Whether you are looking for a source of income in Nigeria or an exciting business venture to bootstrap, this article will guide you to choose one of the most lucrative businesses in Nigeria with small capital that have the potential to make a lot of money in the next few years.
All you need to do is to be patient, assiduous and dedicated to your business if you really want it to succeed.
These lucrative businesses in Nigeria with little capital have huge potential to provide you with a good livelihood.
Some people call it a daily income business in Nigeria. Most of them have been around for several years while others are still new and vibrant.
A quick scan of the internet will reveal that there are more people who are choosing these businesses over all others except for establishing their own business, even if they have the money to do so.
Start a business
If You will be in business in no time you can take action. You won’t discover the name of any employee among the world’s first 100 richest people!
This post isn’t about compiling a list of the world’s wealthiest individuals; it’s about assisting you in generating income in Nigeria as soon as possible. At the least, you’ve to dismiss the idea that I need to move abroad to make a fortune.
It takes more than good ideas to succeed as an entrepreneur or business owner. It’s all about patience and having a mindset that can handle whatever difficulty or task you face.
Entrepreneurs know how to make a profit out of sales. To succeed, you must be able to market your ideas and take care of your customers. Entrepreneurs that take care of their consumers make more money in a shorter period of time.
To be a successful entrepreneur, you must do all necessary to ensure that your product or service can be sold to your target market. If you’re thinking about starting a business but aren’t sure how to get started, take a step back and look at your business strategy, as well as your targeted goals.
It is better to be safe than sorry when starting a small business in Nigeria. I would recommend you think big, start small and scale fast. This is the best approach to not lose your money.
Criteria for our selection?
These ten businesses have been selected based on the following criteria:
- High Income Potential
- Simple and easy process of operation
- Relatively low capital needed for operation
- Low start-up cost and above all
- Low risk of investment.
List of Most Lucrative businesses in Nigeria with small capital
For clarity and understanding, these top lucrative businesses in Nigeria should be classified into two; the first one is Business opportunities that need very little capital for their startup and needs very little capital for their operations.
The opportunities are an untapped business in Nigeria which needs little or no capital to start and also needs little capital for its operations. They are as follows:
Driving is the first on the list. If you already have driving skills, this is your chance to earn a steady stream of income throughout the year: especially during festive periods.
Hundreds of strangers come into your city every day from several parts of the country and the world.
These people are always desperately finding their way around town, and they will pay a premium for a good car with a civilized driver to help them move around. If you want to earn from this category of customers,
You don’t have to own a car. All you need to do is build a relationship with people who own over one car and share profit with you. Approach them and let them know you want to provide ride-hailing services to the upper class in society.
The second thing to do is to approach hotels and pitch your world-class ride service to them. Offer the hotels a percentage of returns for every client they recommend to you.
There is no need to approach all the high-end hotels that have such services already: Go to the second-tier hotels. Bill your clients 2 thousand Naira per hour, depending on the distance, terrain, and a number of people per trip. If you complete 10 hours of client service per day, you will earn 20 thousand Naira every day.
In 30 days, your total income would be about ₦600,000. Give the car owner 40%, pay the hotels 10% according to the number of recommended clients and spend 30% on car maintenance, servicing, fuelling, taxes, and union dues: you will still have 20% as your profit.
It means at the end of the month you are likely to have 120 thousand Naira in your account from a business that started with nothing but relationships. All you have to do is to be professional, highly skilled, and approachable.
And, if you want to increase your chance of getting more clients, approach all the national organizations and bodies in your state and let them know you offer airport pickup service. You can also contact airports and offer them a percentage if they use you as a passenger pickup driver. Welcome to the business world
If u have a car, bus, or keke this is a great option even if you don’t, you can lease one and pay as u earn. This is another small business that can make you real-time passive income. People always need a lift to get from A to B, and as long as you have a valid driver’s license you’ll be up and running in no time. This is very profitable and even with zero capital, it involves high risk.
Well, of course. You’re going to be in the car with a complete stranger, so this is inevitable. Is it being approached by young girls, trying to escape theft, or being kidnapped? “Weirdest things ever,” sometimes you might continuously, get proposed to by young girls and baby mamas.”
2. Become an event planner
Can you cope with stress? Try this one. Some get married every weekend. Let the world know that you can take their stress away. If you are good at what you do, you can earn more than you can imagine.
A new event planner can make as high as 30k per event, and if you have four events per month, you can have 120k monthly. And if you are the type that knows your way around vendors, you can still gather some income from purchases. Add training to your gig, and you might make 100k extra monthly.
