Nigeria is an appealing place to start a business due to its quickly rising economy and vast population. Starting a business in Nigeria can be difficult and costly. But don’t be concerned. This article will discuss the greatest and cheapest business ideas to start in Nigeria. After careful research, this article should be able to assist you in finding the cheapest businesses to start in Nigeria with little or no initial capital.
Why Is It Important To Start A Business?
The following are some of the reasons why you might consider starting your own business. First, you get to construct a business that has the potential to expand while also benefitting you financially. Furthermore, your business is a very valuable asset in and of itself.
As your company expands in size, so does its worth. Furthermore, when you start your own business, you become your own boss and have complete control over how much money you make and how long you work. This offers you the freedom to pursue other interests.
Top Profitable and Cheapest Business to Start in Nigeria
We bring to you, after careful research, the top cheapest business to start in Nigeria that can return profits:
#1. Cleaning services
Cleaning services are one of the most in-demand services in Nigeria, with many people in need of them. However, you will need some capital to start a house/office cleaning service.
Many households and companies will require your services, so you can start alone and then hire others to help you with a hard workload as your business expands.
#2. Catering services
With your kitchen cooking equipment, you can start your low-cost catering services. You simply need to spend a small amount of money on the few items you may require but do not have. Offer your skills as a cook and delivery service to events, meetings, people, birthdays, and other various occasions.
As you can see, you don’t need a physical location to get started. Start small, with friends and family; as your business grows, you can extend your offerings and purchase more cooking equipment, such as food trucks, delivery bikes, or commercial kitchens.
#3. Affiliate Marketing
Affiliate marketing is a low-cost and lucrative business that you can start in Nigeria. Fortunately, no funds or qualifications are required to start this business. Affiliate marketing is simply the sale of another person’s physical or digital products.
As a result, you are not required to purchase or produce any goods. You only need to recommend affiliate products to people who are interested in them.
#4. Laundry Services
Another low-cost business in Nigeria is laundry. Essentially, it entails picking, washing, and ironing people’s clothing for a fee. You may start your own laundry service with little money. Everything is dependent on how you intend to build it. If you want to start this business from home, you will want less capital than if you want to create a shop.
#5. Data Reselling
Another ideal business to start with minimum cash in Nigeria is data reselling. It entails purchasing data bundles from Nigerian network companies such as MTN, GLO, 9mobile, and Airtel and then selling them in tiny quantities to others.
This is an extremely profitable business that can be started with as little as N2000. Register with a telecommunications company or a VTU platform, fund your account, and start reselling data to others.
#6. POS Business
In Nigeria, POS is a business that can provide you with a daily income. In essence, you make money every day when individuals withdraw money from your pos terminal. Simply register with a leasing provider, purchase your POS system, and fund your account with the needed amount of money to start a POS business. Next, make your business known to those around you.
#7. Phone Repair Business
Working in the popular industry of phone repair has several advantages. Establishing your business in a commercial area where the majority of customers are likely to be using an Android or iOS mobile device will boost your earnings.
Repairing these phones will be the most profitable. To start your own phone repair business, all you need is some equipment, a site, and some training. You should be able to start this business in Nigeria with as little as N20,000.
#8. Freelance Writing Business
You could apply to be a writer if you have writing talent. Professional writers and blogs are always looking for authors, and they pay well. This is one of the cheapest companies to start in Nigeria because it requires no money to get started, but if you want to make money from it, you must be an excellent writer.
If you are a good writer, you can start making money by joining freelance websites that welcome authors. Freelancer, iWriter, Fiverr, and Upwork are all terrific places to start.
#9. Poultry Farm Business
Both chicken and turkey meat are in high demand in Nigeria. Starting this business could make you a lot of money, and you won’t need to invest a lot of money to get started.
You may start your own chicken farm with just N50,000 and a few chicks. Remember that the market is more profitable during the Christmas season when most people prefer to buy live chickens.
#10. Mini Importation
One of the simplest ways to make money in Nigeria is to import cheap items and then sell them for a profit. It’s also one of the cheapest businesses in Nigeria to start. Only import items that are popular or in high demand in your country.
#11. Okrika Business
Selling reasonably used clothing is a huge industry in Nigeria because the bulk of those who cannot afford the original rely on these alternatives.
You can buy these clothes from stores like Cotonu or develop relationships with other dealers who can direct you. If you want to sell used clothing, you can either set up shop at a market and hawk your wares, or you can travel to a place like a school where these garments will be in great demand.
#12. Tailoring Business
If money is an issue, you may want to try becoming a tailor and beginning your own tailoring business. Although expert assistance may be costly, learning the task will not take long.
When you’re done, you’ll need to purchase your own sewing machine. The pricing should be less than N30,000. When you start producing money, you may be able to start sewing from home and eventually migrate to a better area.
#13. Graphic Design Business
If you’re creative and talented with Photoshop and Corel Draw, you could do well as a graphic designer. You can also start from scratch and succeed. A laptop and an internet connection are required for graphic design so that you may always explore new ideas. With both in your control, this small business may make you a fortune.
#14. Event planning
Every day in Nigeria, people have one or more events, especially on weekends and during holiday seasons. As a result, beginning an event planning business will be extremely profitable.
To provide your services to businesses and individuals for events such as weddings, birthday celebrations, and corporate events, you must have a passion for organizing and coordinating events. Because it’s a low-cost business idea, start by organizing small gatherings for your friends and family.
