Here are the best business ideas in Lagos for every prospective entrepreneur.
Lagos is one of the states in Nigeria with a good GDP and has been increasing with millions of people living and working in Lagos as the financial hub of Nigeria.
Lagos has many investment and business opportunities as it houses most headquarters of multinational companies in Nigeria.
Lagos was once the capital of “the Giant” of Africa before the federal capital was moved to Abuja, Nigeria.
During its service as a federal capital territory, Lagos gave millions of nationals and foreigners multiple opportunities for survival and financial success.
One remarkable thing about this city is that as much as it is no longer the capital city, it is still very active, and you can start many business ideas in Lagos.
I vividly remember years back when I was a kid before my teens; anyone who returned from Lagos during the festive seasons was usually regarded with much respect and very financially buoyant.
We usually celebrate such people. To people in the Eastern part of the Country and relatives in the west, Lagos is another world. Let me say it this way: they were graded similarly to those in Europe.
It is little wonder every youngster coming up then had dreams or plans to base in Lagos for business (that’s for the business-minded). While the education freaks like we just wanted to grow up, get our degrees, and still go to Lagos to seek employment.
Today, surveys have shown Lagos to be Nigeria’s most significant and busiest city, with many tech startups springing around the Yaba area.
A popular website currently listed Lagos, Nigeria, as Africa’s “largest city” and one of the “world’s busiest,” presently housing a dense population of over 20 million persons, about 12.5% of the entire Country’s population.
Little wonder then that Lagos holds out opportunities too numerous to mention to even the least academically qualified persons. You only need perseverance/determination, and hard work to succeed in Lagos with deep insight!
“Perseverance and Hard work are two lethal illnesses to Poverty”
Let’s discuss and highlight 12 of these numerous business opportunities in Lagos that one can tap into to become a successful Lagos-based entrepreneur!
Profitable Business Opportunities To Start in Lagos
1. Real Estate Development
Housing is one of the problems Lagos faces because of the vast population of people coming into the state daily.
Investing in real estate is an excellent opportunity for developers as most houses are paid fully upon completion, and the government of the state is still finding means to approach the housing deficit issues by encouraging estate developers to invest more in the residential sector while maintaining a considerable approach to the business district branch of development.
2. Tech Startups
Many tech startups spring up in Lagos state, most in the Yaba area.
Such as Hotels.ng, Tolet.com,ng, tranzit.Ng, Jobberman, Konga, trippy, Showroom, Wakanow, Ogavenue, Gloo.ng, VoguepayPrintivo, and many more all have their headquarters in Lagos, Nigeria.
The state creates an environment to take your tech dreams into reality. It provides an atmosphere to network with computer programmers, accountants, and other essential teams to kick-start your business.
Most Nigerian angel investors reside in Lagos and have invested in some startups. The state is an opportunity for Nigerian Youth willing to tap the opportunity of building a tech startup in Nigeria.
3. Catering Services
Lagos is a bustling city, that’s right to note. Over half of its population are working-class people with little or no time to attend to themselves.
Most of these workers have to Wake Up or leave home as early as 4:30 am and return as late as 10 pm; they practically do not have time to prepare their meals, so they depend on these caterers to feed their stomachs.
Starting a food or catering service is a great way to make money in Lagos.
I’ve not lived or spent a long time in Lagos, but the little time I spent there, I learned from experience. The catering business is “lucrative”!
4. Transport Business
Cab drivers in Lagos alone earn, on average, 11,000 Naira daily. Giving drop lifts and in-town services is as lucrative as you can imagine.
As a result of the unending and annoying Lagos traffic, most people do not have the time or will to drive daily. So, if you can afford to help them with this by being a cab driver, your reward is as rich as possible.
There are other transportation business ideas you can start in Lagos, too.
The law of the Republic is no longer taking it lightly with Child Abuse and its perpetrators.
Kids are no longer seen being used as house helps in Lagos specifically and other parts. Culprits are facing severe punishments and consequences for this.
By curbing this and earning a sustainable living, you can practically set up a daycare agency that assists those needing it with house or home aid services using grown-up recruits or adults who can do this at will.
The daycare business is also highly income-generating because the demand for such services is high in Lagos from people with little or no time to attend to such responsibilities.
6. Mobile Phone Vending
Computer Village is a perfect place to understand the feasibility of this business; you might need to visit if you haven’t been there before.
I once met someone who traveled from Aba to buy just five pieces of the latest phones for personal use and dash. People from all over the country flood in and out of this Lagos Ikeja Market to buy phones and accessories daily.
You can make millions within a short time by dealing with mobile phones, and you might as well include troubleshooting services and repairs in this business.
The average Nigerian uses a phone for one year and gets a replacement so you can imagine the lucrativeness of this type of business.
7. Gym/Fitness Centre
Most Lagosians or Lagos-based individuals are appearance-conscious, and you would agree that fitness is a sure way of maintaining good looks. Even girls and women in Lagos want to work out more often than not.
Starting up a small fitness or gym center would surely be of high patronage and income-friendly. Fitness centers charge as little as 10,000 Naira monthly for each individual and as much as 30,000 Naira for some expensive ones.
