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Top 5 Paying Businesses In Nigeria

Odi Chukwuemeka Valentine



Top 5 Paying Businesses In NIgeria

The changes in economic trends suggest that one should be able to have multiple streams of income, so as to remain financially buoyant. Starting a business is one of the keys to achieving financial freedom. Kindly read with keen interest as this article carefully picks out the Top 5 Paying Businesses in Nigeria, as of today.

Business in itself is an age-long activity, dated far back since the existence of man. The first form of business we all know is trade by barter, an approach whereby an individual exchange what he/she has with another person on the mutual interest of their possessions.

Although, on daily basis, the business world is being modified by new, better, and excellent forms. Before starting any business, it is expected that you have to do your due diligence by understudying the dynamics of your area of interest.

The key to having a successful business is solely dependent on managerial decisions, either by a person running a one-man business or by a team of persons running a limited liability company.

For the purpose of this article on Top 5 paying businesses in Nigeria, our focus is on what you can be able to do for yourself running a business or partnering with already existing businesses.

Top 5 Paying Businesses in Nigeria

  1. Logistics Business.

Logistics businesses have been thriving over the years. However, in recent times the business model has gained more attention as it should. The logistics business simply entails moving goods from one location to another for people and getting paid in return. In essence, it is a sub-sector of the transportation sector.

One may want to ask, is the Logistics business lucrative? Yes!

Initially, big players in the transportation sector started off by conveying people to their various destinations. In the long run, they incorporated the delivery of goods. It’s safe to say a good number of transportation outlets have a courier department.

To partake actively in this model, one has to first register with the Corporate Affairs Commission (CAC), obtain a license from The Regulatory Department of the Nigerian Postal Service (NIPOST); the license enables you to operate lawfully.

The least you can do is either buy a new bike or hire one, brand it, hire the services of a dispatch rider. Your business is up and running. This explains the increase of dispatch riders in cities like Abuja and Lagos. Interestingly, through the use of social media platforms, you can be able to advertise your company with detailed information therein.

  1. Real Estate Marketing.

Another business that is worthy of the list of Top 5 Paying Businesses in Nigeria is Real Estate Marketing. This business model is a goldmine and anyone playing in this sector plays big. You don’t necessarily need to own a real estate firm to play.

One of the fundamental needs of man is shelter. Housing is a type of shelter and hence, is a NEED. In essence, everyone with a roof over his/her head is better off than a rough sleeper on the streets and under the bridges.

Every day new estate development firms emerge with a unique model and plan. This further confirms the money in the housing sector. Getting on board can be easier than imagined. Back in 2014, I was actively involved so I can guarantee you experientially it’s worth taking a shot at.

All you have to do is find a real estate development company duly registered and operating lawfully. These companies need marketers in their numbers to help sell either lands or houses.

To be efficient, you would have to research properly about leasing, renting…concisely, everything about the sector. You cannot market what you know nothing about.

The good thing about real estate development firms is that a good number of them have a good commission percentage. One can be able to get up to 5-6% per sale from marketing houses.

Lands and houses can be sold outright/full payment or on installments. However, in most cases, people tend to prefer making outright payments so as to enjoy other bonuses accruable.

For example, assuming a two bedroom flat apartment sells for N10, 000 000 with 5% commission. You sell the idea to 5 persons. In the end, 3 persons buy the apartment through you. 5% of N10, 000, 000 is N500, 000 multiplied by 3 persons, you will have N1, 500, 000 say in a month. It’s doable.

Thankfully, you are not boxed into an ‘8-5’ kind of work. You have your time all by yourself. Although, a person hungry to make money should be up and doing. An individual with good bargaining power has an advantage in this sector.

In a time where everything can be done over the internet, you can gainfully take advantage of social media and advertise these products.

  1. Affiliate Marketing

Affiliate marketing entails recommending the products and services of an organization to people and get paid. Basically, there is a commission (percentage) you get when people patronize the services of the organization.

The reason why I have chosen to include affiliate marketing on the list of Top 5 Paying Businesses in Nigeria is that while a lot of people complained about financial problems during the lockdown period, there were others who got paid and earned big.

One of our writers who is a Pro in affiliate marketing has written a concise article on how to become an affiliate marketer. Read How To Make Money With Affiliate Marketing Programs In Nigeria.

