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Top 20 profitable fast-growing business in Nigeria

Fast-growing business in Nigeria - The light bulb is on the ground. There is a little bit of soil inside the light bulb, from which is growing the plant.
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Are you an intending entrepreneur looking for a fast-growing business in Nigeria to startup? Are you tired of that job and are looking for a business opportunity to make cool money from?

Then you are in the right place. Before I go further, you must understand that not all profitable businesses are fast-growing. It is one thing for a business to be profitable and is another thing for it to have a fast growth rate.

Some businesses are profitable but slow in growing, while they are others that are both profitable and fast in growing.

1. Oil and Gas business

Oil and gas isn’t just a profitable business in Nigeria, but equally a fast-growing one.

Let’s look at these estimates, 95% of homes in urban areas use either gas or kerosene for cooking.

We have more than 10 million registered vehicles in Nigeria.

Most of these vehicles run on petrol.

Nigerians spend $14 billion yearly on generators and fuels to support their businesses (statistics given by Nairametrics).

From these estimates, we could see that a great percentage of Nigerians depend on this industry for the fulfilment of their daily tasks.

Its huge marketplace is on a constant expansion.

However, this business is capital intensive.

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That is, for one to start up this business, one must be wealthy.

An average man can also collect a loan to start up this business.

The business opportunities provided by this sector are:

  • Establishment of filling stations
  • Sale of kerosene, gas or diesel
  • Exportation of petroleum products

2. Fast food outlets

To start a business of this kind, the most important factor to note is location.

Being one of the fast-growing business in Nigeria an opportunities in the urban areas, it thrives more in school areas, office areas, and busy streets.

This kind of business does not grow speedily in rural areas and enclosed environments.

In schools, food like noodles and fried food sells very fast.

The students are well known to prefer them to regular food.

To spice up this business, you could include beverages, fruits juice or non-carbonated drinks like zobo.

As your customer base increases, you can include logistic services to ensure optimal delivery of your packages to your customers.

Including this service into your fast food business will boost your sales.

To ensure continuity of this business in this modern age, you must maintain an online presence, especially on Instagram.

Instagram is the best advertising platform for small businesses.

3. Poultry farming

Poultry farming isn’t restrict to any particular region or state in Nigeria.

All tribes are known for consuming either chicken or its product.

It is one of the fastest-growing businesses in the agricultural sector with a value of N 1.2 trillion.

Poultry farming provides three business opportunities which are:

  • Sales of chicken
  • Sales of eggs
  • And sales of chicken dung to farmers

Private individuals, companies, hotels, and restaurants are in great demand for eggs and chickens.

To hit it big in this business, you must start with at least a thousand chicks.

Although it can be stressful to cater to them at that early stage.

Then, you can write proposals to hotels and restaurants telling them you are into poultry and would like to be supplying healthy chickens to them.

So imagine if at least five of these hostels agree to be buying chickens or eggs from you.

You can imagine how much you will make a month.

You can also sell eggs to market traders at wholesale price.

The good thing about this business is that even its waste is profitable.

Chicken dungs is using as manures for farms.

Farmers are always in need of it as some prefer it to inorganic fertilisers.

4. Catfish farming

Catfish farming is said to be the fastest-growing business amidst other fish farming in Southern Nigeria.

And catfish is easier to rear than tilapia.

Its unique taste gives it an added advantage.

Unlike poultry farming, this business is more prevalent in South-Eastern and Western Nigeria.

People from this region love making soup with it.

Restaurants and hotels in this region equally demand it.

Also, catfish farming requires less capital to start up than poultry farming.

Catfish seedlings are cheaper, and they don’t require as much care as chicks.

N100,000 is enough to start a business of a moderate catfish farm.

Its flexibility and easiness in maintenance make it one of the best business outlets for housewives in the southern regions, a fast-growing business in Nigeria.

5. Sachet water production and Rental

Sachet water production is a business that moves fast in Nigeria.

Nigeria, as we well know, is very hot due to its location in the equator.

This increases the rate at which Nigerians consume water.

Most Nigerians consume more of sachet water because of the trust they have for it.

This led to Nigerians calling sachet water “pure water”.

According to statistics, Nigeria generates N7 billion from sachet water yearly.

Although starting up a sachet water production company could be a bit expensive, it can be very rewarding.

Retail sales of sachet water is a small business in Nigeria with low capital.

The thing people don’t know about this business is that there are 100% profit returns.

