Are you a budding entrepreneur interested in small to medium-scale businesses that yield daily income? Or do you want a side hustle that gives quick cash? Then, keep reading this post as we reveal the top 10 most lucrative businesses that offer daily income in Nigeria.
Lucrative Daily Income Businesses in Nigeria
The commercial hubs of Nigeria are filled with many business ventures. However, the important question is: what is the income rate?
While some businesses earn daily, others receive income weekly and even quarterly.
With the progressive increase in Nigeria’s cost of living, most residents seek a side hustle that will increase their income.
In no particular order below are the top 10 lucrative Businesses with Daily Income in Nigeria
Food Business
The Food industry is a very lucrative business. It cannot be crippled by global pandemics, neither will economic recession affect it. You can start your food business with as low as 50k depending on your location and potential clients. Most Nigerians either sell raw agricultural products or sell street food. The popular Mama-put joints are also in this category.
It is not uncommon to see street vendors selling different local delicacies and treats to interested customers. Although selling street food can be stressful, the profit outweighs the stress.
If you don’t want a stressful business venture, then selling local treats and raw agricultural products is another viable option.
POS ( Point of Sale)
Banks cannot set up shop on every street but there are at least 2 POS shops in every street. You can start the business in local shops, markets, or even mobile kiosks. People need to complete daily financial transactions, so become a mobile ATM and get paid for your services. The POS business has improved the finances of many Nigerian youths and brought financial services closer to suburban regions.
With a minimum of 50-70k, you can get your POS machine and the cash you need.
Requirements of a POS business
- Valid means of identification like NIN Card, Voter’s ID Card, National Passport etc.
- Passport photographs
- A valid current account with a bank in Nigeria
- Bank Verification Number (BVN)
- Current Account references
- Evidence of business registration (CAC Certificate)
- Start-up funds.
Logistics
Many Nigerians now work from home and social media is their marketplace. So, there is a demand for logistics personnel who can quickly and efficiently deliver products to their owners. So, if you have a motorcycle or have access to one, then there may be a spot for you in the logistics business.
With a population surpassing 200 million, Nigeria offers a vast consumer market. Join the logistics business, and specialize in either e-commerce deliveries or supply chain solutions,
Second-hand clothes and Shoes (Okrika or Thrift clothes)
The poverty rate in Nigeria is very low so most Nigerians cannot afford bespoke and experience clothing.
Many of them see purchasing brand clothing as a waste of resources.
So, take advantage of this mindset and start a business selling second-hand (popularly called okrika) clothes and shoes.
Thrift clothing gives the perfect blend of affordability and style. Nigerians love the prospect of getting designer labels and unique pieces at a fraction of the cost. Many Okrika entrepreneurs have turned their small-scale ventures into thriving enterprises through their eye for quality and trends. By curating diverse collections, providing excellent customer service, and leveraging social media for marketing, you can enjoy a thriving clothing business.
The success of your business also depends on your location. So, get a good site, display those attractive designs, and enjoy daily cashouts.
Restaurant and Fastfood
Nigerians love their food and many of them use the restaurants and Fast-food spots for their meeting. Although a restaurant and fast food lounge may be a bit pricey to set up, the calibre of clients it attracts beats increases its profit margin.
Sports viewing centers
The Nigerian Entertainment industry is not complete without mentioning football. Nigerians’ love for football prompted the business of sports viewing centres. They are now lucrative hubs that offer daily income to entrepreneurs who venture into the business.
Sports viewing centres are one of the businesses that foster a sense of community in Nigeria. Men of different cultures gather to watch these matches, fostering a sense of camaraderie and shared excitement. So, if you are a big fan of the community, you can try this business. You just need a shop or kiosk, a television set, and a DStv subscription to start.
Carwash
In large Nigerian cities like Lagos, Port Harcourt, and Abuja, the carwash offers quick money. You don’t need many resources to start this business- just a space, a steady water supply, and some hose.
Day-care centres
Nigeria’s urbanization trend has led to an increase in dual-income households. With more parents juggling careers, the need for reliable childcare solutions becomes essential.
Several working-class mothers want an affordable place to keep their children during working hours. So, if you love children and you don’t mind spending hours with them, then start a Daycare centre in your locality and start earning daily. You can incorporate educational elements into their business to attract more clientele.
Laundromats and Dry-cleaning services
Due to a demanding workload, most workers cannot wash their clothes. So, they outsource their washing, drying, and ironing tasks to laundromats. These workers value services that simplify their daily routines, and laundromats fit seamlessly into this trend.
Offering services that are hassle-free and time-efficient will likely increase your profit margin. This business is more lucrative in Nigerian cities like Lagos, Uyo, Ibadan, Abuja, and Uyo. Furthermore, set up shops close to universities and workers’ residences.
Pharmaceutical shop
Just like the food industry, the health sector cannot lose its appeal. There will always be a large demand for drugs and other medical supplies. So, if you have knowledge about drugs and can access a credible license, go for it. The pharmaceutical shop is one of the underrated businesses in Nigeria that has a high profit margin.
Closing Remarks
The transport business should actually be on the above list, but with the increase in fuel price, many transport personnel have a lower profit margin.
Yes, the economy seems difficult but with patience and resilience, you can build an empire while you earn daily. Most of them have low start-up costs. So, you don’t have much to lose if it doesn’t work. Try any of these businesses today and start earning 5 to 6-figures in no time.
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