Read also: Affiliate Marketing In Nigeria 2020: Top 6 Affiliate Marketing Programs in Nigeria

  1. Importation / Exportation business

The importation business has been there for years. How does importation business work? People source goods from abroad especially China at cheaper rates and resell in Nigeria. Another country is Dubai.

When it comes to the importation business, people mostly deal with clothes, bags, shoes, perfumes, and jewelry. Others deal on fairly used phones, laptops, and cars.

To participate in this business model will entail understudying an expert in the field so as to know what is expected of you financially and otherwise. However, you should consider expenses, also the prices of goods are subject dollar increase or decrease.

My friend, David, imports both fairly used and brand new Andriod and iPhones from overseas. As a young man who’s just completed one year of compulsory National service, he’s been doing great. Maybe, on personal terms, I could link interested persons to him.

Another interesting model attached to this is the Exportation of foodstuffs. You will agree with me that Nigerians are scattered around the world. Most of them who have been raised with local foods still prefer them over continental foods eaten over there.

If you have been opportune to travel out to one of these European countries or have a friend or family member over there, they can confirm there are restaurants that sell specifically African dishes. More so, in grocery markets, African foodstuffs constitute a section.

The big question is, ‘How do they get foodstuffs for African dishes?’

Read also: How To Start Importation Business In Nigeria: See Guidelines Here

There are Nigerians procuring and exporting these foodstuffs to their family members and friends resident overseas. They, in turn, supply to food vendors thereby making a profit. The right people to inquire about foodstuffs exportation business are foodstuff vendors.

For example, a bag of crayfish sells between N60,000-N65,000 locally. Do you know the thing about buying goods in bulk? There will always be a discount. Hence, you stand to procure at discounted prices when purchasing in bulk.

Read also: List Of 20 Items You Can Export From Nigeria And Get Paid In Dollars

  1. Social media marketing

There’s no way the list of Top 5 Paying Businesses in Nigeria will be complete without social media marketing making the list. Gone are the days when social media served the purpose of picture uploads, chats, comments, and ‘likes.’

Social media has become a huge source of income for people who are conversant with these social media platforms. Social media marketing is multifaceted and whichever facet you choose; the aim remains to earn.

Social media marketing includes Facebook marketing, Instagram marketing, Twitter marketing, YouTube marketing, etc. Each of these has sub-categories attached to them.

The interesting thing about social media marketing is that you don’t necessarily need to manufacture your own products before you can sell, but if you do have, that’s perfect. You ever heard of Social media brand influencers?

These are people who solely monetize their social media handles by promoting brands. They do not necessarily have direct contact with customers, their job is to promote brands and drop direct links to the owners of these brands so a potential customer can deal with. That’s all.

If you have a good ‘followership’ on any of the aforementioned social media platforms, it’s in order for you to search google; a lot has been written on social media marketing, read up, ask questions, follow-up the guidelines.

Read also: How to Get Started with Internet Business in Nigeria

The internet has done more good than harm in this regard. This explains why a lot have their goods and services on constant display online via Ads. A person with a smartphone and data has all it takes to engage in social media marketing.

In conclusion, this list of Top 5 Paying Businesses in Nigeria was written from observation of trends, and interviews from players in the discussed models. The models were arranged in no particular order. As such, whichever one you find interesting is worth the try.

In a time where the quest to make fast money is in vogue, an impatient person may want to think twice before venturing into any of the discussed business models. Dedication, diligence, and consistency are the virtues needed to succeed in ANY money-making venture. The same applies to these models.



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10 Best Loans Platforms In Nigeria Without Collateral




Best Loans Platforms In Nigeria Without Collateral

A loan is money given to someone or businesses to cater to its financial needs. Most lenders need some form of collateral as security, before giving out loans.

Not every Nigerian can provide substantial collateral in order to receive loans, this is where loans without collateral comes in. Thankfully, there are now online platforms where individuals and businesses can apply for loans without the need to provide collaterals.

One major problem businesses face in Nigeria is the unavailability of capital. With these innovative online platforms, lenders can assess applicants and their ability to pay back the loans within the given time frame, and then go on to approve certain amounts of money for loan, based on their assessments.

Best Loans Platforms In Nigeria Without Collateral

One of the Best Loans Platforms In Nigeria Without Collateral, FASTCREDIT

Now, let me review ten most popular collateral-free loan platforms in Nigeria for individuals and small businesses.


