oxygen247:
I have this one million naira that I borrowed from a friend on an interest rate of 10% monthly, the actual purpose of the lending has been achieved and the money recouped but I will still pay the 100k interest whether I use it for a day or 30 days. Right now the money can still be with me for about 28 days.

I need advice on a proven business that I can do within this period the money will be in my trust.

My location is Lagos.

iPrevail:
Palm oil

amerengues:


Congratulations on this feat!

Let me start by saying that you have a very good location. However, starting a business in this present dynamic and unfriendly business environment, you will need more than capital to start a business.

You mentioned a 'Proven business' which is good but you have to get 3 things right. Business is different from investment.

1) Expertise: Please don't be confident about the start up capital as it can come to a grind if you yourself don't really know much about the business. Even if you will eventually employ people, kindly go through the rudiments and nitty-gritty of what it entails properly. Most importantly, avoid absenteeism business owner.

2) Staffing: Gone are those days where having capital and little expertise suffice for starting a business. The tanked economy has degenerated into having hungry, dishonest and draining staff. I have my reasons for stating these before we venture into profiting. Did you see the viral egg and beef theft by some workers. Please do adequate screening.

3) Government Policy: These points may not necessarily be the recommended points by people but I am telling you from careful observation. Things are changing! Kindly look before investing. For example, transportation business whether bike or Maruwa, is constantly facing threat by the government. Started a rice mill only for government policies to relax and indirectly flood the market with foreign rice even though local still sell but I am sure you understand. Lagos state government just closed 30 pure water factory for failing to adhere. Again, Government's ban and restrictions on monthly dollar limit has dwindled some mini importers progress. The point is, look carefully because government is consistently growing in reviewing some policies.

To the business, I would advise you do environmental scanning first to proffer solution to a problem. What works for Nnamdi may not work for you.
1) You can do foodstuff storage business with an interval of 3-4 months with a target of 25-49%. Buy grains, store it, sell during off season. Food business can never be wrong at any point in time. You save yourself from daily business stress. Basically grains business!


2) Buy and sell palmoil in a remote area, bring it to urban cities and sell at a good price especially when you store it. There are adulterated palmoils but get a guide. People build their homes through this. Business generally is tough but you should develop a thick skin.

3) I don't know your social status, but you can basically invest in buying from rural to sell in urban. States like Edo (Utese, Egbeta and other better places) and Ondo have good plantain. Bring it and sell here.

4) Buy Onions from Kebbi, yams from Niger and bring it to mile12, engage a delali and get your profit. You can employ someone you know to help you follow up in Lagos but there are sure contacts in the north.

5) Start farming- Hydroponics farming will transform you. Get expertise, improvise your setup with cheap but quality materials. Farm cucumber, pepper, lettuce etc. First get the knowledge or you employ. You can make a lot with good management and expertise.

I can keep mentioning but if you didn't take a perfunctory, cursory or casual look into this but painstakingly go through it, you will see that I belaboured on EXPERTISE and FOOD BUSINESS. Even with the astronomically soaring food prices, food still finish in the market.

Please I hope my point is driven home. You do not need to follow my points but get EXPERTISE AND PROBLEM SOLVING as a take away.

I wish you well in your pursuit

Skyfornia:
Better pay the guy back the money before village people use you...

oxygen247:



Thank you so much for the advice. I like the mile 12 idea but how does it work?

TheSparrow:
There are several businesses you can start and run profitably in Nigeria. Below are six that readily comes to mind:

1. Rice Milling

One of the best businesses one can venture into in Nigeria today is parboiled rice production (Rice Milling).

Nigerians currently consume over 5 million metric tons, which is equivalent to over 100 million 50Kg bags of rice annually. With the current population growth rate of Nigeria, the consumption of rice is estimated to reach about 35 million metric tons (700 million 50Kg bags) by the year 2050.

There is high demand for rice in Nigeria. With a population of over 180 million people and an estimated national population growth rate of 5.7% per annum ,an average economic growth rate of 3.5% per annum in the past five {5} years, Nigeria has a large and growing market for rice.

As it stands, the current producers of good quality rice in the country cannot even meet up to 50% of the current demand. This is the reason why the market is flooded with poorly produced and low quality rice.

New entrants into the rice milling industry that can produce good quality parboiled rice will have an evergreen market waiting to be sold to.

2. Drinking Water Production

Another good business that does very well in Nigeria is drinking water production (Bottled water and Sachet Water).