For instance, if you buy sachet water worth N1000.

After selling it, you can make N2000 or above.

“How is that possible?” you may ask.

In most urban areas, a bag of sachet water is being sold N90 or ₦100 by companies.

Then the retailers sell each for N10, which amounts to ₦200 per bag.

In rural areas, where the company supplies retailers for the sum of N70.

The retailers sell each sachet for N10 and three for N20.

In the end, you will get N140 or above for each bag.

From the calculations above, you could see that this is a business worth venturing in one more thing.

As a sachet water producer, you must get certified by NAFDAC and CAC before starting production.

6. ICT / E-services

Information Communication Technology is a broad sector that provides numerous digital business opportunities in Nigeria and across the globe.

Presently, we are experiencing a mass shift of jobs from offline outlets to online outlets.

This resulted in the loss of offline jobs and creation of online jobs.

Simply stated, ICT is known to be one of the greatest creators of jobs.

Due to digitalisation, digitals skills and e-services are in great demand fast-growing business in Nigeria.

What types of ICT business or e-services are known to be profitable with a high growth rate?

This maybe your question.

Here are the fastest-growing businesses enabled by ICT:

  • Digital marketing
  • Online retails
  • Affiliate marketing
  • SEO specialist
  • Web designing and maintenance
  • Graphic designing and animations
  • Technical skills like cybersecurity and many more.

These ICT businesses do not face the uncertainties of extinction, like offline businesses or occupations.

Currently, most firms and businesses maintain an online presence which is managed by a specialist.

As the years go by, the marketplace for ICT businesses increases.

7. Cyber Café

Do you live in a school environment or close to it?

Do you live in a work environment?

Then, setting up a cafe can be one of your best decisions.

Cyber café is also one of the fastest-growing businesses in school and work environments.

It is among the ICT enabled business opportunities.

Cybercafés provide services like:

  • Facilitation of online payment transactions
  • Photocopying and binding of documents
  • Provision of strong network services
  • Typing, editing and maintenance of document files
  • Provision of internet aids to customers

To start up a cafe, you must need at least four computers, a big generator, chairs, tables and space.

The average amount to start a business of a cyber cafe is between five hundred thousand to three million naira.

You can lease the equipment if you don’t have enough money to buy them.

8. Bakery (Bread)

This industry provides various business opportunities, in which bread baking tops as the fast-growing business in Nigeria amongst the rest.

It is around 70% of Nigerians eat bread daily.

Most of us in our homes, breakfast is usually bread and tea.

This is why in every corner of a town, you must see someone selling bread.

Although there are many players in the business, you can still penetrate the market.

Nigerians never get enough of eating bread.

To start up a bread bakery, you need about N500,000 to N6,000,000 depending on the size and scale in which you want to operate.

9. Outsourced bus service

The transport sector is insatiable.

People and goods must move from one place to another.

Amongst the various transport business opportunities, outsourced bus service has been considered one of the best.

Outsourced bus service involves providing transport services to corporate organisations and firms.

If you already have cars and buses parking in your house, and you are thinking of giving them out.

This business idea can be your solution.

The next question is, how does it work?

Get your pen and draft out a proposal and send it to corporate organisations like schools and offices indicating your interest.

It can be to be transporting their workers from their homes to the offices and back to their homes.

Most of these offices and schools do not have enough money to buy buses to transport their workers and students.

So they normally source transport services.

You can work on a contract basis.

Imagine five offices or schools agreeing to hire your service.

Do you know how much you will make from it?

You can now see sense in the business.

10. Haulage and logistic services

Though similar to outsourced bus service, it operates on a different concept.

In this business, you don’t transport human beings, but goods and products.

In Nigeria, people must transport goods.

Either from the production site to the marketplace or from the marketplace to customers’ destination.

The advent of online stores and delivery services has made the logistics business a highly profitable one.

According to statistics, the haulage and logistic service is a billion-dollar business in Nigeria.

Dangote, the richest man in Africa, is into haulage services.

This is to tell you how insatiable the market is.

What can be transport?

Almost everything can transport with the service.They are:

  • Petroleum products like kerosene, petrol, diesel, and so on
  • Raw materials from farms to their production site
  • Finished goods including consumer and industrial goods
  • Delivery of small items like fashion items, cosmetics and household items.

No production and online marketplace that can do without this service.

This is why the transportation sector is being tag as one of the fast-growing business in Nigeria.

