Ways to Become a Millionaire in 2024: 10 Business Opportunities in Nigeria

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Nigeria, the most populous country on the African continent and the seventh largest in the world, is home to over 200 million people, and the numbers keep increasing, according to a report by the Nigeria Bureau of Statistics. We have so many business opportunities in Nigeria that people can start to become millionaires in 2024.

According to the Africa Wealth Report 2023, published by Henley & Partners, South Africa, Nigeria, Egypt, and Algeria were among the top 20 nationalities in inquiries received last year for investment migration. Henley & Partners ranked Nigeria, with 9,800 millionaires in dollars, as the third wealthiest African country behind South Africa and Egypt.

10 Business Opportunities in Nigeria: How Do I Become a Millionaire in 2024?

There are several ways to become a millionaire in Nigeria: growing your savings, getting a wealthy mentor for guidance, investing wisely, living below your means, and taking advantage of the business opportunities in Nigeria to launch your lucrative business as a way of supplementing your income or as a major source of income.

In this article, we’ll explore the ten business opportunities in Nigeria to choose from if you plan to attain millionaire status in 2024.

1. Technology Solutions Provider

The tech industry is one of the biggest drivers of the global economy. As Nigeria embraces digital transformation, there’s a rising demand for technology solutions. Businesses in Nigeria rely on a combination of technologies and tools. Starting a business or creating a startup that addresses specific technological needs in the market is a very good way to make millions of naira.

Below are opportunities you can explore:

  • Cybersecurity Services
  • Software Development Services
  • Artificial Intelligence
  • Digital Marketing
  • Tech Blogging
  • UX/IX Design
  • Video Game Design Services
  • Artificial Intelligence (AI)
  • Robotics
  • Augmented Reality (AR) Design Services
  • Tech Podcast Business
  • Tech Consultancy
  • Computer Training Business

2. Education Business

With a growing demand for education in Nigeria, this is a significant opportunity for entrepreneurs. The pursuit of education is a priority for many living in Nigeria. Starting an education business in Nigeria can be a rewarding and highly profitable venture.

By starting an education business, you can provide students with access to quality education, contribute to the development of Nigeria’s education sector, and generate revenue.

Here are some education business ideas you can start in Nigeria:

  • Tutoring
  • E-learning platforms
  • Vocational training centers
  • Test preparation centers
  • Educational products and services such as textbooks, learning materials, and educational software
  • Educational consultancy, such as College application guidance
  • Career counselling

3. Event Planning and Management

Nigerians love to celebrate milestones, achievements, and special occasions lavishly. The country’s event planning industry has witnessed a radical change in the 21st century due to evolving interest in elaborate celebrations. The introduction of consumer technology and services such as mobile phones, 3D decorative items, social media apps, etc. has also had a tremendous impact on the events industry.

Nigeria’s cultural significance, which is attached to celebrations and gatherings and a vibrant social scene, creates a continuous demand for event planning services. Nigerians love entertainment, and there is no day in Nigeria when events are not held.

Nigeria’s entertainment industry is the biggest, and it comes with so much profit for investors and business owners. In addition to cultural events, weddings, and special gatherings,  the corporate sector in Nigeria is also a major market for event planning services.

Here are some education business ideas you can start in Nigeria:

  • Event space or venue management
  • Event social media coordination
  • Ushering services
  • Catering services
  • Interior decoration services
  • Security services such as bouncers, etc.

4. Real Estate Business

The real estate business is thriving and has immense growth potential. With a population of over 200 million people, the demand for houses is on the rise. Real estate is one sector where assets never fail to increase in value.

Nigeria’s real estate market is flourishing, driven by a growing population and increasing urbanization. The industry offers a plethora of business opportunities for entrepreneurs and investors. With the right ideas and strategies, it is an exciting and lucrative venture.

Here are some education business ideas you can start in Nigeria:

  • Real estate agents
  • Build-to-lease
  • Property evaluator
  • Property management
  • Property development
  • Real estate legal services
  • Shortlet rental
  • Hostel rental
  • Home rental
  • Real estate consulting
  • Real estate coaching
  • Real Estate Investment Trust (REIT)
  • Home building or construction
  • Real estate advertising services such as blogging, podcasting, and photography
  • Real Estate Tech Start-up

5. Health and Wellness Services

Ever heard of this often-quoted phrase, “Health is wealth”? Nigeria’s health sector has massive wealth potential. With a growing emphasis on health and wellness, businesses in this sector are gaining traction. Nigerians are increasingly protecting their health and well-being, providing a ready market for it.

