Fast Growing Business
A fast-growing business simply refers to a business that, in a short period of time, derives a lot of profit and customers.
There are currently a ton of business ideas in Nigeria today, however, only a few can be said to be fast growing.
Here is a list of the Top ten fastest-growing businesses in Nigeria:
- Real Estate
- Waste Management
- Oil & Gas
- Logistics and Transportation
- Fast Food
- Agriculture
- Social Media Marketing
- Blogging
- Dry Cleaning
- Graphics and Website Design
Real Estate
The real Estate Business involves buying, selling, or renting a property, building, home, or land. In Nigeria today, real estate is thriving and continually expanding. It is indeed one of the fastest-growing businesses in the country.
One of the advantages of real estate is that it can be purchased in several ways depending on the funds available. You may sell land for a profit, crowdfund with friends or business partners, or develop and rent out residential or commercial spaces. Another alternative is to put money into a Real Estate Investment Trust (REIT).
It is important to note that over 20% of Nigeria’s total real estate value is concentrated in Abuja and Lagos.
Banana Island has the greatest per capita income of any region in the country, and numerous High Net-Worth Individuals live there. Ikoyi, Ikeja GRA, and Victoria Island are also quite popular among the elite.
Exclusive neighborhoods in Abuja such as Maitama, Asokoro, and Jabi are among the most notable in the state.
According to the World Bank, Nigeria has an urban population growth rate of 4.1 percent, with about 52 percent of the country’s population living in urban areas. A UN Department of Economic and Social Affairs report suggested that around 700,000 housing units will have to be built every year in Nigeria to keep up with the steady growth in demand for housing. This is proof that Nigeria’s property is large and valuable.
Real Estate investment is one of the major ways to create steady income as it offers several opportunities to gain a financial cushion and build wealth.
Waste Management
The waste management business is a hidden gem.
A clean and healthy environment is fast becoming a priority in Nigeria, hence the waste management business is now a goldmine for many smart Nigerians who know how to turn waste into wealth.
A lot of the waste bins and the trucks that carry waste are owned by private organizations that are managed by private individuals.
These individuals make money from the government.
Since waste bins and trash bags will be disposed of on a regular basis, there will always be a high demand for waste management business, it is indeed a fast-growing business in Nigeria.
Oil & Gas
The oil and gas sector is known to be one of the most lucrative business sectors in Africa. There are three major kinds namely; upstream, middle stream and downstream.
Since crude oil or petroleum and its fractions are fundamental products that are consumed on a regular basis, there is high demand for these products daily.
Although there are alternative renewable energy resources available, oil still remains extremely relevant as the majority of automobiles and machinery need petroleum products to power their engines. It will be a long time coming before the idea of renewable energy will be used to replace crude oil.
Oil is the main ingredient for a huge number of industrial products such as plastics, solvents, transportation fuels, etc it is also the main source of heat generation and electricity.
Approximately, 100 million barrels of liquid fuels and oil per day are used by humans, and this adds up to more than 36 billion barrels of oil yearly. In the past ten years, this number has been increasing steadily and it will continue to rise.
Nigeria is one of the largest and oldest oil producers in Africa. The oil and gas sector is one of the most important sectors in the country’s economy, accounting for more than 90% of the country’s exports and 80% of the federal government’s revenue.
As of 2020, Nigeria had the largest oil and gas reserves in the African region, with around 37 million barrels of crude oil (36,910) and 5.5 trillion cubic meters of gas.
The oil and gas sector in Nigeria and Africa as a whole is expected to witness significant growth in the coming years. If there ever is such a thing as a perfect time to go into this lucrative and profitable business, then that perfect time is now.
Logistics and Transportation
The need to move people, products, goods, and services from one place to another is what makes the logistics or transportation business a profitable business venture.
There are several kinds of logistic niches one can delve into such as courier shipping, freight shipping, and 3PL (third-party logistics services) to mention a few.
Logistics works hand in hand with various e-commerce services such as fashion stores, fast food, etc. In other words, as long as e-commerce exists, logistics will remain relevant.
According to statistics from the International Trade Administration, the current spending through e-commerce in Nigeria is about $12 billion.
With over 150 million people in Nigeria on the move, this business is lucrative. The market for logistics and transportation is huge and in demand.
Fast Food
Food is a fundamental need of man, it is and always will be in high demand.
Though the fast food sector has faced challenges such as funding and constantly changing social and economic dynamics, this hasn’t hindered the growth and profitability of this sector.
A lot of Nigerians are increasingly resorting to eating out for the better part of their day. This has created rapid growth in the fast food industry. According to the Association of Fast Food and Confectioners of Nigeria, the fast food industry in Nigeria is a lucrative sector estimated to be worth trillions of Naira in the not-so-far future.
