Have you ever sat and asked yourself; what business can I start with 50K or less in Nigeria? or What business can I start with 50k in Nigeria as a Student? If your answer to the question is yes, then you are on the right article.
In this article, MyStudyExtra share with you the Profitable and Easy Business You Can Start With 50k, 40k, 30k, 20k, or even 10k. If you start any of these businesses, you will be on your way to running your own small business.
Access to capital is one of the challenges that aspiring entrepreneurs or persons wishing to start their businesses encounter in Nigeria and many other African countries due to the harsh realities of the economy. As a result, I’ll be providing various retail business ideas in Nigeria that you can start with $50,000 (50,000 Naira) or less.
Profitable Business You Can Start With 50k In Nigeria
So, based on what you can do or your area of interest to earn a living, we have compiled a list of profitable businesses in Nigeria that you can start with 50,000 or less. The list will guide you as well as provide ease and flexibility in selecting your business.
1. Blogging
You can start a blog in a niche of your interest if you can write or have the ability to learn how to write. Blogging has become a popular way to start an online business. It’s popular and profitable if done correctly, and you can get started with little or no money.
All you may need is internet access, great research abilities, a laptop, and plenty of time. In reality, the most important and possibly most expensive investment you can make in a blogging business is your time.
Create a free blog at wordpress.com or blogger.com. If you have the funds, set up your blog on a self-hosted server. Fill it with useful content, get people to read it (drive traffic), earn their trust, and monetize your blog using Google AdSense, Adsterra or other ad networks, display advertisements, affiliate marketing, etc.
2. Mini Importation Business
There are so many items out there to import that will interest Nigerians. The importation business is lucrative and every Nigerian who knows how to go about it is sure of being a millionaire in the nearest future.
So if you’re looking for a profitable business you can start with 50k in Nigeria, importation business can be started with 20000 to 50000 naira and be sure of making 150000 Naira monthly, if importing the right products.
You can start an importation business while you are in Nigeria, Alibaba and Amazon are the answer, go on Alibaba or Amazon and search for a cheap item of $2 – $3 and start your importation business.
3. Catfish Business
Catch fish business is a profitable business you can start with 50k in Nigeria. This business is lucrative and poses less stress for you. It is important to understand the underlays of the business and how to care for the catfishes. Starting on a small scale with 50 thousand naira, all you need to get are 2 big drums and access to water.
Then you need to buy fingerlings (2 naira each) and feeds (approx 25k for 200 fish). Then watch your fingerlings grow into big fleshy catfishes. When fully matured, you can sell one for as high as 1k or even more depending on the location. So you see, the business will bring in amazing profits for you.
4. Recharge Cards Vendor
The recharge cards business is also a profitable business you can start with 50k in Nigeria. Almost everyone in Nigeria uses a cell phone and we know that airtime is like the life of a phone. If started in a busy area, you are assured of high sales. For this business, you need an umbrella, two plastic chairs, and a table all of which can be gotten with 15k or less.
Then you need to buy recharge cards from reliable wholesalers; with 15-20k you can get a chunk size of recharge cards and you are good to go.
However, these business has a lot of challenges first of which is high competition as many are into the business. Also, the location matters a lot as a busy location attracts high sales with high risk. Most importantly, you need to be around always or employ a trustworthy person.
5. Baking Business
Baking is among the business you can start with 50k in Nigeria if you know your way around it. Baking is a thriving business in Nigeria. Cakes and pastries are things Nigerians can never get enough of. Every party from weddings to birthdays and graduations needs cakes or small chops.
You can start this baking business right from your kitchen. You could start by making little cupcakes and small chops and sell them to earn income. To gain visibility, you can then promote your baking business on your social media, get people to order, and start making the big bucks.
6. POS Business
POS services are becoming more and more popular and almost every household now has a POS agent, but that doesn’t mean it is not a good business to venture into.
With a capital of 50K, the POS business is a good one to try as you can quickly make a huge profit without waiting for weeks or days.
To start this business, you can apply for a POS machine from top companies like MoniPoint, Opay, PalmPay, and/or banks like the Firstmonie POS.
The cost of a POS machine usually ranges from N15,000 to N100,000 depending on the company and the machine acquisition method. If you can get a POS machine for N20,000, then deposit N30,000 where you charge N100 for N10,000 below and more for transactions above N10,000, you can make up to N1,000 and more daily.