The event planning industry is the world’s quickest developing company. It is a well-known and very profitable type of business. You can also develop the potential to become a great event planner in Nigeria.
This necessitates prior experience in the sector as well as an understanding of the business. Becoming an event planner can be both gratifying and stressful, but adapting makes it simpler.
If you get a kick out of every organized dinner party, consider making extra money planning events.
Getting acquainted with the event, production, entertainment, logistics, hall decoration, organizing conferences, birthdays, leasing equipment, and so on are all part of the event planning tasks. Knowing the proper procedures to follow will provide you with a comprehensive understanding of where to begin.
From weddings, and children’s parties to family celebrations. Most people plan their lives around social events. Create a strong brand and collect reviews from your customers. And your business idea will become reality in no time.
In the world of e-commerce, dropshipping has quickly become popular.
This makes sense since it gets rid of the trouble of managing a warehouse and the high costs of starting up your own eCommerce business.
It sounds nice, but what exactly is dropshipping?
A drop shipper is a middleman between the customer and the supplier. When a customer places an order, they pass it on to the supplier and the supplier will send the product to the customer.
While dropshipping is one of the faster and cheaper business ideas, be prepared that you won’t always be just managing your store. You may also experience customer complaints or delivery delays. And this while you are the face of your company in the first place.
Blogging is a great way to make money online. You don’t need any technical skills to start a blog and even if you don’t have the financial capacity to purchase hosting or an expensive domain, you can still start a blog but it’s advised that you still purchase a domain name and hosting service.
To get started, all that is required is a domain, a hosting service, and some writing skills; this is how most bloggers start their blog, but if you want to make money blogging, there are several ways to do so.
You can also sign up for affiliate marketing programs like Shareasale or Flexoffers which will help monetize your blog or website.
5. Start a Catering or Collective Chef service
Have you noticed that banks hire young people in their mid-twenties, Male and female? These people go to work at 6 am, and they don’t return home until past 9 pm or 10 pm, and they are out again the following morning before 6.
How do they cook their meals? Most busy people, not just bankers, end up eating unhealthy junk food.
They eat from nearby eateries and spend so much on food that hurts their health. And there you are with your cooking skills and your passion for healthy meals. Here is an excellent idea for you.
Locate 20 friends of yours and ask them to introduce you to their busy siblings who don’t have the time to cook good meals.
Another way is to go on social media and join groups for bankers and other busy people. Let them know you provide cooking services.
If you have 20 clients who pay 3k per week to handle their meals, at the end of the month, your total income would be 240k.
If you need more money, you can increase the number of your clients. You have more ingredients for the meal, which makes it delicious. That’s the advantage of collective cooking.
The more clients you have, the more ingredients you can afford and the sweeter your meal. Go for it if you love to cook. Plus, you can start with zero Naira: just relationships. Of all the small business ideas, this idea works most for ladies.
Also, if you can make a cake that will steal the show? Then you start a small with your catering business. Ask around for potential clients for your catering service at friend’s gatherings, parties, and other gatherings. Make sure you have business cards ready with your contact details and your website. You can give it to interested guests.
6. Data Service
According to the report by Statista, there are over 65 million Mtn subscribers in Nigeria: and that is Mtn alone of all internet service providers. If 0.002% of Mtn subscribers patronize you as a data retailer, you would have 130 clients.
If you do your business well and these clients spend 2 thousand Naira with you monthly, your total earnings for the month is 260,000.
Your profit in this business is usually between 28%-32% if you make 28% of total customer earnings, your total income for the month would be ₦72,000.
How much do you need to start this business? Just like all the small business ideas in this list, Zero Naira. If you want to take the business further, start WhatsApp training.
Train 50 people monthly at 1 thousand Naira per person, and you will earn an extra 50k extra. Become the data supplier for your trainees, supply them at a profit of ₦50 per gig, and you will have 50k if 50 of them buy 10gig per month. In a month, you will earn 172k.
How will you get clients? Join Facebook groups for digital marketers, bloggers, YouTubers, influencers, and entrepreneurs in Nigeria. Take part every morning, afternoon and evening. Let them know you are their number one data plug. Focus on getting 200 clients. That way, you can increase your earning power.
7. Start a Freelance Writing Business or Ghostwriting
Do you have a talent for writing? Many companies need help writing their marketing materials, presentations, reports, and more. No, you are not a ghost. Ghostwriting is only an appellation given to that part of writing where someone else claims another person’s work. Kind of like you write a book, and someone put his name on it.
