Top 10 Fastest Growing Businesses in Nigeria
Having a few bucks in your savings accounts is good. There seems to always be something to fall back to. Especially when the banks’ interests are high. But you’re never going to be who you are today in 2 years to come. Because every sunrise lightens up newer responsibilities. And when they meet you unprepared, it’s never interesting. And as the saying goes; make hay while the sun shines. So now you would want to put those savings together and invest in some of the top 10 fastest growing businesses in Nigeria. Right?
If that’s what you’re thinking; plan your financial freedom. The first thing you should know is, you’re never going to get rich overnight. Then assure yourself that the road to financial breakthrough is never smooth. Meeting roadblocks are inevitable but behind every one of them is a treasury. So, the more roadblocks you get over the more treasury for you. With that in mind, anyone you go for among these 10 lucrative businesses will make you financially independent. Moreover, most of these businesses don’t demand much capital and they can be grown over time by any serious profit-oriented individual. An entrepreneur to be more precise.
Make a pick!
Fastest Growing Businesses In Nigeria
1. Catfish Farming
A lot of people have registered success as catfish farmers. But how did they go about it? While most of them dived fully in by integrating all the five different ways of making money from catfish farming business at once. Some started with hatching since it is the lowest budget way. From records, you may start hatching with as low as #10,000. Nevertheless, whichever way catches your interest, the listed article will get you up and running.
2. Poultry Business
Being one of the wealthiest farmers in the world, FU Guangming has a net worth of $1.5 billion. Which according to him comes from his poultry business. On the other hand, Olam’s poultry was quick to see Nigeria’s high consumption rates of birds. Leading to an investment of $160 million in conjunction with Dangote group of companies. See, the fact that you don’t have as much capital to throw in as they did doesn’t stop you. Nor should your total newness (though I doubt you haven’t had a thing or two with poultry) to the business be a hindrance. You can either start big or start small depending on your budget. Just go through the links below. The last one of them links to discussions on how to start a poultry farm from scratch. While the rest include free online courses on poultry business and some useful articles.
3. Real Estate
Real estate has bred many of the global richest individuals. And following the steps of the wealthiest tycoon of real estate, Wang Jialin, many others were able to discover why real estate owners have a higher net worth. But before venturing into real estate, be sure you’re good with renting, leasing, flipping, and selling. All that completed with good managerial skill, and a knowingness that real estate is capital intensive, you are good to go. You can start your own real estate development company, start selling, leasing, and renting out-landed properties. Or rather start as a middle man or make an apprenticeship with a well-established firm to garner networking (connection), experience, and enough funds. In case of a blueprint, below is a done-for-you selection.
4. Haulage and outsourcing
Most people don’t want to do haulage simply because… they can’t drive and they don’t have enough money to buy a vehicle. But that shouldn’t be now when loans are easy and fast to acquire. And in most cases with zero collateral. So how do you proceed with a raised fund? An introduction comes first. And here’s a bit of what haulage and logistics is all about for first-timers.
Haulage and logistics as a business model is all about transporting goods and people for a fee within and outside Nigeria. It is a green light among the top 10 fastest growing businesses in Nigeria because every sector today can’t do without transportation. And many companies, religious sectors, and schools outsource their transportation service, and that is where outsourcing comes in. In businesses like these, creating awareness for your new startup brand is quite less work today when the competition is yet to become stiff. But so you don’t stand in the middle of nowhere, I’ve got for you a handful of guides below.
5. Food Processing
This is not ideal for anyone with less enough budget. Those who started with the lowest amount reported as high as #1 million capital with machinery assets. Don’t have anything close to that stack up in an account? And yet don’t think a loan is your thing? I’ll advise you to move ahead to my next two models. But before you move on, perhaps you may have a change of mind with an insight into the opportunities in food processing, here’s how the system works.
Food processing is all about processing raw foods into consumable products. And it’s the biggest industry out there taking the lead of ICT which comes up next. You may decide to go into any of these markets and still make it big from the $48 trillion industry;
- Beverages making
- Garri processing
- Palm oil/groundnut oil processing
- Rice milling
- Yogurt production
- Tomato puree manufacturing
- Frozen food
Information Communication Technology is a broad industry with sub-industries at its tentacles. And as the name implies, ICT demands an expert’s technicalities in almost all of its sub-industries. Making it an industry with so many opportunities but with less enough qualified players. But all things being equal, there are still some ICT opportunities that are not so technicalities-demanding. So in case you’re not techy, these listed ICT businesses are as fast-growing as technology advancement today.
7. Daycare Centre
Daycare centers are easy to start but running them demands all the inputs of a risk-taker who is also parenting literate. Lacking the latter feature doesn’t mean this is not your thing. As you can easily employ as many babysitters as you can, based on your budget/daycare center size. With all things in place with the know-how of how to set up a thriving daycare center, you can start earning monthly, daily, or weekly depending on how you want to get paid.
8. Bottle/Sachet Water Production
Nigeria’s most-consumed water is packaged in sachets and bottles. And the reason behind it is the popular belief that bottled and sachet water are the purest form of water. Owing to this belief, sachet water is popularly called pure water. So if you’re looking to get started, neatness and hygiene must be one of your characteristics, bearing in mind that water production is capital intensive.
The basic capital includes; registration with NAFDAC and CAC, a piece of land in a hygienic location, water-production machines, a labor force, and a transportation solution that may be outsourced.
Immediately after establishment, especially in a commercial area or an industrial state like Lagos, your brand gets known largely. Even without having to spend money, time, and effort on brand awareness as with most businesses.
No technicality needed. Just an entrepreneurship mindset/traits and you can become your own boss right away.
9. Oil and Gas
Notice the appearance of gas and petrol filling stations everywhere in Nigeria today? It’s crazily increasing and you are not paying attention enough to see the wealth in crude oil. Though crude oil had been Nigeria’s main source of income even before the post-colonial era. But back then unlike now, it was accessible to the colonial masters and later by a few elites. Today, any individual can buy/sell oil and gas with no restriction to age, tribe, and class.
But see, opening up a registered petrol station is financially demanding. Buying land and finally building your filling station may not be much of a stress as making a name for your business in time among your competitors. The only way to escape a lot of competition is to be strategic about your location. That is building your filling station in an area with very few to no available filling stations.
Moreover, there are some other ways to invest in oil and gas that do not require building a filling station.
10. Hotel Business
The last time I checked into a hotel in the capital, I paid #8000 each night for some days. And to even think of it, it wasn’t a classy hotel like that. How much, then, do you think you could make every day from owning a hotel? Most standard hotels charge close to #20,000 per night. But the fact that there’s money in the hotel business aside, is it a fast-growing business model?
Dubai’s main source of income comes in every day through a hotel (Buruj Al-Arab). One of the tallest hotels in the world that was exceptionally built on water. But hotel management is not exclusive to Dubai or foreign countries alone but in Nigeria too. After the success of many hotels and with the rate of expansions carried out by hoteliers, more hotels are continuously having a ground in Nigeria by foreign investors and indigenes alike.
Those are the fastest growing businesses in Nigeria as of today. And as time goes on, hopefully, more businesses will be added to the list. So, if you don’t want to miss out on future updates, you may want to sign up for our newsletter to receive notifications on even more of our regular insider posts.