Any business whether big or small originates from an idea. In this pandemic era, most companies are laying off jobs and businesses like never before. However, if you are still thinking of 5 fastest growing business niche to start in Nigeria, then this article is meant for you. You can start any business from this list according to your financial capability. Some of them may require very little startup capital (Read our 5 ways to raise business capital in Nigeria 2021) and can be grown over by any profit oriented entrepreneur.
5 fastest growing business niche to start in Nigeria
1. Hotel Business
2. Oil and Gas
4. Livestock farming
5. Pure water business
Hotel business is one of the 5 fastest growing business niche to start in Nigeria, you can earn thousands of naira overnight in this business.
For a start, you can invest in a small scale hotel of 10 to 15 suites and gradually, you will see your money multiplying in the business. Nigerians are people with a vibrant nature.
Oil and Gas business Ideas
Nigeria is blessed with a Vast deposits of oil and this has attracted not just the foreigners but Nigerians into this sector and has made it one of the fastest-growing businesses niche in Nigeria. The busyness ideas include supplying diesel and distribution of kerosene or owning a petrol filling station.
You can generate millions of dollars by investing in this business sector and by escaping the competition and choosing an ideal location.
Outsourcing is also one of the 5 fastest growing business niche to start in Nigeria. This business model outlines the transportation structure of the region and due to degraded rail transportation in Nigeria, the demand for road transport is high and most companies, organizations and various sectors outsource their transportation services.
This business yields high profits and attracts both foreigners to invest in it. According to data gathered, one of the wealthiest farmers in the world FU Guangming has generated a net worth of $ 1.5 billion from this business. And Nigeria, with a population of more than 200 million people, facilitates this business.
You can start this business with a low start-up capital as well.
Pure water production business
This business is one of the most profitable business niche in Nigeria and People consume this pure water owing to the belief that it is the purest form of water.
To begin this capital-intensive business, you need a large piece of land in a good and hygienic location, Labour force, water production machines and a registration with NAFDAC and CAC.
Nigeria is blessed with lots of business opportunities. But, you need to know that you cannot get rich overnight as the path to financial stability is full of obstacles and each obstacle has a treasure hidden for you.