Businesses That Move Fast in Nigeria
In today’s rapidly evolving landscape, speed and agility have become key factors for success in businesses. In Nigeria, a country with a burgeoning entrepreneurial spirit, numerous businesses have emerged that embody these qualities.
It will be inspiring to explore some of the top businesses that move fast in Nigeria, focusing on their innovative approaches, adaptive strategies, and ability to stay ahead in a competitive market.
1. E-commerce Disruptors
The e-commerce industry in Nigeria has witnessed significant growth in recent years, and several companies have stood out by their ability to adapt quickly to changing consumer preferences. Jumia, Konga, and Paystack are prime examples of businesses that have revolutionised the retail sector by embracing digital platforms and leveraging cutting-edge technologies. By providing convenient, secure, and user-friendly online shopping experiences, they have reshaped consumer behaviour and created a thriving ecosystem for online businesses in Nigeria.
2. Fintech Innovators
Nigeria has emerged as a fintech hub in Africa, with startups reimagining traditional banking and financial services. Companies like Flutterwave, Interswitch, and Carbon have disrupted the financial landscape by offering innovative solutions such as mobile payments, digital lending, and remittance services. These businesses have leveraged the widespread adoption of smartphones and mobile connectivity to bring financial services to the unbanked and underserved population. Their agile approach to technology adoption and their ability to navigate regulatory frameworks have enabled them to quickly gain market traction and drive financial inclusion.
3. Tech Startups
Nigeria’s tech startup ecosystem has gained international recognition, and companies like Andela, Flutterwave, and Kobo360 have been at the forefront of this revolution. These startups have harnessed the power of technology and innovation to solve local challenges in sectors such as education, healthcare, logistics, and agriculture. By embracing agile methodologies, these businesses have rapidly iterated their products, tested new ideas, and scaled their operations. Their ability to attract investments from both local and international sources reflects the confidence in Nigeria’s entrepreneurial potential and the appetite for disruptive solutions.
4. Renewable Energy Pioneers
As Nigeria seeks to diversify its energy sources and reduce dependency on fossil fuels, renewable energy businesses have emerged as key players. Companies like Lumos and Rensource are spearheading the adoption of solar energy solutions by providing affordable and reliable electricity to households and small businesses. Through their innovative business models and flexible payment options, they have overcome the challenges of inadequate grid infrastructure and high upfront costs. These businesses are not only creating a positive social and environmental impact but also driving economic growth by empowering local communities and stimulating job creation.
5. Uber Transportation Services.
Consider cities like Lagos, Benin, Kano, Ibadan, Port Harcourt, Benue, Abuja, and Akwa Ibom. These Nigerian locations are developed and have a healthy population density. In other words, a significant number of people would undoubtedly require a taxi to conduct their everyday activities. Transportation and cab booking businesses are flourishing right now. There is no doubt in my mind that you will make a decent sum of money in a single day. All you need to do to start doing business is to drive your car outside.
6. POS Company
The term “POS” stands for “POINT OF SALE.” It is currently well-liked and among the most popular business concepts in Nigeria. Even so, it’s regarded as one of the more recent employment prospects for both employed and unemployed people. You may easily launch a POS busibusiness in Nigeria with 200k or less. Less than N200,000 is required to launch this firm. You don’t have to create a shop, but if you live in a busy area, you might need to find a place for your business, as well as chairs and other essentials like a small kiosk that won’t cost more than N30,000. Depending on the company you bought from, you can spend N30,000 or more to buy a POS machine.
7. A sports viewing facility
Running a sports viewing centre is a fantastic business concept, but only for men who enjoy playing football games, not for all men. Although I’m not a big fan of gaming, it must be mentioned to benefit others even though I’m not.
Obtaining N200,000 is neither too little nor too much money for your football viewing centre venture. You may build up a football gaming viewing facility for around $200,000. The following are some examples of a football viewing centre’s requirements: a TV, a decoder, a timely subscription, and a viewing room. With everything that was described as requiring money, the criteria aren’t up to N200,000 unless you’re purchasing multiple new TVs.