The growth of the middle class in Africa in general, and Nigeria to be specific, has led to a need for hygienically produced and well packaged food products like bottled water.

The market for packaged water is high and cut across all parts of the country. With a population of over one hundred and eighty million (180,000,000) people, and an estimated national population growth is 5.7% per annum, Nigeria has a large and sustainable market for packaged water.

3. Poultry Farming

Poultry farming is yet another business that gives good returns on investment.


Poultry farming has risen to become one of the most lucrative businesses in Nigeria today. This aspect of livestock farming, if set-up and managed properly, provides legitimate continuous income for entrepreneurs within a short period of time. There are over 160 million consumers in Nigeria and over one billion in Africa. This provides a large, growing and sustainable market for poultry farmers in Nigeria, and Africa in general.

4. Pounded Yam Flour Production

Pounded yam flour is another product that you can chose the invest in its production.


Pounded yam is a popular delicacy produced from boiled yam tubers, and is consumed by many people across Africa. However, a lot of people, especially the middle class find it difficult to prepare pounded yam the traditional way which involves boiling yam, pounding it in a mortar using a piston, until it becomes a succulent dough.

The growth of the middle class in Africa in general, and Nigeria to be specific, has led to a need for hygienically processed, easy to prepare and well packaged food products like yam flour.

5. Maize (Corn) Flour Production

This is another business that you can quickly setup and make good money with.

Maize can be processed into several products including Maize Flour, Maize Grits. Starch, etc.

With few producers focusing on the production of maize flour in Nigeria, there exists a large gap that needs to be filled by aspiring entrepreneurs in the country. This supply gap will continue to grow as the population of the country grows.


6. Cooking Oil Production

The production of Cooking oil, also called Vegetable oil is yet another viable business you can quickly setup and make good money in Nigeria.

The present production level of Vegetable Oil in Nigeria is yet to meet the demand of Nigerians. There is currently a ban on the importation of vegetable oil into the country. The ban was placed in other to encourage local producers to expand their operations, and new investors to go into the production of Vegetable Oil. This has made the business to be very lucrative.

Wishing you all the best in your quest.


Source: To read more, Visit: https://planbiz.com.ng/five-lucrative-businesses-you-can-start-in-nigeria-today-and-make-big-money/

Note: We can prepare a bankable business plan for you on any of the above businesses at just N10,000. Reach out via Call/WhatsApp: 09022106607

iPrevail:
Palm oil

oxygen247:
I have this one million naira that I borrowed from a friend on an interest rate of 10% monthly, the actual purpose of the lending has been achieved and the money recouped but I will still pay the 100k interest whether I use it for a day or 30 days. Right now the money can still be with me for about 28 days.

I need advice on a proven business that I can do within this period the money will be in my trust.

My location is Lagos.

oxygen247:
I have this one million naira that I borrowed from a friend on an interest rate of 10% monthly, the actual purpose of the lending has been achieved and the money recouped but I will still pay the 100k interest whether I use it for a day or 30 days. Right now the money can still be with me for about 28 days.

I need advice on a proven business that I can do within this period the money will be in my trust.

My location is Lagos.

depure:
. How bro

oxygen247:



Can you explain further..

amerengues:


Congratulations on this feat!

Let me start by saying that you have a very good location. However, starting a business in this present dynamic and unfriendly business environment, you will need more than capital to start a business.

You mentioned a 'Proven business' which is good but you have to get 3 things right. Business is different from investment.

1) Expertise: Please don't be confident about the start up capital as it can come to a grind if you yourself don't really know much about the business. Even if you will eventually employ people, kindly go through the rudiments and nitty-gritty of what it entails properly. Most importantly, avoid absenteeism business owner.

2) Staffing: Gone are those days where having capital and little expertise suffice for starting a business. The tanked economy has degenerated into having hungry, dishonest and draining staff. I have my reasons for stating these before we venture into profiting. Did you see the viral egg and beef theft by some workers. Please do adequate screening.

3) Government Policy: These points may not necessarily be the recommended points by people but I am telling you from careful observation. Things are changing! Kindly look before investing. For example, transportation business whether bike or Maruwa, is constantly facing threat by the government. Started a rice mill only for government policies to relax and indirectly flood the market with foreign rice even though local still sell but I am sure you understand. Lagos state government just closed 30 pure water factory for failing to adhere. Again, Government's ban and restrictions on monthly dollar limit has dwindled some mini importers progress. The point is, look carefully because government is consistently growing in reviewing some policies.

