, online vendors market their businesses and generate sales through social media platforms like Facebook, Instagram, and WhatsApp. To put it briefly, E-commerce is the big sister of internet retailers. You can launch your company with online vendors and sell products and services through social media. Eventually, you can grow it into a sophisticated, automated e-commerce enterprise. Before starting this kind of business, you should ascertain how best to reach and deliver your product, as well as the needs of your potential customers and the market for it. Furthermore, because this kind of business is so common, you need to develop a unique selling proposition that will make you stand out from the competition. Whichever one you want to start first, you will need up to ₦300,000 to ₦2,500,000 to start this business, and you can gain between 10% to 40% from the goods sold out.
10. Social Media Agency
As businesses strive to reach more customers at their touchpoints, there is an ever-growing demand for social media marketing and related services. It is not a bad idea to launch a social media agency in 2024; in fact, it can be a profitable venture if you can differentiate yourself from the competition with a unique value proposition. However, you will need to have a solid understanding of digital marketing for this business, which you can acquire from reputable institutions or online resources. Once you have completed the training, you need to decide which niche to target: B2B or B2C customers. For your agency, do you want to concentrate on one specific social media platform, like Instagram or TikTok marketing, or do you want to choose two or more? After gaining the necessary knowledge, you will need to start a social media agency. You will need a laptop, fast internet, phones, and an adaptable payment platform. Starting a small agency with ₦500,000 to ₦1,500,000 will undoubtedly enable you to earn a monthly income through retainers or project completion fees.
Bottom Line
In conclusion, from the look of things in 2023, the entrepreneurial landscape in Nigeria is poised for dynamic growth in 2024, promising to offer a plethora of opportunities for aspiring business owners. The ten business concepts listed in this article offer realistic means of generating revenue by meeting the wide range of changing market demands in the Nigerian economy. From technology-driven ventures to traditional sectors with a modern twist, the options are as diverse as the nation itself.
Entrepreneurs who are adaptable, forward-thinking, and willing to invest time and effort in understanding their target audience are likely to thrive as the country embraces innovation and economic diversification. While these business ideas can help you get started, success ultimately comes down to a combination of passion, resilience, and strategic execution.
As we look ahead to 2024, the potential for impactful business ventures is high, and those who seize the moment with creativity and determination may find themselves at the forefront of Nigeria’s economic transformation.
I would like to personally invite both aspiring entrepreneurs and seasoned business owners to consider the exciting business opportunities described in this article. As an expert in delivering business training and consulting, let’s work together to help your company reach its full potential in the vibrant Nigerian market. With customized training programs, strategic consultation, business plan development and focused expansion strategies, we can jointly navigate the complexities of entrepreneurship and position your company for prosperity in 2024 and beyond. Reach out today, and let’s embark on a transformative journey towards sustainable growth and prosperity. A strategic alliance is the foundation of any success story, and I am excited to support you in your business endeavors.
