Being Nigerian at this moment is quite a demanding task. The Giant of Africa is passing through some hard-bitting economic downtime. Jobs are lost, companies are packing up and the percentage of young graduates without jobs is on the rise
Starting a personal business looks like the only way out of these severe financial instabilities. Apart from having a population of 200 million, do all businesses make a profit and move fast in Nigeria?
This is a good question to ask before you start up any business in today’s Nigeria. And this article strategically looks into it and provides the best actionable answer on the fastest to the fast-moving businesses you’ll find on the internet today.
Here is The List of Fast-moving Businesses You Can Start Today in Nigeria
If you’re a Nigerian and have not started any form of transportation business, then it is right to say that you’re missing out on the bucks
With the likes of Bolt and Uber attaining rapid growth in Nigeria, it is noteworthy to say that they render an essential service in Nigeria, and the industry is fastly rewarding their efforts.
You can benefit from this industry by investing in transport services such as taxis, ride-hailing services, or mass transit systems to provide daily transportation solutions to millions of Nigerians.
2. Pharmaceutical Store
Health has always been wealth and that’s why the queue in the drug store is repetitive. Drug vendors make a good fortune selling drugs to sick people. This is one of the unfailing businesses in the country right now and will continue to be as long as people still fall sick.
If you have all it takes, you may want to own one.
3. Grocery Store
Regardless of how hard the economy is biting, Nigerians must buy foodstuffs from a grocery store for survival. They’ll need to feed to avoid spending a fortune in the hospital.
Owning a grocery store in a busy place in Nigeria is the easiest way to smile at your bank, the only thing you need to do is stock up your store.
4. Point of Sales (POS) Business
A good number of Nigerians are tired of the stress experienced when they visit their banks. This has given a chance to the POS vendors whose financial services seem to be faster and stress-free.
And it has become the wave of the moment and one of the easiest businesses to start today in Nigeria.
No nation survives without any form of investment in agriculture, which is one of the most lucrative businesses in Nigeria. You can invest in the following sections of agriculture if you want to make some quick money.
Poultry Farming: This business is putting food on the table of some Nigerian masses. It is as widespread as bringing in foreign investors to come and invest in Nigeria.
And why not, in a country of more than 200 million people, what would you expect? A lot of rewards come from starting and then properly managing your birds in such a way that the harvest will be massive
Cassava Production: If you are in Nigeria today, you would agree that “Garri” is one of the most sold items when it comes to consumption in Nigeria.
For this reason, a lot of farmers and investors are concentrating on cassava products, since the market is broad, with a high in-demand commodity.
Snail Rearing: If you are looking to start with a small capital and watch it grow, then snail farming is one of the businesses you should start. There is not much competition in this field as people consider it a slow-income business.
But that’s not the fact, snail farming is a big deal as the demand is very high across the country. A lot of restaurants and hotels have included garnished snails in their cuisines and the acceptance is good.
Rice Farming: Nigerians are known to be one of the highest consumers of rice, a good amount of dollars goes into importing this product annually from Thailand & China. The farmers in Nigeria are incapacitated, with poor funding and limited knowledge. Hence they are not able to meet the demand.
Investing in this agricultural business means you’ll be getting a chunk of these dollars in return
6. Waste Management
Waste management is one of the most underrated businesses in Nigeria, but the fact remains that it is lucrative and moves fast. To help you understand, think of the number of times you’ll have to pay the garbage man in a month.
Then compare that to the number of persons that uses his services in a whole month, That’s cool bucks. Furthermore, you can invest in waste collection, recycling, or waste-to-energy projects to provide a solution to the country’s waste management problem.
7. Production of Sachet Water (Pure Water)
Water is a global saleable commodity, and the case is not different in the West African country. The pure water brand has made water available to us on the go.
Whether you are traveling or walking on the street, the pure water brand is the first thing that comes to your mind each time you’re thirsty.
The demand even gets higher during the dry season, This shows it’s a very good investment to start in the country today.
8. Laundry Service
A lot of people are occupied with several activities and do not have time to wash their outfits, their only way out is using a laundry service provider.
These laundry men charge a decent amount of money to clean up our wardrobes. It is even easier to do these days, a lot of the tasks can now be done with the washing machine. You may want to look this way if you want a fast-moving business idea.
Anyone who missed the table time at home stops by the restaurant to refill. Running a restaurant is an age-long fast-moving business and is still booming.
If you can make good dishes, running a restaurant is a sure way to make fast money in Nigeria
10. Skit Making
If you’re a Nigerian living in the country, you can’t argue the fact that the media and entertainment industry in Nigeria is one of the fastest-selling products in the country right now.
Skit makers are the new oil workers and the list continues, if you have what it takes, starting up an entertainment outfit is a way to go The growth is very fast and you’ll be sure that making money is certain from the media business.
You can roll out a video graphics firm or create an agency that manages talent.
11. Real Estate/Landed Property
As the population of Nigerians grows, the need for houses grows too, people are renting both commercial and residential on a regular basis.
Investing in real estate may not be one of the fastest-moving investment strategies in Nigeria but you are very sure of a lucrative return as time goes on
12. Hospitality and Tourism
Owning a resort or hotel in Nigeria is a huge one. Since the country is a popular tourist destination, the hospitality and tourism industry is experiencing fast growth.
You may want to invest in hotels, resorts, or tour companies to stand a chance of earning from this growing number of tourists visiting the country.
If you have what it takes, diving into the education sector is another lucrative business Idea in 2023. The need for training young Nigerians grows as the population grows, and the demand for quality education is on the rise.
Building a school with visible quality can help anyone make as much as they wish since the demand is always high.
Is Nigeria a Good Country to Start a Business?
Yes, Nigeria is a good country to start a business, as it has a large population, abundant natural resources, and a growing economy.
However, those that want to start a business must be prepared to navigate the challenges of doing business in Nigeria, such as poor infrastructure and a level of corruption.
What Can I Do to Legally Start a Business in Nigeria?
The legal requirements for starting a business in Nigeria include registering the business with the Corporate Affairs Commission (CAC), obtaining necessary permits and licenses, and registering for tax purposes.
Business starters should consult with legal professionals to ensure compliance with all relevant laws and regulations.
How Can I Finance My Business in Nigeria?
If you don’t have all it takes to outrightly finance your business idea, there are various sources to get you started, such as personal savings, loans from banks or microfinance institutions. But you need to have a solid business plan and financial projections to attract financing.
Nigeria is a land of opportunities, and entrepreneurs who are willing to take risks can make fortunes in various industries.
This blog post has discussed the top 13 most lucrative businesses in Nigeria right now, including agriculture, transportation, laundry service, grocery store, and restaurant.
However, starting a business in Nigeria comes with its challenges, and you must be prepared to navigate them. With the right strategy, funding, and perseverance, you can build successful businesses in Nigeria and contribute to the country’s economic growth.
Obinna Kenneth is a Tech enthusiast who is keen to keep tech lovers informed on various apps, gadgets, and systems. He also writes about other niches professionally, including gaming and the like.