If you are interested in starting a POS Business, We have already explained the step-by-step process of how to start a POS business in Nigeria in our ultimate guide, kindly check it out.
ALSO READ: POS Business: How To Start POS Business In Nigeria [Ultimate Guide]
7. Popcorn Production
Making and selling popcorn is another profitable business you can venture into. You can get the machine for about 40000 – 45000 naira; then you get the ingredients which are corn, butter, and sugar. Your location matters a lot in this business; so we advise you to stay in a busy area such as a popular bus stop or close to a large school.
8. Sales Of Drinks And Water
You can start this business for as low as 30k. All you need is a nice cooler and packs of different types of drinks. Don’t have too much turnout if you choose to sell inside the street.
9. Shawarma/Barbecue
Shawarma and barbecue is a profitable business you can start with 50k in Nigeria also. People living in urban areas like Lagos love both shawarma and barbecue and buy the day in and day out. This means that the business is viable and profitable if you set it up in an urban area.
For this business, you need to buy to know how to make shawarma and/or barbecue or maybe employ an expert to make it. Then you need to buy a grilling machine and get the shawarma ingredients, and find a lucrative location with huge profit potential.
10. Content Creation Business
Content writers, copywriters, scriptwriters, bloggers, you name it are all profitable businesses you can start with 50k in Nigeria. Writing is becoming a very profitable business today. If you have great writing skills, you can set up an online platform and present yourself out there to those who need your skills.
11. Graphic Designing Business
This is another popular business in Nigeria. If you are good at designing and creating images using platforms like Canvas and Photoshop, you can start up your own graphic designing business and garner clients.
12. Fast Food
All you need for this business is a kiosk, a stove/gas cylinder, and your cooking materials (oil, kerosene, spoon, etc). You need to decide the type of fast food you want to sell; you can consider cooking noodles & eggs, making teas alongside loaves of bread, etc. You can be assured of a huge turnout daily provided the location is good.
You should consider the practices of the location you want to set up your business. It is a profitable business, however, it needs to be closely monitored and it usually needs the presence of the owner. In addition, you must be hygienic in the preparation of the fast food as this will keep your customers.
13. Small Poultry Business
You can start poultry farming at the back of your house, so you need not bother about the location. For this business, you need to get 100-day-old chickens (costing like 200 naira each) for approximately 20,00 naira.
Then you need to build a nice wooden big cage which will cost about 15,000 naira. You can then buy their feeds for 15,000 naira. The convenience is good with minimal risk.
14. Sales Of Phones
You can make money from the sales of cheap phones. You need to buy cheap phones for about N2,500 each and also need to get a show glass, find a good location and that’s all!
This business is a very profitable business that does not need close monitoring as long as you can account for the number of phones. Location is the name of the game of this business. get a good location, and get a trusted supplier.
15. Smoked Fish Business
This is another very lucrative business venture. You can make and sell smoked fish across various markets in Nigeria or even go ahead to export smoked fish to countries like the UK and earn income.
16. Soap Production Business
Soap production is another business you could start. You can make liquid soaps for bathing or washing, brand them, and distribute them to various supermarkets that pay a week after supply.
You could also decide to promote your soap on social media like Instagram or Facebook and ultimately deliver it to your interested customers.
17. Fashion And Beauty Products Business
You can start making beauty products like facial creams, liquid, or bar soaps and put them for sale. The chemicals needed are easily available on the market. You can start making all of such products with less than 50,000 Naira.
18. Selling Perfume
This is a brilliant business venture that can bring you profit as high as 100%. You could buy perfume bottles of 3ml, 6ml, or 15ml in their bulk and sell them for double the price and make a good profit. For example, you could buy a bottle of perfume at a wholesale price of 500 Naira and sell it for 1000 naira to your customers!
19. Plantain Chips Business
This is what I enjoy eating mostly when I am traveling, people eat this every day, it is a chip that is commonly everywhere. You can start this business as a company by packaging it in an advanced way and putting the label on it just as the ones you see in Lagos are.
