One of the most common question people have always asked me is “Raphael, what business can I do?”
And my most frequent reply is “Any type of business so far it’s legal”. Then comes their next statement; I am looking for a profitable business. Once again I would reply; All businesses are profitable as long as it offers value”. How profitable a business is on the other hand is dependent on the person(s) doing the business and the current technology/economic trend.
For example, importing and selling cars may yield much profit some years back when the dollar was 156 to 1 naira but certainly not now. The cost of buying and shipping in cars is much higher now and even when the car lands in Nigeria, getting a buyer is not easy. Not so many people are thinking of adding a new car to their current fleet. They literally do not have the money due to the current economy. So you end up having cars parked at the showroom with no one to buy.
Based on the current situation of the economy, I have outlined certain businesses you can start and would generate good profit even in the midst of Nigeria’s turbulent economic weather.