Paylater is an online platform that provides loans to small businesses and individuals to cover urgent needs or unexpected expenses.

Clients can access up to N500, 000 worth of loan without collateral. Funds are delivered within 1 – 3 working days once approved. Endeavour to repay your loan on time to help increase your credit limits and grant you access to higher loan sums in subsequent loan applications.


This online platform gives businesses access to funding. LYDIA.CO Offers unsecured loans ranging from $500 to $15,000 to SMEs.

According to the founders, Lidya uses technology and algorithm for risk assessment that allows them offer financial services to their clients at low cost.


QuickCheck is an online lending outlet for small businesses and individuals. It helps individuals and small businesses to access financial credit by using mobile technology

According to the platform, customers can quickly and easily receive loans of up to N30, 000 without any collateral to repay within 15 – 30 days.


SMEDAN is more or less a federal government of Nigeria loan service or a government-backed enterprise for Small and Medium Enterprises (SMEs), hence the name (SMEDAN Small and Medium Enterprises Development Agency).

They offer quick and easy business loans to SMEs in need of funding. Their main aim is to promote entrepreneurship and provide startup capitals for businesses in Nigeria

SMEDAN also provides hands-on training and support to business owners. If you’re looking to apply for SMEDAN loan, then visit SMEDAN website and apply on the application portal –


AELLA-CREDIT has been creating mediums to make funds easily accessible to individuals in Nigeria. The company is associated with 3 leading Credit Bureau Agencies in Nigeria to provide timely and affordable loans to clients. Employee empowerment and lending for business startup is the main focus of AELLA-CREDIT.

AELLA-CREDIT employs credit scoring algorithm, built after five years of market data and analysis had been gathered by the team, to assess the creditworthiness of applicants. The algorithm processes applicants’ eligibility by taking social and demographic factors as well as debit to income ratio of the applicants, into consideration.


Specta is an online lending outlet that offers loans of up to N5 million in one deal, within the space of five minutes, without paperwork, collateral, or visit to any office. They enable users to cater for any urgent business or personal need, whenever and wherever.

Specta offers two loan services, which are (1) MySpecta which provides loan services for individuals and (2) Specta4Business which provides loan services for corporate and business owners.


KIAKIA, taken from the Nigerian pidgin means “fast-fast” is an online lending platform for businesses in Nigeria. They employ the use of machine learning, psychometric, digital forensics, big-data, for credit risk assessments and proprietary credit scoring algorithm to help them provide immediate and compatible loans to numerous individuals without credit information.

Their services are highly efficient and effective in addition to being very simple and fast, hence their name which was derived from a Nigerian language, meaning ‘fast-fast ‘.


Zedvance is a client finance company geared toward providing individuals with consumer credit. They offer loans up to N3 million under 24 hours.

Their services are particularly for salary earners, but you could apply if you’re a salary earner with a side business.


Loan application on FastCredit is backed by guarantors although the loan itself is collateral-free. The validity period for the loan is 6 months maximum. If you are a micro, small and medium enterprises (SMES), then you are eligible to apply for this loan and use the funds to enhance the growth of your business


If you are a small and medium enterprises (SME) in Africa and the Middle East, you may want to consider GROFIN as your choice loan platform.

Looking to grow your business rapidly and you are confident that your business meets the necessary requirements? Then, try GROFIN. This may be the perfect fit for you.

Business can access loans ranging from US$100,000 to US$1.5 million through GROFIN. You need to contact GROFIN and get the requirements. Upon reviewing the requirements and your business meets those requirements, go ahead and apply for the loan online on GROFIN website –



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How To Start Keke NAPEP (Tri-Cycle) Business In Nigeria




keke napep business

Mass Transportation by Tricycles popularly known as “Keke NAPEP” was introduced on November 6, 2002, by the former president of Nigeria, Olusegun Obasanjo, as part of the government’s poverty alleviation programme called, “National Poverty Eradication Programme (NAPEP)” in a 2001. Also, the introduction of “Keke NAPEP” was a strategy by the Government to meet the ever-increasing demands for public transportation in Nigeria.

Since its introduction, the Keke NAPEP has come become a source of income for many Nigerians. It also became a safer alternative to commercial motorbikes (Okada), which were banned in many places, and is used to convey people over short distances all over the country.

