STARTING SMALL BUSINESS IN NIGERIA

What are the best investment opportunities in Nigeria? Are you in search for small business ideas in Nigeria? Then read on as i share with you a detailed list of 15 fastest growing small business opportunities in Nigeria for 2013.
For quite sometime now, my email box has been filled with request from fellow Nigerian entrepreneurs asking for the fastest growing business opportunities in Nigeria which they can invest in. Before I proceed with any detailed explanation, I want to state clearly that there are untapped small scale business opportunities in every industry both in Nigeria and all over the world; you just need to dig deeper to find such niches.

Now for those landing on this blog for the first time, i think it is important i introduce myself briefly. I am

Abatan Oluwasegun Babs (+2348107024162); an Entrepreneur, Realtor and Oil logistics Agent with a passion to share my knowledge and also learn from others.
While there are untapped business opportunities in every industry, this article will be pointing out the fastest growing business opportunities in Nigeria. If you are non-Nigerian or you’re a Nigerian in Diaspora wishing to start a business in Nigeria; then you will find this list of fastest growing business opportunities in Nigeria very useful.

A lot of things have been said about my country Nigeria and her harsh business terrain. If you are a non-Nigerian entrepreneur or a Nigerian in Diaspora; then this is my take about starting or doing business in Nigeria. If you are an experienced serial entrepreneur or an entrepreneur with guts; then you should know that one of the best places to invest your money and build a business is in a developing terrain.

Nigeria is a developing country and one of the best places to invest or build a business is in a developing environment. Though the risk is high, so also is the reward. Like I said; if you are an entrepreneur with guts to take on business challenges like Richard Branson; then this article is for you.
If you are hungry for entrepreneurial ideas and information; then sit back, grab a cup of coffee and read on as I present with you a detailed list of 15 fastest growing small business ideas and opportunities in Nigeria.
15 Fastest Growing Small Business Opportunities in Nigeria for 2013
Before I begin listing the fastest growing business opportunities in Nigeria; let me tell you how I came about this list.

Sometime ago, I handed out a task to some members of my strategic business team and that task was to research and get a detailed report on the fastest growing business opportunities in Nigeria with moderate risk and strong profit potential within a defined time frame. After several weeks of painstaking research, my business team reported back to me with an in-depth list of 500 Hottest Business Opportunities in Nigeria for 2013.
Well; if you must know why I mandated such task to be carried out, then I am going to spill it. As at the time of this writing, I am currently developing a strategic diversification plan with my business team and we are looking at the various options of business opportunities available.

So while I am not going to tell you the specific industry i will be breaking into; I am going to share with you a short extract from my list of 15+ fastest growing business opportunities in Nigeria, as researched by my team.

What if You Don’t Have the Money or Capital to Start a Business?

Now i know Nigerians are enterprising and industrious, but the inability to access the necessary funds or capital is what is holding back most Nigerians. The Federal Government went a step ahead to initiate a programme called “YouWin” and to be sincere, i really laud this proactive measure.

But the problem is that YouWin can’t finance everybody’s business; you must learn to raise money on your own without going to the bank. So in response to this, i wrote an article that reveals 100 Alternative Ways to Finance a Business Without Going to the Bank.

So without wasting your time, below is a brief extract of the fastest growing small business opportunities in Nigeria.

15 Fastest Growing Small Business Opportunities in Nigeria for 2013

Agricultural Sector
1. Catfish and Poultry Farming
The first of the fastest growing business opportunities in Nigeria is catfish farming. The primary reason I listed catfish farming as one of the fastest business opportunities in Nigeria is because it’s an emerging industry that hasn’t reached its peak or full potential. The major players in this business are usually regional players. What this means in essence is that each major player in the catfish farming industry is focused only on a particular business terrain within the geographical location of the farm.
So all you need to do is look for a region with a growing demand that haven’t been covered by a major player and situate your business there. As for poultry farming, the ban imposed by the federal government of Nigeria with respect to the importation of live or frozen poultry birds has only helped explode the demand. Snail farming is also another under-exploited money maker.

When accessing any of these business opportunities listed above, you must note three important facts. One, food is one of the basic necessities of man, thus making catfish, snail and poultry farming a huge potential. Two is that the population in Nigeria is estimated to be over 150 million and growing so that entails a growing demand for food. Three is that even if the local market with 150 million Nigerians gets saturated (which I strongly doubt as this niche is still in its adolescent phase), there’s still a growing demand for catfish all over the world. So do your own in-depth analysis and put your money to work.