You can also invest in equipment such as tents, tables, and seats as your business grows. However, for the time being, continue with renting services.
#15. Become a driver
Because we’re talking about cheap or low-cost business ideas, you don’t need to acquire a car to become a driver. There are numerous ways to become a driver without having a car. You can, for example, become an Uber or Bolt driver, or use one of the other Nigerian mobility businesses.
You can hunt for someone who is willing to buy you a car and agree on how much you would pay him daily, weekly, or monthly. Also, you don’t need any money to get started with this business concept.
#16. Perfume oil business
The perfume business is one of the cheapest business ideas to start in Nigeria. You can start a perfume business with as little as N5000. Purchase modest amounts from wholesalers and resale to clients. Because the products are manufactured by someone else, you should conduct a thorough study on them. Conduct market research to ensure that your items or perfumes will be of interest to your potential clients.
Consider working with a reputable provider who will provide you with the greatest perfumes at the best price.
#17. Baking and confectionery business
You don’t need to own a bakery to start a baking business, so don’t overthink it. If you can afford it, the main item you need for baking is a conventional oven. On Jumia, though, you can acquire an electric oven for as little as N50,000. A mixer, a baking pan, and other goods may be required.
If you can’t afford an oven, start with various non-oven-required confectioneries, like tiny chops.
#18. Provision Store
Another excellent and cheapest business to start in Nigeria is this one. Provision stores are dairy enterprises that sell things that people require on a daily basis, such as soap, body lotions, biscuits, bread, sweets, detergents, and so on.
It is a profitable business that can be established with little money.
#19. Blogging
Blogging is one of those businesses that certainly allows you to be your own boss. You can work whenever you want, wherever you want, and at your own pace. To be able to continue the business, you only need to choose a profitable specialty and a place close to your heart. In Nigeria, you may start a successful blog with simply a laptop and a high-speed internet connection.
Furthermore, every blogger wants their piece to appear on search engine result pages without having to constantly advertise the content; as a result, you must understand the finest digital marketing tactics (SEO) for search engines like Google or hire an SEO Expert in Nigeria.
#20. Car Wash Business
Everyone, regardless of age or experience, can start a car wash in Nigeria because there is always a need for them. Because most car owners do not have the time to wash their own vehicles, the car wash industry is very profitable. Some may not even have gatemen to help them at home. Given their hectic schedules, the next best option is to visit a vehicle wash.
#21. Photography
This is a very large and profitable area of business to explore. There are numerous options available in this profession, and if you know what you’re doing, you’ll be fine. Photography, on the other hand, is not for the faint of heart, as many Nigerians have discovered, but you should not be afraid to try it if you have the abilities and know your way around the craft.
What Business Can I Start with 5000 Naira in Nigeria?
The Internet, social media, and social networking sites are the greatest companies to start with $5,000 for a Nigerian student. Because of its simplicity, the Internet provides an open marketing environment that allows the promotion of a wide range of commodities and new ideas for young people.
What Business Can I Do with 30K in Nigeria?
In Nigeria, you can start the following businesses with 30k:
- Miniature Poultry
- Business of Recharge Cards
- Production of Popcorn
- Farming of Snails
- Phone Accessories Company
- Snacks Made at Home
- Native Clothing for Sale
- Laundry Service.
What Kind of Business Can I Start with 20k in Nigeria?
20k can be used to start the following businesses:
- Production of Bedsheets/Bedding
- Shirt Manufacturing
- Men’s underwear sales
- E-Commerce and Point-of-Sale
- Electronic and mobile accessories
- Popcorn Maker
- Jersey sales and customization for football teams
- Farming of snails
What is the Most Profitable Business to Start in Nigeria?
Here are the most profitable and lucrative enterprises in Nigeria:
- The oil and gas business
- Agriculture is a business.
- Business with food
- Business of Blogging
- Business in Real Estate
- Business dealing with furniture
- The hotel business
- Business Transportation
What Can I Invest with 5000 Naira?
The stock market is an excellent way to build money over time, and you can start buying stocks with as little as 5,000 Naira through a stockbroker or an online trading site. Investing in agricultural production and sales might be a wise decision that does not necessitate a lot of time or money.
What Can I Start with 50k?
Profitable Businesses You Can Start With N50,000 including:
- POS Company.
- Blogging.
- The Food Industry.
- Real Estate Agent Enterprise.
- Cleaning Service.
- Making liquid soap.
- Business selling barbecued fish and shawarma.
- Baking and snacking.
Conclusion
Nigeria has a high unemployment rate, leaving a big number of individuals unemployed. It is suicidal to live without a source of money.
These cheapest business ideas to start in Nigeria that we have mentioned can be extremely rewarding. If handled appropriately, they have the potential to make anyone successful. Many of these have not yet been thoroughly investigated in Nigeria.
However, if you are innovative, you could start your own business. If you know what you’re doing, you’ll rapidly start making money and even hiring others.
Related Articles
- 19+ Most Profitable Businesses to Start With Low Capital in Nigeria
- Top 10+ Business Ideas to Start in Nigeria (2023)
- Best business ideas to make money right away: 40+ ideas and business plans
- BEST BUSINESS TO START WITH 10K: The Top 20 (+ free guide)
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