Fast growing business in Nigeria
Fast growing business in Nigeria
By Okunlola Christiana Omolola
Nigeria’s rapidly expanding commercial sectors are currently focused on technology, agriculture, logistics, and services due to the country’s high need for digital solutions, convenience, and necessities. Key industries include coal mining, e-commerce, fintech, renewable energy (solar), and, most importantly, food delivery/catering, fashion, and cleaning services. These industries are primarily driven by urbanization and a youthful, tech-savvy populace.
Here are the key fast-growing business in Nigeria
- E- Commerce & Digital Services: Online marketplaces, clothing, electronics, and social media selling (Instagram/WhatsApp) are booming due to ease of setup and broad reach.
- Renewable Energy (Solar): Due to erratic power supply, the sale, installation, and maintenance of solar panels and inverters are high-demand, profitable ventures.
- Logistics & Transportation: Driven by e-commerce, courier services, ride-hailing, and courier deliveries are growing, with some transport sectors showing over 20% growth.
- Agriculture & Agribusiness: Crop production, animal husbandry, and processing hold massive potential, contributing over 22% to the GDP.
- Real Estate and constructions: Urbanization drives high demand for residential housing, commercial office spaces, and property development.
- Fast-moving Consumer Goods (FMCG) & Services: Food catering, cleaning services, and healthcare/supplement production are lucrative due to rising demand for convenience and health.
