If you would like to learn top 10 retail businesses in Nigeria as I have on my list of preference then you’re bound to find this article very interesting and impressive as well.
The world is fast changing, today people are realizing the numerous advantages and benefits of self owned businesses and the freedom of entrepreneurship over 9 to 5 jobs which has kept them enslaved for many years. The current rising and unwavering trend of skyrocketing in the number of start ups and retail businesses in Nigeria warrants a considerable and nice compilation of this article for intending retailers so as not to fall a victim of misguidance.
Don’t act on impulse, be guided. Some of these businesses aren’t really capital intensive but profitability is average.
Top 10 Retail Business Ideas in Nigeria
1. Imprinted Wears Retail
Nigerians are fans of imprinted wears and it even gets more appealing to them if these wears are imprinted with local slangs, words or some comic relief coined locally. Just after the controversial response our president gave about his wife last week, I saw an advert on facebook of some newly imprinted clothings and the funny thing about this is that one had on it “The Other Room” and the other was imprinted on it “da oza room”. I laughed tirelessly, judging from the massive comments I saw under this advert, there were practically over 300 order placements with phone numbers for delivery.
Although I can’t ascertain the seriousness of these orders but it validates my assertion that Nigerians love imprinted wears more especially when it’s done “locally”.
2. School/Business Books Retail
One of the most profitable retail businesses in Nigeria is retailing of school books. These products are usually needed in very large quantities on school resumption more especially during the periods of August to October but still remain relevant all year round in Nigeria and world over wherever education is concerned. If you could start a school books retail business in Nigeria today, with average capital of a few thousand of Naira, I bet you’d be counting 6 figures in few months.
3. Mobile phones and Computers Retail
The smartphone age has made this aspect of retailing much more sweeter plus fun and lucrative than it used to be, although phone retailing has always been profitable from the very start of its invention and inception. You could purchase some pieces of fairly used phones on wholesale prices of perhaps N20, 000 or less for each at computer village in Ikeja Lagos Nigeria and retail at N35, 000 or N40, 000, imagine you bought stock of 20 phones, you’d be earning a whopping profit of N300, 000 at the end of sales and the beautiful thing is you can sell all these stock and more in less than 6 months with good positioning and customer satisfaction.
4. Provisions Stores
This in particular is one the fastest moving retail businesses in Nigeria. Provisions are of very regular and high purchase, as a single guy I replenish my provisions stock at the end of every month, there are people who restock their home supplies every two weeks and some even weekly.
However, it’d be nice if I told you that profitability for provisions retailing is low/little in Nigeria but with its fast pace of sales, you can possibly and definitely make multiple turn overs in a month and have doubled, tripled or even quadrupled income.
5. House Wiring Materials
Houses are being built everyday, more lands are being acquired and properties development is on the regular rise in Nigeria, more so electricity has become a paramount necessity for every modern house and even old houses are being renovated to include electricity and a few other up-to-date necessities for comfortable living. Wiring materials are regular and high in demand in Nigeria, you would be witnessing a life changing effect by dealing on or retailing electrical wiring materials in Nigeria.
6. Sports Utilities Retail
Sports has dominated every scene, the atmosphere is filled with sports activities. Ranging from commercial sportsmen to hobbied sportsmen then to the category of persons who engage in sports for healthy body maintenance and structuring. As such, sport utilities are of high demand too. Most sport wears do not last long enough perhaps due to friction of moving body parts or due to material quality and type usually “lightweight fabrics” meant to tightly fit with the body in most cases, as a result they wear and tear quickly and require replacement. Also other sports equipments like gym materials and machines would be a nice retail thing to do, these days people want to have a couple of these at home so they could exercise just whenever they want.
7. Infant.Child care Products
Babies babies babies. At some point, we all were once babies and had to be clothed, cared for and attended to by our parents. On the average, the number of babies born daily worldwide is more than the number of persons dying daily, this accounts for the gradual and regular increase in global population or don’t you think so? Infant care products are expensive, you should know if you’re married or a family man. Well, i know a few things above what I should know, that’s right.
If I tell you how much baby milk and pampas/diapers cost these days in the market you’d scream, hey they cost more than gasoline these days. So running a retail store on baby and infant care products like body lotions, wears, diets etc is very profitable in Nigeria.
For this, you don’t necessarily need to have stock of brand new clothing items though having it wouldn’t be bad idea. I’ll suggest you start with Consignments or the popularly called okiraka in igboland. This is what you’ll do, buy stock of first grade or second grade consignments (there’s the first, second, third and sometimes fourth grade which is the last grade). Make sure they are clean and neat, you may need to rewash them when you get home, iron them nicely, neatly package them and display in your boutique. Believe me, these would be competing or even sell ahead of the brand new stocks you have in your boutique.
9. Vegetables and Fruits Retail
Besides it being medically advisable to eat green and eat fruits, many Nigerians like myself naturally love eating fruits and vegetables many times a week. Many others love to include fruits regularly in their meals like having fruits before and after every meal while some others have it Mandatory to include vegetables for all meals. In every sense, vegetables and fruits are good marketable products and as such could be exemplified as one of the profitable businesses in Nigeria and profitability increases with your supply source.
If you could buy wholesale stocks directly from the Farms, Good farms, high profitability is guaranteed. However, I must warn you, they are “Perishable goods”, you might want to consider this carefully before investing into it. In most cases, refrigeration is paramount as a necessity for storage and also you being in OR near the market helps alot for quick dispensations.
10. Skin perfection Products Retail
Everyone wants to be perfect, every dude admires a perfect lady and every woman admires a good-looking man. It’s relative, it’s natural, the feeling is mutual. Many people are very conscious of their physical looks. For instance, I shave my hair twice monthly, someone else does theirs weekly. Most girls can’t go a week without body creams (not necessarily bleaching creams) and many Nigerian girls won’t dare exit their rooms without having to apply make ups on their faces, not that they aren’t pretty already but this additional artificial perfectioning or toning means a lot to them and as such they try to maintain better looks by investing their earnings into skin perfection products, it doesn’t matter if you’re their next door neighbor as long as you have stock of what they want and at good price.
So running a skin perfection or skin care retail business in Nigeria is inarguably going to give you much and very quick cash returns.