Most people in Nigeria prefer the commercial tricycles to Buses and Mini-buses because the commercial tricycles have the capacity to move into the nooks and crannies of a town faster and easier compared to Buses and Mini-buses.  For example, in 2008, the Lagos State government kicked off the Lagos Bus Rapid Transit System (BRT), thinking that the transport needs of Lagosians will finally be met. The reality on ground is that that is far from it. The BRTs only reduced the problem of poor transportation by a small amount. This is so because the BRT only catered for major parts Lagos State, especially Mainland and Island routes.

If the BRTs only served those parts of Lagos, we might then ask, how will people living outside these areas fair? Knowing that low income and horrible traffic will prevent many people from getting their own vehicles, many are left with no choice but to use privately-owned commercial vehicles for movements within the city? Yes. Here is where Keke NAPEP comes to the rescue.

Some Nigerian graduates without jobs have wholeheartedly accepted riding Keke as a business. They use it to raise money for self and family and see riding keke as a better alternative to staying at home doing nothing. Also, Keke NAPEP business creates opportunities for lucrative investments and helps to lessen the burden of the poor transport network in the country presently. So, would you like to start Keke NAPEP business and make money like others? Below is a breakdown of the how-to of Keke NAPEP business.

Now, there are two parts to the Keke NAPEP riding business: either you ride it yourself or you lease it to a rider.

keke napep business

Tricycle (keke NAPEP) conveying passengers to their destinations

Option 1: Leasing Your Tricycle to a Rider (Hire Purchase)

First, you have to get the Keke, register it and lease it out to a rider. See the breakdown of how this is done below.

Price of a new tricycle: ₦400,000

Registration with the Keke riders’ union: ₦5,000

The tricycle is leased at ₦720,000

Here, you will receive a weekly payment of ₦15,000 from the rider (or hire purchaser) for a period of 12 months, that is 48 weeks making it ₦15,000 x 48 = ₦720,000

Note that this is not a hard and fast rule: some terms and conditions may be applied in your situation and things may look a bit different with the hire purchaser you’re working with.

Registration with the NAPEP riders’ union allows you to enjoy some form of freedom, support and security.

Make sure that your hire purchaser is trustworthy, has a good track record and preferably has some referees under his belt.

Doubts have held some people back and stopped them from trying out this venture. If you want to test the waters, start with one tricycle. This will help you to know whether this business is something you can comfortably go into or not. However, the most lucrative thing to do is to buy as many as you can afford at the time because that will increase your remuneration in the long run. For example, if you lease five tricycles, you can expect up to ₦1,600,000 as returns in a year.

This price analysis and breakdown is based on the realities of Lagos State at this time.

Doing it Yourself

If you choose to ride the tricycle yourself, you will be very much impressed at the outcome. In a day, you can be making anything from ₦4,000-₦7,000, depending on the number of passengers you commute.

Apart from the ₦5,000 union registration fee, you’re also expected to pay between ₦500-₦1,000 daily (known as owo itaa). Part of this daily fee goes to the government’s coffers.

Tricycle maintenance is cheap, spare parts are readily available and fuel consumption is low. One thousand naira worth of fuel can take you a whole day if you have a good carburetor.

Always remember that maintenance is the key to a long-standing tricycle. So, maintain the vehicle regularly to lengthen is lifespan.

With ₦5,000 daily earnings while operating it yourself, you can easily earn ₦1.5 in a year (grossly calculated at ₦150,000 monthly) after expenses have been made.

After a year or more of doing this business, you can decide to continue, expand, or change your line of business.

Things to Note When Putting Your Tricycle for Hire Purchase

How soon you will receive your complete returns on the tricycle depends on the following factors:

  1. The status of the tricycle when you bought it. Was it new or second hand?
  2. Does your tricycle operate during the weekends? What is the money earned during those days for (maintenance money, etc.)?

How payments are made

  1. Hire purchase. In this method, the driver takes care of routine service, minor repairs, maintenance and fueling.
  2. Daily balance.

I will not advise you to lease your Keke NAPEP on daily balance.

There is no brother in business. Be wise and open your eyes.

Hire purchase is the preferred method of payment in the North and in most parts of the country. It is the best method of receiving returns for your tricycle(s).

In Niger and Katsina states for example, daily returns are between ₦2,000 and ₦3,000 for a new tricycle. For second hand tricycles, daily returns are negotiated, but in Niger State, ₦1,500-₦1,700/1,800 is the amount paid.

