There are untapped business opportunities in every industry both in
Nigeria and all over the world; you just need to dig deeper to find such
niches. While there are untapped business opportunities in every
industry, this post will be pointing out the fastest growing business
opportunities in Nigeria. If you’re a non-Nigerian or a Nigerian in
Diaspora wishing to start a business in Nigeria; then you will find this
list of fastest growing business opportunities in Nigeria very useful.
A lot of things have been said about my country Nigeria and her harsh
business terrain. If you are a non-Nigerian entrepreneur or a Nigerian
in Diaspora; then 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 like Richard Branson; then this
post is for you. If you are hungry for entrepreneurial ideas and
information; then sit back, grab a cup of coffee and read on as I
present with you a detailed list of 8 fastest growing business
opportunities in Nigeria.
1. 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.
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.
When accessing any of these business opportunities listed above, you must note three important facts.
*Food is one of the basic necessities of man, thus making catfish and poultry farming a huge potential.
*The population in Nigeria is estimated to be over 150 million and growing so that entails a growing demand for food.
*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.
2. INLAND WATER WAY TRANSPORT
Inland water way transport is one of the fastest growing business
opportunities in Nigeria. In fact, I believe the niche is still untapped
because I am yet to see a modern commercial boat or ferry service
system in Nigeria. Though there are a few operators in this industry,
I’m yet to see the 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 the congestion of roads. Since
the roads are becoming heavily congested; the next means of
transportation the inhabitants of these heavily populated states will
resort to 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.
3. INFORMATION AND COMMUNICATION TECHNOLOGY
When it comes to ICT, I will say Nigeria is lagging behind when compared
to the western world. It may sound like bad news to you but to
entrepreneurs and investors, it is good news. ICT is still an emerging
trend that hasn’t reached its peak so a lot of opportunities exist for
both local and foreign investors. I won’t go into the capital intensive
business opportunities that exist in the ICT sector; rather, I will
stick with small and medium scale business opportunities.
4. E-SERVICES
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.
5. SCHOOLS
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 40; 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.
6. SEMINARS
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.
7. 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 center for the gifted and physically challenged,
training center for hobbies and crafts, etc.
In conclusion, I want you to know that of the numerous business
opportunities and potentials available in my country Nigeria, I believe
the ones listed above are potential money makers but I emphasize you do
your own feasibility study before investing a dime in any of these
business opportunities
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