19 Businesses that Can Make You a Millionaire in Nigeria in 2020

While there are dozens of businesses you can start up today, I’ve taken out some time to give you the top 19 that can make you a millionaire or a billionaire in Nigeria.

Just because these businesses are lucrative, you may not see huge profits within the first month or few weeks of starting them.

Businesses that can make you a millionaire

Some of them I’ve got on this list have to do with tilling the soil and trading.

So you might have to wait a while to reap the good of your efforts.

One thing is sure: they won’t make you a millionaire overnight.

It’s also important to know they’re lucrative but not entirely untapped businesses.

The market competition in Nigeria isn’t that intense. Which means, if you strive to make a difference with your business and put in everything you’ve got, you’re definitely going to make it big.

Cut the talk…

Here are 19 businesses that can make you a millionaire in Nigeria if you leverage the right business model and strategies:

  • Melon Farming
  • Poultry Farming
  • YouTube Channel
  • Real Estate
  • Event Planning
  • Affiliate Marketing
  • Blogging
  • Fish Farming
  • Boutique
  • Barbing Salon
  • Transport
  • Tomato Farming
  • Egg Supply
  • Dropshipping
  • Restaurant
  • Beauty Salon & Cosmetics
  • Mini Importation
  • Sports Betting
  • Drycleaning/Laundry

1. Melon Farming

Farming melon is one of the most lucrative businesses in Nigeria that makes people millions of naira.

Although farming is a lucrative venture, but farming just anything won’t get you a lot of profits.

So, to start melon farming, you need to know how it’s planted, how long it takes to grow, and of course you’ll need a farmland and human resources.

It’s capital intensive, but the yield has a wand that turns farmers into millionaires.

2. Poultry Farming

Who doesn’t love a bowl spicy BBQ chicken?

They’re now like a slogan meal in every household during the Christmas days.

Not just Christmas, but every festive period.

So, starting a poultry farm will make you rich. It depends on how you start and with what budget you launched into it.

From selling the chicken eggs to selling the chickens, it’s a lot of money you’ll have coming in.

3. YouTube Channel

YouTube

Ryan Kaji made a total of $26m in 2019 just from uploading videos on YouTube. You can do same.

It’s free to create a YouTube Channel but you’ll need a digital camera and good apps to make quality videos that sell.

If you’re very passionate and determined, you can start from nowhere by using just about any android phone.

The more quality videos you upload, the more views you get.

After hitting your first 1k subscribers on YouTube and getting up to 4k watch hours, you can apply to start earning from ads.

4. Real Estate

People who venture into the real estate business don’t take a lot of time to start making millions.

So, in my confession, the business is profitable.

It’s part of the ventures Trump family delved into that turned them billionaires.

Some of the biggest names in Nigeria today are directly or indirectly players in the real estate industry.

5. Event Planning

People don’t go into this business very often because of the stress involved.

But if you hop into it and put in some efforts, you’ll see huge results.

Becoming an event manager doesn’t take much. All you need to do is get the contact details of classy bakeries, chefs, interior designers, and other event planners.

You can choose to work with other event planners by serving them contracts and earning a percentage of what they get. Or, you can become the real deal – the event manager yourself and take everything into your hands.

6. Affiliate Marketing

Affiliate marketing is an interesting online business you can start free of charge and make passive income (without actively working 24/7).

This means you become a marketer of a product for a company. And so when you customers purchase the product through your affiliate link, you earn a commission.

You can sell as much products as you want through your affiliate link.

The more sales, the more money (as commissions) from the affiliate network or company.

Some affiliate companies pay as much as 10% the worth of products sold. Some others pay more (and less).

7. Blogging

Blogging

Blogging is one of the best ways to legitimately earn in the internet. It requires you to be smart, and understand what works and what doesn’t in the world of search engines.

With as little as N22k, you can start your blog and have it set up today.

Click here to start your blog today if you haven’t. If you have, you’ll need to frequently pump in comprehensive content, build backlinks, and promote your blog to drive traffic.

With just enough traffic, you can make a lot of money from your blog by selling ad spaces, running adverts from ad networks, affiliate marketing, and selling your own products.

8. Fish Farming

True fact: Fish, is proteinous.

And that protein content costs a lot of money in the market.

The worth of a really big fish tops the worth of 5 chickens combined.

So, running a fish farm can make you a millionaire.

It can be complicated if you’re new into the business. This means you’ll need to study about fish farming, what fishes eat, how they grow, and a lot more.

9. Boutique

Boutique

One of the most expensive on this list is the boutique business.

People who run this business are wealthy by much. Not all of them though.

To start this business, you need a large storehouse, suppliers, and a nice store in an open/busy environment.

Owning a boutique is a lot, and you’ll need to be a fashion love to thrive in the business.