Below are opportunities you can explore in the health and wellness industry in Nigeria:

  • Home care
  • Fitness center
  • Telemedicine consulataion
  • Healthcare training/Health coach
  • Blogging and Vlogging
  • Sell healthcare products
  • Wellness Spa
  • Create digital marketing content
  • Healthy food establishment
  • Provide standby medical cover at events ranging from first aid and CPR to medical advisory and pre-entry health screening.

6. Fashion and Beauty Business

The cosmetics and beauty business in Nigeria is a steady, profitable market, as the industry is now beyond just buying and selling products but also rendering advanced beauty services.

Nigerians have a keen sense of style and a growing interest in beauty services. The fashion and beauty industry presents immense potential for aspiring entrepreneurs because of the growing demand for products and services

For entrepreneurs passionate about fashion, beauty, and cosmetics who want to make money while doing this, here are some business ideas in this niche you can start in Nigeria.

  • Fashion Design
  • Fashion-style consultancy
  • Fashion and Beauty magazine, blog, vlog and podcast
  • Wig-making and selling or Hair removal services
  • Cosmetics training center
  • Cosmetic store
  • Affiliating marketing for beauty products
  • Weight loss coach
  • Make-up services
  • Hairstyling and barbershop services
  • Nail technician services
  • Jewellery sales

7. E-Commerce Platform

The e-commerce industry in Nigeria is driven largely by the convenience of placing an order online and having it delivered to your doorstep. It presents a significant opportunity for entrepreneurs, as more consumers are exploring this option for buying their necessities.

According to a report by Statista, the e-commerce market in Nigeria was valued at over $14 billion in 2020 and is projected to reach $34 billion by 2024. With the right strategy, investment, and government support, launching an e-commerce platform has the potential to transform Nigeria’s economy and create jobs for millions of people.

Establishing an e-commerce platform that caters to the needs of Nigerians can tap into the convenience-seeking consumer base. It also has the potential to yield high returns on investment by reaching a wider audience online, reducing operational costs, and providing a more convenient shopping experience for customers.

Here are some business ideas in the e-commerce industry you can start in Nigeria:

  • E-commerce training and education
  • E-commerce consulting
  • Logistics and delivery services
  • E-commerce platform development

8. Transportation Services

If you are considering starting a business in the Nigerian transport sector,? Good call! With a large population and a growing economy, transportation remains a lucrative business in Nigeria. As the city grows, so does the need for efficient transportation.

Some of the best states to establish a transport business in Nigeria are Lagos, Kano, Anambra, and Kaduna. Here are some business ideas in the transportation industry you can start in Nigeria:

  • Ride-hailing services
  • Logistics/Courier service
  • Vehicle leasing/Rentals
  • Driving School
  • Vehicle Dealership
  • Repair of Vehicles/Sale Of Vehicle Spare Parts

Whether you are looking for ideas for a side hustle or a business to start, the transportation industry is filled with ever-green opportunities that you can start.

9. Tourism and Hospitality

Nigeria, with many unique attractions such as wildlife reserves, cultural heritage sites, and beautiful landscapes, is home to tourists globally. In Nigeria, tourism is a major contributor to the economy, creating jobs and generating revenue for local communities.

Invest in the tourism and hospitality sectors by starting a boutique hotel, tour agency, or cultural experiences business.

Here are some business ideas in the tourism and hospitality industries you can start in Nigeria:

  • Accommodation (Hotels/Airbnb)
  • Leisure spots such as game centers, amusement parks, etc.
  • Foodservice Business (Restaurants)
  • Tour Companies
  • Travel Agencies
  • Tour Guide
  • Transportation
  • Translators
  • Videography/Photography
  • Souvenir Shops/Museums
  • Travel blogs and magazines
  • Private escorts or bodyguards

10. Agricultural Ventures

The drop in the worldwide price of oil has wreaked havoc on the Nigerian economy, and the government has shifted the focus to another alternative source of revenue, which is agriculture. This is the next big thing in Nigeria.

