He was born in Glasgow, the son of a corn merchant. He was educated at Glasgow High School and the University of Glasgow. After graduating, he joined the family business. In 1875, he married Margaret Miller. They had three children.
Nichol was a successful businessman and became one of the leading ship owners in Glasgow. He was also a prominent figure in the Liberal Party. He was elected as MP for Dumfriesshire in 1895 and served until 1906.
Nichol was a popular and respected figure in the community. He was known for his philanthropy and his commitment to public service. He died in Glasgow in 1926.