Nigeria has a population of 208.8 million people and a rapidly growing economy of Africa, Nigeria has become a key country for startups who are engaging massive funds to capture the overall market. Nigeria has developed itself as a battleground for the upcoming companies aiming at growth and establishing themselves for the future tech leader in the long run in startups in Nigeria. Apart from being the largest economy of Africa, mainly due to its high oil and gas production, it has also enjoyed a GDP growth of 6.9%.
With recent openings, it’s much easier to do business in Nigeria than it used to be. These Startups in Nigeria have taken up the task and the challenge to build great companies. Being in the various platform of Nigeria and being involved in multiple industries. Startups in Nigeria are spreading their business through new technology and solving people’s needs. Startups in Nigeria are focusing on innovations and building new production systems. These startups are making a massive change in the industries of logistics, finance, hospitality, investment, automobile, etc.
Many startups are gaining immense fame in Nigeria by reaching a vast population by providing their service. With the tremendous growth all over Africa, some startups have taken their service worldwide and have successfully developed themselves as a brand. Below we’ve listed the top 30+ startups in Nigeria that will surely outplay the game in 2023.
Here are some of the most if not all successful Nigerian startups:
Flutterwave
Flutterwave is a fintech company that ensures easy payment processing online across major African retail markets. It is the fastest-growing fintech startup in Nigeria and has closed multiple rounds of successful venture funding.
In 2020, it closed a total of $35 million venture funding round which is amongst the highest in the Nigerian startup ecosystem. Flutterwave is projected to begin active operations across Africa.
Paystack
This is another leading fintech and online payment processing startup in Nigeria. Paystack has secured the sum of $8 million venture funds and was partly acquired in 2020 for a huge sum of $200 million by Stripe company. This is one of the biggest business acquisition deals in Africa.
This is another leading fintech and online payment processing startup in Nigeria. Paystack has secured the sum of $8 million venture funds and was partly acquired in 2020 for a huge sum of $200 million by Stripe company. This is one of the biggest business acquisition deals in Africa.
Remita
Remita is among the top online payment processing startups in Nigeria, and is responsible for the majority of local online payments. It is used by the Nigerian government to facilitate payment across numerous government institutions in Nigeria.
Remita is among the top online payment processing startups in Nigeria, and is responsible for the majority of local online payments. It is used by the Nigerian government to facilitate payment across numerous government institutions in Nigeria.
Flying Doctors
This is a health tech startup that offers air ambulance services to patients who need emergency medical attention. The company has expanded its services in Nigeria and has saved lots of lives due to prompt emergency health care services on demand.
Lifebank
Lifebank is a healthtech company that ensures patients in need of blood transfusion have access to blood products without delay. Lifebank has facilitated the delivery of blood products to rural areas and to patients who require emergency blood transfusions. The founder has also received international grants and awards since the onset.
Cars45
This is an online e-commerce company that connects owners of cars (sellers) with their buyers. Cars45 has raised a total of $5 million in venture funding.
The major business ideas in Nigeria
The Nigerian society has many challenges which provide business opportunities for startups. Here are some untapped business opportunities to consider:
Agricultural business
Nigeria has a large expanse of land for agricultural activities, and there is a constant demand for food crops and livestock products like meats and poultry because of the expanding population. The federal government plans to diversify the economy and reduce dependence on crude oil products by providing grants to agricultural business owners through the central bank of Nigeria.
If you have an agricultural business idea, you can access funds through the bank of agriculture of Nigeria- a bank dedicated to providing grants to agricultural entrepreneurs.
Nigeria has a large expanse of land for agricultural activities, and there is a constant demand for food crops and livestock products like meats and poultry because of the expanding population. The federal government plans to diversify the economy and reduce dependence on crude oil products by providing grants to agricultural business owners through the central bank of Nigeria.
If you have an agricultural business idea, you can access funds through the bank of agriculture of Nigeria- a bank dedicated to providing grants to agricultural entrepreneurs.
Oil and gas
The abundance of crude oil in Nigeria provides opportunities for entrepreneurs to start private businesses such as local petrol stations, manufacturing and sales of petrochemical products like engine oil, paints, sales and distribution of cooking gas, etc.
The abundance of crude oil in Nigeria provides opportunities for entrepreneurs to start private businesses such as local petrol stations, manufacturing and sales of petrochemical products like engine oil, paints, sales and distribution of cooking gas, etc.
Transportation and Logistics
There is a need for transportation businesses because some manufacturing companies are situated far from retail outlets that are close to consumers. Logistics businesses are in constant demand to aid the transport of heavy goods and products from one geographical location to another. There are diverse markets you can choose to serve; for example, building materials and consumer product transportation.
There is a need for transportation businesses because some manufacturing companies are situated far from retail outlets that are close to consumers. Logistics businesses are in constant demand to aid the transport of heavy goods and products from one geographical location to another. There are diverse markets you can choose to serve; for example, building materials and consumer product transportation.
Waste management
The government at all levels are overwhelmed by the level of wastes generated and the need to keep the environment clean. Poor recycling of wastes is a major problem in Nigeria. This provides a business gap for private waste management and recycling businesses to step in and carry out proper collection, recycling and disposal of individual and industrial wastes.
The government at all levels are overwhelmed by the level of wastes generated and the need to keep the environment clean. Poor recycling of wastes is a major problem in Nigeria. This provides a business gap for private waste management and recycling businesses to step in and carry out proper collection, recycling and disposal of individual and industrial wastes.
Real Estate
Urbanization has increased pressure on the available houses across urban cities. Individuals are consistently in search of houses either to rent or buy. Therefore, you can start a real estate company that provides house deals for people who want to rent or buy a house.
Urbanization has increased pressure on the available houses across urban cities. Individuals are consistently in search of houses either to rent or buy. Therefore, you can start a real estate company that provides house deals for people who want to rent or buy a house.
Fashion designing
Nigerians celebrate events like birthdays, anniversaries and burial ceremonies with a special local attire. If you are a good fashion designer, this is a lucrative business idea because these socialites need a fashion designer to sew the attire for each event. Also, there is an upsurge of private primary and secondary school institutions, and they may need fashion designers to make school uniforms for their students.
Nigerians celebrate events like birthdays, anniversaries and burial ceremonies with a special local attire. If you are a good fashion designer, this is a lucrative business idea because these socialites need a fashion designer to sew the attire for each event. Also, there is an upsurge of private primary and secondary school institutions, and they may need fashion designers to make school uniforms for their students.
To run and grow your business successfully you need to learn and gain the following skills:
- Creativity: This is an essential skill because you need a consistent flow of ideas to give your business leverage over your competitors.
- Marketing : You need excellent marketing abilities to acquire and retain customers.
- Financial skills: Your ability to track and manage income and expenses determines your business growth potential.
- Administrative/human resource: You require sound judgement and interpersonal skills to hire the right team to help manage and run your business effectively.
- Resource management: Nigeria has limited resources such as power supply and capital. Entrepreneurs require the capacity to use the little resources available to serve their customers and achieve their business goals.
