By Temitope Adebayo
As Nigerian government continues to fight against rising youth unemployment rate in the country, Nigerian youths have been urged to be creative in becoming employers of labour rather than adding to the unemployment rate in country.
According to the National Bureau of Statistics (NBS), Youth Unemployment Rate in Nigeria increased to 7.20 per cent in the second quarter of 2023 from 6.90 per cent in the first quarter of 2023.
Youth Unemployment Rate in Nigeria averaged 23.57 percent from 2014 until 2023, reaching an all time high of 53.40 percent in the fourth quarter of 2020 and a record low of 6.90 percent in the first quarter of 2023.
Following this development, our correspondent in this report has compiled some lucrative business ideas young entrepreneurs can start without breaking a bank this year.
POS Business
The Point of Sale (POS) business provides a fast and convenient alternative to traditional banking. Instead of queuing for hours at the bank or ATM, people can now conduct basic financial transactions at a POS machine, saving them time and effort.
Starting a POS business involves setting up stands, kiosks or shops in strategic locations. By offering quick withdrawals and other financial services, you can attract customers and earn a fee on each transaction. Establishing a chain of POS stands across different areas can further expand your business and increase profitability.
Laundry Service
The laundry service business is a profitable small-scale business that requires minimal technical skills. In a fast-paced society, many people have little time to spare for laundry, putting laundry services in high demand.
To start a laundry service, find a favorable location in a busy area, especially near offices where professionals have limited time for laundry. Start with a small team and gradually expand as your customer base grows. Providing quality service and timely delivery will help you build a loyal clientele.
Ice Block Production
In Nigeria, where power supply is often unreliable, ice blocks are a necessity for cooling food and drinks. Ice block production is a steady business with a high demand, especially in areas with limited access to electricity.
To start an ice block production business, you will need to invest in the necessary equipment, secure a suitable factory site, hire staff, and arrange for efficient delivery. Providing quality ice blocks at competitive prices will help you establish a strong customer base.
Pure Water (Sachet Water) Production Business
Pure water, also known as sachet water, is an essential commodity in Nigeria. It is a cost-effective and convenient option for clean drinking water, making it a staple in households, offices, and events.
To start a pure water production business, you will need to obtain the necessary permits and licenses, invest in water treatment equipment, and secure a reliable distribution network. Ensuring strict adherence to quality standards and providing prompt delivery will help you build a reputable brand.
Ice Cream Production Business
Ice cream remains one of the most popular snacks and confectioneries worldwide. In Nigeria, the demand for ice cream is high, with adults and children consuming it regularly.
To start an ice cream production business, you will need to invest in the necessary equipment, secure a steady distribution system, and create unique flavors to cater to different tastes. Building a reputable brand and delivering high-quality ice cream will help you capture a significant share of the market.
Tiger Nut Drink Production
Tiger nut drink, also known as “kunun aya” in Nigeria, is a natural and nutritious beverage made from tiger nuts. It is rich in nutrients and offers numerous health benefits, making it a popular choice among consumers.
Starting a tiger nut drink production business allows you to tap into the growing market for healthy and natural beverages. You can distribute your product to eateries, local food stores, and supermarkets. Providing a quality product and effective marketing will help you build a loyal customer base.
Hibiscus Drink Production (ZOBO)
Hibiscus drink, popularly known as “zobo” in Nigeria, is a refreshing and healthy drink made from dried Roselle plant flowers. It is sugar-free and offers various health benefits, making it a favorite among children and adults.
Starting a hibiscus drink production business allows you to produce and distribute this popular beverage. With the right marketing strategy and distribution channels, you can establish a strong presence in the market and cater to the growing demand for healthy drinks.
Egg Distribution Business
Eggs are a nutritious food staple that is consumed by people of all ages. Starting this business allows you to supply eggs to retail shops, restaurants, and food vendors.
To succeed in the egg distribution business, you will need to establish relationships with poultry farmers, ensure timely delivery, and provide competitive pricing. Offering fresh and high-quality eggs will help you build a strong reputation and attract loyal customers.