If doing it the right way you will get retailers coming to buy from you every day to sell. According to my research, I find out that a dozen of those in Lagos cost 6k. You can start producing your own and sell to those guys selling along express and people selling in shops. You can start this business with 50
20. Ice Block Production Business
Nigeria electricity condition is getting worst every day and people need cold drinks water etc, you can be of help and make money with this.
If you already have a freezer you can start producing ice block and sell them to people who are selling drinks and water. The only important thing this business required is a freezer and a Better generator with water.
21. Fish Fingerlings Production Business
Have you seen catfish before? the baby of catfish is called a fingerling. If you are a person who likes agriculture such as farming, then you can venture into this business as it is very lucrative but it required some skills.
There are places to acquire the skill in most cases it cost you nothing. The process of producing fingerlings is easy, the only important thing is getting buyers ready before production.
This fish business is lucrative, you can make up to 50,000 Naira in your first production that spend just 4,000 Naira on. fingerlings farming is very lucrative
22. Tutorial Business
This is a serviced based business that can bring you big bucks. You can start private home tutoring for kids on different subjects OR you could sign up on online tutoring platforms like Prepclass and get paired with a parent.
You could also hold masterclasses on platforms like Whatsapp or Facebook. You could upload your courses on sites like Udemy and get paid every time someone enrolls for your course!.
ALSO READ: Top 15 Online Jobs For Students in Nigeria [That Pays Well]
23. Web Designing Business
This only requires a laptop and your skills! You can design a website for various companies. All you need to do is to sell yourself out there and present your clients with an irresistible portfolio!
24. Phone Accessories Business
Phone accessories are phone stuff like phone chargers, air pies, USB memory cards, etc. People have issues with their phone accessories every day mostly chargers.
This business is very lucrative if you are in a busy location. Starting this business is not costly; you can start this business with 20,000 naira.
You must have bought a charger or ear pies before, this is to say people are buying it always due to improper making of chargers these days, people run into one problem or the other with their chargers, and are required to get new, ones because they can’t throw their phone away.
If you are ready for this business you can partner in the shop with anybody that sells phones, or even if you are in Lagos and close to computer village you can take your take to any free space and arrange your phone accessories, there are millions of people going to computer village every day.
25. Make-Up Artistry
This is a very popular business in Nigeria today. If you are interested in beauty and fashion, this is a very lucrative business to go into. You could do make-up for weddings, parties, and other events.
You could also hold makeup classes and charge them for the entire duration. In the long run, you could open up a makeup studio!
26. Hair/Barbing Salon
This is another very good business that can bring you income. If you don’t have a place, you could start at your house or you could offer home services.
All you need to buy is the basic tools needed for your craft like scissors, combs, brushes, etc, and advertise yourself and you are good to go!
27. Tailoring/Fashion Designing
This is another super profitable business. People will always have to wear clothes. You can start a tailoring business.
All you need to get is a standard sewing machine and some other materials and you are good to go. You can advertise yourself around your neighborhood or on social media to get yourself out there.
28. Jewelry/Bead Making Business
This is a business you can start up very easily. If you are skilled at making jewelry, you can make necklaces and accessories and sell them to people. All you need are the materials needed to make them which is pretty much less than 50,000 naira.
29. Painting/Artworks Business
Are you good at painting? You can set up your art gallery and sell them to make money. All you need are your painting materials and you are on your way. You can paint and design images and put them up for sale. Again, advertising on social media is a great way to attract the right audience to your business!
30. Production Of Candle Business
I don’t know more about this but my research shows it is a lucrative business that has no stress, and with 50k you can start this business comfortably.
With erratic power supply in the country, there is no doubt that the production of candlesticks is still a money-spinner. A sizable group of Nigerians rely solely on candles to battle the erratic power supply.
With #10,000 Naira you can have a candle mold, which produces 16 candle sticks at a time and go about 50 times a day translating into 800 per day. This is a situation when you are starting with #20,000 to #25,000 Naira.
According to research producing 16 pieces of the candle does not take more than 10 minutes, all you need to do is melt the wax, put it in your mold, for 5 minutes after, put in another wax, which you must have melted, while the previous one congeals and you go on and on.
