Nigeria, with its vast population of over 200 million people and a rapidly growing middle class, presents an enticing market for aspiring entrepreneurs. We aim to guide and inspire Nigerian entrepreneurs by highlighting lucrative business opportunities and shedding light on the factors that make them attractive in the current market.
Right here, we will explore the top small business idea that entrepreneurs in Nigeria should consider for this year 2023.
1. Restaurants and liquor businesses
These are potentially profitable in Nigeria due to various factors. Nigeria has a large population of over 200 million people, with a growing middle class, this provides a significant consumer base with disposable income to spend on dining out and entertainment. The demand for dining out has been increasing in Nigeria due to changing lifestyles and urbanization.
In Nigeria, socializing often involves going out to eat and drinking with friends and family. Food and drinks are considered important aspects of Nigerian culture and are often shared during social gatherings and celebrations. it’s important to note that success in the restaurant and liquor business depends on various factors, including location, quality of food and service, marketing strategies, and effective management.
2. Super Market
This is one of the key factors rising middle class in the country. As the middle class grows and their incomes increase, their spending habits change. They seek convenient and comprehensive shopping experiences where they can find a variety of products under one roof. Supermarkets fulfill this need by offering a wide range of products, including groceries, household items, personal care products, and more.
As cities in Nigeria continue to grow and people adopt busier lifestyles, there is a greater demand for convenient shopping options. Supermarkets provide a one-stop shopping destination, allowing customers to find everything they need in a single location.
3. Sales of Mobile Accessories
Selling mobile accessories such as headphones, power banks, chargers, screen guards, and batteries can be a profitable business idea. This venture is particularly ideal for those living in busy areas where such products are in demand. Start by setting up a small shop and establishing connections with mobile accessories wholesalers to source products at affordable prices, allowing you to sell them at a profit.
4. Cosmetics Business
Opening a cosmetics shop can be a highly lucrative venture, especially for ladies in Nigeria. Selling skincare products like creams, body oils, and tubes, as well as makeup products like powder, lipstick, and eyelashes, can generate substantial profits. Begin by acquiring a small shop and familiarize yourself with various cosmetic products. Establish partnerships with suppliers to purchase products in bulk at lower prices and sell them individually for a profit.
5. Mini Importation
Mini importation is an emerging and profitable online business in Nigeria. You can start this business by ordering affordable items from platforms like Aliexpress or Alibaba in China and selling them in Nigeria at higher prices. A few examples of mini importation businesses you can consider starting in Nigeria are Fashion Accessories, Human hair, Electronics and Gadgets, Children’s Toys and Accessories, Fitness and Sports Equipment, etc. This business model has great potential for success.
Boutiques are known for their high-profit margins, particularly in the sales of shirts, trousers, and shoes. Find a beautiful shop located in a busy area and consider starting with first-grade Okrika (gently used clothes) to manage your budget. With some creativity, you can make them appear new and appealing to customers.
7. Cooking Gas Business
Given the widespread use of cooking gas in households, starting a cooking gas business can be highly lucrative if done properly. You can begin by acquiring essential equipment such as a gas tank, scale, dispenser, hosepipe, and other necessary materials. This business can even be started from the comfort of your home, provided you have a small space available. However, ensure you educate yourself about the safety precautions associated with this business.
8. Laundry Business
Starting a laundry business in Nigeria can be a promising venture due to several reasons. Nigeria has resulted in a growing number of busy individuals and families who lack the time or facilities to handle their laundry, this creates a demand for convenient laundry services. By offering a solution to this problem, a laundry business can attract customers seeking time-saving convenience.
A key requirement to consider is getting a good location, space, quality equipment, and supplies such as commercial-grade washing machines, dryers, pressing/ironing machines, and folding tables. You’ll also need cleaning supplies, detergents, fabric softeners, hangers, and other related items. Operating a laundry business can cater to a diverse range of potential customers. This includes not only individuals and families but also businesses, hotels, restaurants, and other establishments that require regular laundry services.
As a Nigerian entrepreneur, 2023 holds immense potential for realizing your business aspirations. Other business ideas that you can include in the list are Rental services, Pure water production, Food stuff, Livestock feed production, and lots more. By starting up a small business, you can make a significant impact in the market. Remember to conduct thorough research, register your business, develop a solid business plan, and remain dedicated to your entrepreneurial journey, with Simplebks, we are here to help keep track of all your financial activities in one place. Sign up today!