Scrap Metal Collection Business
Collecting and recycling scrap metal is not only profitable but also contributes to environmental sustainability. The scrap metal collection business involves gathering scrap metal materials and selling them to recycling companies.
To start a scrap metal collection business, you will need to invest in the necessary tools and equipment, such as trucks and magnets. Building a network of collectors and establishing relationships with recycling companies will help you maximize your profits.
Sports Viewing Center Business
Sports viewing centers have become a popular business opportunity in Nigeria. Many individuals in villages, towns, and cities do not have direct access to sports channels and rely on viewing centers to watch their favorite games.
To start a sports viewing center, you will need a suitable site, a well-equipped structure, comfortable seating, and the necessary gadgets for showing games. Over time, you can build a loyal customer base and create a thriving business.
Makeup Business
The beauty industry has evolved significantly, with makeup becoming more than just a beauty item. It is now considered a form of creative art and an essential component for various professionals, such as models, artists, photographers, and actors.
Starting this business allows you to provide makeup services for special occasions like weddings and birthday events. Additionally, you can offer makeup training classes to generate extra income. With the right skills and a passion for beauty, you can turn your love for makeup into a successful business venture.
Hair Dressing Business
Hairdressing is an evergreen small-scale business opportunity. People always strive to keep their hair in the best shape possible, making hairdressing services in high demand.
To open a hairdressing salon, you need to be a professional hairstylist or employ skilled hairstylists. Offering quality hairdressing services and recommending hair care products to clients can help you build a loyal customer base. Additionally, you can train apprentices and sell hair products for extra income.
Barbing Salon Business
Barbing, like hairdressing, is another thriving small-scale business opportunity. Men need regular haircuts and grooming services, making barbing salons a necessity in every neighborhood.
To start a barbing salon, you need to acquire the necessary skills or hire skilled barbers. Providing quality services, selling grooming products, and offering training can help your barbing salon stand out and attract a loyal clientele.
Photography Business
Photography is a fun and profitable small-scale business that can be started with minimal investment. In today’s digital age, the demand for professional photographers is high, with individuals and businesses seeking captivating images for various purposes.
To start a photography business, invest in a good camera, learn the art of photography, and offer your services to clients. You can specialize in events, portraits, and landscapes, or even sell your images online through platforms like iStock Photo and Etsy.
Palm Oil Storage Business
Leveraging the palm oil trade can unlock a lucrative small business opportunity in Nigeria. Here’s how: From February to April, when palm kernel prices dip, buy palm oil at a lower cost. Then, stow it away until July, the peak season, when demand surges. By reselling the stored palm oil during this high-demand period, you can enjoy substantial profit margins ranging from 50% to 60%. This strategic approach taps into the seasonal fluctuations of palm oil prices, allowing you to maximize your investment.
Embracing small business ideas like this is very simple. It is about understanding the market dynamics and timing your actions right. With careful planning and attention to price trends, you can create a sustainable source of income. This small business idea shows how a simple strategy and knowledge of local market patterns can bring impressive returns.
Open a Daycare Center
Nigeria’s demand for reliable daycare centers presents a unique small business opportunity. Many of these centers don’t meet the high standards that parents expect. This gap in quality childcare services creates a promising avenue for entrepreneurs. You can easily start this if you have creativity, a love for children, and access to a clean and secure environment.
Embarking on this venture doesn’t necessitate intricate skills or elaborate setups. What matters is your passion for providing a safe and enriching space for children to learn and play. This small business idea’s foundation lies in understanding parents’ specific needs and concerns. Plan smart, keep kids safe, teach creatively, and create a daycare that parents love and where kids thrive, bringing you joy.
Transport Business
Many organizations in Nigeria need transportation but cannot afford to buy vehicles. Buying a bus (or several buses) can make you the go-to transportation service. Schools, religious organizations, and non-profits could outsource their transportation and logistics to you. Focusing on a sector, like education or e-commerce delivery is a good idea. You specialize, serve a lot of schools and retailers, and grow a lucrative small business.
