7 Fast Moving Businesses to Start in Nigeria today
The economic growth pattern in the Nigerian economy is the best way to explain the surge in entrepreneurship in the country.
This year is the best time to start a fast moving business, looking at the diverse market and a population that can’t seem to get enough of innovative solutions you can tell there numerous business opportunities waiting to be explored in every sector of the Nigerian economy.
Before we proceed to consider some of these promising business ideas with a potential to thrive in Nigeria’s current dynamic business landscape, let’s first try to understand what Fast moving businesses are.
What are fast moving businesses?
There are diverse kinds of businesses and they don’t thrive at the same pace. Some businesses are bound to experience growth at a rapid pace while some others have a slower pace of progress.
Truly there are fast moving businesses in Nigeria, these types of business are much quicker at making profits making it a reality for passionate business owners to quickly expand their business horizon and achieve their investment goals a lot quicker.
That explains why many Nigerians are increasingly interested in business ideas and opportunities that gives quicker returns. Our intention with this blog post is to bring to mind some of these fast moving business opportunities.
Hopefully they are ones that can be initiated even with a small or large initial capital investment and makes way for the business owners to get swift substantial profits in returns.
The choice of starting a capital-intensive or low-capital business depends on the entrepreneur’s aspirations and the financial resources available.
Food Business
Food business all over the world is a basic necessity, meaning that there’s a consistent demand for food items regardless of economic conditions.
Due to Nigeria’s large population and urbanization food items is a commodity of necessity in every household.
Good items also have a perishable nature and that helps to create a sense of urgency and ensures regular consumption and purchase.
Nigeria is also a country with diverse culinary culture, there’s a wide variety of food consumed among the locals, catering to various preferences.
Even more food business generally all all levels can be a very profitable investiture with high-profit margins , the ability to scale the business is another point of attraction for entrepreneurs, making the foodstuff business a lucrative and rapidly growing sector in Nigeria.
There are several ways you can start food business Nigeria. You may need to do some research to find what exactly works for you.
Packaged water business
Packaged sachet business is another fast moving business mostly in urban areas of the country.
Some contributing factor includes the high population and the fact that the country has a warm climate, this helps to create a consistent demand for clean and affordable drinking water, even on the street.
Another contributing factor is the low cost of entry and minimal equipment requirements needed to start the business.
Pure water production is also relatively simple to process. Entrepreneurs perceived it has a business that’s easy to start and scaled up to meet up with possible increasing demands as the business grow.
The business also has a widespread distribution network possibility.
Sachet water is a popular option among consumers in large cities hence there’s a steady demand from customers and a few number of players can barely meet up with the water demand from the growing populace.
There are several distinct guides on how to start packaged water business in Nigeria, we recommended you do some due diligence, create a business plan, find a good location and also get the business registered and licensed by NAFDAC.
Fast food business
The fast food business in Nigeria is a rapidly growing industry in most countries including Nigeria.
There are several contributing factors to this and the most notable ones are, one, the high demand for convenient and ready-to-eat meals among the people, especially in urban settlements where the middle class and people with busy daily schedules are.
Secondly, fast food restaurants are believes to serve a wide variety of ‘affordable’ and delicious menu options, this meeting the need of diverse tastes and preferences of the people.
Fast food business has the potential to yield substantial profits provided the location is right and the business is well planned before establishing.
Commercial bread making
Bread production is a very lucrative and swift moving business in Nigeria. It offers a remarkable opportunity for entrepreneurs.
With just around a 1m it’s possible to establish a mini bakery to kickstart this profitable venture.
The business is also adaptable in nature that can make do with event with small spaces, making it possible for entrepreneurs to use existing clean spaces at their reach effectively.
To ensure profitability in the bread making business, it of utmost important to research and find out the most in-demand bread sizes, taste preference of the people and the price ranges in the catchment areas you’re targeting.
You need to focus on meeting the specific preferences of the target market, maintain a high standards of hygiene and form a strong distribution network among street retailers.
A mini bakery can flourish and thrive in Nigeria’s dynamic business environment if approached with proper planning.
Soft drink business
The Soft drinks business in Nigeria is no doubt a thriving and fast-moving industry largely due to the constant need for hydration in the hot Nigerian climate.
There’s a growing demand for fluids which is a major fuel for the business.
Most People rely on soft drinks and water to replenish their body and replace lost glucose, they also take it as a form of refreshment.
Another contributing factor is the consumption of soft drinks and fluid like substances during parties and ceremonies for the purpose of entertaining guests.
The soft drinks business opens up a wide range of opportunities, making it easy for the entrepreneurs to start with either low or high capital investments, catering to both direct consumer sales and wholesale distribution.
To start this business, it’s important that you find the right location and create a good business plan.
Appetizer drinks
Appetizer drinks business caters for the local production of smoothie like drinks such as zobo drink, kunu drink, and tiger nut drink in Nigeria.
These are considered fast-moving businesses due to the high daily demand among Nigerians who enjoy flavorful and refreshing beverages.
These drinks are also part of the local culture and perceived to be healthier option than carbonated drinks hence the increase in regular consumption.
The production process for these drinks is relatively simple and cost-effective allowing for easy entry into the market.
The low cost of ingredients and production equipment makes it viable and accessible business venture among young entrepreneurs with limited capital.
Overall, the combination of high demand and affordability contributes to the fast-moving nature of appetizer drink businesses in Nigeria.
Plantain chips packaging
Plantain chips packaging business is next on our list of fast-moving business in Nigeria.
Packaged chips business has a high demand and popular among consumers.
Plantain chips are a beloved snack in the country especially for children and young adults.
The packaging industry for plantain chips is fast growing due to its easy distribution, convenience, and preservation for freshness.
The cost of starting the business is also relatively low.
The raw materials are accessible making it an attractive venture.
With the growing market and increasing consumer preference for packaged snacks, investing in plantain chips packaging offers the business owner a profitable opportunity to tap into the fast-moving snack industry in Nigeria.