11. Laundering business

Are you looking for a small business with low capital in Nigeria, which is also a fast-growing business?

The laundering business can be your ideal choice.

It has around, or more than 50% of Nigerians live in urban areas.

Most people in urban areas, because of their tight work schedules, don’t have time for their laundry.

They are usually opt-in for the services of a laundromat.

Laundry is a business that you can do in your house.

If you don’t have enough money to hire a space, you can use the space in your home.

The initial cost is not high, and you can break even in your first year of operation.

The basis is just knowing how to wash and iron very well.

Your packaging should neatly done.

You will then see customers rushing over to your place.

12. Tutoring

Are you without a hard skill and is desperately looking for a business to start?

Are you a subject guru and you are broke?

Tutoring can be your answer.

Millions of Nigerians sit for different kinds of exam yearly.

About half of these prospects opt-in for private tutors to be better prepared.

You can open a tutoring centre on one of the following:

  • WAEC
  • NECO
  • JAMB
  • TOEFL
  • IETLS, and so on.

Tutoring is not hard to start.

You can carry it out in your apartment if you have a large space.

You can talk to a school to permit you to use their classroom facilities during the weekends.

This is if you don’t have enough money to get a space.

The success stories of your students will be your greatest marketing tool.

13. Rice farming

Rice is the single most consumed grain in Nigeria.

The agricultural sector, as we all know, provides various business opportunities.

Rice farming has become a lucrative business in Nigeria.

The good thing about this business is that you can easily get loans at a low-interest rate.

The establishment of agricultural banks has made access to loans very easy.

According to statistics, Nigerians consume almost 7 tons of rice yearly.

Don’t people like local rice?

Who told you people don’t like local rice.

Just say people don’t really like rice filled with stones.

If you can cultivate your rice and effectively remove the dirt and stones, you will make great sales.

Look at Ebonyi state farmers.

They are making cool money form their rice cultivation.

14. Non-carbonated drinks production

Amidst the several business opportunities offered by the beverage industry, non-carbonated drinks production is a thriving business.

The increase in cancer cases has made people shift to the consumption of non-carbonated drinks.

Recently, medical specialists have advised Nigerians to avoid excessive intake of carbonated drinks.

Non-carbonated drinks can be produced locally at home if there is not enough money to start up a company.

Example of non-carbonated drinks are:

  • Fruit juices (orange, strawberry, lemonade, apple, etc.)
  • Local drinks (zobo)
  • Unsweetened and sweetened tea

With a juice maker, you can start small scale production.

Both in urban and rural towns, fruits juices are in high demand.

Hostels and restaurants now sell fruits juice.

Even zobo is making wave now.

We now have packaged and branded zobo.

An example is Teezie zobo drink.

The key thing about this business is the packaging.

With N20,000 to N50,000, you can launch a small scale business.

You can also start a company if you are willing.

You can collect a loan if the capital isn’t sufficient.

15. Real Estate

The real estate industry is full of many business opportunities.

This has earned it the 5th largest contributor to the GDP of Nigeria.

It is known to be one of the longest-standing industries.

Also, one of the best fastest growing businesses.

However, it is also known as the business of the rich, due to its huge startup cost.

The types of business opportunities offered by this sector include:

  • Real estate brokerage consulting companies
  • Being a real estate agent
  • Being a landlord

Amongst the following, being a landlord is considered the most profitable.

As a landlord, you have building occupied by people.

It could be residential buildings or commercial buildings.

Your occupants pay a specific amount of money to you monthly or yearly depending on the lease agreement.

This is one of the ways of building a passive income.

How do I start?

In any aspect of the real estate, you need first to consult a legal practitioner, especially one conversant in real estate matters.

Then, the certification and documentation follow.

16. Fashion designing

The fashion and designing industry has birthed numerous business opportunities.

It is a very profitable industry.

The fashion industry is known to contribute about $4.7 billion yearly to Nigeria.

Undoubtedly, fashion and designing are considered one of the fastest-growing business in Nigeria.

Business opportunities in the fashion and designing world include:

  • Shoe designing
  • Tailoring and cloth designing
  • Jewellery making
  • Fashion accessories production like; sunshades, watches, and so on.

You can decide to specialise in any of them or combine them.

Either way is good and profitable a fast-growing business in Nigeria.

In the fashion world, what counts more is your originality and creativity.