Establish a Security Agency
Security is not the sole responsibility of the government. The need for excellent security services in Nigeria is on the rise. You can set up an agency, recruit professionals, or become a bodyguard. Another option is to import and sell security products.
Real Estate Agent
For many people, navigating the housing market is overwhelming. As a real estate agent, you can help people find their dream home at a price that fits their budget. In many states, you only need to complete a few months of classes and pass an exam to qualify as a real estate agent. Keep in mind that even with a certification, you’ll need strong social skills.
Invest in Property
Property investment takes more upfront capital than some other small business ideas in Nigeria. But if you have the capital, you should look into purchasing land or property in Lagos. The returns can be as much as 100%-200% profit when you resell the property. You can also lease office buildings or homes and make a reasonable passive income each month.
Offer Web Development Services
The technology market is expanding. The United States also outsources many web-related jobs to other countries. You can learn web design and coding online and then offer web development services from home. This is one industry where you can make very good money if you’re a techie.
Poultry Farming
The agricultural sector has always been a gold mine for entrepreneurs. Poultry farming, in particular, is a profitable business with a steady market in Nigeria. The demand for chicken, turkey, eggs, and other poultry products is constantly on the rise.
To start a poultry farm, you will need to invest in suitable housing, feeds, and the right breed of chickens or turkeys. With proper management and a specific target market, you can generate significant profits from poultry farming.
Snail Farming
Snail farming is a lucrative small-scale business with a high demand for snails in Nigeria. Snails are consumed in large quantities, with the country alone consuming about 7.5 million kilograms of snails annually.
Starting this business is relatively easy and requires minimal investment. You can begin by selling a small number of snails and gradually expand your business as they reproduce. With the right housing and feeding conditions, snail farming can be combined with a regular job, making it a flexible and profitable business to start selling snails.
Rental Services
The rental services industry is a broad one in Nigeria, encompassing car rentals, event rentals (such as canopies and chairs), and even house rentals. The demand for rental services is high, especially in major towns where events take place regularly.
Starting a rental services business requires strategic planning. If you focus on renting out canopies, tables, and chairs, you can cater to the needs of individuals and organizations hosting events. Choose a suitable location and establish a strong network to ensure a steady stream of customers.
Social Media Marketing Business
With the increasing popularity of social media, businesses and brands are looking for ways to maximize their online presence. Starting a social media marketing business allows you to help businesses reach their target audience and achieve their marketing goals.
To succeed in this business, you need a good understanding of various social media platforms and the ability to create engaging and effective campaigns. Moreover, having great graphic designers at your beck and call is crucial. By providing innovative marketing strategies, collaborating with talented graphic designers, and expertly managing social media accounts, you can help businesses not only grow their online presence but also generate more leads.
Blogging
Blogging is a creative and profitable business that allows you to share your passions, knowledge, and expertise with the world. It is a platform where you can engage with a global audience and generate income through various monetization strategies. I mean look at where blogging took Linda Ikeji, Bella Naija, and Sisi Yemmie.
To take your blog to the next level, start by choosing a niche that you are passionate about and creating valuable and engaging content for your target audience. Consistency and quality are essential for building a successful blog, but you can also explore additional strategies like leveraging Google Ads and affiliate marketing. By adding these advanced techniques, you can further monetize your blog and enhance its potential for success while maintaining a strong online presence.
Fashion Boutique Business
The fashion boutique business is a signature industry in most Nigerian towns and cities. Despite existing competition, there is always room for new entrepreneurs to make their mark in the industry.
To succeed in the fashion boutique business, focus on offering trendy and fashionable items that resonate with your target market. Establishing a strong online presence and leveraging social media platforms can help you reach a wider audience and boost your sales.
Sports Betting Business
Sports betting has become a popular form of entertainment and an opportunity for entrepreneurs to make profits. Nigerians, like many people around the world, enjoy betting on their favorite sports events.