8. Chicken farming
You must raise poultry birds for use and eating by humans. One of the top fast-moving companies in Nigeria is poultry farming. Fortunately, although being attractive and profitable, few people have entered this industry, giving you a chance to sell more quickly if you choose to participate. The price of buying the birds, their food, the price of a bed pen, the size of the firm, and other factors can affect the cost of launching a poultry farming enterprise in Nigeria. However, if your goal is to start modestly, N200,000 is sufficient to get going.
9. Salon Industry
Starting a salon business ranks on the list of Fast moving businesses in Nigeria to start with N200,000 today. Starting a salon business is expensive, but it also depends on your budget. You may launch a successful salon business even with less than N100,000. This amount is sufficient to purchase the essential business instruments. However, is it possible to earn up to one million naira each month from a salon business? Yes, without a doubt.
10. Farming of catfish
Catfish farming has gained a lot of popularity in Nigeria over the past several years. The great demand for catfish from pubs and clubs that serve them to their patrons is what makes the business well-known. Therefore, it wouldn’t be a terrible idea to connect with nearby pubs and offer them in large quantities if you want this firm to expand quickly. Even while this business may require a lot of capital, the long-term benefits are unquestionably worthwhile.
11. Real Estate
Due to how profitable it is, a lot of people in Nigeria nowadays are getting into the real estate sector. While some people choose to purchase land and construct rental houses, others would rather just purchase land and resell it after its value has increased.
12. Fast-food restaurants
Fast food is a fiercely competitive industry that is rapidly expanding in Nigeria. You must, therefore, constantly be at the top of your game by mastering the art of cooking and providing first-rate customer service. Before starting this firm, location is the most crucial aspect to think about. To increase sales, you should strategically place your food shops. Urban environments are where food enterprises are most prevalent, particularly in bustling streets, office parks, and educational settings. Rural locations and enclosed spaces, however, should not be considered for the operation of this enterprise. You must maintain an online presence, especially on Instagram, if you want to make sure that your company receives the visibility it requires in this day and age.
13. Bakeries (Bread)
You have a lot of business prospects in this sector. However, due to the great demand for bread in Nigeria, the majority of bakeries in that country concentrate on making bread. Therefore, bread should be one of your products, if not your primary one, if you intend to open a bakery. You must be financially prepared before starting a bakery business because it requires a lot of capital. The equipment required for the efficient operation of the firm will need to be purchased, and it is not an inexpensive item. For a start-up, you require between N1,000,000 and N6,000,000, depending on the size of the business.
14. Phone Accessories
You won’t dispute the inclusion of the phone accessory industry in Nigeria’s top 10 Fast-moving enterprises to start with N200,000, I’m sure of it. As we all know, this is a highly quick-moving industry, and starting with a capital of N200,000 will result in dependable daily revenue.
Selling provisions is undoubtedly one of the industries in Nigeria that is growing the fastest, but establishing a provision business has a lot of competition. In all honesty, the provision industry is quite profitable. Although there may be more rivalry than in some other industries, a solid business plan can help you win and attract new clients every day.
Popcorn is perhaps the best and fastest-growing industry when it comes to snacking. You can enter this industry if you’re thinking about opening a small business. The small sum of 200k is sufficient to buy all the necessary tools, supplies, etc. Your popcorn business must be situated in popular areas, such as a roadside, market, school, etc., to begin making sales as quickly as possible.
In Nigeria, businesses that move fast are paving the way for economic growth and societal transformation. Whether in e-commerce, fintech, technology, or renewable energy, these companies have embraced agility, innovation, and adaptability to thrive in a rapidly changing environment. They have demonstrated the power of entrepreneurship and the potential of the Nigerian market. As Nigeria continues to evolve, these businesses will serve as catalysts for further advancements, creating new opportunities and inspiring the next generation of entrepreneurs to think big and move fast.
What are some examples of businesses that experience rapid growth in Nigeria?
What factors contribute to the fast pace of these businesses in Nigeria?
What challenges do businesses face in maintaining their fast pace in Nigeria?
Challenges include infrastructural limitations, regulatory complexities, and intense competition in the market that require businesses to constantly innovate and adapt to sustain their fast-paced growth.