Agriculture remains a pillar of Nigeria’s economy, as it provides lucrative opportunities for business owners to tap into the country’s increasing focus on sustainable and locally sourced products.

Agribusiness can be the solution to the high youth unemployment in Nigeria, as it can help you become a business owner in 2024, making millions and employing thousands.

Here are some education business ideas you can start in Nigeria:

  • Poultry farming
  • Livestock farming
  • Fish farming
  • Rice farming
  • Snail farming
  • Plantain farming
  • Cocoa farming
  • Dairy farming
  • Horticulture business
  • Pesticides and insecticide production
  • Meat processing and delivery business
  • Honey production
  • Farming equipment rental business
  • Agro-export business
  • Foodstuff distribution business
  • Agro-blogging business
  • Agric-consultancy business

Conclusion

It is important to know that businesses in Nigeria will always thrive as long as they meet the needs of people. This creates amazing business opportunities in Nigeria for aspiring entrepreneurs.

As far as entrepreneurship is concerned, there are numerous highly profitable business opportunities in Nigeria, with so many business ideas. The key to success lies in identifying a unique business idea, solving a problem, and delivering exceptional customer experiences.

FAQs about Business Opportunities in Nigeria

  • What is the most profitable business in Nigeria? The most lucrative businesses in Nigeria include farming, real estate, oil and gas, haulage and logistics, fashion, and transportation.
  • What business can I start with 50,000 naira? You can start making washing and bathing soaps for homes and businesses with 50,000 naira in the capital.
  • What business can I start with 20,000 naira as a student in Nigeria? As a student, starting a soap-making or recharge card business in Nigeria can be quite profitable with a start-up capital of 20,000 naira.
  • What business can I do with 200,000 naira in Nigeria? With 200,000 naira, you can start a blog or begin poultry farming.
  • What business can I start with 700,000 naira in Nigeria? In 2024, you can start a POS and e-payment business with 700,000 naira.
  • Which business makes money faster? As a freelancer, you can earn money faster with your skills and services as a writer, designer, programmer, or marketer.
  • What business can give me a daily income in Nigeria? To earn daily income, you can start an affiliate business, car wash, freelance, barbing, POS payment services, foodstuff business, transportation, laundry and dry cleaning services, etc. 
  • Which business can I start with 150,000 naira in Nigeria? With 150,000 naira, you can start an affiliate marketing business.
  • What business can a man start with 500,000 naira in Nigeria? The best businesses a man can start with 500,000 naira in Nigeria are e-commerce stores, food businesses, grocery stores, thrift stores, POS, and many others.
  • What business can I start with 2.5 million naira in Nigeria? You can start a retail business selling fast-moving consumer goods such as groceries, toiletries, and household items or a fast food business with 2.5 million naira. 
  • Which business can I start with 40,000 Naira? With a little capital of 40,000 naira, you can start selling clothing, accessories, foodstuffs, or household goods.
  • What is the most profitable business in Nigeria with low capital? Another rapidly increasing area in Nigeria is e-commerce. Nigeria has a big and growing internet population and an increasing number of Nigerians shop online. This makes e-commerce one of the most profitable businesses in Nigeria with low capital. Others include data reselling, picture framing business, small chops food business, social media management, etc.
  • What is the latest business in Nigeria today? The latest businesses in Nigeria are web and mobile app development, software development, e-commerce, etc.
  • What is the fastest-growing business in Nigeria? Farming, logistics, fast food, and real estate
  • What is the cheapest business to start in Nigeria? Starting a business can be a daunting task, especially if you have little to no capital. Here are seven of the cheapest business ideas in Nigeria: Cleaning services, POS business, Tailoring, Hairdressing, Barbing, personal shopping services and make-up services
  • What are the hidden business opportunities in Nigeria? Most of these business opportunities in Nigeria are well-known. However, there are some profitable hidden business opportunities: women’s martial arts academy, intimacy store, personalized pet care service, dog training, security and tracking services, e-book publishing, online health and wellness coach, podcasting, online language instructor, virtual reality (VR) entertainment, smart home automation, etc.