What Is The Fastest Growing Business In Nigeria?
[In this article, the fastest growing businesses in Nigeria are outlined at the time this post was made and are subjected to changes.]
Nigeria is a country that is still developing and the constant growth in population and hardship also in Nigeria is forcing a lot of Nigerian citizens to create jobs for themselves thereby starting a lot of businesses. The population is also making a lot of sectors and businesses realize unpredicted spikes in growth.
Here are the 10 fastest-growing businesses in Nigeria currently
1- Taxi Hailing Apps
The growth of taxi-hailing apps and their community of users is one growth everyone can attest to.
Before now, everyone in Nigeria was used to the idea of hailing a cab on the street and not using a mobile phone to order a cab. Then came Uber into Nigeria in July 2014 and then Taxify now called bolt and so many more indigenous companies ventured into taxi-hailing in Nigeria.
Now taxi-hailing is a popular business idea because the drivers earn a lot and get to pay about 20- 30% in commission daily to their business partners.
Different taxi-hailing companies have different criteria and their terms and conditions vary between each company but one thing is that they normally have similar criteria for one to join them as a driver.
2- Tech Startups As A Fast-growing Business
Tech is the new oil and a lot of Nigerian business owners are diving right into it. A lot of tech startups are springing up every day and trying to tackle the vast growing problems in Nigeria. Although tech startups in Nigeria are not experiencing rapid growth like their counterparts in other foreign countries, the growth in Nigeria is applaudable.
Tech startups in Nigeria are targeted at improving the way things are done by making them faster and smarter. A popular section where tech startups are fast rising in Nigeria is in Fintech. A lot of fintech has made queues in the banks shorter by helping individuals with many transactions like transfers, investments, withdrawals and even virtual bank accounts they open with just their Bank Verification Numbers.
Software as a service popularly abbreviated Saas are also a popular example of tech companies because they offer tech services and people pay for them in monthly subscriptions or annually.
Tech is indeed a fast-growing business in Nigeria with lots of Nigerians venturing into tech and also a lot of other Nigerians patronizing these tech services.
3- Water Bottling And Distribution Business
We all know it would take very few days for a person to survive without water and every day uncountable litres of water is being consumed all over the world.
The steady demand for water and the high rate at which they sell out is making water packaging and distribution a fast-growing business in Nigeria.
A large percentage of Nigerians, especially those that live in the city, depend on sachets and bottled water every day to quench their thirst and do other necessary things like brushing their teeth and other necessities.
The water demand would keep increasing thereby making companies that purify, bottle, package and distribute water still growing in business and this also means that it’s a fast-growing business.
Potential business people should join this line of business to experience rapid growth because it is quite easier to experience rapid growth here.
Not just anyone should venture into this kind of business. This business demands knowledge and proper care since it has to do with water for consumption and a lot of people’s health are on the line.
For one to be able to start water production and packaging, they need to own a factory and their water and factory duly approved and tested by NAFDAC, the official food and drug agency in Nigeria.
4- Fashion And Design Houses Are A Fast-growing Business In Nigeria
Every single day in Nigeria, Almost everyone wears at least one cloth. Clothing is one of the primary necessities in life.
Fashion houses and designer brands are a popular and fast-growing business currently in Nigeria. With many Nigerian tailors and seamstresses being intentional about starting their fashion houses and working intensely to get there, fashion and design houses are thriving.
From trying to imitate fashion houses in Europe and other countries to create a special niche for themselves from fabrics and styles loved by Nigerians.
Fashion and design houses are becoming more popular and due to the high level of patronage they get from Nigerian, they are one of the fastest-growing industries.
Also, fashion events and runways expose different brands to help them thrive.
5- Grocery Shops Are A Fast-growing Business In Nigeria
Food is another necessity in the life of every living thing and humans are not excluded.
Grocery shops are amongst the fastest growing businesses in Nigeria because of the large population in the country and grocery shops are thriving due to the high demand for foodstuff from Nigerian citizens.
6- Real Estates As A Fast-growing Business In Nigeria
Currently, real estate is one of the fastest-growing business in Nigeria.
A lot of new real estate companies are springing up and making it in this industry.
This real estate business goes both ways, They source large portions of land, develop them and sell them with huge interests to individuals or organisations. Sometimes, they also sell the land in undeveloped places in a bid to develop their area.
Individuals and organisations buy these lands or properties as assets for future purposes or use.
7 – Agriculture As A Fast-growing Business In Nigeria
The vast population of Nigerians are going into agriculture and it’s becoming one of the fastest-growing businesses in Nigeria presently. With popular branches like farming, rearing of snails, rearing of poultry e.t.c
Agri-techs is also fast growing in Nigeria, with so many startups venturing into agriculture and acting as middlemen between farmers and investors, making it easier and faster for farmers to get funds for their farms.
Agriculture is also fast growing because agricultural produce can also be exported to other countries.
The franchise is the authorization granted by a company to sell or distribute its goods or services in a certain area.
Popular imported franchises in Nigeria include KFC, Domino pizza, Pink berry, Market square, Shoprite, game, spar.
These franchise outlets in Nigeria are thriving and it’s becoming a fast-growing business in Nigeria. The demand for foreign companies to come into the country is really high and also people with money that are willing to pay the franchise fees and every related fee to start a franchise outlet in different locations see a way through this means and start a franchise outlet in Nigeria.
Most companies open to franchising require you to pay franchising fees, get a good location already far away from another of their franchise outlets, pay for the necessary equipment required and still need you to have a sustainable amount of money left for the day to day operations of their franchise.
As one running their franchise outlet, they expect you to keep to their values and maintain the standard they already set for their business and in return, you make sales by using their names.
Since the coming of the internet, e-commerce has been experiencing growth but recently, it’s been experiencing even more rapid growth.
In Nigeria, the growth spike for e-commerce has risen enormously from e-commerce stores that perform their operations mainly on social media to those that operate solely from their websites.
Different e-commerce stores sell things ranging from foodstuffs, clothing, accessories, skincare products, electronic appliances e.t.c
Popular platforms like Shopify and big commerce are platforms used by e-commerce owners because they are easy to understand and incorporate their products’ photographs into the catalogues.
10- Haulage And Logistics Services
With the increased rate of online businesses in Nigeria, logistics services is a business that is fast growing in Nigeria.
Not just within a particular state, even those that offer services across other states are also in demand to deliver to online buyers in different states.
Logistics and haulage services include door to door delivery, state to state delivery.