Medium-scale businesses are defined as those investments with fewer employees, and with investment fund not exceed 2,000,000 naira. Medium-scale businesses are typically characterized by a mix of manual and mechanical operations.
They also account for most of the manufacturing industries in developing economies. However, these industries are gradually shifting from manual to technological operations as they become more competitive.
The difficulty in the Nigerian economy has been growing for a long time. The Medium-scale business sector is one of the few sectors that are still doing well. Many of these medium-scale businesses have sprung up in the last decade and their successes are an indication of the country’s economic growth going forward.
What You Need to Know About Starting a Medium Scale Business in Nigeria
It is not easy to start a business in Nigeria. There are lots of processes that need to be gone through and regulations that need to be adhered to. However, there is one thing that most people fail to consider when they are starting a business, and this is the location.
The country of Nigeria has been listed as one of the top destinations for successful entrepreneurs who want to build their own startup company and succeed in this great country.
It is important for you as an entrepreneur or someone considering entrepreneurship in Nigeria, to know what you should expect when it comes to marketing your product or service in the country’s market place. Below are some factors to be considered before starting up a business in Nigeria.
- A Business Idea.
- Knowledge about the business
- How do you want to market your products or Services?
- Start-up Costs or Fund
30 Top medium-scale businesses to start.
Investing in Internet Companies
There is a lot of money to be made in the developing world of Internet technology.
By investing in startups and using your own knowledge, you can reach a new level of success and make a substantial amount of money.
Internet-based business ideas and plans are becoming increasingly popular, especially since most people work online nowadays. Plans for these businesses can be created quickly and shared with other people to unlock new perspectives or even open up a unique source of income for you.
Transportation involves conveying people, goods, and services. Transport has been around since the beginning. It is an integral part of our society’s growth and development. The business can be lucrative but also takes a lot of effort, commitment, and time to maintain. The following are some transportation businesses you can venture to:
- -Taxi Service. Taxi service involves hiring a vehicle with a driver.
- -Car Rental.
- -Courier Services.
- -Commercial Bus Services.
- –Haulage Services.
Nursery and Primary School business
Nursery and primary schools are not just places where children learn about numbers, letters, colors, and shapes. They also have to provide for the needs of a growing child. While providing for their needs, they also have to provide for the parents’ needs by helping them get an education on what it takes to raise a child.
Sales of Building Materials
Building materials always remain in demand because builders are still building as more and more people move into the market. Furthermore, it is a great way to start a new business.
Cassava Production /Processing
Cassava is a major source of income for both rural & urban households in Nigeria. Besides making up a healthy part of the diet in these countries, cassava also provides stable revenue for the country’s cassava farmers and processors. Cassava provides a high level of economic benefits for Nigeria. From food to industry, cassava can be processed and utilized in new ways.
Making and Selling of Fruit Juice
Fruit juice is a refreshing and healthy drink made from pureed or crushed fruit, sugar, and water. Fruit juice can be obtained by squeezing the fruit that has been already pulped with a juicer or by crushing the fruit with a blender. Fruit juice is usually served cold, but some varieties of fruit juices are served warm or hot.
Oils and natural Gas Business
The global energy market is essential to our economy and relies heavily on oil and natural gas. These are the major fuel sources in the world today. Oil, gas, & other products are complex, require capital, and rely on state-of-the-art technology. As one of the leading and most reliable suppliers of natural gas.
Production and Sales of Pure Water
The production of water is one of the most essential processes in the world. For instance, almost all life depends on water for survival. And yet, not everyone has access to clean and safe drinking water. In order to produce pure water, one must be able to collect precipitation or snowfall and purify it before using it as a source of drinking water.
Creating Fast Food Eatery Business
More people in the world have to cook than ever before. And they’re always looking for quick, easy fast food. One of the most popular trends for those who need a quick dish is fast food. Less Fast food restaurants have been around for a while now.
Hotel businesses are one of the most diverse businesses in the world, and with so many choices of location. Start your hotel business with careful planning, be strategic, and understand what technology you need. With these things in hands you can begin the path to success.
Investing in Home and Properties
Buying a home is one of the most important investments you can make in your lifetime. It’s crucial to consider how much house you can afford, whether you want to rent or buy, and how long you plan on staying in the house. By making these decisions, you’ll be able to invest in a house that will last for decades and provide income throughout the years.
Tokunbo Spare Parts Business
Tokunbo business is one the leading businesses in Nigeria. Nigerians can enjoy cost-effective products and a pleasant buying experience as well. They are constantly searching for the best deals to ensure that they will get their money’s worth functional high quality spare parts. Customers that order from you know the quality is at par with genuine parts, but at reduced prices.
