Lagos is the commercial capital of Nigeria. With a population of over 20 million inhabitants and the prevalence of business enabling infrastructural facilities in the State (Lagos), it is the best place to locate a business in Nigeria and one of the best business location points in Africa. Small and Medium businessmen are faced with the choice of business to start in Lagos with respect to profitability. In a bid to enlighten them about the choice of business to venture in, this article summarizes the ten most thriving businesses in Lagos and they are as follows:
1. Food and catering business
Investors in food business yields at least 200 percent returns on investment monthly. A very large percentage of workers in Lagos State do not have the time to cook as they leave home very early in the morning and arrive late at night, as such, they feed themselves by buying food items from restaurants, fast food centres and so on. An aspiring investor can explore this business as it is highly profitable.
2. Cab/car hire business
Cab business and car hire business are booming fast in Lagos metropolis. On the average, a cab driver goes home with NGN 10,000 every day. This business is worth giving a try by investors.
3. Event management
Event planning business ranks third on the list of top ten thriving businesses in Lagos. A lot of parties take place in Lagos at all times and in fact, over NGN 1billion was spent by Lagosians on parties during the first half of 2014.
4. Fashion designing
Clothing is one of the basic needs of man and coupled with the fact that Nigeria‘s fashion industry has been revolutionized with great innovations, Nigerians and Lagosians in particular, have shifted their paradigm to patronizing local designers. Also, the demand for Aso Ebi has been on the rise in Lagos, as such, investment in fashion business is highly profitable in Lagos.
5. Real Estate
Properties don‘t depreciate. If an investor buys a landed property in Lagos in January, the property must have appreciated by June. Buying, developing and selling properties is number five most thriving business in Lagos.
6. Travels and tours
The demand for oversea travels either for tourism purpose or in pursuit of greener pastures is on the increase in Lagos. More travel agencies are springing up to tap into the opportunities that the industry offers. Ticketing, visa processing and hotel reservations business is thriving well in the Lagos of today.
7. Employment agency
Due to the geometric rate of the progression of the influx of graduates to Lagos every year, employment agency business is thriving in Lagos. Many employment agencies have secured jobs registered applicants and they earn a good income from the service of job provision.
8. Cleaning services
Car wash, home cleaning, office cleaning, laundry and dry cleaning services providers fall under this category. The business ranks eighth as the most thriving business in Lagos with over 700 outlets cleaning services outlets emerging in 2014.
9. Baby-sitting/day care
Over ninety percent of nursing mothers in Lagos are too busy with work, as such, they employ the services of babysitters and day care centres to help them care for their babies. On the average, a day care centre has 15 children and charges NGN 10,000 per child.
10. Fitness centre
This business thrives most in Lagos Island. A lot of individuals place much value on exercise, massaging and keeping fit and as a result of that, they patronize fitness centres. It should be noted that this business is relatively capital intensive.
Image source: en.wikipedia.org