Top 4 Fastest Growing Businesses in Nigeria

Top 4 Fastest Growing Businesses in Nigeria
Image Credit: NAIJ Nigeria

Nigeria has the largest economy in Africa and this is due to the constant increase in manpower and overall national production. Based on economic analysis, the growth of lucrative businesses is one of the key parameters behind substantial economic growth.

 In that case, we have decided to review the top 4 fastest growing businesses many Nigerians engage in.
Due to improved rate of investment, these businesses have maintained constant growth and will potentially grow better in coming years. Finally, below are the top 4 fastest-growing businesses in Nigeria.

Agriculture

Despite Nigeria’s intense focus on the oil sector, agriculture has remained a lucrative business and produced thousands of Nigerian millionaires. The popularity of agriculture grows day by day and besides being a significant source of food and shelter, agriculture has buttressed the Nigerian economy in various capacities.


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In present-day Nigeria, agriculture has grown massively under the influence of many Nigerian entrepreneurs who are investing their capital in agricultural businesses such as rice farming, maize farming, cassava production and poultry farming.
Haulage Services

Over the years, haulage has remained one of the fastest-growing businesses in Nigeria. On a daily basis, we see many trucks conveying goods in bulk from one corner of the country to another.

Nowadays, some people can’t afford to board a train in conveying bulky goods due to the poor maintenance of the Nigerian railway system. Consequently, many people hire trucks and other large vehicles in order to convey goods on a large scale. Depending on the distance to be covered and the amount of goods to transport, a truck owner can charge his customers from #30, 000 to #20, 000.

Real Estate

Real estate is one of the leading global businesses and in Nigeria, it has improved significantly. For the fact that landed properties are economic assets that continue to appreciate, real estate firms usually have nothing to lose by keeping land for years. Considering the rate at which many places are becoming localized, a particular piece of land is sure to accumulate times its current value if kept for a few years.
Production of Bottled Water

Many people are familiar with this business and no matter how severe the Nigerian economy is, there will surely be an increase in the consumption of bottled water. Therefore, many entrepreneurs have invested their sufficient capital in setting up factories and equipping them with the required machinery for producing and bottling water.

This business is growing at a rapid rate because people will always need bottled water for dignified events and several other purposes. However, setting up this business requires large capital and proper management.

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