Nigeria, an African country on the Gulf of Guinea, has tremendous business opportunities for its residents. A business, whether big or small, always originates from an idea. In this pandemic era, people are losing jobs and businesses like never before. Freelancing, for which Nigeria is well-known, is the only way of earning that is flourishing at the moment. However, if you are still thinking of beginning your business in Nigeria but are confused, then this article is meant for you. You can start any business from this list according to your financial budget and resources.
Five lucrative and fastest-growing business Ideas in Nigeria
In this article, we draft the top 5 fastest growing business ideas. You may choose any business according to your financial capability. Some of them require very little start-up and can be grown over by any profit-oriented entrepreneur. All you need to do is to direct your skills and talents in the right manner.
The hotel business is one of the fastest money-making opportunities in Nigeria. You could earn thousands of bucks overnight in this business. Most hotels charge 8,000 to 15,000 bucks per night. The hotel business is a profitable business that has a lot of potential and is fastest-growing as well.
Initially, you could invest in a small scale hotel with 10-15 suites. Gradually, you would see your money multiplying in the business. Nigerians are people with a vibrant nature. They prefer to move out for weekend getaways. The success of this business idea is proven by the fact that many hotels see vast expansion. Due to this, other individuals enter into the business and reap the benefits of it.
Oil and Gas business Ideas
Vast deposits of oil bless the land of Nigeria. Due to this, Nigerians, as well as the foreigners, receive several business opportunities. It is one of the fastest-growing businesses in Nigeria. Countless gas and petrol filling stations are seen everywhere in Nigeria today. The oil and gas business ideas include supplying diesel and distribution of kerosene or owning a petrol filling station. Petroleum product marketing generates millions for the people of Nigeria.
Crude oil was the primary source of income for the Nigerians post the colonial era as well. But then it was accessible to the colonial Masters only. Pay heed to the amount of wealth generated in crude oil, who knows you could be a millionaire in the future!
You could generate dollars by practicing this profession. The business is possible either by opening up your registered petrol station or by practicing some other ways. The latter does not require the construction of a filling station. The former is financially demanding as it requires buying land and transforming it into a filling station. You can be successful by escaping the competition and choosing an ideal location.
Haulage business intentions
Haulage and outsourcing is a fast-growing business in Nigeria. The business model outlines the transportation structure of the region. Increased profits can be earned with this business because every sector needs transportation facilities. You can earn 20,000 to 2,00,000 bucks per trip in this business.
Due to degraded rail transport, the demand for road transport is high. Many companies, organizations, and various sectors outsource their transportation services.
If your reason for not indulging in this business is the lack of a vehicle, then this is not the problem. You may procure one easily on loan, and in most cases, with zero collateral. The primary type of haulage is the petroleum product haulage. So start your business and do the required marketing to gain millions of dollars in a few times.
Poultry business idea
This fast-growing business yields heightened profits. It allures even outsiders to invest. FU Guangming, one of the wealthiest farmers in the world, has generated a net worth of $ 1.5 billion from this business. You could initiate this business depending upon your budget.
Nigeria, with a population of more than 150 million people, facilitates this business. Even if you start with 1000 birds and manage your poultry farm properly, you would be generating millions quickly. You could opt for this business option and can start it with a low start-up as well.
Pure water production business
This business is one of the most profitable businesses, especially if you could handle it with professionalism. The reason being millions of packaged sachets and water bottles are dispensed every day in Nigeria. People consume this water owing to the belief that this is the purest form of water.
The high demand for water bottles facilitates higher profits without even marketing about the business. To begin this capital-intensive business, you need a large piece of land in a hygienic location. A competent Labour force, water production machines, and a registration with NAFDAC and CAC are also required. You must always ensure hygiene and neatness in this business. After the establishment, your brand gets known extensively, even without spending efforts and time on brand awareness. Invest your resources and funds in this business, and you could be obtaining millions quickly!
Nigeria is a country with lots of business opportunities. But, if you are planning for your financial freedom, then you need to know that you cannot get rich overnight. The path to financial stability is full of obstacles. Each obstacle has a treasure hidden for you, which would help you in increasing your business.