However, you are free to use our own analysis and research on How to Start a Poultry Farm.

Textiles Sector
2. Importation of wears
Importation of clothes (designer wears) into Nigeria is another fast growing business opportunity you can tap into but I must warn you; you will be breaking the law if you engage in this business because there’s a ban by the federal government on the importation of wears. I listed this business opportunity for those who have the entrepreneurial guts to take calculated risk.

Update: The ban on importation has been lifted by the federal government of Nigeria.
Another reason I listed the importation of wears as one of the fastest growing business opportunities in Nigeria is because the ban cut short its supply thereby leaving a gap of demand that can only be filled by brave entrepreneurs. Please don’t assume I am trying to hype you or something; I am a player in this line majoring mainly in men designer wears which is imported from China and India. I source corporate wears from Hong Kong because of the quality of their finished product. Enough said.

3. Sewing of specialized uniforms
If you don’t have the entrepreneurial guts to go into the importation of wears; then you can set up a small scale textile firm that will specialize in sewing uniforms. The demand for uniforms is on the increase in Nigeria; from the crèche to the labor market, uniforms are highly in demand but it’s advisable you do your own detailed research before venturing into the business.

Transportation Sector
4. Inland water way transport
Inland water way transport is one of the fastest growing business opportunities in Nigeria. In fact, I believe the niche is still untapped because I am yet to see a modern commercial boat or ferry service system in Nigeria. Though there are a few operators in this industry; I am yet to see the modern facilities being used by the developed countries.

Another reason inland water way transport business proves viable is because population in states such as Lagos, Ogun state and Rivers is rapidly on the rise thereby resulting in the congestion of roads. Since the roads are becoming heavily congested; the next means of transportation the inhabitants of these heavily populated states will resort to is water transport. With proper planning, a good management team and adequate funding, you can break into this untapped industry and carve a niche for your business.

5. Haulage and logistics
Haulage and logistics is another fastest growing business opportunity in Nigeria. Though it’s considered a risky business; you can breakthrough if you have a strategic business management team on ground. Good management is the key to surviving in the business of haulage and logistics.

6. Outsourced bus service
This is similar to haulage and logistics but the cargo in this case is humans. I am not talking about the regular road transport bus service; in fact, I don’t think I have seen the idea for this business been utilized by anyone.
Now in this case, you are providing transportation services to firms and corporate entities. Some corporate organizations can’t afford an in-house transport system for its executives and staff, so this is where you come in. You provide the cars or buses, provide the drivers and you are paid on a monthly bases or contract bases for the use of your transport services

Another area of target is schools. Most schools would like to provide transport facilities for their students but they can’t afford it and this is where you come in. You provide a bus service system and send out a proposal to schools to use your bus services. Just imagine 20 or more young schools jointly using your student bus service system and you will catch the vision of this idea.

Information and Communication Technology

When it comes to ICT, I will say Nigeria is lagging behind when compared to the western world. It may sound like bad news to you but to entrepreneurs and investors, it is good news. ICT is still an emerging trend that hasn’t reached its peak so a lot of opportunities exist for both local and foreign investors. I won’t go into the capital intensive business opportunities that exist in the ICT sector; rather, I will stick with small and medium scale business opportunities.

7. Cyber Café
The demand to stay connected to the rest of the world is rapidly on the increase and the cost of internet connection is still on the high side when compared to what is obtainable in the western world, thereby making cyber café an alternative for internet users; and an investment opportunity for entrepreneurs. This business can be started either on a small, medium or large scale but I will prefer a large scale because size can be a competitive edge for you in this business as customers won’t like to be kept waiting.
Customers of this industry want speed and efficient service and most importantly; they want to be sure to find a vacant computer system anytime they want to surf the web without having to wait in line. If you can get a good location; provide speedy internet access and provide complementary services; you are in for a breakthrough.
8. E-Services
Just as the world is going e-crazy; so also is Nigeria catching up with the trend. E-services provision is still a virgin business opportunity that hasn’t fully been tapped. Under the umbrella of providing e-services; you can find the following fast growing business opportunities: E-payment, bulk Sms services, web design and hosting, database management services, e-portal management, etc.

15 Fastest Growing Small Business Ideas in Nigeria for 2013

Education
The need for education is on the increase and the burden to provide quality education is getting heavier for the government to bear thereby, leaving room for private and institutional investors. The following are ways you can tap into the potential opportunity.