7 Most Lucrative Businesses In 2023 for Nigeria 

Nigeria is a promising economy with plenty of resources to help you attain heights of self-dependence, especially for those who want to start businesses in 2023. With a population of over 220 million, Nigeria is a land of opportunities for entrepreneurs. This guarantees that there will be demand for goods and services that people need daily. 

With the current economic situation where unemployment and job loss have become the order of the day, starting up one business or the other is essential as it will be suicidal to attempt to live without any source of income. Below are seven lucrative businesses in 2023 that you can start up today in Nigeria.

Seven lucrative businesses in 2023 

  • Fashion designing, a.k.a Tailoring
  • Flexible food vendor
  • Agriculture business
  • Cosmetics business
  • Dropshipping
  • Graphic design 
  • Hairdressing
  1. FASHION DESIGNING: Also known as tailoring, this involves the designing and production of clothes and other accessories. This is lucrative because everyone wears clothes and would need custom wear for weddings, birthday parties, church, etc. Key to starting this business in 2023 is that you have a sewing machine, an overlock machine and good designing skills. Even if you cannot sew, you can employ tailors. 
  2. FLEXIBLE FOOD VENDORS: People hardly have time to cook in urban cities, and their work breaks are short. This is what flexible means – you can either be a mobile food vendor or cook from a kitchen and deliver or cook bulk meals in people’s houses. Any option you choose or combine has its own demand. To have a sharp edge over alternative services like restaurants, eateries and deliveries, rotate your meal offer and promote healthy nutritional eating. For example, if you cook bulk meals for families, inform them about healthier options by creating and promoting your monthly meal plan. Today, social media offers you easy ways to promote your services. 
  3. AGRICULTURE BUSINESS: This is one of the largest employers of labour! The amazing thing about agriculture is that it is one business that, if handled properly, will expand quickly. Below are some aspects of the agriculture business in 2023 that are very lucrative: Poultry, Fishery, Snail farming, Livestock rearing and feed production, Cassava processing
  4. COSMETICS BUSINESS: This involves producing and selling cosmetic products and makeup. This is a lucrative business because almost every woman uses makeup, and most use cream and soap. Within this business, you can stay unique when you tap into authenticity. What do we mean? Nigeria has a rich vegetation of herbs and plants with medicinal and beauty benefits. It is time to educate yourself and create recipes to advance the client’s well-being. Think branding and launching your own product line. 
  5. DROPSHIPPING BUSINESS: Dropshipping involves you creating demand for products, and when sales come in, the actual producer ships directly to the client. Often the manufacturer does not handle traditional retail because their focus is manufacturing. Drop shipping is a retail business in which you accept customer orders without keeping stock on hand. But when you create a sales platform and embed manufacturers’ products, you connect them to customers. You regulate the pricing and earn on every sale without having to store or pre-invest in purchasing products. You will need good IT skills or hire someone to make your sale website.
  6. GRAPHIC DESIGN: This is one business that is thriving in Nigeria as many people have products they need to be branded; all aspects of the business, from the corporate world to agriculture to the film industry, all use graphic designers. But go beyond being a graphic designer. Connect with printing shops are offer your client cheap printing opportunities with fast delivery. If you intend to expand your business, you can create a graphic design platform where people can request a design and, after completion, send it to printing with a click, and it gets delivered! Look, we just shared this very lucrative idea that works very well in Europe and the US.
  7. HAIR BUSINESS: This includes barbering of hair, of which all men in Nigeria at one point in time must have their hair cut, sale of wigs and weaves, attachments and hair accessories, and also making of hair (plaiting and fixing). This is a lucrative business because it has large target customers, and since hair grows, people need your services often. You can start this business in 2023 from home, rent a shared space, move mobile or combine all three approaches.

Those were our 7 businesses in 2023 to venture into now. To find out more business ideas, you can visit our Joadreapp. We publish new business ideas monthly and host a series of content to help you launch and grow your idea. 

Connect with us, and get our app.

We created our one-stop digital incubator app to bridge knowledge and service discrepancies for African students and Savvy entrepreneurs looking to start a business. Get the app (Android version) here. For IOS users, a web app is available here at https://tribe.joadre.com. Sign up for our newsletter here to get consistent resources via email. If you want to contact us, use our contact form or consult us through the app. 

Thank you for reading to the end. 

Cheers

Joadre

Joadre
Joadrehttps://www.joadre.com
I am Joana, a Nigerian-born Austrian-based entrepreneur and activist. Founded Joadre in 2012 and continue to develop content to engage and empower African SMEs.

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