Agriculture
Nigeria is blessed with fertile lands, labor, and a large population to consume the food produced. In view of this fact, agriculture will remain one of the most lucrative businesses in Nigeria.
Investing in agriculture is very profitable, some agricultural produce can make good returns in a very short time, one just needs to have the right knowledge, equipment, and administrative skill. Understanding the market you are producing for is also vital, this is where you may decide to sell locally, export, or further process the raw farm produce into finished goods before selling.
Nigerians have locally manufactured and packaged food items, some of which include; flour from cassava, livestock products, cocoa powder, etc.
Following policies by the Nigerian government to place a ban on the importation of some food items such as poultry, frozen livestock, fish, rice, etc this action has created a level playing field for investors in the agricultural sector. They no longer have to worry about international competitors, this is set to increase the growth of agricultural businesses in Nigeria.
Social Media Marketing
This is simply the use of social media platforms and websites to promote products and services.
In 2014, over 80% of business executives identified social media as an integral part of their business. Business retailers have seen 133% increases in their revenues from social media marketing.
Career options involving social media and digital marketing have been on the rise. Businesses have realized the importance of social media marketing and they are quickly tapping into it by hiring social media marketers.
According to the Bureau of Labor Statistics (BLS), we can expect a job growth rate of 6 percent for this career from 2019 to 2029, which is faster than average.
Here are a few more facts according to the BLS;
- The Internet industry is the highest-paying for Social Media Marketing
- The Social Media Advertising market is the second biggest market in Digital Advertising
- There are over 26,725 Social Media Marketers in one country alone.
The relevance and need for Social Media Marketing in businesses today cannot be overemphasized. It is undoubtedly one of the most prominent careers on the rise.
Blogging
Blogging is a kind of marketing strategy that is also used for brand and business visibility. A blog is a marketing channel that aids in business growth.
There are various types of blogging one can explore, however the most lucrative is a marketing blog as it helps readers learn and monetize online marketing skills to start a business.
Blogging is assuredly one of the most effective ways to make money online. In recent years, bloggers and influencers have come to play an important role in the digital marketing world. In fact, the global market value of influencer marketing reached 13.8 billion US dollars in 2021.
There are multiple advantages attached to choosing blogging as a career, advantages such as flexible schedules, revenue, multiple job opportunities, and most importantly, it requires little to no capital.
Dry Cleaning Services
The laundry business involves the washing, drying, and ironing of clothes, shoes, and other fabric materials either for individuals or for companies.
In the 1990s, only a few people took dry cleaning as a serious job. It was majorly done by the old people who wanted a means of survival. It wasn’t lucrative because at least eight out of ten people did their laundry at home. That has changed as the world continues to evolve.
The average Nigerian works a 9-5 job which will require them to leave home early in the morning and return late at night. The tight and busy schedule of the average Nigerian is what makes this business a profitable one. Since it is quite difficult for most Nigerians to make out time to wash their clothes by hand, the next option is to visit the laundromat.
Some laundromats even offer to pick up and delivery services so their customers don’t have to leave the comfort of their homes.
According to laundry industry experts, there are currently about 35,000 laundromats nationwide and the laundromat industry sees about a 95% success rate.
The dry cleaning business is a fail-proof one. This is a business that provides essential services with low operating expenses. It is without a doubt one of the best investments to be made.
Graphic and Website Design
Web graphic designers are the people behind the curation of the aesthetics of a website.
Without a doubt, web designers are currently in high demand. It is, in fact, said that the field is expected to grow by 27% by the year 2024.
A web designer has various options when it comes to career expansion. For example, a web designer can evolve into becoming a senior web designer. He/she can also learn to code and pursue a web development job. If he/she so desires, they can further push deeper into learning UX/UI skills, therefore, becoming a UX/UI Designer.
Web design is a lucrative business considering the increasing use of digital technology. Investing in website design can generate an outstanding profit for businesses. With the help of website design, business owners are able to create a user-friendly and welcoming online environment where users can get useful information any time of the day.
Additionally, when one has a well-managed website, clients/customers can rely on you. It builds trust, and when clients/customers trust you, they won’t have doubts in getting your products and services. Effectively, you will have a thriving and profitable business. Hence, the high demand for website designers
In 2010, there were a little over 210 million websites. Today, there are over 1.8 billion.
The web design industry is growing rapidly and so are the expectations of users regarding the interesting features an online store and business has to offer.
With how high the unemployment rate is in Nigeria, living without a steady source of income is not an option one should consider.
Even though a few of these ideas might require large capital, most of them require little to no capital which means that anyone, any smart human can easily venture into these businesses and become millionaires within a short period of time.
