There are businesses that thrive in particular locations because of the demands and resources available. It is important you find what the fast-moving businesses in a particular area are before you start on such businesses.
In this post, we will discuss the fastest moving businesses in Nigeria. Some of these businesses can be started with very little capital. Read on below:
Fast Moving Businesses in Nigeria You Should Consider
Cosmetics Production Business
The cosmetics industry is fast growing. The cosmetic industry ranges from makeup products to skincare and hair care. If you love beauty and fashion, then you should consider going into the cosmetics business. However, you must be willing to do some research or even get trained before you go into this business. Whether you want to go into production or just sales of these products, there is still a need for adequate research. As time goes on, you will also need to learn new things about the cosmetics industry that will keep you innovative and forward-thinking in the industry.
Oil and Gas Businesses
It is safe to say the whole world depends on the oil and gas industry in some way. It is such a global product, so it is not surprising that it makes the list of fast-moving businesses in Nigeria. Oil and gas top the list of most lucrative businesses in Nigeria and will still dominate for years to come.
On the domestic level, households depend on gas or kerosene to cook. People need fuel to move around in private cars or public vehicles. People also rely on fuel to power their generators because of the poor electricity supply in Nigeria. Almost all sectors of the economy rely on oil and gas. What is good about this is that Nigeria is blessed with an abundance of it. Anyone who taps into this business will be making huge profits.
Below are opportunities available in the oil and gas sector
This is one of the most lucrative aspects of oil and gas business. However, you will need a huge capital to get into this. Oil and gas distributors are the ones who bring in refined petroleum product into the country and distribute it to different sectors.
With a few millions of naira, you can start a petrol station. There are so many cars in Nigeria so you can be sure to never run out of customers. You will also be patronized by homes that need fuel for their generators.
Cooking gas business
You can look into a cooking gas business. It is one overlooked aspect of the oil and gas business. However, many who are into cooking as a business swear by its lucrativeness. You can be involved in this business by supplying cooking gas to retailers. Another route is becoming a retailer yourself and refilling gas for consumers. The cooking gas business also does not require much capital. You can start small and grow bigger.
Many Nigerians still depend on kerosene to cook. Even those who have cooking gas still have stoves as a backup plan.
Oil and Gas transportation
You can get in the business of transporting oil and gas products. All you need to do is purchase tankers that will be used in lifting petroleum products. There is also the option of fleet management where you use ships to transport oil and gas products.
These are some business opportunities in oil and gas business. Oil and gas remains one of the most lucrative businesses in Nigeria and you can be sure to turn in huge profits if you run any of these businesses well.
Agriculture is one of the fastest-growing businesses in Nigeria. Agriculture has to do with raw food, crops and animals used to feed so it never gets old and can never fade. As long as human exists in Nigeria, agriculture business will continue to thrive. This makes it a smart business to begin in Nigeria. If you want to go into the agriculture business and need capital, there are many loans or financing options available for agriculture entrepreneurs. These loans are mostly provided for by the Federal Government through its ministries such as the Ministry of Finance, Central Bank and Ministry of Agriculture.
The agriculture sector is a smart sector to begin business in also because of the effort of the Nigerian Federal Government to diversify the economy from oil. It is predicted that this will trigger more incentives for the agricultural sector. There is huge profit awaiting anyone who ventures into Agriculture business in Nigeria.
Here are some opportunities in Agriculture business:
Beef (cow meat) is a very popular meat in Nigeria. Cow milk is another treasured commodity in Nigeria. These make cattle farming one of the fastest moving businesses you will find in Nigeria.
Palm oil business
Palm oil is used in many products that you are unaware of. For example, cosmetic products such as body creams have palm oil in them. Many companies that use palm oil in manufacturing other products import it from Nigeria. If you venture into the palm oil business, you will get customers from within and outside Nigeria.
Products made from cassava such as Garri, Fufu are popularly eaten in Nigeria. This makes the cassava farming business very lucrative in Nigeria because of the products’ demand.
Chicken meat, Turkey meat and others are popular eaten among Nigerians, especially during festive seasons. Poultry farming is a fast-moving business that you can start with small capital.
This is another underrated business in Nigeria. It is another form of farming which you can consider. There are many other agriculture business ideas you can explore. All you need to do is go for one that is well within your budget and in demand in your location within Nigeria.
