Nigeria’s economy thrives mostly on trade & investment and privatised business initiatives. Hence, so many industries have been established based on entrepreneurship and the private sector which the government has also tapped into in generating its revenue. These industries are fast growing because their products and services are in high demand even with major competition among them and the significant drop in the economy over the past 3 years. Nigeria has evolved in business such that the many business opportunities made available by digital evolution and technology are being grabbed at a fast pace. Here are top 3 industries that have managed to remain profitable despite the economic challenges the country has continuously faced:
- Agriculture Industry: Nigeria is very rich in various, agricultural produce. Most of the food consumed in the country can be equally produced within. This industry has had great potential to generate significant revenue in the country but sadly its hidden benefits have not been fully recognised and harnessed until recently. Nowadays many people are taking up the agribusiness initiative and using the digital age to promote it further, as it has become very lucrative both in domestic trade and exportation. Hopefully, Nigeria will soon evolve to a point where 90percent of the food consumed will be the locally produced foods.
- Real Estate Industry: Many Nigerians today are engaging in real estate business because of how lucrative the industry is. Some are into the business of buying land, building estates, shopping malls, retail spaces and offices, and some lease out to interested members of the public for a fee, making significant profits.
- E-commerce/Digital Industry: Technology advancement has generated an easy and fast source of income into the pocket of many Nigerians. The Internet/online business is one of the fastest moving businesses in Nigeria. It has succeeded in pulling a major part of the youths in the country into the industry, with the introduction of social media and social networking. Many young Nigerians have found themselves becoming CEOs and entrepreneurs today as a result of this industry, a position that a youngster could only dream of attaining at a young age many years back. This new development has also created many job opportunities for the teeming Nigerian youths.
Olatorera Consultancy Limited provides business development services to high net-worth individuals and companies looking to grow, enter or do business in Africa.