Nigeria is a diverse and opportunity-rich country, with many millionaires who have acquired their fortunes in a variety of industries. Nigeria, Africa’s largest economy, has numerous opportunities for wealth creation due to its abundant natural resources and strong entrepreneurial spirit.
From the thriving oil and gas business to the rapidly expanding technology sector, certain industries are better renowned for producing money than others.
Here are the top five industries where millionaires dominate in Nigeria.
1. Oil & Gas
Nigeria’s economy has long been supported by its oil and gas sector, which is Africa’s largest. This business has produced a significant number of millionaires and billionaires, particularly those who control shares in rich oil blocks or run oil-related service companies.
2. Real Estate & Construction
With urbanisation and economic expansion, real estate is a thriving industry in Nigeria. Many millionaires invest in commercial and residential real estate development, making significant profits in Nigeria’s growing cities, particularly in the affluent neighborhoods of Lagos, Abuja, and Port Harcourt.
3. Telecommunication and Information Technology
This business has grown rapidly in Nigeria as mobile phone usage and internet access have increased. Entrepreneurs who entered this field early have received significant rewards, with millionaires emerging from mobile network operators, internet service providers, and technology startups.
4. Manufacturing
Despite problems, the manufacturing sector makes a major contribution to Nigeria’s GDP. Millionaires in this industry frequently trade in a variety of products, such as food & beverages, textiles, and household goods. The government’s increased emphasis on economic diversification has encouraged manufacturing.
5. Finance & Investments
The banking and finance sector in Nigeria is thriving, with countless millionaires and billionaires coming from it. This includes bank founders and important stakeholders, as well as individuals involved in insurance and other financial services that benefit from Nigeria’s booming economy.
