The importation business in Nigeria is lucrative because many products in the country are imported. Even the simplest of items such as toothpicks and candles are still imported into Nigeria.
Nigeria imported items worth a total of $55.4 billion in 2020. Although there was a significant decline in 2009 because of the Great Recession, imports consistently increased from 2000 until their peak in 2014.
Every business has a secret, and the same thing is applicable in the importation business. A few people have found their way around this industry and are earning money, but so many others are failing at this business.
This is largely because they don’t know the right products to import into Nigeria. It is important to import products in high-demand. Let’s take a look at ten fast-selling products to import into Nigeria.
1. Quality bedding
The good thing about quality bedding is that you can sell at your price. That means the market does not have a fixed price.
In 2022, the Bedding segment will generate $225.40 million in revenue. From 2022 to 2026, the market is projected to expand by 17.02% per year, or the Compound Annual Growth Rate (CAGR).
Bedding importation can be started on a low scale and at a low cost. Bedding materials are used everywhere, for example, at home or for medical use.
These days, almost everyone cares about their looks, therefore, this makes the cosmetics market one of the fastest growing products to import into Nigeria.
The country is also experiencing a rapid growth rate, and currently, the market is estimated to be $3 billion, according to Euromonitor International.
Beauty West Africa, a beauty platform, quoted, “Strong population growth – particularly of the young, urban, and female populations – means beauty and personal care in Nigeria has plenty of scope for growth, especially in terms of exciting, new products.”
Whether new or second-hand clothes, this market is one of teh fastest growing products to import into Nigeria.
According to the Nigeria Export Promotion Council (NEPC), 37% of Nigeria’s revenue from e-commerce.
Due to the economic situation in Nigeria, most citizens are forced to go for the second hand clothes. However, this market is one that is getting over saturated as many people already indulge in clothing importation.
Nonetheless, you can still make profit in this market if you create a good strategy and promote your brand well.
4. Phone Accessories
In Nigeria, there are about 170 million active mobile subscribers. However, only about 10 to 20 percent of people currently use smartphones.
Millions of Nigerians are mobile users and due to economic situation in the country, average Nigerians prefer repairing their phone when it is faulty rather than getting new ones.
This context has helped largely in boosting the phone accessories market.Therefore, importing mobile phone accessories is a good market to venture into.
5. CCTV camera
The popularity of CCTV cameras has attracted a large number of Nigerians. The cameras come in various types and are operated in various ways. These devices can easily be integrated into various parts of a building.
According to 6Wresearch, Nigeria’s video surveillance market size will increase between 2022 and 2028 at a CAGR of 5.0%. . Places that need this include banks, hotels and businesses.
Since the introduction of tricycle in 1996 to 1999 by the military Governor of Lagos State, Mohammed Buba Marwa, this commodity has been one of the hot selling products.
Also the ban of motorcycles has also built the growth of this product. So many people have gotten their wealth by importing this product.
Manish Rohtagi, managing director of Stallion Auto Keke Limited, recorded 49% during the financial year (FY) 20-21 compared to 35% during 19-20. They attained a market share of 55% from January through March of FY 20-21.
7. House building container
Nigeria, which has a population of roughly 174 million, now has a shortage of about 17 million housing units nationwide.
This serves as a great opportunity for anybody willing to enter this market space. People erect buildings every day – houses, cities, hotels, inns, hostels, villages, and hospitals.
The real estate industry has seen a massive boom in Nigeria, thus making materials for buildings sell fast.
Putting furniture of high quality in homes and offices has become a norm for Nigerians. This makes the importation of these products a good way to make profits in Nigeria.
Some Nigerians making it big in the furniture sector are Jumoke Dada, Mimi Shodeinde, and Bimbo Alashe.
Importing furniture materials is also another means to make a profit in this industry. You can combine this industry with the real estate business to maximise your profits.
Just like clothes, everyone also wears shoes. Shoes are a very profitable niche because you can make a price of your own because there is no exact amount on it.
There are different types of shoes ranging from regular, female, and male. However, before you start importing this product, you need to conduct market research to be sure of the type of shoes that sell the fastest.
The Footwear segment’s revenue is anticipated to reach $454.20 million in 2022, according to Statista. By 2025, market volume is anticipated to reach $496.30 million, with revenue estimated to expand at a 3.00% annual rate.
10. Tokunbo Cars
The Nigerian economy is one that is not in good shape, however, an average person will always have money to show off and feel among.
Used cars make up over 20% of Nigeria’s imports from the US. Used automobiles imported from Europe, America, and other countries are very popular in Nigeria.
This proves to show that the importation of second-hand cars will lead to fast profits.
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