Have you been thinking about the kind of business to do here in Nigeria and finding it hard to figure it out yet?
Look no further, because we will be giving you the top ten businesses we believe will do the magic for you.
The first on our list is
MOBILE PHONE SALES:
With the rise of science and technology, there has been an increasing demand for phones all over Nigeria, and the companies producing phones are really not doing badly themselves.
It's so strange to realize that used phones sell more than brand-new phones, one major reason happens to be affordability, the majority of phone users are average income earners.
So as a foreigner who wants to do business here in Nigeria, you could take up this option. For those who have friends, family members, and business partners, you won't necessarily need to get an office; this nature of the business can be done from the comfort of anywhere. You could just supply someone who is already into this nature of business, and you both agree on terms. Another interesting thing about this business is that it's a fast-money venture kind of business; what I mean is that it's a business on demand. In that case, you could get your cash for investment and your profit at most three months after you might have delivered the product to be sold.
CLOTH SALES:
Fashion in general is now the order of the day, both for the poor and the rich. Here in Nigeria, we believe that you should dress the way you want to be addressed.
Even though I have not eaten three square meals a day, the fact that I dress well will be my major concern; hunger is internal, and dressing is what people see you as.
I believe you will agree with me that this is not a good idea and should not be encouraged. Well, you are absolutely right, but before you judge, I am not the one who placed the rules.
It is true that the clothing business will always be profitable because people will always need clothes and follow new fashion trends.
And the clothing business is very lucrative in nature, and the investment requirement is also low. So, these factors make the clothing business more competitive.
As someone looking for a business to invest in here in Nigeria, I will advise you to go for this. The reason is that it's not a perishable item or an item that expires over time.
COMPUTER/LAPTOP SALES:
Just like mobile phone sales, computer and laptop sales is a business that despite the influx of laptops of various sizes and brands in the market,
This is a business that despite the influx of laptops of various sizes and brands in the market, the business is not yet saturated, in fact, the business is even flourishing more as a lot of people need a laptop here in Nigeria
The business involves buying laptops from your country and selling them to consumers here in Nigeria for a fee. The business has the advantage of growing at a fast pace and having the opportunity to make a lot of money because a laptop is a product used by everyone regularly, either for business or school.
For the benefit of this blog/video,
Here is a practical example of someone who sent us a mail regarding this same business.
Hi,
I live in England and am from Edo State (Edo North). I purchase computers on eBay, repair them, and then sell them. I'm thinking of sending some laptops to Benin and Lagos from the UK for a market trial. If you're interested, my phone no is 0044793156****
AUTOMOBILE SALES:
A recent study has shown that starting a used car business in Nigeria does not require a huge capital investment, but the earning potential is lower when compared to the sales of new cars. The profit margin for used cars is usually N500K - N1M
This also depends on the nature of the car you will be importing into the country.
A very good car option to sell is the Toyota Corolla and the Camry, we recently discovered that the Lexus is a good car brand for business. I am not implying that they are the only ones.
The reason is that they consume less fuel and are good for Nigerian roads.
So when making your choice don't forget these two factors
I don't know what it will be in your currency.
Note that price fluctuation is common
This business depends on your capital. Starting with as few as 1-2 automobiles and going up to 30 to 50 cars is possible.
ACCESSORIES SALES:
With the ever-growing market, there is high demand for the importation of phone and laptop accessories into Nigeria. This small but lucrative business can generate a return on investment in a short period, making it a good choice for those who wish to start it.
POS MACHINE:
One of the most popular payment methods used by companies globally is the point-of-sale system. Consumers may pay for products and services using their smartphones, tablets, or other internet-connected devices.
Nigeria as a country is a place where this service is highly needed. Nigeria saw a considerable increase in POS terminals between 2017 and 2022. As of April 2022, there were approximately 1.1 million terminals, up from about 155 thousand in 2017.
With this statistic, you will be able to figure out that the business is really promising and the profit is very appealing. As someone coming into Nigeria to begin anew, all you need to do is study what's on the ground and find out where the other competitor is lagging. I can assure you of a quick turnaround
DROPSHIPPING:
There are so many things you can drop ship into Nigeria as a foreigner, including:
Gold, household items, Men’s Clothing & Accessories, Women’s Fashion & Accessories, Health & Wellness, Kids & Babies, Home & Kitchen, Phone Accessories, Home and Pets, Cars and Motorbikes, Electronics, Hair Extensions, and Wigs
So many people here already have the cash to do this business but are probably looking for a genuine source willing to make this come through. Dropshipping does work in Nigeria. Consider hosting your products on e-commerce platforms like Jumia, Konga, and amazon or selling via social media.
In Nigeria, dropshipping is a profitable and effective business to start in 2023. Many people are hesitant to establish an online business because of the initial costs and difficulties of doing so in a country like Nigeria. The main reasons for this fear are capital and a trustworthy source since Nigeria is a consuming rather than a producing country.
E-HAILING:
It is a well-known truth that there are more people living in Nigeria every second, and the demand for e-hailing services cannot be met by the companies that are currently operating there.
Before we continue, I'd like to mention a few Nigerian e-hailing businesses that are already quite successful. They are:
Uber.
Bolt. It has been in Nigeria since 2016.
InDriver
Rida Nigeria
SafeBoda
Shuttlers.
Soole Rides
Lagos Ride
The best strategy is to observe how businesses operate locally and make a few changes, like reducing prices and probably anything else you feel would enhance customer satisfaction. Even just partnering with some of these businesses and offering logistics could enable more consumers to purchase cars from you in installments.
COSMETIC PRODUCTS:
Cosmetics have become an essential and daily requirement for individuals who prefer to look a certain way. As a result, Nigerian consumers, especially those in the middle class who are interested in fashion, are in high demand for it.
For a variety of reasons, the cosmetics industry in Nigeria is profitable. One of them is that, even if the average Nigerian man spends less, he still seeks out all of these cosmetics to appear good. Sometimes people with dark skin desire to become lighter, and sometimes people with light skin want to become lighter.
In 2023, the beauty and personal care industry will generate US$7.87 billion in revenue. The market is expected to grow annually by 16.48% (CAGR 2023–2027).
ELECTRONICS:
Because technology is always evolving, people routinely adopt new methods of doing things. This explains why electronics are in such high demand in Nigeria.
There are a variety of factors that make an electrical store or electronic business profitable in Nigeria.
All Nigerians use electronics, with the exception of those who cannot afford them; even those who cannot afford them save to purchase them. We place a lot of importance on electronics, and we prefer to stay current with the hottest appliances, so launching an environmentally friendly business makes sense.
The market for consumer electronics is expanding. Global consumer spending on electronics is anticipated to reach $505 billion by the end of 2022, up nearly 20% from 2020.
There are many types of accessories that you can import into Nigeria. These include phone cases, chargers and cables, laptop bags and covers, earphones, and headphones, among others.
In order to import these products into Nigeria, you need to get an importer’s license from the Nigerian Customs Service (NCS). This will allow you to import goods into Nigeria without paying duties and taxes. It also provides you with a tax exemption certificate that exempts your business from paying income tax on any sales made within the country.