It is legal because the person pays you to do it. Ghostwriters earn as high as 50k Per book project, and some ghostwriters can make as high as 100k or even 150k.
If you love to write, and you type like a lightning bolt, this is your gig. Join Facebook groups for topical experts in niches that interest you. Identify the top guys in the group and offer to write for them. If you get five clients per month, you make 300k-500k monthly.
You need to be that guy or lady that reads a lot and works hard. However, the pay is worth the work. Get even better at writing and put a price tag on your hours. Start your own website or use freelance sites like Upwork and Fiverr to find your first paying clients.
Freelance writing is a great way to do part-time business as well. Choose freelance writing if you enjoy flexible working hours, want to determine your own rate, and want to expand your writing portfolio
8. Start a Dry Cleaning Service
A tidy house is a tidy mind, the old saying goes. People are always busy. If you’re a bit of a clean freak, you can help them save time by starting a cleaning service.
You can target your services to companies, banks, hospitals, newly renovated houses, or individuals, whichever you prefer. Pay a visit to your target and talk to them about your service and give them your flyer and your business card, so they can contact you when your service is needed
You don’t need a washing machine, and you don’t need to wash your hands either. You only need to learn how to build relationships. Walk up to any dry cleaning person close to you. Ask if you can use their machine to wash clothes at a discount. Let him know you don’t need ironing, just washing. And, If he agrees, good.
If he disagrees, here is Plan B. Identify handypersons close to your place. Offer to pay them a percentage of the client’s pay if they will do your washing for you. The game is to wash more clothes daily to increase the earning potential.
Don’t wash the clothes yourself because you won’t be able to handle much if you get a washing machine to do the job, good. Try as much as possible to wash ten clothes daily at 150 Naira.
This way, you will earn ₦1500 daily and 75k monthly. If you pay 30k in cost, you have a profit of 45k. Save up for six months, and you can afford your washing machine and every piece of equipment you may need.
9. Mini Importation
This is one of the most lucrative businesses in Nigeria with low capital but is also one of the riskiest businesses to start.
As a result, this business largely depends on your capabilities and willingness to take risks, and regardless of how much capital you have at the start, if you don’t have a sound plan for how much you will make and how long it will take to profit from the business, then your chances of success are slim.
The opportunity allows you to import goods from other countries into Nigeria and resell them locally.
While this business requires a lot of work, it can be lucrative if you are willing to invest in the purchase of vehicles and other products that you can put up for sale, but this business isn’t recommended to those who are looking to make quick money online.
10. Internet Marketing
Internet marketing is one of the most profitable businesses in Nigeria with low capital. It involves a lot of time and commitment, and the potential for making money is quite high if you have come up with an idea that people will find value in buying from your product or service.
However, Internet marketing requires a lot of time and effort over a period of time, so if you’re not willing to be consistent, this could be one of the most *lucrative businesses in Nigeria with low capital that you can enter into.
11. Travel Agents (In Nigeria)
This is another great way to make money from home in Nigeria. If you know people who need to travel arrangements and have a website that is accessible in different locations around the country, then this is a great business opportunity for you.
Although this is a high-risk business because of the expense involved and the time it often takes to make money, particularly when the travel applicants have large amounts of money to spend.
It requires training and expertise to know the steps to follow. This is one of the lucrative businesses in Nigeria 2022 where you can make money from home. It also requires that you have prospects that would be interested in your services and sell their travel arrangements.
Baking is one of the best profitable businesses in Nigeria with little capital as long as you know how to bake and have a place for baking your products. The only thing you really need to get started is a recipe and a place to bake.
Baking bread is one of the easiest things to do and something that everyone loves, so if you have a passion for baking and have learned how to bake some of your favorite recipes, this could be a great opportunity to start your own business online.
13. Catering Service
Catering service is another one of the most profitable businesses in Nigeria with low capital.
However, this business requires that you have a lot of money to start; although you don’t need to spend too much, you will need enough capital to invest in your supplies and then find people who will be willing to buy from you.
If you are good at cooking and can create menus that people really want, then this could be a great business for you. You can also pay an initial fee for kitchen space or equipment and other supplies like plates that people really want, but it’s not cheap.
14. Business affiliate marketing
You don’t need to own a website to run affiliate programs. Several businesses and service providers offer commission-based lead generation.
If you are the person who can get customers for businesses, this might be an excellent opportunity to make money. If you join an affiliate program that gives 10% per lead and generates 50 leads for a twelve thousand naira product, you have 60k in your account.
