Do you know the fastest growing companies in Nigeria right now? Businesses are doing very well in Nigeria, no doubt about that. Despite all the real and imaginable problems we are facing as a nation, businesses still thrive in our land, the Africa’s testing ground.
If you are thinking of starting a business in Nigeria but quite confused about business to start, sometimes, it pays to pay attention to what others are doing and try to emulate their examples. Today, I present to you some of the fastest growing companies in Nigeria that you can learn from their examples as you make effort to start your own business. The business you want to start may not necessary be as big as these but seeing how they are making it will give you the idea as to what is happening in Nigeria. I will mention their names, country of origin, and make a brief remark about each of the companies.
7 Fastest Growing Companies In Nigeria Currently
Founded in 2012 by Jeremy Hodara and Sacha Poignonnec and heavily funded by Rocket Internet, a German Internet company that has it’s headquarter in Berlin and specialize in funding online startups, Jumia has grown to become a household name in Nigeria and many other African countries.
Skepticist did not believe a company that rely heavily on ‘Pay on Delivery’ business mode could drive in a society like Nigeria. But Jumia and Konga have proved them wrong and opened a new business frontline that no one ever imagined could exist in this country. Jumia currently has warehouses in eight countries, including: Egypt, Morocco, Kenya, Cote d’Ivoire, Uganda, Ghana, Cameroon and the United Kingdom.
From Kasuwa to Jumia, this company has proved that Nigeria is truly the hub of every good business. While dumb Nigerians abroad continues to show high level of skepticism in investing in their own country and with their own country men, choosing to slave away in other people’s land, smart foreigners continue to break grounds here in Nigeria, raking millions of dollars on daily basis and repatriating it back to their countries. They are probably the number one fastest growing companies in Nigeria as we speak.
Founded by Sim Sagaya with the workforce of 10, Konga has grown into online mega mall. A typical example of what Nigerians could do if they look inwards to discover the wealth within. Recognizing the business opportunities that exists in Nigeria and the wide range of opportunity that exist as a result of the growing internet penetration in the country, Konga.com launched in 2012 as a direct response to Jumia to grab the share of the eCommerce market in Nigeria.
Since Nigeria has almost zero investors who are willing to support startups except to buy sentimental shares in some of the dying companies listed in the Nigerian Stock Exchange, and the Nigerian Banks only raise money for oil and gas businesses or to fund political ambitions, Konga had to turn to the (Swedish) Investment AB Kinnevik, and (South Africa) Naspers for funding, raising about $25 million in the process and becoming one of the fastest growing companies in Nigeria.
During 2013 black friday sales, Konga processed about N50million worth of orders per hour, and within the 24 hours the black Friday lasted, Konga processed over N1.2 bn worth of sales. Naspers has acquired 50% of Konga since march 2013.
Shoprite (South Africa)
From just 1 shop opened in The Palms shopping mall, Lekki, in 2005, Shoprite has grown to over 17 shops spread across the states of the Federation and targeting even more within the coming years.
This South African company knows exactly what Nigerians want and is giving it to them while raking billions of Naira in return. The CEO once said that ‘even if 60% of Nigerians are poor, the remaining 40% who are not poor is still more than the entire population of South Africa’. That is the mentality of people who knows how to spot opportunity.
Protea Hotels (South Africa)
In those days, it used to be Sheraton and Hilton dualpolizing the hospitality market in Nigeria and Charging us to the teeth for hotel suites. Last time I went to Sheraton Hotel was two years ago. I inquired about their suites and the least they have was a N73k+ room at the downstairs. Because I hate staying in the downstairs, I decided to look for another option, directly opposite it was Protea. I quickly dashed in there and got a very deluxe, exquisitely furnished suite for N50k with treatment of royalty.
Protea hotels really understands the business of hotel in Nigeria and they are growing at a very fast pace. They are currently the fastest growing hotel chain in Nigeria.
Mr Price (South Africa)
With the advent of luxury shopping malls in Nigeria comes Mr P. This South African company has become the household name in the Nigeria fashion shopping, serving varieties of designers labels and processing orders worth of millions of naira in all the major cities in Nigeria where they currently operates.
Mr. Price is currently the fastest growing fashion outlet in Nigeria, making our regular boutiques look ‘out of sort’. Following the footsteps of Mr Price, PEP, another South African company has creeped into the country and is becoming on of the fastest growing fashion outlet. They have this business plan of taking their shops to the grassroots consumers.
Slot (Nigeria) – The first in Nigeria to take mobile phone dealership to the next level, Slot has continue to grow at an amazing pace, doing what I expect Nigerians to be doing in their own home land. They are discovering opportunities in the mobile phone industry and exploiting it to their maximum advantage.
Micro Station (Nigeria)
With just three shops in 2013, Micro Station continue to expand on monthly basis, opening shops in places like Ikorodu, Computer Village, and other places.
With the distinctive brand of blue and red, Micro Station shops can be seen from far and wide.They are one of the fastest growing companies in the mobile phone sector in Nigeria.
These businesses represents some of the fastest growing companies in Nigeria, proving that lots of opportunities exist here with lot more coming. If you think there is any business in Nigeria currently growing at a very fast pace but not included in this profiling, provide us with the details and it shall be included.