Find out “20 Most Profitable Future Businesses In Nigeria In 2023 And Beyond” Nigeria is a developing country where many business opportunities are increasing yearly. With the recent digitization and several government schemes for startups and MSMEs, new businesses are expected to rise. As per the data, Total revenue in the Business segment is projected to reach US$7.24m in 2022. Total revenue is expected to show an annual growth rate (CAGR 2022-2027) of 8.02%, resulting in a projected market volume of US$11.29m by 2027. And in the coming five years, business revenue will reach INR 8 billion.

This is an excellent time to think about building a future business in Nigeria. Starting a new business in Nigeria will be profitable in the coming years. As a growing economy, Nigeria is also a stable economy with many business reforms taking place.

If you are thinking of starting a business in Nigeria then here you will get guidance on futuristic business ideas which will prove to be successful.

20 Most Profitable Future Businesses In Nigeria In 2023 And Beyond

Here are a few ideas to start a new business in Nigeria.

1. Cloud Kitchen

Cloud Kitchen means a commercial kitchen or restaurant which only provides online food delivery. There is no facility for dine-in or takeaway. Right now, in Nigeria, this business is in the initial stage.

This is the right time to start and grow this new business in Nigeria as it will be a great future business with a growth rate of 13% CAGR by 2030.

Some of the features of cloud kitchen are as follows.

• You can start this business from your home kitchen. But you have to get some licenses like FASSAI and Commercial Kitchen Certification, and you are good to go.
• The cloud kitchen can be registered with food delivery companies leading in the market like Zomato and Swiggy. Also, you can do your marketing and sell on your website.
• You can do different experiments and develop your new and innovative menu.

2. Digital Marketing Agency

Digital marketing is an emerging business in Nigeria. Still, you can see traditional marketing at its peak in most places. However, traditional marketing will soon be replaced by digital marketing, and it will be a great future business in Nigeria. Digital marketing generally consists of the following aspects.

• Affiliated Marketing
• Social Media Marketing
• Web Marketing
• Email Marketing
• Blogging
• SEO (Search Engine Optimization)

With the recent changing technology, new and innovative marketing methods will appear, eventually replacing traditional marketing. You can develop it with the right strategies. Overall, it has potential for future business in Nigeria.

See also: The Five Steps To Dating Your Customer

3. Investment Business

The stock market is at its peak and shows potential for further growth. Similarly, there are other investment options available, such as cryptocurrencies, gold, real estate, futures and options, and so on. You can also invest in these sectors. Also, the investment business never gets old, and Nigeria will have good business in future.

Investment requires some initial capital and proper knowledge. You have to keep learning from your mistakes and methods in the stock market. Only then can you progress.

4. Courier Service

With the increase in e-commerce in Nigeria, the demand for courier services is increasing daily. Top startups like Delhivery, Expressbee and others have shown remarkable growth in recent years. However, there is pressure in the courier industry for internal operations. So, this is the right time for you to enter the courier industry.

The right strategy for courier service can be intra-city and intercity courier services. In intra-city courier service, you can give service within the city. Similarly, for intercity, you can provide services connecting different cities of Nigeria. You can easily grow your courier business by putting in innovative business ideas.

5. Outsourcing Business

Outsourcing means hiring someone outside the company for operational activities. This is a new business in Nigeria flourishing rapidly. In the present scenario, developed countries like the US, UK and Canada need many outsourcing personnel as there is a requirement for manpower.

With digitisation and increasing demand for professionals across the globe, it provides the best opportunity to get into this business, as it can become a great future business in Nigeria.

6. Internet of Things (IoT) Business

You can operate your AC or TV or any appliances from your office or anywhere else through Wi-Fi. This is done through a technology called the Internet of Things (IoT). You can either go for B2B or B2C. For B2C, you can manage the individual house or areas. However, for B2B, you can sell or provide rights to your technology to the buyer. But you have to learn or hire some technology to conduct this business. This business has a great future in Nigeria.

Technology is the fastest and best-growing business in Nigeria. Once you get the technology and software, the overall cost of the product will go down. The pay scale and revenue from the clients will go a long way in making IoT a profitable business.