Starting a sports betting shop or a chain of bet shops allows you to tap into the lucrative sports betting market. While this business comes with risks, it offers endless possibilities for growth and profitability.
Beer Parlour Business
After a long workday, many Nigerians like to unwind at beer parlors, enjoying a few bottles of beer and local delicacies. Starting a beer parlour business allows you to cater to this need for relaxation and socializing.
To start a beer parlour, secure a suitable location, create a cozy ambiance, and offer a variety of beers and snacks. Providing excellent customer service and promoting a friendly atmosphere will attract customers and keep them coming back.
Frozen Foods Business
The frozen foods business is a lucrative venture in the food processing industry. Frozen foods, such as fish, meat, chicken, turkey, and vegetables, are in high demand in Nigeria.
To start a frozen foods business, you will need to invest in a reliable supply chain, secure storage facilities, and establish relationships with retailers and food vendors. Providing high-quality frozen foods and ensuring timely delivery will help you build a strong customer base.
Logistics and Delivery Business
The rise of e-commerce has created a significant demand for logistics and delivery services. Many businesses now rely on delivery personnel to transport their products to customers in a timely and efficient manner.
Starting a logistics and delivery business requires careful planning and investment in transportation vehicles and logistics management systems. Building a strong network of reliable drivers and providing excellent customer service will help you thrive in this competitive industry.
Dropshipping Business
Dropshipping is a business model that allows you to sell products without having to hold any inventory. Instead, you partner with suppliers who handle the fulfillment and shipping processes.
To start a dropshipping business, you will need to identify a profitable niche, build an online store, and establish relationships with reliable suppliers. With the convenience of running your operations remotely, you can manage this business from the comfort of your own home. Promoting your products through social media and online advertising can help you attract customers and generate sales.
Mini-Importation Business
Mini-importation is an online-based business that involves importing and selling goods in your country of residence. It offers opportunities to provide consumers with quality products at competitive prices.
To start a mini-importation business, you will need to identify reliable foreign online stores, choose quality products, and navigate customs regulations. Developing a solid business plan, including strategies for sourcing products, managing logistics, and understanding market demand, will help you succeed in this business.
Resume Writing
People are always applying for jobs, whether they want to make a career shift, increase their pay or switch work environments. Of course, most job applications require candidates to submit resumes to detail their professional background. As a resume writer, you can help job applicants’ resumes stand out from their competition.
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You’ll also help your clients create cover letters and portfolios that show off the best of their work. Plus, you don’t need any special schooling to be a resume writer – just some basic organizing and proofreading skills. If you know what makes resumes appear professional and ready for employers’ eyes, you’re already off to a great start.
Online Teaching
The demand for online education has opened up possibilities for entrepreneurs. Since this is an online venture, you can choose any subject you know about and teach a course regardless of location. If you don’t have advanced knowledge in any particular subject, consider teaching English as a foreign language online to students overseas.
T-shirt Printing
If you have a sense of fashion (or humor), you might enjoy launching a T-shirt printing business. You can also license someone else’s designs and screenprint them onto a blank tee. Either way, if you have space for a T-shirt printing setup, you can easily acquire the necessary tools to get started.
T-shirt printing can be a great e-commerce business. You can allow customers to place online orders and sell T-shirts in bulk. This way, you can sell to customers around the country and even the world.
Cleaning Service
If you like to clean, you can easily turn that into a business. With a few staff members, a host of cleaning supplies and transportation, you can offer cleaning services to homeowners, apartment complexes and commercial properties. Most cleaning services charge $25 to $50 per hour. Cleaning services are straightforward businesses that require relatively little overhead; you simply need planning, dedication and marketing to attract customers.
If you’re looking to differentiate yourself from other cleaning services, consider adding premium options like floor waxing or exterior power-washing for an additional fee. These services could be the deciding factor between your new cleaning service and seasoned companies that maintain too large a client list to provide that level of cleaning.
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