Over the years, the continent has seen the rise of many businesses from different sectors. These businesses have, in turn, made some of the youngest millionaires in African countries such as Nigeria.
From a report, in 2021, over 140,000 people generated over $2.1 trillion in private wealth. Of these individuals, there are 136,000 millionaires. Of these countries, Nigeria is not left out.
From the 2022 Africa Wealth Report, Nigeria has 10,000 high net worth individuals (HNWIs) with over $1 million net worth. There are also 510 multimillionaires, 28 cent millionaires, and four billionaires. Together, they are worth $228 billion.
These individuals made their millions from different businesses that you can also start. So if you want to be rich, here are businesses that can make you one of the youngest millionaires in Nigeria.
Private School/learning platform
This is one of the thriving businesses and is making many millionaires. The flexible nature of starting from a small space and expanding in the future makes it viable. Though expanding is capital intensive, it is not at the initial stage.
To join the train, you must choose a school name and register it as a business. Then, set up the structure of your school, employ the needed people, and have your administration and academic staff. Once you are done, you must obtain government approval to operate a school.
This certifies that your school has the required standards to operate. Though the space is not over-saturated, ensure your school is distinct. This will help give you an edge.
One of the advantages of real estate is its ability to appreciate. Land and houses never depreciate but appreciate with time. The different sides of real estate give you the leverage to start with little or no capital.
If you don’t have the capital to acquire land and buildings or invest in joint properties, you can start as a house agent. You get buyers for a house owner based on commission. Gradually, you can build your wealth.
Other methods are buying, fixing, and reselling old buildings; property management; land investment; leasing apartments; and leasing commercial real estate.
Don’t doubt this method. Kennedy Okonkwo, a Nigerian real estate billionaire, started the same way. After serving as a house agent, he upgraded to building and leasing his apartments. This expanded into several buildings and estates.
Also, Sijibomi Ogundele, the Chief Executive Officer (CEO) and founder of Sujimoto Construction Limited.
Food & Agribusiness
People will always need food to eat. This makes it one of the most viable businesses. Also, the sector is yet to be fully explored in Nigeria. Despite the vast amount of arable land, the agricultural sector has been largely neglected.
Though neglected, some people are still making their millions in the industry. One such person is the former journalist turned farmer, Rotimi Williams. He owns Kereksuk rice farm, Nigeria’s second biggest commercial rice farm.
At the rate people eat rice, a forty-year-old entrepreneur is cashing out his millions. Arinze Onebunne, the founder of Jovana Farm Limited, generates his millions from livestock farming.
Though starting this way is capital intensive, you can start small. Other areas of agriculture businesses such as the rearing of livestock and food processing and production, so make your choice.
Never underestimate the value or worth of some retail stores. Some are worth millions of dollars. Retail is never devoid of business as there are always things people need to buy. The more things people want and need, the more money they make.
With the growing economy and the evolution of the meaning of doing business, you can start from the comfort of your home through an online space. Some of the most successful ventures in Nigeria are Jumia and Konga. Today, both are worth millions of dollars.
Fashion and beauty
Fashion and beauty are two sectors that cannot go out of trend. The increasing number of young people also serves as an advantage to its big market. This type of business spreads from different kinds of wear to beauty products such as makeup brands.
These can be local or imported goods. In the case of financial constraints, you can start small or adopt the dropshipping method.