7. Biometric Sensor Locks

Biometric sensor locks are those locks that require fingerprints or a facial view to open. It is the most advanced locking system. So, you can also start this future business in Nigeria.

You need to develop your product and software to run it. Moreover, technology is developing rapidly, and you can get into this business right now to make a maximum customer base.

8. Broadband Business

The demand for broadband has increased effectively due to an increase in the work-from-home (WFH) culture. Specifically, the IT industry will adopt a hybrid work model where every individual can get a chance to be adapted to WFH. So, it will require connectivity with broadband. Also, in recent times, education has shifted to online mode, and in the future, it can go even further online. It will also require broadband.

The overall consumer need for broadband will show a peak, if not in recent times, then in the recent future. But you have to adopt a business model that can beat the competitors and build your successful future business in Nigeria.

9. Freelancing Services

Freelancers are the ones who do projects and get paid for them. There is no salary-based system. At present most people are adopting freelancing careers. Many startups hire freelancers and the demand for freelancers starts increasing in the coming years.

If you are willing to get into the freelancing service business, you can build up a network of different freelancing individuals and provide the projects. This way, it will make a great business model and future business in Nigeria.

10. Software Development

As you already know, the technology and online industries are at their peak in Nigeria. Moreover, it will further expand even more in the future, too. So, there will be a need for web, android, IOS, and Windows development companies to fulfil demand.

It is the best time to get into the business of software development because, in the upcoming years, the demands are going even further. But if you will follow the right strategy, you can defiantly grow a sustainable business.

11. Solar Energy Business

Solar panels are in rising demand at present. It is cheap and convenient for Nigeria. Also, many solar plants are implanted in urban and rural areas. Under the solar energy business, you can provide services directly to the consumer.

You can provide your technology to retailers and wholesalers. This business is very profitable; however, you have to invest regularly, and it requires huge capital. Therefore, financial planning is very important before starting this business.

12. Import Export Service

Most individuals in Nigeria want to import and export goods, but they can’t do it due to a lack of knowledge and fear. But if you start a consultancy or service-based firm that would solve this problem, it will grow in the market. There are very few companies that offer these kinds of services. So, if you get into this business with a proper model, you can easily grow your new business in Nigeria.

You can offer full-time service or work as an advisor in the business. Moreover, you can even work on the licensing and documentation things. It would be Nigeria’s best future business if you could offer good service.

13. Book Selling

Technology is advancing in Nigeria and thus you can build your online business where you can sell new or used books. This is going to be a great future business in Nigeria as thousands of readers across the world shop for books online. With conscious planning and a new idea, you can make your book-selling business flourish.

14. Domain Selling

The domain is the web copyrights that you can buy and sell at high prices. The use of websites is increasing exponentially, which needs a domain. If you want to get into the business, you have to invest a bit to buy lots of domains. Finally, you can sell these domains at high prices to other old or new business in Nigeria.

15. Real Estate Business

2019 was a great year for Nigeria’s housing market, with demand rising by double-digit figures. Property listing inquiries surged 72%, according to a year-ender report by Nigeria Property Centre.

However, due to the pandemic, demand suddenly slowed this year. Job losses and salary cuts have prevented many from renting better apartments or purchasing new homes, note PropertyPro.ng. Estate Intel confirms that “many payment plans for properties are being extended”.

Despite this, local real estate experts remain optimistic. “A section of the workforce who now work remotely may have an increased need for larger spaces,” said PropertyPro.ng. “Specifically for millennials looking for improved privacy, the need for new apartments will probably surface.”

In an effort to buoy economic activity amidst the pandemic, the Central Bank of Nigeria (CBN) recently approved NGN 200 billion (US$ 520 million) in mortgage finance to fast track construction of 300,000 social housing units for low-income households, and to create new jobs for the unemployed.

In Q2 2020, Nigeria’s economy shrank by 6.1% from a year earlier, in contrast to a 1.9% growth the previous quarter, amidst subdued domestic and international economic activity due to the nationwide shutdown measures aimed at containing the pandemic, according to the National Bureau of Statistics. It was the steepest decline since Q1 2004. The International Monetary Fund (IMF) recently revised down its 2020 economic forecast for Nigeria to a contraction of 5.4%, worse than its earlier estimate of -3.4%.

