Fastest growing small business opportunities in Nigeria for 2017
Nigeria is one country in the world that is blessed with abundance of resource. While there are untapped business opportunities in every industry, here is just a few out the fastest growing business opportunities in Nigeria. A lot of people are thinking of starting business, but don’t know the exact business to venture into.
A lot of things have been said about Nigeria and the harsh business terrain. But this is my take about starting or doing business in Nigeria. If you are an experienced serial entrepreneur or an entrepreneur with guts; then you should know that one of the best places to invest your money and build a business is in a developing terrain.
Nigeria is a developing country and one of the best places to invest or build a business is in a developing environment. Though the risk is high, so also is the reward. Like I said; if you are an entrepreneur with guts to take on business challenges; then this article is for you.
If you are hungry for entrepreneurial ideas and information; then sit back, relax and read on as I present with you a detailed list of some fast growing business ideas and opportunities in Nigeria.
What if You Don’t Have the Money or Capital to Start a Business?
Now i know Nigerians are enterprising and industrious, but the inability to access the necessary funds or capital is what is holding back most Nigerians. The Federal Government has opened avenues for budding entrepreneurs to access funds from microfinance banks or Bank of industry. N-power is also another scheme to help youth get on-the-job training and then the will be given financial assistance to start businesses on completion of the training
But the problem is that government can’t finance everybody’s business; you must learn to raise money on your own without going to the bank.
So without wasting your time, below is a brief extract of the fastest growing small business opportunities in Nigeria.
- Catfish and Poultry Farming
The first of the fastest growing business opportunities in Nigeria is catfish farming. The primary reason I listed catfish farming as one of the fastest business opportunities in Nigeria is because it’s an emerging industry that hasn’t reached its peak or full potential. The major players in this business are usually regional players. What this means in essence is that each major player in the catfish farming industry is focused only on a particular business terrain within the geographical location of the farm.
So all you need to do is look for a region with a growing demand that haven’t been covered by a major player and situate your business there. As for poultry farming, the ban imposed by the federal government of Nigeria with respect to the importation of live or frozen poultry birds has only helped explode the demand. Snail farming is also another under-exploited money maker.
When accessing any of these business opportunities listed above, you must note three important facts. One, food is one of the basic necessities of man, thus making catfish, snail and poultry farming a huge potential. Two is that the population in Nigeria is estimated to be over 150 million and growing so that entails growing demands for food. Three is that even if the local market with 150 million Nigerians gets saturated (which I strongly doubt as this niche is still in its adolescent phase), there’s still a growing demand for catfish all over the world. So do your own in-depth analysis and put your money to work.
- Fashion design
Designing and sewing of clothes in Nigeria is another fast growing business opportunity you can tap. This is very juicy because there is a reduction in the amount of clothes imported into the country and hence those that can design and sew good quality clothes will be filling a huge gap in the market
- Sewing of specialized uniforms
If you don’t have the entrepreneurial guts to go into the importation of wears; then you can set up a small scale textile firm that will specialize in sewing uniforms. The demand for uniforms is on the increase in Nigeria; from the crèche to the labor market, uniforms are highly in demand but it’s advisable you do your own detailed research before venturing into the business.
- Haulage and logistics
Haulage and logistics is another fast growing business opportunity in Nigeria. Though it is considered a risky business, you can have a breakthrough if you have a strategic business management team on ground. Good management is the key to surviving in the business of haulage and logistics.
- Outsourced bus service
This is similar to haulage and logistics but the cargo in this case is humans. I am not talking about the regular road transport bus service; in fact, I don’t think I have seen the idea for this business been utilized by anyone.
Now in this case, you are providing transportation services to firms and corporate entities. Some corporate organizations can’t afford an in-house transport system for its executives and staff, so this is where you come in. You provide the cars or buses, provide the drivers and you are paid on a monthly bases or contract bases for the use of your transport services.
Another area of target is schools. Most schools would like to provide transport facilities for their students but they can’t afford it and this is where you come in. You provide a bus service system and send out a proposal to schools to use your bus services. Just imagine 20 or more young schools jointly using your student bus service system and you will catch the vision of this idea.
Just as the world is going e-crazy; so also is Nigeria catching up with the trend. E-services provision is still a virgin business opportunity that hasn’t fully been tapped. Under the umbrella of providing e-services; you can find the following fast growing business opportunities: E-payment, bulk Sms services, web design and hosting, database management services, e-portal management, etc.
The need for education is on the increase and the burden to provide quality education is getting heavier for the government to bear thereby, leaving room for private and institutional investors. The following are ways you can tap into the potential opportunity.
A lot of institutional and private investors have gone into building quality schools and providing quality education but the potential has not been reached. With a population of over 150 million Nigerians, where 65% are below 40yrs; there’s still untapped potential in this niche.
You can access this business opportunity from different entry levels. You can tap into this niche by providing either crèche, primary, secondary or tertiary education but all entry levels holds strong potential. Please carry out your own analysis before investing in any level of this business opportunity.
Not everyone loves being educated within four walls of school. Some prefer street smart education or high speed learning and that’s where you come in. You can set up a seminar company that organizes coaching services according to the current needs and trends of the society.
- Training centers
Specialized training or educational centers is another fast growing yet untapped business opportunity in Nigeria. Examples of specialized learning centers are Leadership training schools, entrepreneurial centers, training centre for the gifted and physically challenged, training centre for hobbies and crafts, etc.
- Tutorial centers
With the proliferation of academic and professional exams, tutorial centers have joined the list of fastest growing business opportunities in Nigeria. You can access this business opportunity by choosing or specializing on a training need. You can focus your proposed tutorial centre on any of the following: ICAN, GMAT, WAEC, JAMB, GSCE, CIS, job interview training, etc.
Green Energy and Technology
With a global increase in the awareness of environmental degradation and its hazard, the world has resorted to finding an alternative “green energy.” Nigeria is not left out in this global awareness that has created massive opportunities for smart entrepreneurs and investors. If you feel green is the next business trend on board, then below are the fastest growing business opportunities in the green energy and technology sector of Nigeria.
- Waste management
With an increased awareness in the need for environmental conservation; opportunity has popped up in Nigeria in the area of waste management. When analyzing the waste management business opportunity, I observed that two factors are responsible for the potential in the business and you must make sure these two factors are in place before deciding on an area of service.
One is a bursting population and the second is a strong environmental policy and its enforcement. So far, two states in Nigeria that has taken the lead with respect to these two factors and these states are Lagos and Imo state. But I believe great potential still lie in other states of Nigeria. Do your own personal research before venturing into this industry.
- Alternative power
The last but not the least of the fastest growing business opportunities in Nigeria is alternative power supply. In recent times; Nigeria has seen an explosive increase in the demand of power supply thus creating an avenue for smart entrepreneurs to capitalize on. Solar energy, Wind energy and bio energy are some of the alternative power supply system that are currently making waves in the country but the present alternative power supply service providers cannot meet up the demand thereby leaving room for other creative investors. With a good plan, adequate capital and a strong business team; you can break into this niche.
- Inland water way transport
Inland water way transport is one of the fastest growing business opportunities in Nigeria. In fact, this is still untapped because no modern commercial boat or ferry service system has been seen in Nigeria yet. Though there are a few operators in this industry; there are no modern facilities being used by the developed countries.
Another reason inland water way transport business proves viable is because population in states such as Lagos, Ogun State and Rivers, is rapidly on the rise thereby resulting in roads congestion.
Since the roads are becoming heavily congested, the next means of transportation for these heavily populated states is water transport.
With proper planning, a good management team and adequate funding, you can break into this untapped industry and carve a niche for your business. See you at the top.