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Top 10 Best and Lucrative Business Ideas for the Year 2024

Would you like to be informed about the top and best lucrative ideas for 2024?

Are you thinking of making your dream of becoming a successful business owner becomes a reality in 2024? 

Are you looking for profitable business ideas to dip your hands into? 

Starting and running a successful business is one of the surest ways of becoming rich, financially independent and free. 

However, picking the best business ideas to work contributes immensely to the results, and also speeds up success in the business. 

With over 200 million Nigerians, these business ideas have been tested time over time, and the markets are unsaturated. 

This means you can join the league of quiet multimillionaires who make money from these ten and best lucrative business ideas.

Let’s dive in:

1. Showbiz and Entertainment Business

The showbiz and entertainment industry in Nigeria generates over three billion naira, offering a lucrative opportunity for individuals to earn millions while in the spotlight. 

By creating entertaining content such as music, movies, videos, or social media posts, individuals can go viral at a low cost, depending on their audience. 

Starting as an influencer, and then progressing to a model and actress can lead to significant financial success in this industry.

2. Transport  Business 

Transportation services also present a lucrative business opportunity in Nigeria. Small vehicles such as tricycles, motorcycles, taxis, and buses may appear insignificant, but they can generate close to ₦100,000 per week. 

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This income surpasses what many individuals earn in a month while working in air-conditioned offices. By purchasing a vehicle of choice and hiring a driver, individuals can passively make up to ₦150,000 per month without actively participating in the business.

3. Services for Security and Tracking

Selling, repairing, and installing security gadgets such as CCTV cameras, stun guns, GPS trackers, alarm systems, and more can be highly profitable, particularly in areas with high crime rates and affluent communities.

In urban areas, these machines perform most of the work, unlike physical security services. 

With this business, you can earn millions of Naira monthly.

4. Exportation Business

Contrary to popular belief, Nigeria has plenty of exportable goods. 

Exporting raw materials like cocoa, green vegetables, vegetable oil, yam, cassava, palm oil, and crude oil to other countries can lead to substantial wealth accumulation.

 There is high demand for these items outside of Nigeria.

5. Public Relations Services

If you possess the skill of engaging the public, then offering public relations services is an ideal choice.

There is a plethora of jobs available for public relations professionals, ranging from celebrities and governors to businessmen and politicians. 

This thriving business opportunity in Nigeria can easily ensure your financial freedom.

6. Agricultural Business 

Agriculture is a lucrative business idea for Nigerians, as planting crops and rearing animals can yield substantial profits. 

Cultivating staple foods such as rice, cassava, potato, and beans has been proven to be highly profitable.

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7. Sports Trainer

Nigerians have a great love for sports: football, basketball, boxing, golf, cycling, and tennis. 

As a sports instructor or coach, many potential customers are eager to enlist your services, provided that you have the necessary qualifications and confidence. 

If you aspire to achieve rapid financial success in this industry, you can consider increasing your prices and aiming for opportunities such as coaching athletes to compete abroad or participating in events like the Olympics.

8. Car Spare Parts Sales Business

In Lagos alone, there are nearly three million vehicles consistently transporting people and goods within the state. 

Within this business sector, maintaining a steady customer base is hardly a challenge, particularly if you position yourself in the right location.

Popular cities such as Lagos, Abuja, Port Harcourt, and Owerri consistently demonstrate a high demand for car spare parts, such as tire rims, brake pads, engines, windscreens, doors, and batteries.

Selling car spare parts stands out as an excellent business opportunity for those seeking financial freedom and quick profits. 

Due to the constant demand for vehicle parts, particularly in densely populated cities, this venture has proven to be highly lucrative in numerous instances.

It is entirely possible to generate profits of up to ₦35,000 from just a single trade.

9. Grocery Store and Supermarket  Business

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Starting a grocery store or supermarket in your local area is a great idea for a small-scale business venture in Nigeria. 

Depending on how you approach it, it can also provide a passive income stream. 

This is considered one of the top business opportunities in Nigeria and can be successfully implemented anywhere in the country.

10. Hotel Business

The abundance of hotels in my neighbourhood is not surprising.

 Running a hotel business is always a lucrative idea, as there are numerous passive income opportunities associated with it.

People are willing to spend significant amounts, even up to ₦100,000, for just one night’s stay in hotels, bars, and lodges. 

If you start a small hotel, I would love to hear about your experience.

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Usman Atanda
My name is Usman Atanda - the man behind I'm a serial hustler from Lagos, Nigeria. Here at, I cover topics such as Business Ideas, Side Hustle Tips, Business Tips, Side Hustle Ideas and much more. My ultimate goal is to make the building legitimate and lucrative small businesses and side hustle to be achievable.

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