One of the ways to make money without stress is to start a business in Nigeria in a fast-growing industry.
I will be showing you the ten fastest growing businesses in Nigeria that are in great demand.
You are an aspiring entrepreneur looking for one of the fast-growing businesses in Nigeria to start? Or perhaps you have had enough of your job and want to find a business that makes you money?
This is the right place for you. Before we continue, you must understand that not all profitable businesses in Nigeria are fast-growing.
Suffering from a profit is one thing, but experiencing rapid growth is quite another.
Businesses in Nigeria vary in their profitability and growth. There are some that are both profitable and growing quickly.
You will get a rapid return on investment in these businesses as they are among the top 10 fastest growing businesses in Nigeria.
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What Is A Fast Growing Business?
A fast growing business is simply one that one derives a lot of profit as well as customers within a very short period of time.
Top 10 Fastest Growing Businesses In Nigeria
1. Oil And Gas Business
There is no question that oil is an extremely profitable business in Nigeria, but it is also a fast-growing business as well. For example, 95% of homes in urban areas use either gas or kerosene for cooking. The number of vehicles is over 10 million in Nigeria.
The majority of these vehicles run on petrol. In Nigeria, electricity generators and fuels cost $14 billion annually to support businesses.
From these figures, we could see that a high percentage of Nigerians rely on this industry.
The market for its products is growing rapidly. However, starting up this business is capital intensive.
It is for this reason that one must have considerable wealth. However, average people can secure a loan to start up this business.
Filling station establishment, sale of gasoline and diesel, export of petroleum products are some of the business opportunities in this sector.
2. Fast food restaurants
One of the fastest growing businesses in Nigeria is fast food establishment.
The most important factor to consider when starting this type of business is location.
Being one of the fastest growing businesses in Nigeria, it thrives more in urban areas near schools, office buildings, and busy streets.
In rural areas and enclosed areas, this kind of business does not grow as quickly.
However, in schools, food such as noodles and fried foods do quite well. Students favour them over regular food. You could also add fruit juices to this business to make it more appealing to students.
You can incorporate logistics services into your fast food business as your customer base grows, ensuring optimal delivery of your packages to your customers. Including this service will boost your sales.
3. Sachet Water production
Nigeria’s equator-side location means that the country has a very hot climate which increases the rate at which Nigerians consume water.
Thus, sachet water is an industry that’s growing quickly in Nigeria.
Traditionally, Nigerians call sachet water “pure water” because of the trust they have in it.
According to statistics, sachet water generates N7 billion in Nigeria annually.
It can be quite costly to start a sachet water production company, however it can be extremely rewarding.
Sampling and selling bottled water in Nigeria is a small business with low capital. What people do not know about this business is that no money is ever lost.
We are currently experiencing a mass shift of jobs from offline to online sources as a result of the Information Communication Technology sector, which provides numerous digital business opportunities in Nigeria and around the globe.
Because of digitalisation, the digital skills and the e-services are in high demand, which has led to the loss of offline jobs and the creation of online jobs. Simply put, ICT is known as one of the largest job creators.
Several of the fastest-growing businesses are empowered by ICT, including digital marketing, affiliate marketing,SEO expertise, graphic design, animation and technical skills, such as cybersecurity.
5. Bakery (Bread)
One of the small businesses in Nigeria that offers varied business opportunities is bread baking. According to statistics, about 70% of Nigerians eat bread each day. In most homes, breakfast consists of bread and tea.
You can still go into this business despite many players in the industry. Nigerians love bread. A bread bakery costs anywhere from N500,000 to N6,000,000, depending on the size and scale.
6. Laundering business
One of small businesses in Nigeria with low capital that is also a fast-growing business might be the laundering business for you. Since about, or more than 50% of the Nigerian population lives in urban areas, it may be an ideal business for you.
Having a tight schedule makes it difficult for most people in urban areas to do their laundry. They do their laundry at laundromats instead of doing it themselves. Laundry can be done at home.
7. Real Estate
It has long been recognized as one of Nigeria’s longest-standing industries because it offers a variety of opportunities for business investment. It is currently the 5th largest contributor to the nation’s GDP.
Due to its high startup costs, it is deemed to be a business for the rich.
The types of businesses in Nigeria you can do in this sector include: Real estate brokerage companies, consulting companies, landlords, etc.
8. Waste management business
Many Nigerians have entered the waste management business because of the need for a clean and healthy environment.
Some of the waste bins and trucks are owned by private companies that are managed by independent individuals.
They saw waste management as an essential part of a healthy society, so at the time, they couldn’t sit around.
They invested heavily into the business, and today, Nigeria’s waste management business is booming.
9. Exportation business
Today, Nigeria’s export business is one of the fastest-growing businesses in Nigeria.
Some of the Nigerian products that are in high demand in the global market include agricultural products and products derived from natural resources.
Among the many Nigerian products with high growth potential, sesame seeds, gall stones, bitter kola and others are available on the international markets.
10. Car Wash Business
This is a business that can yield a lot of profit in a short period of time.
In fact, this is a business that has grown rapidly because so many car users prefer having their cars washed at affordable prices rather than having to wash them themselves.
In addition to the ease of setting up this business, it requires a small capital investment.