We’ve put together this list of cheapest business ideas to start you can start in Nigeria with low capital or that require 5k or 10k.
Daily business in Nigeria
Nigeria, known for its vibrant economy and entrepreneurial spirit, offers numerous opportunities for aspiring business owners to start their ventures with limited capital.
Hidden business opportunities in Nigeria
Whether you’re a young entrepreneur, student or someone seeking additional income streams, the following low-capital business ideas are perfect for exploration in Nigeria’s dynamic market.
cheapest business to start in Nigeria ideas
This are the list of the cheapest business to start in Nigeria ideas will help you in starting. All business listed in this blog article are businesses that you can start with as low as 5000 to 10000 Naira.
Business to start with 50k in Nigeria
what business can i start with 5k in Nigeria.
1. Pure water business (OKRIKA)
2. London use clothing/material
3. Snacks/Mini meat Pie Production.
4. Liquid soap production
5. Buying and reselling.
6. Liquid soap production.
what business can i start with 100k in Nigeria
1. Pure water/bottle water/Soft Drink Business
The business of pure water is a great choice if you live in a mega city like Lagos, Ibadan or any other big city in Nigeria. It doesn’t need a lot of capital to start. Starting the business with just 3,000 to 5,000 Naira is possible.
You might be able to get this sachet water from people selling in bulk in your area or getting directly from a pure water factory close to you. This can make you profit between N100-N200 for each bag sold,
If you reside in a heavily populated city like Lagos, the pure water-related business is an ideal option. It doesn’t require much start-up capital as we said earlier. You can Include bottled water and canned beverages such as soft drinks, energy drinks etc. you can sell more than 20 bags of water each day depending on your dedication.
You can also employ as many hawkers as you like to sell your goods for you In different parts of your location, you can pay them by sharing the profit with them or have a structural payment method for them. With this business, you might be making up to N3000- N10,000 every day. It is much better than begging or doing free labour.
2. London Used Cloths Knowns as Okirika
Okrika or Okirika, or Okreka depending on your language and pronunciation is the popular term use for imported clothing that are worn by many people in Nigeria. Some unverify data says about, 60% of Nigerians wears okrika. However, given that there are top-notch OKRIKA, it is difficult to determine. It is a fact that when some okirika are worn together, it is impossible to differential them from new cloth. Many shops and boutiques in Nigeria use okreka to sell their goods.
In Nigeria populous cities, it is a wise choice of business. One of the businesses in Nigeria that is expanding rapidly and where people can make money. To start, it doesn’t necessarily need stores. If you’ve gone to Lagos or live there, you must understand why this business does not require shop or boutique.
In the busiest parts of Lagos, including the railway stations, are where you may find people selling okrika. The only thing to do is spread the cloth out over the table or put them in a big nylon bag or hang them for people and passerby to see. The business may not even be open all day and won’t interfere with your daily activities. Evening may be perfect time When workers get home from work (4:30–7:30 pm),
You can get more than 200 pieces of material in a set/bundle of Okreka clothes for between 10k and 20k.
The people who sell these okirika clothes are selling them at 500 Naira up or 1200 Naira. So, how much do you expect to make if you’ve got clothes bought at 10k per bundle and contain about 200 clothes?.
If we consider 500 that will 200 x N500 = 100,000 Naira minus 10,000 Naira, which is your capital you will make 90,000 Naira in profit. Add 10,000 Naira for transportation and other miscellaneous = 80,000 Naira. You’ll make 80k.
3. Snacks/Baking production.
This is one of the cheapest business food you can start in Nigeria with as low as 10k. The requirement to start the business are
- Pot or Frye pan
- moiling board
- Wood for rolling
- Stove, electronic cooker, or gas cooker
Most of the requirements mentioned above will not cost you much to buy. However, the most expensive thing would be an oven. It’s good to know that you can get a small oven as little as N20k, to start with. It is possible to start your business from your home and not require shops. You can connect with fast food establishments and those selling eggs and meat pie rolls in the streets. Offer to sell your snacks at a price slightly lower, which is a fraction of the cost, treat them with respect, and keep them as customers.
4. Liquid soap production.
Because liquid soap is so simple to use, it has a chance of selling more quickly, many people are getting into the liquid soap manufacturing business. People use soap every day, and most liquid soaps these days are environmentally friendly. Local producers of the soap don’t need a lot of startup money. Starting a business with only 5,000 Naira is possible.
You can meet with your neighbours and begin your network of customer with them before you start and let them know about your new business and the time you’ll start producing. Let them know that you’ll sell them things for less money than they typically pay for it at local store.
You can make over 1000 Naira per day if you can sell 20 pieces of soap for 50 Naira each. You might also urge shops to start selling your product. if you are dedicated you can make enough to start your own company.
5. Buying And Reselling.
In Nigeria, it is a business that few people are familiar with. A small number of people are engaged in this. The business is more profitable and successful than you could ever dream, and the best part is that it does not require factory or any production. For this business, a shop is not necessary. Depending on the commodity you’ll be dealing with, it requires a starting capital of at least 10,000 Naira or more.
It is the process of looking for products you can buy and then resell those products online or offline. Purchasing existing product that you can resell at a reasonable price and adding your own decent profit to it, this is the most lucrative component of this business operation, all you need to do is to verify the seller is legit and trustworthy and the product belong to them to make sure the product is working perfectly, you can also visit the vendor in person in person.
buy the item, then sell it back at a greater profit. Olx.com, jiji.com, and efritin.com or jumia are the best websites to use for this kind of business, you can build an online store where you will display your goods for larger audience to see. You can also make use of your social media platform like Facebook, twitter, Instagram and so on to advertise and promote your business.
6. Noodles preparation business
Depending on how you want it to look, you may start with a little sum of money—as little as N5,000 to N8,000—because it doesn’t require a significant capital. It’s a method of producing noodles in a special way. It is not necessary for it to be the same as the regional one or as the Hausa people in your neighbourhood do.
It might be by preparing it in a more unique way with some special recipe placed in a neat area, surrounded by planks or plastic covers, may be wrapped in wrapping, tooling, or whatever else to make it appear presentable and orderly. or using take-away parks. Preparation of bread eggs and bread can also be added to it.
While some are making enormous profits in this industry, many people view this business with scepticism. I know a person who runs this kind of business, and his store is always busy because it was set up to sell noodles for 250-500 Naira per plate, which also includes chicken and every soft drink that is available.
All business ideas discussed in this post are based on Research and some have been tried and tested in the Nigerian market, particularly with little or low capital, and have shown to be profitable.
Business to start with 500k in Nigeria
But in order to be successful in any of the businesses mentioned above, you must have the appropriate business plan and ideology. Especially when it comes to acquiring customers and keeping them for an extended length of time. You must be able to persuade those who are interested in doing it to support you and your ideas. With a diverse market and a burgeoning economy, Nigeria is a fertile ground for low-capital business opportunities. By choosing the right business idea and implementing a well-thought-out strategy, you can pave the way for success in the Nigerian business.
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