In this post, we will show you the top 10 fastest growing businesses in Nigeria. These are businesses that you will get a quick return on investment without waiting a year.
These businesses are fast growing because their products and services are in high demand and there is significantly low competition in the country.
Gone are the days, when Nigeria was not ready to engage in the various business opportunities available to them. It is unfortunate that in the past, Nigerians were lazy, allowing their business opportunities into the hands of foreigners, like the American, Lebanese, India, and Chinese to explore.
However, the joy is that today, it appears that Nigerians have woken up from slumber. I guess the new development is as a result of the effort of the Nigerian government trying to support and encourage Nigerians into small, medium and large scale businesses as a way forward to the economic growth.
Be that as it were, there are top ten fastest growing businesses in Nigeria, where Nigerians are also key players in these businesses hence, the top ten fast-moving businesses in Nigeria.
1. Agriculture business
Most of the food consumed in Nigeria can be equally produced in Nigeria. In view of this fact, the Nigerian government has placed embargo, banning the importation of some food items, when such food items can be produced locally.
Food items such as poultry, frozen livestock, rice, even fish are banned in Nigeria, you cannot import these banned food items into Nigeria as before.
This however, has redirected the focus of Nigerians with the large mass of fertile land in Nigeria, some investors, who showed interest has actually come in to invest in agriculture business in Nigeria.
Today, Nigerians have locally manufactured and packaged food items, some of which include; floor made from cassava, livestock products, cocoa powder, rice etc.
2. Exportation business
Exportation business is a fast-growing business in Nigeria today. Some of the Nigerian products that are in high demand in the global markets include; products from natural resources and agricultural resources.
Nigerian products are of high growth potential; a good number of them are available in the international markets, products such as sesame seeds, gall stone, bitter kola among several others.
3. Private security business
The private security business is thriving quite very well in Nigeria. No doubt, government security operatives in the country are doing their best, however, to protect the lives and properties of the citizens.
Nevertheless, quite a good number of Nigerians are not satisfied with some of the activities of these agencies hence, they have resorted to the services of private security, which has encouraged massive investment in the private security business in the country by Nigerians.
Check out many of the private and public organizations in the country and you will discover that these institutions are secured by men and women of uniform from private security outfits.
4. Facilities maintenance business
In those days, Nigeria, as a nation, was suffering as a result of lack of property maintenance, and nobody was caring, not even the government, as the government budget could not cater for all these services, but as the years go by, Nigerians have come up with different innovation to create jobs and contribute to the overall national development hence, the birth of facility maintenance business, some of the activities of facility maintenance business include; property management, facility maintenance.
They do this for a fee, a huge sum of money is paid to this industry by property owners and some government agencies for their services, and the business is fast growing in Nigeria.
5. Real estate business
You cannot say the rate at which the real estate business is growing in Nigeria. Many Nigerians today are engaging in real estate business because of how lucrative the business is.
Some of them, who are into the business will buy land, build estates, shopping malls and offices, and will lease them out to the interested members of the public for a fee.
Others will buy land and allow it to be appreciated before selling them out to the interested individuals, and again will buy another one, allow it to be appreciated and then sell it out, and so on and so forth.
6. Haulage business
Transportation and shipping and other haulage business are a fast moving business in Nigeria, and many Nigerians are into this business and they are making hundreds of thousands of naira, some about millions of naira per month. So haulage business is a fast-growing business in Nigeria.
7. Online business
Technology advancement has indeed generated cool cash into the pocket of many Nigerians.
Internet or online business is the in-thing today and fast-moving business in Nigeria. A good number of Nigerian youths are into an online business, this new development has indeed created jobs opportunity for the teeming Nigerian youths.
The reason the business is fast moving is that it has collapsed all barriers for business transactions and you can make your money from anywhere.
I know some Nigerians, who engaged in mobile apps development, bulk SMS services, database management, web designing, and management.
8. Waste management business
The need for a clean and healthy environment has spurred Nigerians into a waste management business. Many smart Nigerians know how to turn waste to wealth.
Some of the waste bins and the trucks that carry waste are owned by private organizations that are managed by private individuals.
These individuals saw waste management as a necessity for a healthy society, they could not fold their hands and watch but invested heavily into the business, and today, waste management is a fast moving business in Nigeria.
9. Alternative electricity supply business
Alternative electricity business is a fast moving business in Nigeria.
The continuous epileptic nature of Nigerian power supply could not allow some concerned Nigerians to suffer defeat for too long hence; they have devised means of providing alternative electricity to the members of the public for a fee.
Many Nigerians are patronizing alternative electricity supply because it is cheaper than the Port Harcourt Electricity Distribution Company (PHEDC).
Read More: Current Power Generation in Nigeria
10. Production / manufacturing business
Locally made products such as paper bags, detergent, washing liquid, tissue paper, candles, clothes, etc. are patronized by Nigerians.
And government support and encouragement of the production and manufacturing business in Nigeria like small, medium and large scale business made manufacturing business a fast moving business in Nigeria.
As a result, a good number of jobs are created for Nigerians, even as the ban placed on the importation of some food items has encouraged Nigerian into production and manufacturing.
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