You should have heard about this already. Affiliate marketing is considered one of the easiest ways to make extra money online. It is a very popular way to monetize the traffic from your website, blog, or email campaigns.
Affiliate marketing is referral-based, which means you can promote someone else’s product or service on your website. Every time a visitor clicks on the referral link and ends up purchasing the product or service in question, you will receive a commission. Using a product review as an example, you could include an affiliate link to purchase the product.
This will increase your chances of scaling your affiliate business. You can also run paid advertisements if you have enough capital and good technical know-how.
It’s a simple concept, but it has a powerful effect. Pick a great campaign that fits your niche and get started right away. But you need a channel to showcase the affiliate’s links and products, e.g., website blogs forums, and others.
Clickbank, Bluehost, eBay, etc. are international platforms you want to join today. There are two free affiliate sites in Nigeria I can vouch for, Jumia and Konga.
Although Learnoflix and Expertnaire charge a fee to join, they remain the big players in the industry. In some cases, it is referred to as the “referral business model.”
15. Selling Tuition
This is one of those businesses that require that you have a lot of experience in the area where you want to teach, but if you are good at something and want to make some money by teaching people how to do it right, this is a great opportunity for anyone who wants to make money from home.
16. Liquid Soap Production
Liquid soap is a business with low capital and high profit you can start in Nigeria. You don’t need much room for this business idea.
All you really need is a container and some soap and resins to put your liquid soap into, but depending on how much liquid soap you make, you will require some capital for ingredients.
To start, you can make findings online on how to start soap production in Nigeria and you will discover the necessary steps to follow.
17. Website Design
Website design is related to web design, but it’s not the same thing. While you can use your computer and design a website for somebody else, designing websites for other people requires that you have a registered business for this purpose.
If you are interested in creating websites for other people online as a way of making money online with little capital, there are several companies that can help you do this. You don’t even want to learn how to code PHP or python, all you have to learn is how to design a website with content management systems (CMS). It is easy as just operating your mobile phone.
18. Supply and Distribution Business
Supply and distribution is a business that moves fast in Nigeria, especially if you target popular commodities and companies.
At first glance, the most profitable business in Nigeria appears difficult. However, slow and steady always wins the race. To start this business: register a business name with CAC, rent a warehouse or office, look for potential customers and build a good relationship
19. A car wash business
Car washing is a lucrative business to start in Nigeria that may earn good returns on investment, but it is often underestimated.
This is one good business idea that you would love to start since beginning a car wash business in Nigeria is a wonderful method to invest in and does not involve much start-up capital.
Take matters into your own hands, show your wax skills and start a car wash. You can get started with just a few buckets, sponges, good-quality soap and wax, and open space.
20. Our Bonus is POS service
This is a money-making business, but you need to be computer-literate to be able to operate the POS, but if you are not, it will only take you a few days to master the use of POS
Your location will determine if you will be successful. For this small business, to work you need to establish it in a place where there is no atm visible in a market is the best location for this business, but you will have to be vigilant if you will operate in the market.
Other Business Ideas
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These are just some of the lucrative businesses in Nigeria with small capital that you can start. If you have something to sell and want to start your own business, we recommend that you do so, because if you do a good job and your customers are happy, they will be more likely to come back for more.
There is a billionaire in every trade. The only question you need to ask is if you are willing to be the one. There are thousands of businesses you can start if you will put in the work. These businesses won’t make you a millionaire overnight, but they offer you a good ground to build.
Hopefully, this article has given you some ideas about what kind of businesses or products you could start up in Nigeria or other countries in Africa. We also hope that your career has helped you along the way as far as figuring out what kind of work environment is best for you and how to make the most money possible and have a better work-life balance.
Frequently Asked Questions
What business can I start with 20K in Nigeria?
When you don’t have a lot of money. I would recommend you start small-scale production of some house of materials like liquid soap, insecticide, disinfectant, oil perfume, detergent, and, air freshener.
Just locate a chemical shop to get the materials needed. It is one of the best businesses you can start with just 20k in Nigeria.
What business can I start with ₦2million in Nigeria?
You can start a commercial agribusiness with ₦2million naira in Nigeria if you can afford it. Farming catfish, broilers, or layer birds.
All you need is a pond, poultry, fingerlings, chicks, and some feeds. They are many, you can read more on our website.
What business can I start with ₦50,000?
You can start any business you do not have to invest in fancy equipment like selling perfumes and men’s shirts with 50k
Also, you can start a phone accessory business with 50k
You can start a candle-making business with less than ₦50,000
You only need to invest in a mold, thread, and Nylons. You can advertise your products on Facebook and locally.