Whatever the case, even if you choose to start up a fitness center with a charging fee slightly less than the little I mentioned, you would still earn much because people would get more to you for the lesser fee and the population.
You may need some reasonable capital to start this, but you do not need all the necessary equipment simultaneously. The basics would do.
8. Event Organizing
Lagos parties are so frequent, complex, and Rocky.
Parties in other parts of the Country are usually meant to be held on weekends. Still, in Lagos, it’s all different, and this is because they are too busy with work and other activities, so any little time they get out of their busy schedule is channeled to relaxation and merriment.
In fact, during my few stays in Lagos, Nigeria, I’ve attended two parties and an event in Lagos on weekdays. They party all around the clock.
Being an event planner or organizing or setting up a small agency to handle this is booming for many in Lagos.
You do not need much to start this; you need a few notable, successfully handled ones to prove to people that you are capable.
Believe it or not, fashion is lucrative everywhere, but its love in Lagos cannot be overemphasized.
Men in this part of the Country always want to look impressive in their attires to ladies. Women also want to explore more ways of “seductive looks.” So they all run to fashion and Couture.
In fact, in Lagos, local braids and locally made clothing are very, very rampant, and they sell more than imported stuff, which means that if you’re into Couture or you plan to start one, Lagos is very willing to make you a successful entrepreneur in less time than you could have thought of.
Couture is trendy in Lagos and a sure way to financial buoyancy.
10. Private Security
Most people in Lagos are security-conscious. Armed robbery and physical attacks are part of everyday news due to the dense population in Lagos, Nigeria.
The public or government security agencies have succeeded in creating a lousy profile of sabotaging records; it is logical to reason that most people wouldn’t consider running to these criminals for security.
With the alarming rate at which bribes are forwarded and received, it is correct to state that “a dog has eaten the bone hung on its neck.”
Setting up a private agency for providing private Security to interested and vulnerable persons or organizations is a healthy business. It’s well and high-paying if you maintain a reputable and credible profile.
11. Photo and Video Coverage
Yes, back to parties and then weddings.
These occasions indisputably request the presence of a photographer or a video covering.
I don’t think you’ve ever visited or attended a wedding or an occasion and met the absence of these people, and if you ever did, you can relate to how boring or mind-numbing it ended up being to you and others.
You might know over ten venues in Lagos where a party might be held simultaneously.
What a quick way of making money. Organizing a little firm or agency of yours with the necessary equipment to deliver these services with a crew of employed persons can enhance your financial progress a dozen times.
Better still, you can choose to install and handle such a business alone if you lack funds to run such an agency because you’ll need some money to start up, purchasing cameras and recorders; still, either way, you choose to effect this, Lagos has a profitable market for you!
12. Unisex Hair Styling
Hairstyling? Yes, hairstyling!
How often do you barb, trim, or plait your hair in your current location? The reason for this question is apparent. Hairstyling is a regularly patronized service. You don’t want to look bushy. Yeah!
Setting up a unisex barbing salon to cater to the styling needs of both sexes is of bountiful patronage and is undoubtedly virtually cash-oriented. People want to look good all the time.
I trim or shave once at the commercial styling center every week. So you can imagine having 20 people running into you every week.
The minimum charge for a haircut in Nigeria is N300, and some inexpensive places like Lekki and VI charge as much as N3,000, while fixing attachments and weaves goes as much as N3,500 for women, and some women wear new plaits every month.
What a lucrative venture to start up.
You can even employ a female hairstylist if you’re not skilled.
In Lagos, there’s no time to cook. More often than not, they refer to quick meals or fast food joints. Provision retailers are at a great vintage because they don’t have to beg people to purchase their items.
Other big retail businesses are making a considerable amount of money, too, because of the opportunities for comfort they provide. Don’t eat and die of hunger!
Essential provisions like Milo, sugar, Milk, Oats, and bread are great sustenance to many, especially those who must leave home for work by 4 am and return by late eve.
They can have heavy lunches outside by noon or perhaps brunch, but returning home as late as 10 pm means you either need to sip tea and bread or prepare a few packets of noodles for yourself most times, and this usually happens to the majority who don’t cook even at weekends and have no stored up meals in their fridges.
Provision retailing is a great business to start up and manage in Lagos, Nigeria, with utmost gain.
14. Cosmetics and Jewelry
Ladies and looks. An average working-class Nigerian lady spends over 20% of her salary on jewelry and another 15% on cosmetics for the love of looking good and reasonable.
In Lagos, as a place of class, ladies don’t joke with these two things, and the fact that they spend this much on this makes it a worthy investment for any entrepreneur.
One can tap into this “love of looks” for private gain. This is how it benefits you and me as entrepreneurs.
You look critically at a “problem” or “need” and find a way to address it; then you get rewarded! It’s as simple as that.
Starting a restaurant in Lagos is a good business idea, considering the many ethnic groups in Lagos.
And most importantly, choosing a good location for your business will give you an edge over your competitors.
Mastering the act of running a lucrative restaurant business and knowing how to create a menu that attracts customers will make you stand out.
So, by reiteration, these are successful business ideas in Lagos that you can start and drive to succeed. They’ve been researched and proven accurate and feasible by survey and practice.
Feel free to share your thoughts in the comment box below!