Hello, aspiring entrepreneur looking for a main- or side- hustle, here are 5 fast-moving businesses in Nigeria to consider:
1. Palm oil business
Nigeria is Africa's largest producer and consumer of palm oil, yet local production has never been able to fully cater for consumption needs both home and abroad. It has diverse uses too: from being used in the cooking of nearly all Nigerian (if not African) soups to being used in soap and cream making, palm oil is gold.
Also, no single producer has dominated the market. So, whether you are a looking to go into palm oil farming, processing or distribution, be rest assured that there is a huge market for for your product.
2. Cassava and Yam (Production and Processing)
Cassava and yam are food crops with the highest production value. They are also the most consumed foods and some of the biggest agricultural exports of Nigeria. It is not only used as food (garri and fufu) which serves at least 90% of Nigerian households, but it also used in the production of alcoholic drinks and biofuel for industries. So, the market is large -- both locally and internationally.
3. Event Planning
Prominent wedding planner, Funke Bucknor in an interview with CNN cited that hosting a wedding in Nigeria could cost as much as 5 million naira to 20 million naira or even get as high as 100 million naira. This simply shows that Nigerians really place premium on parties and social gatherings.
It is no rocket science then, that if people continue to celebrate birthday, wedding, naming, housewarming, burial ceremony, etc. a good event planner will continue to earn a decent living. Every aspect of event planning, including catering, is quite lucrative.
4. Transport and Haulage business
Another profitable business in Nigeria is transportation, especially transport from one state to another (inter-state). People and goods need to commute daily, so there is no question of whether there is a market demand or not.
Also, due to the lack of a good rail transport system, most of the Nigerian goods are transported through roads. Plus, the cost of moving a truck with goods from one place to another is between 20,000 naira to 200,000 naira per trip.
Therefore, investing in it is a clever move anytime; and since existing transport companies are badly managed by touts, investing in this business with proper management can make you a market leader.
The growth of the e-commerce industry in Nigeria in recent years has been quite tremendous. As an illustration, of the 60 million Nigerians who frequent the internet, 65% are more likely to purchase items online. Coupled with the extent to which the likes of Jumia, Jiji, and co. have penetrated the market, e-commerce is no doubt a lucrative venture.
Photo credit: Vanguard
Article Credit: Michael Adesanya