The role of Small and Medium-sized Enterprises (SMEs) in the Nigerian economy cannot be overlooked. SMEs in Nigeria in 2024 accounts for over 84% of the country’s businesses and contributing to about 48% of its Gross Domestic Product (GDP). Nigeria’s government recognizes the importance of SMEs and has implemented various policies and initiatives to support their growth.
However, SMEs in Nigeria face various challenges, including access to finance, inadequate infrastructure, insufficient government support, and high operating costs. These challenges have limited their ability to grow and compete in both local and international markets.
To address these challenges, the Nigerian government has implemented several initiatives to support SMEs, including the creation of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the establishment of a Micro, Small, and Medium Enterprises Development Fund (MSMEDF) to provide access to affordable finance.
Furthermore, there are various private sector initiatives, including accelerators, incubators, and entrepreneurship programs, aimed at providing support for SMEs. The Central Bank of Nigeria (CBN) has also launched various initiatives, including the Anchor Borrowers Program and the Commercial Agriculture Credit Scheme, to support SMEs in the agricultural sector.
The vast population of Nigeria offers a huge market for entrepreneurs to sell their goods and services. Nigeria is currently a fertile ground in terms of business due to the fact that most of Nigeria’s finished products are brought in from abroad.
There is thus the opportunity to be able start your own business and be able to sell and make profit from it. Furthermore, the large population of unemployed youths in Nigeria also offers a lot of human resources whom you could employ to help your business to grow.
The major challenges for entrepreneurs in Nigeria include capital and electricity. In terms of electricity, it is possible to get generators to serve you. Running a generator is more expensive than getting power from PHCN and other power companies. You should therefore incorporate your expenses on generator and fuel into the price of the goods and services you offer.
In terms of capital, there are a lot of businesses opportunities in Nigeria you could start with little or no capital. For some, it is possible to source for some funds through freelancing on those jobs. It is also possible to apply for loan from the government.
Top 50 Profitable Small Scale Businesses To Venture In Nigeria
Some business opportunities you in Nigeria you could consider delving into include:
- Affiliate and email marketing
- Ambulance and mortuary services
- Ankara accessories, beads and wireworks
- Gas Cylinder Sales
- LNG sales (Cylinder to Cylinders Sales)
- Car Wash
- Blogging
- Laundry/Dry Cleaning Business
- Catering services to establishments and organizations such as schools and government offices
- Computer and accessories sales and repairs
- Computer training
- Decoration, cake baking and events planning
- Developing android games
- Domain name flipping and website
- Farming of layers and broiler
- Fish farming business
- Logistics Business
- Frozen food and ice block business
- Graduates and corpers skills empowerment centres
- Haulage business
- Hired purchase of tricycles (popularly called keke napep) and bikes
- Liquid soap and body cream production
- Making of paint
- Pig farm business
- Printing business and graphic design
- Private home lessons and tutorial centres
- Processing of cotton, rubber, cassava, palm oil, rice and maize amongst others
- Production of disinfectants
- Production of custard
- Rental Service business
- Replacement of sim card services
- Reselling of recharge cards
- Reselling of your services on Fiverr.
- Sales and breeding of dogs
- Sales and repairs of mobile phones
- Sales and/or production of cement
- Sales of livestock feed
- Selling of CBT software and past exam questions
- SEO, article writing and bulk SMS services
- Setting up blogs and customization services
- Snail farming business
- Starting a barbing salon or a female salon
- Forex Trading
- Vegetable cultivation
- Veterinary or pet shop
- Web and mobile applications
- Mobile phone repairs and sales
- Digital marketing agency
- Fashion design and tailoring
- Beauty salon and spa
- Catering and event planning
- Web design and development
- Photography and videography
- Graphic design and printing
- E-commerce store
- Laundry and dry cleaning services
- Interior decoration and design
- Fitness center and gym
- Solar panel installation and maintenance
- Mobile car wash and detailing
- Computer repairs and maintenance
- Social media management
- Organic farming and agriculture
- Health and wellness coaching
- Daycare and after-school programs
- Car rental services
- Home cleaning and maintenance services
- Travel agency and tour services
- Personal shopping and styling
- Human resources and recruitment agency
- Food processing and packaging
- Language translation and interpretation services
- Art and craft production and sales
- Import and export business
- Real estate agency and property management
- Wedding planning and coordination
- Printing and publishing of books, magazines, and newsletters
- Stationery and office supplies store
- Mobile app development
- Financial planning and investment advisory
- Security and surveillance services
- Pet care and grooming services
- Online tutoring and educational services
- Waste management and recycling services
- Restaurant and food delivery services
- Health insurance brokerage
- Music and entertainment production and management
- Online fashion store
- Hair and beauty product manufacturing
- Cleaning and janitorial services
- Digital media production and marketing
- Childcare services
- Commercial farming and agriculture
- IT consulting and support services
- Interior and exterior painting and decorating
- Event rental and equipment supply
- Nutritional supplements manufacturing
- Sports coaching and training
- Mobile banking and financial services
- Jewelry making and sales
- Event decoration and design
- Pest control services
- Herbal medicine production and sales
- Recruitment and training services
- Health and fitness apps development
- Water treatment and supply
- Organic food store and delivery
- Film and video production
- Mobile game development
- Mobile phone accessories sales
- Environmental consulting and services
- Solar-powered products sales
- Bookkeeping and accounting services
- Home-based baking and pastry services
- Art gallery and sales
- Renewable energy consultancy and services
- Freight forwarding and logistics services
- Employment agency and services
- Furniture production and sales
- Public relations and marketing agency
- Language training and coaching
- Gift and souvenir production and sales
- Digital book publishing and sales
- Health and wellness products manufacturing
- Virtual assistant services
- Sporting equipment and accessories sales
- Educational toys production and sales
- Business consulting and advisory services
- Farm equipment leasing and sales
- Air conditioning and refrigeration services
- Virtual event planning and coordination
- Medical equipment and supplies sales
- Security systems installation and maintenance
- Non-profit organization and charity
- Social entrepreneurship and impact investing
- Electronics manufacturing and sales
- Mobile advertising and marketing
- Fashion accessories production and sales
- Mobile-based financial services
- Financial technology solutions
- Video game production and sales
- Beauty product distribution and marketing
- Waste recycling and disposal services
- Social media influencer marketing
- Automated vending machine operation and maintenance
Please be reminded that most of these Business ventures In Nigeria of course require having per-requisite knowledge of the business, there should be at least one that you already know how to do. You could take advantage of that particular one and use the little funds you have on you to start it. In the very rare case that you have no dime on you, you could tell your friends and encourage them to tell your friends too that you offer a particular service.
A lot of individuals already have the tool you need for the job such as laptops for example or clippers and are looking for people to deliver home service for them. Once you have 1 or 2 of these types of people and you are able to deliver a good job, you are most likely going to get recommendations from them. In no time you would see yourself being so busy that you would need an assistant, a shop and before you know, you might start considering opening 1 or 2 branches around town or even in different states.
What is required of you is just to put in an effort and start a business today with what you have even if it’s only your skill. It is also advisable that you start a business based on your passion. You would have a double advantage of catching fun doing what to do and getting paid for it.
In summary, SMEs in Nigeria play a significant role in the country’s economy, and the government and private sector continue to implement initiatives to support their growth and development.
Hope the above is well understood? if you have questions as regards top profitable SMEs you can venture into, you can reach out to us via the comment section below and we shall respond accordingly.