16. Online Course

You can teach online and sell online courses. The education scenario has changed after the pandemic. As students, teachers and teaching move to the online space, you can start designing courses online. It is a great small-scale business idea which can flourish due to its demand and low investment.

 17. Mobile Wallets

Digital payments have increased in Nigeria after the pandemic, creating a huge demand for mobile wallets. The demand for mobile wallets has also increased due to the growth of the e-commerce industry. The estimated value of mobile transactions was recorded at 1.5 trillion in the last year which is projected to grow in the coming years making it the most profitable business.

18. 3D Printing Business

3D business printing produces inexpensive printer accessories by using 3D Printers. It eliminates laborious, methodical processing that takes place in factories. It makes the products affordable for those who want affordable products. With less competition and higher demand, you can easily flourish 3D printing business. This is one of the best small business ideas for the future.

19. Virtual Reality

Commercial VR technologies have ignited an invention boom, and a wide range of businesses are starting to sell VR technology. The business is growing at a CAGR of 38.29% and will be worth Rs trillion in the next five years.

20. E-commerce Store

If you are looking for upcoming business ideas in Nigeria, E-commerce is a great industry to start your business. You can easily start your e-commerce online with low-cost investment. And after registration and domain purchase you can sell your products.

Future Business Ideas – Key Takeaways

These are the top future business in Nigeria that you can choose from. There are many new businesses in Nigeria which are flourishing every year. If you want to step into business then you must have dedication, good planning, and strong financial planning.

With increasing technology and digitization, the business world is rapidly changing its traditional methods. Today one can start an online business from the comfort of their home or anywhere with or without investment.

It also opened up a lot of opportunities. But with the growing future business opportunities competition also increased. So only those who survive will not give up easily.

FAQs – 20 Most Profitable Future Businesses In Nigeria In 2023

Q1. Which is the best future business in Nigeria?

Ans. Many good businesses in Nigeria can give you future returns. However, among all these businesses, some of the best future businesses in Nigeria are as follows.

• Cloud Kitchen
• Digital Marketing Agency
• Investment Business
• Courier Service
• Outsourcing Business
• Internet of Things (IoT) Business
• Biometric Sensor Locks
• Broadband Business
• Freelancing Services
• Real Estate Business

Q2. Which future business in Nigeria is most profitable?

Ans. You cannot specify any business to be profitable. However, the profitability depends upon your business model. If you can make a good business model, it will generate profit.

If you target future business in Nigeria then your business will be more likely to succeed. Also, any tech-based business will have a chance of being profitable in the future in Nigeria.

Q3. Which future business in Nigeria will boom?

Ans. No doubt the tech industry is going to boom in Nigeria. Currently, the tech industry is showing great potential and pushing furthermore. So, anything in the tech industry will certainly grow to a great extent.

You can also start your new business in Nigeria online which is more likely to be successful such as book selling, IoT, domain selling, etc.

Q4. Which future business in Nigeria will be most demanded?

Ans. With a growing future business in Nigeria, there are many services and products which are demanded. And it is more likely to be profitable if you choose a business in this domain. Some of them are:

• Cloud Kitchen
• Digital Marketing Agency
• Investment Business
• Courier Service
• Outsourcing Business
• Internet of Things (IoT) Business
• Biometric Sensor Locks
• Broadband Business
• Freelancing Services
• Real Estate Business
• Selling Books Online

Q5. Which future business in Nigeria will grow in the next decade?

Ans. The tech industry will grow further in the next decade. So, if you want fruitful returns, you can invest in the tech industry right now.

Apart from this, the real estate business is also fruitful as the demand for the real estate industry keeps on increasing. With growing digitalization, you can also start your own online business.

Q6. Which sector will grow in the next 5 years in Nigeria?

Ans. The real estate business will boom in the next 5 years. According to the stats, the real estate industry is estimated to become a Rs 1 lakh crore industry in the coming years.

However, starting a new business in Nigeria in this industry can be challenging as it is full of competition and requires good investment. But with a little dedication and good planning, you can easily succeed.

20 Most Profitable Future Businesses In Nigeria In 2023 And Beyond – Back To Home