Animals Rearing Business
Many people in Nigeria raise chickens as a source of income. This is because chicken keeps them alive and provides them with food. In Nigeria, many people raise chickens to provide them with a source of income. This is because these animals keep them alive and can be put to work for you. They can be a source of both food and income for you. Example of animals you can rear include: snails, fish, goat, grasscutters, cow e.t.c
Furniture Materials Business in Nigeria
The furniture manufacturing industry in Nigeria is on the rise. It has a promising future in the country and it is also growing globally. The industry has seen significant growth over the years, thanks to rising demand for furniture materials from both local and international markets as well as increased integration with global capital markets.
Importation of Clothes, Shoes, Books or Bags for Sale
Importing Clothes, Shoes, Books or Bags is a fantastic way to earn money.
Event Planning Business:- With a huge boom in special events industry in the past decade, it’s no surprise that the number of participants has also increased by a large number. “If you’re willing to choose events planning as a profession, Level up your careers, find a lucrative market and advance your career with this whitepaper.
Cake Baking and Decoration Business
Cake decorating is a popular pastime for many people. Many people also choose to make their own cakes as they are cheaper and more fun than store-bought cakes. However, cake baking can be a time-consuming process. The key to success in this business is that you need to love what you are doing because cake baking requires lots of patience and passion.
Domains and Websites Designing
Web designers should be able to build variety of websites from scratch, including those that specialize in building websites for specific domains. Many people wish to have a valid website for their goods and services. As a web designer, if you put creativity into your work, you will have greater customers.
Chemical Export and Chemical Importation
Chemical export is the process of sending a product from one country to another across international borders without changing ownership of the product. Examples of chemicals you can be importing and exporting include: paints chemical, germicides chemical, herbicide chemicals e.t.c.
Paint Production and Sales Business
Paint production and sales business have been on the rise lately as there has been an increased demand for high-quality paint. Paint production businesses are able to manufacture their products at a cheaper cost than before and sell them for a higher value.
Cosmetics or Liquid Shampoo Production Business
Cosmetics are a multi-billion naira industry with a new cosmetic retail store opening every 8.5 hours. The demand for these products is huge and the industry is growing at a rapid pace, but many people are overwhelmed by the number of choices available in the market. Many companies have been successful in creating products that appeal to all types of people instead of focusing on specific demographics. you can be one of these companies by focussing on production of these products
Custard and Local Pap Packaging Business
A local pap packaging business, which is also a favourite in the community, is looking for new chefs to take on some of the responsibilities. The team can expect to cook custard from scratch and package it, all while learning how to prepare more than just the traditional British pudding.
Sales and Repair of PC and its Accessories
PC is a machine which you can buy or fix. They have to be maintained regularly to prevent break down and make sure that it works properly. You can provide all the devices people need at low prices.
Sales of Cooking Gas and Gas Burners
with a significant increase in number of people in Nigeria, it has been observed with consumers increasingly opting for gas cookers. Therefore, there will increase in the demand. This is a business you can venture to
Printing of Bulk Recharge Cards
Recharge cards are small plastic cards with a recharge number on the back. They can be used to purchase any items in your store or concession, and they provide the user with a sense of security. Bulk recharges come in high quantities (20-100) and are primarily used by large businesses. This includes print-on-demand, DIY stationery, bulk printing of materials etc.
Waste and Recycle Management Services
Most metropolitan cities in the world are facing a waste management crisis. It is estimated that by 2050, the amount of waste generated will reach up to 2.5 billion tons and will occupy more than half of land surface of Earth. Cities around the world have started to implement innovative methods for waste management with an aim to reduce global pollution and landfill space.
Ice Cream and Yoghurt Production Business
There is no doubt that ice cream is one of the most popular desserts in the world, with many people from all walks of life enjoying a scoop on a summer day. Yoghurt is also an extremely popular food, with one serving providing almost 15% of your daily calcium intake. In this business, one will be successful.
A lot of people are making money on the internet these days as artists. If you have a camera, some free time, and a skill, then you can start earning online too. What’s most important is having ineptitude and not enough drive
In the workplace, it is important that employees have the ability to work well with others and look for ways to contribute at all times. In today’s workplace, many people are looking for ways to create their own business or establish a freelance career.
Travel Agent Business
Travel agencies are a group of private or public businesses that offer a variety of travel and tourism-related services to the general public. They help people plan a trip through different suppliers which means you can choose your own stay and excursion package. Travel agencies can provide outdoor recreation activities, airfare, tour packages, hotels and rail accommodations.
Film and Music Production Business
Film and music production is a business that is changing. With the rise of technology in the industry, more people are seeing film production as an opportunity instead of a risky venture. Businesses and individuals are often taking the risk.
In Conclusion, we have been able to give a detailed guide on the 30 Medium scale businesses you can start in Nigeria.