Top 10 Fast Growing Businesses In Nigeria (2021)

What are the fast growing businesses in Nigeria? There are many you can do but we will be discussing the top 10 fast moving businesses in the country. You can make a lot of money with these profitable business ideas. If handled correctly, they can make anyone successful. In Nigeria, many of them have not been fully explored.

Because of Nigeria’s high unemployment rate, a large number of people are unemployed. It is suicidal to live without a source of income. It is possible, however, to start your own business if you are a smart person.

As long as you know what you’re doing, it won’t be long before you’re generating your revenue stream. And even hiring others, if you’re so eager. To start a business, you don’t have to be extremely wealthy. The business ideas on this page can be started with little or a lot of money. 

Top 10 Fast Growing Businesses In Nigeria

1. Catfish Farming

Africa’s fastest-growing industry is catfish farming, which is booming in the southern part of Nigeria. Nigerians from this region prefer catfish to poultry and other animal proteins because of their distinct flavor. People love catfish soup, Restaurants require it on their menus because consumers desire variety when they dine out, and hotels want additional meals using fresh fish to supplement what tourists consume while staying at these businesses during their visit.

READ ALSO: TOP 10 LUCRATIVE BUSINESSES IN NIGERIA

2. Poultry Business

Private persons, corporations, hotels, and restaurants all have a significant need for eggs and chicks. To make it large in this company, you’ll need at least a thousand chicks.

Although it can be stressful to cater to them at that early period. Then you can approach hotels and restaurants with ideas, stating that you want to supply them with healthy chickens. Consider what would happen if you could get at least five of these hotels to buy your hens or eggs.

You can make an educated guess as to how much money you’ll make in a month. You can also sell eggs to market dealers at a wholesale price. The good news is that the waste generated is profitable as well.

Farmers apply chicken faeces on their crops as manure. Farmers are always in need of organic fertilizers since some farmers prefer organic fertilizers to artificial fertilizers.

 3. Real Estate

Real estate is one of the fast growing businesses in Nigeria. Many of the world’s wealthiest people have come from the real estate industry. Many others were able to figure out why real estate owners have a larger net worth by following in the footsteps of Wang Jialin, the wealthiest real estate mogul in the world.

However, before getting into real estate, make sure you know how to rent, lease, flip, and sell. You’re fine to go if you combine all of this with solid administrative skills and an understanding that real estate is capital intensive.

You can create your own real estate development company and sell, lease, and rent out vacant land. Alternatively, you might start as a middleman or do an apprenticeship with a well-known firm to get networking (connections), experience, and knowledge.

 4. Laundering business

Another fast moving business in Nigeria is the Laundering business. People who want to create their own modest, low-capital businesses in Nigeria might consider the laundering business. Around half of Nigerians live in cities, making it the ideal location for a service that most city people require: laundry services!

Most people working downtown don’t have time to do their laundry because they work too long hours. Around 5 million households utilize laundromats every day. If you can’t afford to hire out space elsewhere but still need clean clothing all week (or every day! ), using your house as a facility is an option.

One of the best things about having a washing service is that you can break even within the first year. The initial investment is low, and simply understanding how to wash and iron properly, as well as package items neatly, will bring clients to your door.

 5. Food Processing

Food processing is the fifth fast growing business in Nigeria. This is not a good option for those with a limited budget. Those who began with the least reported having as much as 1 million in capital and machinery assets.

You don’t have anything close to that in your account? But you don’t think a loan is for you? I recommend that you move on to my next two models. But, before you go, here’s how the system works in case you have a change of heart due to an understanding of the potential in food processing.

Processing raw materials into consumable goods is what food processing is all about. And it’s the biggest industry in the world that comes up second, followed by ICT.

You could enter any of these markets and still make a fortune from the 48 trillion industry; Palm oil/groundnut oil processing, Beverages making, Garri  processing, Yogurt production, Frozen food, Rice milling, Tomato puree manufacturing

6. ICT

ICT is a large industry with several sub-industries. In practicality, in all of its sub-industries, ICT, as the name implies, necessitates specialized technical knowledge. As a result, it has a lot of potentials but not enough qualified players.

But, all things being equal, there are still some ICT jobs that do not necessitate a high level of technical knowledge. So, if you aren’t too tech-savvy, you can try the easier ones. 

7. Daycare Centre

Daycare centers are simple to open, but they require the full attention of a risk-taker who is also a parent. It doesn’t mean this isn’t for you if you don’t have the latter feature. Based on your budget/daycare center size, you can easily hire as many babysitters as you like.

With everything in place and a solid understanding of how to open a profitable daycare center, you can begin earning monthly, daily, or weekly, depending on your preferred method of payment.

9. Bottle/Sachet Water Production

Another business that moves fast in Nigeria is bottle/sachet water production. The most often consumed water in Nigeria is packaged water in sachets and bottles. The reason for this is that many people believe bottled and sachet water is the purest kind of water. Sachet water is commonly referred to as “clean water” because of this assumption.

So, if you want to get started, cleanliness and sanitation must be among your qualities, especially since water production is money intensive. The basic capital includes NAFDAC and CAC registration, a piece of land in a hygienic location, water-production machinery, a workforce, and a transportation solution that can be outsourced.

Your brand becomes widely known almost immediately once it is established, especially in a commercial city or an industrial state like Lagos.

Even without spending the money, time, and effort that most businesses put into brand recognition. There is no need to get too technical. If you have an entrepreneurial mindset and qualities, you can become your boss right now.

9. Oil and gas

One other Nigeria’s fast moving business is Oil and gas. The simple reality is that Nigeria, and to a lesser extent the rest of the world, continues to rely on oil and gas. As long as this trend continues, this industry will continue to dominate. Oil and gas are without a doubt Nigeria’s most profitable industries.

Consider this: we rely on gas or kerosene to cook. Whether we go by automobile, okada, or Keke-napep, we rely on fuel to get about. We also rely on fuel for electricity due to a lack of power.

In Nigeria, all large and small businesses rely on fuel or diesel to operate. There is an overabundance of reliance on oil and gas. And Nigeria is lucky to have a large supply of it.

Anyone who goes into this business will make a lot of money.

10. Hotel Business

Hotel business is one of the fastest growing businesses in Nigeria. The hotel industry is extremely profitable, and it is one of Nigeria’s most profitable industries. Nigeria has a large population, and people travel around the country for pleasure or business. They are accommodated in a hotel. In addition, visitors visiting the country stay in hotels.

To succeed in the hotel industry, you must either start in a less competitive environment or provide better or cheaper services in a competitive location. Your hotels should feature an event space that guests may use for gatherings to supplement your income and also, a restaurant and a bar.

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