Both of these soft skills will help you build a name or brand that can make way for you.

It is not expensive to venture in the fashion business.

The scale and size of the business normally determine the initial setup cost.

For small scale size, you can start up with N100,000.

You can start from your home if you don’t have enough money to rent a space.

As your customer base increases, you can then get a shop.

If you want to succeed very fast in this business, you must maintain an active online presence.

We will now be looking at untapped fast-growing business opportunities in Nigeria.

If you are the kind of person, who doesn’t like much competition in business, one of these could be your best business option.

17. Snail farming

Snail farming is one of the emerging business opportunities in Nigeria.

It is thriving in Nigeria at the moment because it has been abandon.

Do you know that you can make almost N100,000 monthly from snail farming?

Unlike poultry and catfish farming, it is very cheap to start up.

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You can start with rearing the snails at your backyard.

Its high protein content is currently increasing its market demand.

Unlike poultry and catfish, snail produces very fast.

They are hermaphrodite (having both male and female organs).

If you want to go into snail framing, you must note these three species of snails; Achatina Fuliac, Achatina Achatina and Archachatina Marginata.

These are the three most commonly sold species of snails.

Snail has now joined the list of African meat that is high in demand by African restaurants in foreign nations.

You can decide to be exporting dried snail meat it’s a fast-growing business in Nigeria.

18. Waste management

Do you know you can make N500,000 monthly just from collecting waste, and supplying waste polythene, metal and plastics to recycling factories in Nigeria?

Waste management is an untapped business in Nigeria.

Most Nigerians see it as a dirty job, not knowing that there is money in it.

Because of pride and egotism, most Nigerians find the business dirty.

Not all government jobs can pay as high as the business of waste management does.

In one of the articles in the daily newspaper, a recycling company in Nigeria in making about $65 million just from exporting metallic waste to foreign countries where the metals is utilise in manufacturing for ship engines, cars, and so on.

You don’t need to be surprised.

Sometimes we need to look deeper to see the hidden treasures laying bare around us.

Let’s do this simple calculation.

A kilo of polythene waste sells between N50 to N65 in Nigeria.

If you can supply 10 kilos per day for 30 days, that is N50 x 30days x 100 kilos = N150,000.

You will be getting N150,000 just from polythene bags.

Metal and plastic waste are even higher.

A kilo of metal waste sells for about N80 to N100 per kilogram.

If you now are able to supply a 100 kilograms of both metal, plastic and polythene waste per month, you will be making good money.

This is minus the collection fee for waste disposal you will constantly collect from each house daily.

19. Drop shipping

The name sounds strange, right?

It is one of the untapped business in Nigeria.

What is it all about?

Drop shipping is simply a supply chain management scheme, where a retailer decides to be the middle man between the buyer and the manufacturer or wholesaler.

In this case, the retailer does not keep stocks of goods.

He or she only publicises products on an online platform, get the order and send them to the manufacturer or wholesaler with the shipping details.

How do I start? Firstly, find a niche.

Do you want to be selling clothes, shoes, or household items?

Secondly, secure drop shipping suppliers (it could be a manufacturer or wholesaler).

Thirdly, master the use of online platforms for marketing.

Lastly, strategise how your profit will be.

If you are wondering about where you can get reputable drop shipping suppliers, you can check:

  • AliExpress
  • Alibaba
  • Oberio
  • Shopify

These are online sites with great dropshipping suppliers.

One important secret about this business is, “never tell your buyers where you get your products from”.

You can use your private label, instead of the manufacturer’s label.

20. Solar energy installation and Rentals

Electricity irregularities is not a new issue in Nigeria.

Most households and business greatly depend on generators for their daily power supply.

Due to the adverse effects of monoxide, which generators emit, many homes are switching over to solar energy.

It is still an emerging business in Nigeria.

It does not have many players in it yet.

Most solar energy retailers in Nigeria are also into the installation.

Conclusion

Some of these businesses highlighted above to give you more money than paid employment.

In this 21st century, the surest way to build wealth is through business.

Paid jobs have failed us.

The very good thing about business is that your children can inherit it from you.

It can be sustainer beyond your generation.

Published by Gbemisola

Gbemisola is an enthusiastic freelance writer. She has written hundreds of articles ranging from business and technical articles to affiliate articles. She’s also a digital marketer with experience in social media marketing, advertising and search engine optimization. Her aim is to see your business come to limelight through content creation and advertisement.