Nigeria is one of the fastest-growing economies in Africa, characterized by a large and dynamic market of over 200 million people. Its business environment is challenging but rewarding, with rapid changes and intense competition.
In a rapidly changing business environment, companies that can quickly adapt to market trends and customer needs are more likely to succeed and thrive.
Additionally, some businesses can generate substantial profits in a relatively short period, making them highly lucrative. These rapidly expanding businesses are ideal for those seeking to cash in quickly or continue reaping the rewards over time.
Are you an entrepreneur or investor looking for where to invest your money to get good returns? In this article, we will explore some of the fast moving businesses in Nigeria.
Are you ready?
Let’s go.
BUSINESS THAT MOVES FAST IN NIGERIA YOU SHOULD CONSIDER
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Technology-driven businesses
Technology-driven businesses are enterprises that rely heavily on technology to drive their operations, improve efficiency, and innovate in their industry.
They are often considered fast-moving businesses due to their ability to quickly adapt to new technologies and market trends. These enterprises are known for their agility and flexibility, allowing them to stay ahead of the competition and generate substantial profits in a relatively short period.
Below are some Technology-driven businesses
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E-commerce
E-commerce is a prime example of a fast moving business in Nigeria, driven by increasing internet penetration and the adoption of mobile technology. Online shopping platforms such as Jumia, Konga, and Jiji have made it easier for consumers to purchase goods and services from the comfort of their homes. According to reports, the e-commerce market in Nigeria is projected to reach $3.3 billion by 2025, indicating significant potential for entrepreneurs and investors looking to cash in quickly or reap long-term rewards.
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Fintech
Fintech is a rapidly growing industry in Nigeria, with several startups offering innovative solutions to improve financial inclusion and access to credit. Companies such as Paystack, Flutterwave, and Carbon have disrupted traditional banking and payment systems, making it easier and more affordable for people to manage their finances. Fintech’s rapid growth and disruption of traditional finance make it a fast-moving business in Nigeria, with significant potential for entrepreneurs and investors looking to cash in quickly or reap long-term rewards.
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Agritech
Agritech is a rapidly growing industry in Nigeria, leveraging technology to improve agricultural productivity, reduce food waste, and increase food security. Startups such as Farmcrowdy, Thrive Agric, and Releaf are leading the way by using data analytics, machine learning, and blockchain technology to transform the agriculture value chain. As a result, Agritech has become a fast-moving business in Nigeria, with significant potential for entrepreneurs and investors seeking to cash in quickly or reap long-term rewards while contributing to the country’s economic growth.
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Oil and gas sector
The oil and gas sector has been a significant driver of Nigeria’s economy for decades, providing the country with substantial revenue and foreign exchange earnings. Despite facing challenges such as fluctuating oil prices, the sector remains a fast-moving business in Nigeria due to its enormous potential and the continuous exploration and production activities by both local and international companies. With the government’s support and various incentives to attract foreign investment, the oil and gas sector in Nigeria is expected to continue to be a significant contributor to the country’s economic growth and development.
Below are some opportunities available in Oil and Gas businesses
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Exploration and production
The oil and gas industry is a significant contributor to Nigeria’s economy, accounting for over 90% of its export earnings. Exploration and production companies such as Shell, Chevron, and ExxonMobil have invested heavily in Nigeria’s oil fields, creating jobs and generating revenue for the government.
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Refining and marketing
The refining and marketing of petroleum products is another fast-moving sector in Nigeria, with several companies such as Dangote Oil Refinery, NNPC, and Total Nigeria investing in new refineries and expanding their retail networks.
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Petrochemicals
The petrochemical industry is a critical component of Nigeria’s industrialization strategy, with companies such as Indorama, Dangote Petrochemicals, and Notore Chemicals investing in new plants and expanding their product portfolios.
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Telecommunications
The telecommunications industry in Nigeria has undergone significant growth and transformation in recent years, with the advent of mobile technology and the internet. With over 200 million people, Nigeria’s large population provides a vast market for telecommunications companies, and this has led to increased competition and innovation in the industry. Companies such as MTN, Airtel, and Glo have invested heavily in expanding their network coverage, improving data services, and introducing new technologies to meet the growing demand for telecommunication services. This makes the telecommunications industry a fast-moving business idea in Nigeria, with vast opportunities for entrepreneurs and investors looking to tap into this expanding market.
Below are some opportunities available in telecommunications
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Airtime and data reselling
Airtime and data reselling is a business that move fast in Nigeria, especially among low-income earners who cannot afford to purchase airtime and data in large amounts. With the widespread use of mobile devices and the increasing need for mobile data services, the demand for airtime and data reselling has increased significantly. Many small business owners in Nigeria have taken advantage of this trend by purchasing airtime and data in bulk from wholesalers and reselling them to their customers at a profit. The ease of mobile payments and the availability of online platforms for purchasing airtime and data have made it even easier for entrepreneurs to start this business. As a result, airtime and data reselling have become a fast-moving business idea in Nigeria, providing a source of income for many people and creating opportunities for entrepreneurs and investors.
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Phone accessories business
The phone accessories business is a business that move fast in Nigeria due to the widespread use of mobile devices in the country. The demand for phone accessories such as chargers, earphones, phone cases, screen protectors, and also phone customization has increased significantly.
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Phone repairs
The Nigerian market for smartphone repairs is constantly in demand, as many adults rely heavily on their mobile phones and frequently upgrade to newer models. This makes it a lucrative market to explore for anyone interested in starting a phone repair business.