To the business, I would advise you do environmental scanning first to proffer solution to a problem. What works for Nnamdi may not work for you.
1) You can do foodstuff storage business with an interval of 3-4 months with a target of 25-49%. Buy grains, store it, sell during off season. Food business can never be wrong at any point in time. You save yourself from daily business stress. Basically grains business!


2) Buy and sell palmoil in a remote area, bring it to urban cities and sell at a good price especially when you store it. There are adulterated palmoils but get a guide. People build their homes through this. Business generally is tough but you should develop a thick skin.

3) I don't know your social status, but you can basically invest in buying from rural to sell in urban. States like Edo (Utese, Egbeta and other better places) and Ondo have good plantain. Bring it and sell here.

4) Buy Onions from Kebbi, yams from Niger and bring it to mile12, engage a delali and get your profit. You can employ someone you know to help you follow up in Lagos but there are sure contacts in the north.

5) Start farming- Hydroponics farming will transform you. Get expertise, improvise your setup with cheap but quality materials. Farm cucumber, pepper, lettuce etc. First get the knowledge or you employ. You can make a lot with good management and expertise.

I can keep mentioning but if you didn't take a perfunctory, cursory or casual look into this but painstakingly go through it, you will see that I belaboured on EXPERTISE and FOOD BUSINESS. Even with the astronomically soaring food prices, food still finish in the market.

Please I hope my point is driven home. You do not need to follow my points but get EXPERTISE AND PROBLEM SOLVING as a take away.

I wish you well in your pursuit

Theophinio:


Great advice boss

Please I want to know if there are "delali" that I can supply agro commodities like sorghum and soybean in bags that will pay cash in the market

Thank you

amerengues:


Hello!

You may need to check Mile12 to strike a deal with a delali. Be careful while you do though! By the way, I can't tell how fast these two products move.....I prefer you do storage on them.

amerengues:


Congratulations on this feat!

Let me start by saying that you have a very good location. However, starting a business in this present dynamic and unfriendly business environment, you will need more than capital to start a business.

You mentioned a 'Proven business' which is good but you have to get 3 things right. Business is different from investment.

1) Expertise: Please don't be confident about the start up capital as it can come to a grind if you yourself don't really know much about the business. Even if you will eventually employ people, kindly go through the rudiments and nitty-gritty of what it entails properly. Most importantly, avoid absenteeism business owner.

2) Staffing: Gone are those days where having capital and little expertise suffice for starting a business. The tanked economy has degenerated into having hungry, dishonest and draining staff. I have my reasons for stating these before we venture into profiting. Did you see the viral egg and beef theft by some workers. Please do adequate screening.

3) Government Policy: These points may not necessarily be the recommended points by people but I am telling you from careful observation. Things are changing! Kindly look before investing. For example, transportation business whether bike or Maruwa, is constantly facing threat by the government. Started a rice mill only for government policies to relax and indirectly flood the market with foreign rice even though local still sell but I am sure you understand. Lagos state government just closed 30 pure water factory for failing to adhere. Again, Government's ban and restrictions on monthly dollar limit has dwindled some mini importers progress. The point is, look carefully because government is consistently growing in reviewing some policies.

To the business, I would advise you do environmental scanning first to proffer solution to a problem. What works for Nnamdi may not work for you.
1) You can do foodstuff storage business with an interval of 3-4 months with a target of 25-49%. Buy grains, store it, sell during off season. Food business can never be wrong at any point in time. You save yourself from daily business stress. Basically grains business!


2) Buy and sell palmoil in a remote area, bring it to urban cities and sell at a good price especially when you store it. There are adulterated palmoils but get a guide. People build their homes through this. Business generally is tough but you should develop a thick skin.

3) I don't know your social status, but you can basically invest in buying from rural to sell in urban. States like Edo (Utese, Egbeta and other better places) and Ondo have good plantain. Bring it and sell here.

4) Buy Onions from Kebbi, yams from Niger and bring it to mile12, engage a delali and get your profit. You can employ someone you know to help you follow up in Lagos but there are sure contacts in the north.

5) Start farming- Hydroponics farming will transform you. Get expertise, improvise your setup with cheap but quality materials. Farm cucumber, pepper, lettuce etc. First get the knowledge or you employ. You can make a lot with good management and expertise.

