2023 wasn’t really a great year for most Nigerians as the country witnessed one of its election where power changed hands. The election outcome wasn’t really pleasant for a lot of people. 2024 can be greater. In this post, we’ll be looking at the best 5 profitable businesses and investments to make in 2024.
Due to the situation of the economy, and time, there are businesses and investments which make money for you in Nigeria that we’ll present in this article. These businesses and investments won’t only make money for you, they are also low-risk. Now, let’s get down to the main article. What businesses and investments will be the best to make in 2024?
Best 5 Profitable Businesses and Investments to Make in 2024 in Nigeria
1. Gas (Exploration, CNG & LPG Sale and Supply)
Natural Gas of both CNG used for cars, and LPG used for cooking, would be a hot cake and profitable in 2024. This is because the government is making a push to import hundreds of CNG-powered vehicles and machineries into Nigeria. More people will also dump use of fuel-powered vehicles or convert their own to use CNG. You can invest in CNG by building CNG dispensing filling stations, or selling and operating change from fuel to CNG, or sourcing, supplying, and distributing CNG. It will sell a lot next year.
Due to the high cost of LPG, the cooking gas, there will be lots of competition next year to import or process the cheaper version. Thus, if you have enough money to import, process, supply, and sale the cheaper ones, you can make a lot of money from this. Selling LPG gas in large scale when you have like a gas plant where you sell cheap will make good income for you in 2024.
2. Logistics and Transportation
Logistics and transportation is another business you can make a kill with, and make good income for yourself. Logistics and transportation is a very profitable sector, that if it is well- managed, you can make great money from. In 2024, this business will still be a hot cake even though it might not be as profitable as it was before the rise of the price of fuel and other energy sources.
You can invest in this sector by buying trucks for goods transportation all over Nigeria, or buses and sienna for human transportation, or bikes and small cars for smaller goods transportation. In all, you can make a good amount for yourself in this business. However, you need to learn it properly before entering the business.
3. Agriculture and Agro-allied
Due to the government’s focus on agriculture and agro-allied industries, this sector will also do well in 2024. However, if you really want to earn from this business and sector, you should invest in it in large-scale or semi large-scale, and you need to do it well. Agriculture and everything that’s related to it is a very tricky business so you’d have to learn it properly, assess the risks involved, get the best land, manure, and seedlings or machines before going into it.
Many Nigerians shy away from Agriculture but it is very profitable, especially if it is done in a large-scale. In the North, you can go into production of crops like sesame, groundnuts, rice, wheat, bambara nuts, cabbage, onions, tomatoes, pepper, and some others. You can also turn these crops to other finished products.
Meanwhile, in the south, you can get into the production of yam, rice, tomatoes, pepper, cassava, cucumber, cocoyam, palm trees, coconut trees, and so on. You can also utilize the large presence of these crops to turn them into other finished products.
In addition, you can get into the rearing of animals like pigs, grass cutters, snails, cows, goats, sheeps, and so on.
4. Content Creation/Media
Content creation and media is also another area you can invest in 2024. This is the cheapest business to invest among the ones on this list. You can start up with only your phone; you just have to be creative and have great contents. You also have to be dedicated because content creation takes a lot of time to gain traction.
You can start up a blog, or create videos for social media and YouTube.
5. Real Estate
Real Estate is also another sector in Nigeria that’s going to expand very well and make a lot of money for people in 2024, especially in urban areas around Nigeria. If you have funds, you can always buy land or lands in good location to resell later or keep. While doing this, keep it in mind that the best investment in real estate is the one where you have little loses. Thus, buying land for reselling or keeping it later is the best.
You can also build houses and sell it immediately to willing buyers in good location.
Real Estate in Nigeria is huge, and it will also continue to remain huge in 2024.
These are the best 5 profitable businesses and investments to make in 2024 in Nigeria. You can do any of these to earn great money for yourself in the coming year. These businesses mentioned are also low-risk as stated earlier.