Note that these are just estimates based on the present realities.

In Lagos, riders pay between ₦2,000-₦3,500.

  1. Negotiated.
  2. Standard: paying double the price. This is most popular in the North for second hand tricycles.

That is all on Keke NAPEP and how to start and operate it successfully in Nigeria. I hope you learned from this? Leave a comment below and let me know what you think about this.



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10 Popular E-commerce Websites You Can Shop on in Nigeria




ecommerce websites

The development of technology on a global scale brings everything closer to us, making things easier and faster, just like shopping. E-commerce is a fast-growing industry. Many businesses are tapping into and are now creating ecommerce websites to boost thier businesses.

E-commerce is a lucrative sector which every business should be taking advantage of today. However, if you are just starting out, your focus should be on how to attract customers to your online store. So, instead of launching your ecommerce website, it is better to “test the waters” on a known e-commerce platform first before creating and launching your ecommerce store.

ecommerce websites

Someone trying to make a purchase from an ecommerce website in Nigeria

Nigeria has a lot of e-commerce websites and it might be confusing while trying to pick one to start with. This list of the 10 most popular e-commerce websites in Nigeria will help you narrow your search and pick the one that is best suited to your needs.

  1. Jumia Nigeria

Nicknamed the ‘Amazon of Nigeria’, this online store is the most popular on this list. It is so popular that it garnered an Alexa report as being the most visited e-commerce website in Nigeria.

Established in 2012, Jumia is patronized by thousands of Nigerians and offers a marketplace where sellers can showcase all kinds of goods to the public. You may want to visit the site to see things for yourself.

  1. Konga

Konga is an e-commerce store that allows small and big businesses alike to sell their products on its site. It has enormous warehouses in major cities in Nigeria like Lagos, Abuja, and Port Harcourt to serve its customers easily. This is done in line with its vision to deliver goods “with speed and precision” to its customers.

  1. PayPorte

‘Nigeria’s preferred online retail store’ as it calls itself, Payporte was launched in 2014 as an online store to reach a wide audience that is not restricted by age or preferences. The retail giant also collaborates with small businesses and puts them in front of a wide audience. The company provides the needed logistics to reach their customers and assist them to succeed.

  1. VConnect

Known as Nigeria’s premier business listing website, Vconnect has also grown to an e-commerce store where it avails business owners the opportunity to sell their products. The website also facilitates payments and provides logistics for goods to get to their respective customers.

  1. Kara

This e-commerce store is one of the best in Nigeria, recording thousands of visitors daily. Kara offers a wide range of products from electronics, phones, to fashion items. Additionally, it hosts a marketplace where business owners can post products and sell to the public.

  1. Printivo Store

Printivo is an online shop that is specially designed to meet the needs of those that need printing materials. Bring the most popular in this niche, Printivo also gives users the chance to access free templates crafted by graphic designers.

It allows those in the print industry to make money off their designs by giving them a platform to display and sell their items.

  1. OLX Nigeria

OLX Nigeria is a classified advertisement website. Although an online e-commerce website, OLX Nigeria does not function as a regular e-commerce website. Instead, it gives users the opportunity to design and publish ads to their taste.

This way, buyers and sellers can interact with each other directly and easily. With the categorization of ads, each buyer or seller can go specifically to their area of interest and transact.

8. Jiji Nigeria

In 2014, Jiji came into being providing buyers and sellers with an easy way to connect and carry out transactions, under highly secure conditions.

Jiji Nigeria, in addition to being a classified advertisement website, goes a step further by giving users the opportunity to post ads on any product of their choice on the store.

  1. CartNG.

You can find virtually anything on CartNG. It is an amazing e-commerce website that can meet any of your need s. You can shop category by category on the site, and enjoy a speedy delivery in your order.

  1. Obiwezy

Obiwezy is an online e-commerce store that sells fairly used gadgets like phones, tablets, and laptops. Obiwezy was established in 2010. The intention behind its establishment was to provide users with goods and services at highly affordable prices. Doubtless, they have met this purpose.

Besides sales, Obiwezy also offers its customers technical support like the repair of damaged products, product advice, and recommendations.

So, there you have it on the 10 popular e-commerce websites in Nigeria. Go ahead and start shopping now.



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