The requirements to start this business are Wax #1,000 Naira, mold cost #30,000 Naira, Thread #1,000 Naira, Packaging Nylons N1,500 Naira, heat source N600 Naira, Bowl, Ceiling Machine N2,000 and logistics. This is a profitable business to start with 20000 – 50000 naira in Nigeria
31. Dry Cleaning
Dry cleaning is a notable profit-making avenue that can be done from your house.
All you need is an assured source of water, a Washing machine (can get a small one for 15k), and a 3kva generator which will cost you 30-35k. You can do the ironing yourself or you might decide to hire boys to iron clothes for you while you pay them from working capital.
The business assures you of convenience, minimum risk, and profit maximization. It is a viable business but the only challenge you might face is getting customers to patronize you regularly.
32. PERFUME OIL SALES
Selling oil perfume is another profitable venture you may launch in Nigeria with 50k or less of your capital. This business is very simple to start because it doesn’t require a lot of equipment.
All you need to do to launch this brilliant company concept is to get in touch with a reputable perfume oil vendor who sells the scents that your customer base prefers. Next, buy perfume bottles (usually 1ML) to use for sales of your products. After that, you may start selling homemade perfume oils and earn incredible money.
33. Egg Distribution
Egg Distribution is a business that starts small and eventually grows into a big enterprise because people use eggs for many things and supply can’t keep up with the demand.
Eggs can be eaten or used to produce confectioneries, soaps, shampoo, face masks, adhesives, hair conditioners, and cosmetics. People will need eggs for a lot of things and you’ll be there to deliver.
To venture into this industry, first partner with reputable farms or wholesalers that produce eggs, next buy from them, and then redistribute to supermarkets, shops, fast foods, bakeries, retail stores, and residential areas too.
Egg sales and distribution can be done even if you don’t have a vehicle and any means of transportation available can suffice until you start expanding.
34. Juice/ Zobo/ Smoothie Making
When you are in the Juice, Zobo, and Smoothie-making business, you’ll give people healthier alternatives to caffeinated soft drinks.
Furthermore, this venture is a lucrative, diverse, and high-demand business you can start with 50k in Nigeria. You could start by making these drinks fresh and selling them to clients in plastic bottles and then grow your venture with time.
Another good thing about is that the type of clients you’ll attract are people who’ll always need your products. This can be gyms, hospitals, restaurants, dieticians, supermarkets, small shops, and individuals who are on a weight loss journey.
With a good recipe for these three drinks, you could penetrate the market with a unique taste, make huge sales, and ultimately become a household name in the minds of your customers.
35. Car Washing Business
The car washing business is prominent in Nigeria because it is highly needed by automobile owners who don’t have time to wash their cars.
With a good water supply and essential car cleaning equipment, you can begin washing cars for people. You can expand to a bigger space where you’ll have a mini eatery for customers to wait. Here you’ll sell drinks, snacks, or football streaming services.
36. Thrift Shopping
Thrift shoppers buy cheap clothes from the market, repackage, and sell them for higher prices on other platforms to people.
To start this business, buy good second-hand clothes, dry clean to get rid of dirt, repackage and sell them online. You must not have a physical shop to be a thrift shopper.
37. Printing And Branding Business
To start a printing and branding business without machine or skill, secure partnerships with printers, and promote their services online to customers.
When customers contact you, ask your printers for a quote for the job. If a customer patronizes them, you earn a commission for the referral.
38. Videography And Video Editing
A recent shift from written content to video content and storytelling has caused an increased demand for photographers, video content creators, videographers, and video editors. If you are skilled in any of these areas, you could start earning from it.
39. Publish And Sell E-Books
Thanks to self-publishing and the creation of E-books, authors can earn money by publishing books online.
Publishing an Ebook gives you control over the publishing. You’re responsible for writing, editing, formatting, creating a cover, uploading it on Amazon, writing a description for the book, and promoting it.
40. YouTube Creator
By creating a YouTube channel that is monetized, you can make money online.
Choose an interesting topic that you are passionate about and create videos on these topics. Ensure that your content is captivating and visually appealing so that you can attract viewers. When you have enough traffic you can earn money via adverts.
Conclusion
With the current state of the Nigerian economy, it is excellent to start your own business and financially empower yourself. If you sometimes wonder, “What business can I start with 50k?” you can find answers by reading the instructions above. However, before you start any business, do your research and make sure it will be profitable in the location you choose.