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Business - August 17, 2022

5 Fastest Growing Businesses in Nigeria

The increasing unemployment rate in the corporate world has caused many people to venture into industries that have some of the fastest growing businesses in Nigeria.

Starting your own business has numerous benefits, but the one that appeals to most people is the fact that you are your own boss and don’t have to report to anyone else.

Furthermore, the fastest growing businesses in Nigeria are expected to create a large number of job opportunities.

They are also in a position to increase communal income and improve living conditions in Nigeria.

You don’t need to be rich to start any of these businesses. Without much ado let’s take a look at 5 of the fastest growing businesses in Nigeria.

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#1 Fastest growing businesses in Nigeria: Catfish farming

Source: Pinterest

Many people have reported significant success in catfish farming. However, the question to ask here is how did they approach it? The majority of them immediately integrated all five of the numerous strategies to profit from the catfish farming industry.

Some people begin by hatching because it is the least expensive method. According to data, you can begin hatching with as little as #10,000. 

#2 Fastest growing businesses in Nigeria: POS business

Many people would rather use the POS machine than wait in line at the bank to withdraw their own money.

People can withdraw money more easily with POS because there are many P.O.S. centres spread throughout the different regions.

The P.O.S business is among those with the highest growth in Nigeria, thus you should consider becoming involved.

However, if you’re considering starting a business, make sure to get advice from those who are knowledgeable in this field.

#3 Fastest growing businesses in Nigeria: Real estate business

Due to Africa’s substantial population, there is a considerable demand for both commercial and residential real estate, which supports the business.

The Nigerian real estate market expanded by 1.77% in 2021 and 10.84% in the first quarter of 2022, according to Nairametrics.

However, be sure you are skilled at renting, leasing, flipping, and selling before attempting to enter the real estate market.

You are ready to proceed once you have done all of that with solid managerial ability and an understanding of how capital-intensive real estate is.

You can launch your own real estate development business and begin offering landed properties for sale, lease, and rental.

Alternately, start out as a middleman or do an apprenticeship with a reputable company to develop your network, gain expertise, and raise enough money. 

#4 Fastest growing businesses in Nigeria: Tutorial business 

You can start a tutorial centre where you will be paying students daily or weekly wages while teaching them subjects they are struggling with.

By just signing up for a platform like tutorme.com, where you will get paid $16 per hour to share your knowledge with others, you can easily earn more money online while experiencing less stress as a tutor.

#5 Fastest growing businesses in Nigeria: Transportation business

Source: Carmart.ng

The transportation business industry in Nigeria is one of the most lucrative industries with a high rate of growth, particularly in a more populous area like Lagos.

The two popular revolutionary platforms in Nigeria today are Uber and Bolt. Due to their simple registration processes, these businesses have assisted many automobile owners in Nigeria in increasing their income.

You can also opt to purchase a bus and begin interstate travel, especially in the months of December and January, when many people will be travelling to other states to visit family and friends.

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