10. Barbing Salon

If you own a barbing salon in a commercial environment, it won’t take you long to start recording millions in return.

Learning to barb isn’t necessary to own a barbing salon. You need a robust budget to acquire barbing equipments, pay off staff, and run maintenance.

If you’re already good at barbing, you can start up your barbing salon and run it solo before planning to expand and hire more hands.

11. Transport

Delving into transportation as a business will make you a lot of money if you don’t slack behind.

You can start a Taxi business with your personal vehicle, or lease a vehicle to Uber or Taxify.

Either ways, you’re making money which could pile up to millions in the long run.

12. Tomato Farming

Tomato Farming on a large scale is good business and can make you millions.

It’s easy to start up, and you don’t need to spend a lot of money on equipment and labour.

People use tomatoes every single day in not just Nigeria, but the world over. And you know most of what they use it for.

13. Egg Supply

Who doesn’t love eggs?

Well… I do.

There are different types of eggs, but before you start saying eating more than 1 egg a day is bad, eggs are precious.

And you can eat as much as 3 eggs in a day.

Eggs are costly.

And It would be cheaper and more profitable to run this business if you had a poultry farm.

Without a poultry farm, you can buy from wholesalers and sell at a slight markup to retailers or individuals in crates.

14. Dropshipping

Dropshipping is one business that has made dropshippers (people who do dropshipping) a lot of money in the online world.

Good part = you don’t even need a lot of money to start dropshipping (about N30k).

How it works: When customers visit your online store and place orders, the orders they place is redirected with the help of a tool to the website of the original supplier/manufacturer who ships the goods to customers.

So you’re a middle man bearing the name and title of the supplier in the customer’s eyes.

Click here to learn the basics of dropshipping and how to make money from it in Nigeria.

15. Restaurant

Restaurant

If you’re a good chef or you know a group of female and male folks who are good at cooking, you can start up a restaurant business.

If you’re the first case; you’ll need capital to rent a hall, and acquire kitchen utensils.

If you’re the second case; you’ll need capital, social skills and a touch of leadership traits to organize human resources and acquire the necessary equipment to run the business.

Fortunately, people don’t have the strength for kitchen work all the time.

Businessmen, bankers, and people who work late need the services of restaurant operators to stay very alive at work. You can fill up that space, and with a tinge of uncommon packaging, grow your business.

16. Beauty Salon & Cosmetics

Makeup has taken over the world today.

In Nigeria, it seems like the ladies are doing it little better.

It’s almost impossible to see the real faces of the pretty ladies roaming the streets nowadays.

With this in mind, selling beauty products and kits will get you somewhere into your millions.

But you need to be sure you’re doing this in a place where modern people live in, not a village flooded with precious souls from the 60s.

17. Mini Importation

Similar to dropshipping, mini importation business in Nigeria is taking a new phase.

With E-Commerce websites like Jumia and AliExpress, college students are buying goods at a cheaper rate now than ever and selling them at a higher rate for profit.

You can start up this business with as low as N20k, utilize an effective promotion strategy to increase sales and make more money.

18. Sports Betting/Viewing Centre

Hardly is there a youth who doesn’t love watching football and staking sports bet. You can take advantage of this phenomenon, start up a sports betting and viewing centre.

Some of the most popular betting companies in Nigeria to work with in starting your betting centre are Bet9ja, BetWay, and NairaBet.

This has proven to be one of the businesses that yields only so much profits within a short period. But it falls back to the location of the business.

19. Drycleaning/Laundry

Starting a good laundry and drycleaning business can never be too late.

With time and a good effort in promoting your business, you’ll count millions.

A vital factor that contributes to the success of any business is the location. So if you’re starting a laundry business or any business that requires a physical office, pick the best location.

19 Businesses that Can Make You a Millionaire in Nigeria (Wrap Up)

Becoming a millionaire in Nigeria is not all that easy, and it’s definitely not the hardest thing in the world.

Many brilliant minds have ventured into these businesses, but a few of them ever make it to the top of their craft.

Excelling doesn’t have much to do with intelligence. Rather, it has everything to do with providing value and putting that value in front of those who need it.

19 Businesses that Can Make You a Millionaire in Nigeria (Summary)

These 19 businesses will make you a millionaire in Nigeria if you do them right:

  • Melon Farming
  • Poultry Farming
  • YouTube Channel
  • Real Estate
  • Event Planning
  • Affiliate Marketing
  • Blogging
  • Fish Farming
  • Boutique
  • Barbing Salon
  • Transport
  • Tomato Farming
  • Egg Supply
  • Dropshipping
  • Restaurant
  • Beauty Salon & Cosmetics
  • Mini Importation
  • Sports Betting
  • Drycleaning/Laundry

What are your thoughts about these businesses, and how are you going about becoming a millionaire in Nigeria?

Let me hear your comments below. If you have further questions, leave it in the comment space below.