People will always eat so why will the food business not be counted among the fastest moving businesses in Nigeria? If you run a food business well, it will make you wealthy. It is also very easy to win loyal customers as long as your food is delicious and you have good customer service.
Other factors that determine the success of your food business are:
Finding an excellent location where customers can easily access you
Acquiring the right skills and personnel
The food business is one that thrives in every season. It is in demand every day.
Here are available opportunities in the food business:
You can apply for a franchise with big brands. This way you will be able to operate a food business under such a brand’s name. Nigerians often stay loyal to big brands, you can ride on the successes of these brands to make a name for yourself. All you need to do is find a good location in any Nigerian city and establish a fast-food franchise. Once your franchise application is approved, you can open your own fast food and make money.
You can open a local restaurant that focuses on particular dishes that appeal to a set of people. For example, you can open a “Calabar restaurant” where you serve Calabar soups such as Edika-ikong and Affang soup. This segmentation will make you stand out as people will look out for you. You can start an “amala restaurant” where you focus on amala dish with various soups. The options are limitless when it comes to opening a local restaurant.
Foreign and intercontinental restaurant
Foreign and intercontinental foods are becoming very popular in Nigeria. Foreign and intercontinental restaurant attract high worth individuals, foreigners and celebrities. Your restaurant can be a Chinese Restaurant, Italian restaurant, Indian restaurant, etc. If you do not know how to begin, you can learn these dishes from the start or partner with someone who has had enough knowledge and experience of it.
Food supply business
You can supply food to businesses, conferences, seminars, schools etc. All you need is to have good cooking skills or employ someone who does. You also need to have a good network of event planners and organizers.
Real Estate business
Unarguably, real estate business is one of the most lucrative businesses in Nigeria and all around the world. People will always need shelter. Hence, as population of Nigeria increases, real estate business will continue to boom. Below are the many opportunities available in real estate business.
Working as an agent: When working as an agent, you will help people find properties or apartments after which you charge them a fee or commission. It can also work the other way around where you help landlords find buyers for a fee.
Another way to get involved in real estate is by investing in lands so you can develop them to sell later.
The market for furniture in Nigeria is huge and its demand, high. This makes it one of the fastest moving businesses in Nigeria. People will always use furniture to sit in the sitting room, sleep in the bedroom, or in the kitchen. You can start a carpentry shop where you make well-polished furniture for various purposes. You can supply furniture to showrooms, companies, schools or individuals.
If you are not interested in starting a carpentry shop, you can source for good furniture and open a showroom where you display this furniture to sell.
The hotel business is another lucrative business in Nigeria. Nigeria is a large country and people have to move from one place to the other for business or recreational purposes. These ones will always need hotels to lodge in during their stay. To succeed in the hotel business, it is best you look for a less competitive environment so you can easily thrive. If you find yourself in a highly competitive environment, then offer better or cheaper services. In addition to the hotel business, you can have a bar, restaurant or event hall.
As mentioned earlier, people are always moving from one place to the other for business or recreational purposes. This makes transportation one of the most lucrative businesses in Nigeria. People are always moving; from home to work, or from home to church or mosque, on visitations or from city to city. With almost all of Nigerians population on the move, the transportation business is lucrative.
In the transportation business, you can start with small or big capital. You can begin with an already established transport company such as Uber, for extra income. You can then save up to get buses or keke-napep for public transportation.
Social media marketing
Social media marketing is all about using social media to find leads for businesses. The good thing about social media marketing is that you can work independently and help businesses or you can sell a product via social media.
Nigerians love fashion and dressing up to occasions. Hence, there is no way the fashion business will not make it to the list of the most lucrative businesses in Nigeria. More so, people will always wear clothes, to work, school, and religious places of worship. You can learn to make clothes yourself or employ those who would sew for you.
You can also decide to open a boutique and sell fashion items such as shoes, clothes, bags and other accessories.
Dry Cleaning business
The dry cleaning business is very lucrative, especially in the city. This is because many people are too busy to attend to their laundry needs. These ones will rather pay someone to do it for them. In this business, you will always have customers if you are in the right location.
Pure water business
Water is another commodity that humans cannot do without. Not to mention the hot weather in Nigeria, which makes pure water always in demand. Think about it, there are approximately 180 million people in Nigeria today and these ones need water! This means you will always have buyers.
This is a list of fast-moving businesses that you should consider in Nigeria.