Top 10 Highest Paying Businesses in Nigeria: With employers of labour paying a static amount as salaries to their workers and the increased rate in the prices of things, goods and services alike, people are beginning to look for alternative means of earning. Thus, starting up a business is very essential.
Nigeria as a country is one that enables commercial transaction, and its population even improves the business rate and if done seriously, there can be a multiplication of profit. Rather than slave away in other countries as an immigrant, or work twenty two hours every day for a meager pay, engaging in business is the next big thing in this country. In this article, we will be discussing the highest paying businesses in Nigeria you can start with a low capital.
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Highest Paying Businesses in Nigeria
Here’s a list of the top ten, highly paying business that one can engage in:
1. Agriculture: No doubt, Agriculture is one of the highest paying businesses in Nigeria you can start with a low capital. It is the current mine for millionaires in Nigeria, especially now that oil is no longer as lucrative as it used to be in its prime.
Agriculture is a broad sector, and there are several sections under agriculture. A few of them are:
Poultry farming: the science of raising chicken and birds. Most poultry farmers rear the birds for their meat and eggs.
Cassava production: The production of Cassava either for consumption or for selling.
Horticulture: This involves the planting of crops for decoration purposes. According to Wikipedia, it is the agriculture of plants, mainly for food, materials, comfort and beauty for decoration.
Crop production: this is the broad part of agriculture that deals with crop plantations, such as plantain, banana, rice beans etc.
2. Pure water production: Today, the pure water business is a booming industry and it will remain so, for a long time. This is due to our climate and temperature, coupled with the increasing population of people in Nigeria.
It is also important to note that there are areas in Nigeria without clean water. Hence, pure water contained in sachets or bottle, is their only source of clean water.
To start this business, the following requirements should be set in place:
a. Factory premises: this is where the production and packaging, takes place.
b. Source of water: Borehole is usually the most resorted to, as it is clean and healthy.
c. Business registration: The business should be registered under NAFDAC. They would also enter the premises to confirm if the place and water is suitable for the business, before giving their NAFDAC number.
d. Equipment for treating and packaging the water.
3. Gym business: Gym business is another growing business targeted for fat women looking forward to getting their body back, after birthing kids, and the young people looking forward to becoming bulky and looking fit. People would pay any amount, if it would yield results, and this is where the gym comes in.
You don’t need to be a personal trainer to own a gym. You can always employ a trainer, to help train your patrons, whilst making your money. Where effective, it would lead to more referrals and more money. The key thing is getting up to date gym equipment in reasonable amount, and an experienced personal trainer. One who can empathize with the customers. It would be an added advantage if he looks hot.
4. Restaurant: An increasing number of people dine outside, or even buy foods to be eaten at home, others order food services from restaurants and have the food delivered to their offices or homes.
This is the order of the day in a century where most people have so much work on their hands and more, are either too lazy to cook, don’t know how to cook, or don’t see the need to, when it’s easier to dine outside. This brings us to the restaurant/cooking business.
Restaurant business can be divided into three main groups namely; quick service restaurants also known as fast food restaurant, midscale, and upscale. The quick food restaurant, deal mainly in fast foods that is fries, or baked foods like French fries, hamburgers, chicken, hot dogs, sandwiches, pizza, seafood etc
Midscale on the other hand, are restaurants that serve full meals at good affordable value. Patrons either order for the food online, and have it delivered to them, or stand at the counter to order their food, after which it would be served to them at their seat.
Lastly, there is the Upscale restaurant. These restaurants are the most expensive, on the scale, and charge the highest prices. However, they offer full table service, including cuisines and other exotic meals.
5. Transporting: This is the science behind moving people and properties, from one place to the other by air, water, road, rail, using vehicles, planes, ships etc. Transportation business could be in various forms. They are:
a. Taxi service: this involves hiring a cab or driver for the purpose of getting transported from one place to the other. Usually, the vehicles are owned by individuals who sign up under the transportation business’s platform to use their vehicles for transport, whilst they act as driver/chauffeur. The money paid by the customers doesn’t go directly to them. They are only paid certain percentage daily or weekly. Examples of these companies are Uber, Oma, Oga Driver etc, where booking is made online.
b. Commercial bus services: This is a transport system that involves conveying passengers and their properties from one place to the other. This could be intra or interstate. Operating a bus service, requires you to be registered under the appropriate bus labour union in the local government, as it’s the only ticket to using your vehicle to ply the road for commercial purposes.
c. Airline business: this transport system involves the use of airplane, helicopter or jets to transport people via Air, from one place to another. It is highly capital intensive, but so is the profit.
6. Property investment: this involves buying land, properties, mostly buildings, and reselling them after a number of years, when the value must have increased to a great extent. This business involves a lot of research work and good agents, who would help in searching for houses or lands in good locations. One likely to have increased worth, within a short period of time.
7. Mobile phone repairs: To start this, it is important for one to have a good knowledge of phone repair and a laptop. You can learn it as a vocation, probably from a phone repairer for a period of not more than one year.
You will not always have the parts needed for repairing the phone, and it is important for you to have good relationships with phone accessories sellers, and also be able to build good relationships between you and your customers, for the referrals and even their patronization.
Finally, a good location and advertisement goes a long way in promoting your business.
8. Mobile car wash: with the increasing rate at which people buy cars, and the less time they have due to work and stress, car wash is the next place people go with their cars for washing. Hence, car washing services is a very lucrative business in Nigeria.
However, it becomes very lucrative in when it is a mobile car wash. That is, your customers don’t have to drive to meet you on your premises to get their car washed. All they need to do is book for washing services or ring you up and the service is delivered at their doorstep.
9. Car rental services: cars are a necessity. However, not everyone has a car, but would want to drive themselves or their luggage from place to place. Car rentals involve renting out automobiles to people for a certain time limit. It could be daily or for a few weeks, even for a few hours. The car however, must be returned at the time stipulated at the contract, failure to return, would be a ground for a suit against the person hiring.
Usually, the cars are returned to the place it was hired from or another branch of the car rental service, closer to the hiree.
To start a car rental business, it is important to get good looking and working cars. This also depends on the services you want to render. Whether luxury or not. Choose a car in view of your target customers.
Also, get a good driver. This means you would have to do a lot of research on the drivers, before handing over to them, your car as many of them are dubious and witty. It is also important to make sure your driver and mechanic are not friends. Register the business for professionalism, advertise and you are good to go.
10. Ice block production and sale: Now, this is a very lucrative business, sue to our climate and the fact that certain communities have less electricity supply. All that is needed is ice block making machine or a working freezer, water, and electricity supply.
The ice block could be used for preserving food, for reducing the temperature of drinks by making it cold. It is usually done by placing the drinks in a cooler with the ice block and the magic happens.
In conclusion, most lucrative businesses don’t really require a lot of capital and stress. The key thing is choosing a path, and working all the way to the top. The key element required is consistency, hard work and good advice from experienced people.
Edeh Samuel Chukwuemeka ChMC, is a Law Student and a Certified Mediator/Conciliator in Nigeria. He is also a Developer with knowledge in HTML, CSS, JS, PHP and React Native. Samuel is bent on changing the legal profession by building Web and Mobile Apps that will make legal research a lot easier.