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Poultry farming business
The poultry farming business is a fast-moving business idea in Nigeria due to the high demand for poultry products such as eggs and meat. Additionally, the Nigerian government has implemented policies to promote agriculture, including poultry farming, as a means of creating employment and reducing the country’s reliance on imported food products. As a result, there are several opportunities for entrepreneurs to invest in the poultry farming industry and meet the demand for poultry products. Furthermore, advancements in technology have made it easier to manage poultry farms and improve productivity, making it a viable and profitable business idea in Nigeria.
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Palm oil business
The palm oil business is a business that move fast in Nigeria due to the country’s favorable climate for palm oil production and the high demand for the product. Palm oil is an essential ingredient in several food products and is also used in cosmetics and household goods. Nigeria is one of the largest producers of palm oil in the world, and the government has implemented policies to promote the development of the palm oil industry.
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Laundry business
Many Nigerians have a very busy lifestyle these days and this has increased the growing demand for convenient and affordable laundry services.
The laundry business is relatively easy to start and requires low capital investment, making it an accessible business idea for aspiring entrepreneurs. Also, advancements in technology have made it easier to manage laundry businesses and provide quality services to customers.
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Real estate business
The country’s growing population and urbanization have made real estate a fast-moving business idea in Nigeria. As more people move to cities in search of better opportunities, the demand for housing and commercial properties increases. The real estate industry in Nigeria has seen significant growth in recent years, with the development of new housing and commercial projects.
Real estate business ideas in Nigeria include property development, property management, real estate consultancy, property flipping, real estate investment trusts, and real estate crowdfunding. Other opportunities in the real estate industry include land speculation, real estate marketing, real estate agency, and property valuation. With the right strategy and knowledge of the market, entrepreneurs can leverage the growing demand for real estate in Nigeria to build profitable and sustainable businesses.
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Boutique or selling Okrika clothes
The boutique business is considered one of the to businesses that move fast in Nigeria because of the high demand for fashionable clothing, footwear, and accessories. Nigerians, particularly in urban areas, are becoming more fashion-conscious and willing to spend money on trendy and stylish apparel. The profitability of a boutique business in Nigeria depends on several factors, such as location, product offerings, and marketing strategies.
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Photo and video studio
Recently, the demand for professional photography and videography services has continued to increase. With the rise of social media and the need for quality visual content, individuals and businesses are seeking out photographers and videographers for events, product launches, and online marketing. This presents a lucrative opportunity for entrepreneurs to establish their own studios and offer high-quality services to meet the growing demand.
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Salon business
Looking good is an important part of life, and this is especially true for women who are always looking for ways to enhance their appearance and attract attention. Hair is a significant aspect of one’s beauty, and women, in particular, are very passionate about their hair. In Nigeria, hairdressing is a fast-moving business idea that brings in instant revenue.
Salons are essential in providing professional hair care services that cater to the specific needs of different hair types. With the increasing demand for quality hair care services, starting a salon can be a lucrative venture in Nigeria. However, success in the hairdressing business requires a keen eye for trends, a passion for the beauty industry, and excellent customer service skills.
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Freelancing
Freelancing is a lucrative and flexible way to sell your skills and services to clients online. With the rise of digital platforms, it has become easier than ever to advertise your services and attract potential clients. However, it is important to research and chooses a reliable platform to ensure a steady stream of work and avoid scams. Whether you are a writer, graphic designer, programmer, or any other skilled professional, freelancing offers the opportunity to work from anywhere and earn a good income while doing what you love.
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Affiliate marketing
Affiliate marketing is a profitable business that can generate quick income. In Nigeria, there are various affiliate marketing programs available such as Jumia, Konga, Payporte, and more.
To succeed in affiliate marketing, you need to promote products to potential buyers, and you’ll earn a commission for every purchase they make through your unique referral link.
This business idea is perfect for website owners or influencers, who can leverage their audience and earn more from their commissions. It’s a low-risk and low-capital business that can yield high returns with the right strategies and tactics.
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Interior decor
The interior decor business is a fast moving industry in Nigeria as more people are becoming interested in creating aesthetically pleasing and comfortable living spaces. With the increasing popularity of home renovation shows and social media platforms like Pinterest and Instagram, people are constantly searching for inspiration and ideas to improve their living spaces. As a result, interior decor businesses are thriving, with a wide range of opportunities available including home styling, furniture design, and home accessories. The demand for these services is not limited to residential spaces only, as commercial spaces such as offices, restaurants, and hotels also require interior decor services.
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Catering business
There is high demand for food services for events such as weddings, birthdays, corporate events, and other social gatherings. With a growing middle class and busy lifestyles, people tend to outsource catering services to save time and ensure quality meals. Additionally, the rise of online food delivery platforms and the increasing popularity of food trucks and pop-up restaurants have further fueled the growth of the catering industry in Nigeria.
Conclusion
Nigeria is a country filled with numerous business opportunities that move fast. The 12 businesses discussed in this article are just a few of the many options available to entrepreneurs and investors. By conducting thorough research, leveraging technology, building partnerships, investing in talent development, diversifying their portfolios, and adapting to the ever-changing market trends, business owners in Nigeria can achieve success and create value for themselves and society. With hard work, dedication, and a strong entrepreneurial spirit, the possibilities for growth and profitability in Nigeria’s fast-moving business landscape are endless.
I wish you the best in your business journey.
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