Top 5 Fastest Growing Businesses To Start In Nigeria Right Now 2023

Without being sentimental, there are some businesses that when it comes to growth, grow faster than others and at the same time, you’ll always find them amongst the list of lucrative businesses. These businesses tend to grow speedily in return for big income. In this article, I’ll give insight into the “Top 5 Fastest Growing Businesses To Start In Nigeria Right Now” and earn your passive income on a daily basis. Are you planning to start a business already?

Give and need the right business start ideas? Then you are absolutely on the right website to gain the needed business ideas.

This article contains the top 5 fastest growing businesses to start in Nigeria right now and if done right, you’ll surely be smiling to the banks every day.

Although these businesses naturally grow faster, it’s your duty to be consistent in all your doing in the business.

So what is the list of top 5 fastest growing businesses to start in Nigeria right now we’re talking about?

Top 5 Fastest Growing Businesses To Start In Nigeria Right Now

As said earlier, consistency matters in every business aspect, in this way, you should expect the businesses which have been analyzed below to grow speedily.

1. Small Or Large Scale Food Stuff Business

Food Stuff Business tops the list amongst the top 5 fastest growing businesses to start in Nigeria right now.

Here’s a question- Is it possible for a man to survive without food?

I’m sure the best and correct answer you would give is “No”, it’s never possible for a man to survive without food, even, if all living things are inclusive.

Food is important to live more than anything ranging from shelter to material things.

Despite the high level of competition in this food business, it always stands out amongst other businesses.

It doesn’t matter whether you’re starting big or small, you’ll surely start making sales on the very same day you started the business.

Food Stuff Business can never be underestimated because it has the highest contribution to our living.

In Nigeria, you can start a small-scale food stuff business with as low as N50,000 only in the comfort of your home and expect a high income.

One of the benefits of starting your own business is the ability to manage your time- it will enable you to manage and spend your time on the many things that are important to your life, unlike the salary workers.

The income you’ll earn in a business started with 50k beats the monthly income of many salary earners.

Also, you may be a full-time salary earner and have a foodstuff business as a side hustle (speaking from experience).

Also, you can start big by renting a shop in an open area like a marketplace or any crowded area. Here you should expect a huge daily income that could go beyond N20,000.

A large-scale food stuff business can be started with N500,000 to millions of naira.

A larger business tends to increase customers’ patronage and increase sales.

Recommended: Top 10 Profitable Business To Start With 100k In Nigeria 2023

Note: You must apply good strategies in your business to increase your customers and patronage at the same time.

2. Sachet Water Business

The second in the list of top 5 fastest growing businesses to start in Nigeria right now is sachet water. 

This is more like a food business. It’s not news that water is one of the basic necessities of man. 

Whoever eats must drink, without food, we can’t survive and at the same time if we don’t drink water we can’t survive.

Water is used in quenching our thirst and for the digestion of food eaten.

The need for water doesn’t stop there, water is involved in some of our doing.

In general, everything that has life in them needs water.

However, when it comes to sachet water, we don’t use it for anything else rather than to drink and quench our thirst.

How Can You Start A Sachet Water Business In Nigeria?

All this should be included in your business plan.

The following requirements must be included in your business plan:

• Capital
• Machines
• Water Nylon
• Business Site
• License
• Transportation Vehicle (s)
• Strategies for faster sales, etc.

Those are the basic needs of starting a sachet water business in Nigeria in 2023.

However, you must understand the fact that not anyone can venture into this business because of the huge capital required.

Starting a sachet water business could require nothing less than N5,000,000 depending on the location.

Because of its importance, pure business stands second on the list of the top 5 fastest growing businesses to start in Nigeria right now.

3. Oil & Gas (Filling Station) Business

In the oil and gas business sector, the number of people venturing into this business is incredibly increasing every year.

The major issue that hinders many people from venturing into this business is capital.

Starting this business could require nothing less than N20,000,000 (Twenty Million Naira) in some places.

For easier patronage, it’s advisable this business is located at the roadside.

The oil and gas business is a profitable business that can bring 50k upward as daily profit.

4. POS Business Idea

POS business is one of the latest business ideas that spring up in recent times.

It allows people to the bank even without the need to visit any bank branch.

You can deposit and withdraw at any time with little charges by the POS agent.

Despite being new, it can never be left out amongst the top 5 fastest growing businesses to start in Nigeria right now.

In the business, the minimum you can charge a customer per transaction is N100 on N5,000 and below.

The charges will be determined by the amount a customer wants to deposit or withdraw.

This is a business where you can start with less than 50k and make a residual income in a short period of time.

5. Transportation Business

You can consider starting a transportation business, it’s a profitable business that is in high demand, especially in Ibadan, Lagos, Port Harcourt, etc.

If you already have a vehicle that can be used for transportation, then you may consider this business.

You can also become a Bolt or Uber agent and earn residual income.

Conclusion

All the mentioned businesses in this article are lucrative and profitable, however, while most of them require capital, you may opt for the ones with a low start-up capital also.