I can keep mentioning but if you didn't take a perfunctory, cursory or casual look into this but painstakingly go through it, you will see that I belaboured on EXPERTISE and FOOD BUSINESS. Even with the astronomically soaring food prices, food still finish in the market.

Please I hope my point is driven home. You do not need to follow my points but get EXPERTISE AND PROBLEM SOLVING as a take away.

I wish you well in your pursuit

Theophinio:


Great analysis boss

Please is this delali in Benin City. Or can I engage with local market women owning stores in Benin City

So they can sell for me after the arrival of my produce

I really need a guide on how to go about this viable business

amerengues:


Thanks.

By the way, I don't know about Benin city having delali but I am sure they can do that. I know of Mile 12 which is the biggest market.

It can't really be that profitable buying and still selling in Edo but going to other states is profitable.

oxygen247:
I have this one million naira that I borrowed from a friend on an interest rate of 10% monthly, the actual purpose of the lending has been achieved and the money recouped but I will still pay the 100k interest whether I use it for a day or 30 days. Right now the money can still be with me for about 28 days.

I need advice on a proven business that I can do within this period the money will be in my trust.

My location is Lagos.

Theophinio:


Thanks for the reply boss

I will be buying my grain(groundnut) from the north and striking a deal with a retailer in Benin City that would sell it

amerengues:


That's very nice! Just research the Groundnut variety and calculate the cost, tfare and commission before embarking and also possible challenge. Good luck sir!

amerengues:


Congratulations on this feat!

Let me start by saying that you have a very good location. However, starting a business in this present dynamic and unfriendly business environment, you will need more than capital to start a business.

You mentioned a 'Proven business' which is good but you have to get 3 things right. Business is different from investment.

1) Expertise: Please don't be confident about the start up capital as it can come to a grind if you yourself don't really know much about the business. Even if you will eventually employ people, kindly go through the rudiments and nitty-gritty of what it entails properly. Most importantly, avoid absenteeism business owner.

2) Staffing: Gone are those days where having capital and little expertise suffice for starting a business. The tanked economy has degenerated into having hungry, dishonest and draining staff. I have my reasons for stating these before we venture into profiting. Did you see the viral egg and beef theft by some workers. Please do adequate screening.

3) Government Policy: These points may not necessarily be the recommended points by people but I am telling you from careful observation. Things are changing! Kindly look before investing. For example, transportation business whether bike or Maruwa, is constantly facing threat by the government. Started a rice mill only for government policies to relax and indirectly flood the market with foreign rice even though local still sell but I am sure you understand. Lagos state government just closed 30 pure water factory for failing to adhere. Again, Government's ban and restrictions on monthly dollar limit has dwindled some mini importers progress. The point is, look carefully because government is consistently growing in reviewing some policies.

To the business, I would advise you do environmental scanning first to proffer solution to a problem. What works for Nnamdi may not work for you.
1) You can do foodstuff storage business with an interval of 3-4 months with a target of 25-49%. Buy grains, store it, sell during off season. Food business can never be wrong at any point in time. You save yourself from daily business stress. Basically grains business!


2) Buy and sell palmoil in a remote area, bring it to urban cities and sell at a good price especially when you store it. There are adulterated palmoils but get a guide. People build their homes through this. Business generally is tough but you should develop a thick skin.

3) I don't know your social status, but you can basically invest in buying from rural to sell in urban. States like Edo (Utese, Egbeta and other better places) and Ondo have good plantain. Bring it and sell here.

4) Buy Onions from Kebbi, yams from Niger and bring it to mile12, engage a delali and get your profit. You can employ someone you know to help you follow up in Lagos but there are sure contacts in the north.

5) Start farming- Hydroponics farming will transform you. Get expertise, improvise your setup with cheap but quality materials. Farm cucumber, pepper, lettuce etc. First get the knowledge or you employ. You can make a lot with good management and expertise.

I can keep mentioning but if you didn't take a perfunctory, cursory or casual look into this but painstakingly go through it, you will see that I belaboured on EXPERTISE and FOOD BUSINESS. Even with the astronomically soaring food prices, food still finish in the market.

Please I hope my point is driven home. You do not need to follow my points but get EXPERTISE AND PROBLEM SOLVING as a take away.

