10 fastest growing business opportunities in Nigeria

By Nairametrics Financial Advocates | 3 min read
5th September 2018
10 fastest growing business opportunities in Nigeria

There are profitable business opportunities available to any smart investor in Nigeria, and these opportunities can be found both online and offline. Online business opportunities imply the use of the internet to create and facilitate such business ventures; on the other hand, offline business ventures involve providing physical products and services for clients. Right here, I will be profiling 10 fast growing business opportunities available for Nigerians.

Tutorial centres

Aspiring to start a tutorial centre is a wonderful idea, as it is a lucrative business considering the fact that Nigerians are increasingly getting conscious of the importance of education for their kids. An educational tutorial centre for JAMB, WAEC, NECO, ICAN and even adult literacy classes would surely bring in a steady stream of income to the savvy investor.

Waste Management business

Government has failed woefully to eradicate waste from the environment and this in itself has presented an opportunity for inventive individuals with an opportunity to turn waste to wealth by going from home to home with the sole purpose of evacuating refuse via waste carts or pickup vans as the case may be, at an agreed fee.

Solar energy solution

Solar business is becoming a buzz in Nigeria considering the fact that more than 90 million Nigerians are still living without power and most citizens still rely on costly generators to access electricity. The solar energy is an alternative renewable energy technology which is off grid in design and can be installed for clients based on budget. It is cheaper, cleaner and has a low cost of maintenance. With a small budget of N90, 000 one can get a 180 Watts solar energy system. The market is enormous considering the fact that electricity is the livewire of any nation's economy.

Setting up a private school

It is common to see private schools at every street in Nigeria, considering the fact that public schools have not really offered the standard of education required. Most private schools start with creche, nursery, primary and then the secondary arm. Nigerians desire the best quality education for their kids and are prepared to spend as much as they can afford in the education of their children. I have seen schools move from rented apartments to their permanent sites within the space of 4 years. This in itself is a testament to the lucrative nature of the business.

Setting up a travel agency

The rate at which Nigerians travel out of the country is mind boggling. Some months ago, I was at the immigration office in Benin and was amazed at the number of people waiting to collect their passports. It was an indication of the state of the nation. Travel agents help to facilitate passport and visa procurement, hotel bookings in countries of destination, and tour arrangements for clients, at agreed fees.

Recruitment Agency

With the high unemployment rate in Nigeria climbing to more than 40 million of our 180 million population figures, the need for jobs in Nigeria has become very dire. In big cities like Lagos, Abuja, Port Harcourt, Ibadan, Benin, Onitsha, and Aba, there are hundreds of recruitment agencies who help to secure jobs for job hunters at set fees. Most of the job recruitments usually take place online and applicants are expected to register with these agencies.

Transportation business

Transportation business is another huge money spinner. There are serious demands for these services daily by clients who travel regularly to buy goods and make business appointments with suppliers and other customers. These transporters also run what I call charter services. Clients make special arrangements with them to be picked up daily. These transporters can register their vehicles with well-known transportation companies to enhance their patronage. Some transporters have built their own houses and sponsored their kids through the university via this lucrative business.

Sports betting centre

These are silent money making machines, especially among youths who are sports betting fanatics. There are so many sports betting companies available in Nigeria today – Nairabet, Merrybet, Surebet247, Lionsbet and Baba Ijebu. These bookies even provide agents with free banners and equipment to help them market their betting services. Most sports betting centres supplement their earnings by using the free space available as football viewing centres.

Pharmacy/ Chemist store

2 weeks back, I visited a local pharmaceutical store close in the neighbourhood, and was surprised to see over 8 persons waiting to be attended to. It was a sight that gave me an insight to the profitable nature of the business. The shop owner who is an Igbo man is not a doctor, but a trained nurse and he runs the business with his wife who is also a trained nurse. They have since completed their one storey apartment and are living comfortably. To be successful in this business, ensure that you stay away from selling fake drugs and be well trained before setting up a chemist shop.

Drinking spot

Nigeria ranks among the highest consumers of liquor in the world with drinking bars and parlours located at every nook and cranny in the country. Despite the usual complaint of economic crunch nationwide, one would still see night crawlers at these joints drinking with friends and colleagues. To spice up the business, the owners arrange for suya spots around the drinking bars.


Nairametrics Financial Advocates
Nairametrics is a leading financial resource company based in Nigeria with special focus on financial literacy, investor advocacy and business intelligence. Nairametrics.com was founded by Ugochukwu “Ugodre”Obi-chukwu and is owned by Nairametrics Financial Advocates.
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