Due to the population, Nigeria has often been called the giant of Africa. And in the early 70's, experts began to talk about the fact that this is the first country on the continent to achieve economic stability. And they were not mistaken.
10 fastest growing business in Nigeria and business opportunities
This is the next revolutionary industry in Nigeria where millionaires are currently being made. Nigerians both home and overseas are beginning to wake up to the huge potentials in Agribusiness, a sector we have been neglecting over the years due to the discovery of oil. Today the oil is running out, people are starting to look for other sectors of the economy to create wealth. Below are some of the farming in Nigeria that are seriously making profit for people now:
- Poultry Farming;
- Cassava Production;
- Snail Rearing;
- Rice Farming.
2. Making of Fruit Juice
Nigerians consume fruit juice in higher volume than a lot of other countries. That’s why companies like La Carcella and Chivita who came into the country as nobodies are now making billions of naira annually. This business in capital intensive but if you can afford it, it’s well worth it.
3. Sale of Furniture
Buying and selling of locally-make furniture is a goldmine. You don’t need to be a carpenter to do this, just arrange for regular supply from reliable carpenters while you display and sell in your showroom. This is a very big business in Nigeria, as only a few can afford imported designers.
4. Pure Water Production
Do you know how popular this product is in Nigeria and how many of it is issued daily? Though this business is capital intensive but it is worth the investment, especially if you can manage it properly with professionalism.
5. Oil and Gas Business
We are blessed and cursed by the huge oil reserves on our land, which represents some of the best business opportunities for Nigerians and foreigners. Owning a Petrol Filling Station, supplying of Diesel, and distribution of Kerosene are some the areas you can invest easily and make good money for yourself. Oil product marketing has made millions for Nigerians for years.
6. Haulage Services
The cost of taking a truck from one place to the other in Nigeria is between N20,000 to N200,000 per trip. Due to the poor rail system, most Nigerian goods are transported by road, which makes the trucking business in Nigeria viable. Petroleum products haulage and movement of goods from manufacturers and importers are the aspect of haulage in Nigeria that is very lucrative now.
7. Hotel Business
This is probably the coolest opportunity to make money in Nigeria. Invest in small scale hotel of just 10 suites and watch as the money flows in. This has nothing to do with the tourist boom of any kind: There is just something in the Nigerians system that makes this business very lucrative - Nigerians are jolly people!
8. Fast Food Eatery
Eatery business is another goldmine though poor management can kill it! If you want to do this business, make sure that everything is in order and do not forget that this is a little capital-intensive process and requires good management skills. But if you get everything right, then you can make good money.
9. Importation Of Tokunbo Spare Parts
If you are in USA, Germany, or Denmark, this business is especially good for you. Don’t just keep importing exotic cars, gather tokunbo spare parts in containers and ship it down to Nigeria. There is a huge market for used (tokunbo) spare parts in Nigeria.
10. Investing in Property
Property appreciate everyday in Nigeria. Right now, Nigeria is one the countries in the world where landed property is most expensive. If you buy land now anywhere in Lagos, you will definitely get 100% return within two years. You can buy and quickly resell and make profit. Or you buy keep and sell later.
To sum up, undertsand this: the most important thing is that you do something with your money instead of keeping it in the bank where the bank will use it for business and give you little or nothing.
READ ALSO: Sectors of the Nigerian economy