I wish you well in your pursuit

TheSparrow:
There are several businesses you can start and run profitably in Nigeria. Below are six that readily comes to mind:

1. Rice Milling

One of the best businesses one can venture into in Nigeria today is parboiled rice production (Rice Milling).

Nigerians currently consume over 5 million metric tons, which is equivalent to over 100 million 50Kg bags of rice annually. With the current population growth rate of Nigeria, the consumption of rice is estimated to reach about 35 million metric tons (700 million 50Kg bags) by the year 2050.

There is high demand for rice in Nigeria. With a population of over 180 million people and an estimated national population growth rate of 5.7% per annum ,an average economic growth rate of 3.5% per annum in the past five {5} years, Nigeria has a large and growing market for rice.

As it stands, the current producers of good quality rice in the country cannot even meet up to 50% of the current demand. This is the reason why the market is flooded with poorly produced and low quality rice.

New entrants into the rice milling industry that can produce good quality parboiled rice will have an evergreen market waiting to be sold to.

2. Drinking Water Production

Another good business that does very well in Nigeria is drinking water production (Bottled water and Sachet Water).


The growth of the middle class in Africa in general, and Nigeria to be specific, has led to a need for hygienically produced and well packaged food products like bottled water.

The market for packaged water is high and cut across all parts of the country. With a population of over one hundred and eighty million (180,000,000) people, and an estimated national population growth is 5.7% per annum, Nigeria has a large and sustainable market for packaged water.

3. Poultry Farming

Poultry farming is yet another business that gives good returns on investment.


Poultry farming has risen to become one of the most lucrative businesses in Nigeria today. This aspect of livestock farming, if set-up and managed properly, provides legitimate continuous income for entrepreneurs within a short period of time. There are over 160 million consumers in Nigeria and over one billion in Africa. This provides a large, growing and sustainable market for poultry farmers in Nigeria, and Africa in general.

4. Pounded Yam Flour Production

Pounded yam flour is another product that you can chose the invest in its production.


Pounded yam is a popular delicacy produced from boiled yam tubers, and is consumed by many people across Africa. However, a lot of people, especially the middle class find it difficult to prepare pounded yam the traditional way which involves boiling yam, pounding it in a mortar using a piston, until it becomes a succulent dough.

The growth of the middle class in Africa in general, and Nigeria to be specific, has led to a need for hygienically processed, easy to prepare and well packaged food products like yam flour.

5. Maize (Corn) Flour Production

This is another business that you can quickly setup and make good money with.

Maize can be processed into several products including Maize Flour, Maize Grits. Starch, etc.

With few producers focusing on the production of maize flour in Nigeria, there exists a large gap that needs to be filled by aspiring entrepreneurs in the country. This supply gap will continue to grow as the population of the country grows.


6. Cooking Oil Production

The production of Cooking oil, also called Vegetable oil is yet another viable business you can quickly setup and make good money in Nigeria.

The present production level of Vegetable Oil in Nigeria is yet to meet the demand of Nigerians. There is currently a ban on the importation of vegetable oil into the country. The ban was placed in other to encourage local producers to expand their operations, and new investors to go into the production of Vegetable Oil. This has made the business to be very lucrative.

Wishing you all the best in your quest.


Source: To read more, Visit: https://planbiz.com.ng/five-lucrative-businesses-you-can-start-in-nigeria-today-and-make-big-money/

Note: We can prepare a bankable business plan for you on any of the above businesses at just N10,000. Reach out via Call/WhatsApp: 09022106607

Kobicove:


Very sound advise!

amerengues:


1) Get in touch with a delali (Mallam at Mile12 that sells and give you your money). Tell him your proposal for your chosen produce eg onions, yams, potatoes etc

2) He (Delali) will be the one to tell you the best time to bring those food items in the market to avoid glut. They know the best time. Once he does this, you call your contact or go to Niger (Preferably use your contact there). He sends the good to you and purchase for you there. You and delali receive it in Mile12.

3) He sells for you while you go home. Constantly followup via phone. He sells , take his commission and give you your money.

4) Kindly note there is no much gain like that but you will get a better gain if you deal on volume and most importantly, you are leveraging on one of the biggest market in Nigeria eg 3k-3k5 profit on a set (100 tubers). You buy 10 sets per week on the average. This is just an estimate as I don't know the present condition of the market but my analysis has worked before.

5) During those period of glut which you won't be buying, you shift base to another produce like potato or maize etc.

This is just a background idea that needs fine-tuning and review. I hope I made myself clear.