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20 Businesses You Can Start With 50,000 Naira in Nigeria

by Shannon Okubor

May 29, 2020 18

It’s 2020 and the world is evolving at top speed. The world is becoming digitally globalized and the system is saturated with groundbreaking business opportunities. Nigeria is not left out as men and women are making history in the business world today. You’re reading this article and you want to start a business. Maybe you just want to generate some passive income, something that keeps “body and soul together” or maybe you are just fed up with going to work every single day and you want to become your boss or you are an entrepreneur and starting and scaling your business is your dream and the path to your most self-actualized state. Whatever the case, YES YOU CAN!

Research has it that the best time to start a business is in times of economic crisis and financial meltdown. This is because startups swing into the economy with passion, innovation, and a problem-solving mindset. In America, startup businesses are America’s greatest employers. These businesses started and became big businesses that we know today like Apple, Facebook, Google, and many others alike. Your business can become one of the biggest businesses in Nigeria today.

Think you need so much to start? Well, let me walk you through 20 fantastic businesses you can start with just 50,000 Naira in Nigeria today. Let’s dive in!

1.  Baking Business

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 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.

2.  Fast food Business

The importance of food can never be overemphasized. You can use your cooking skills to make good money. All you need is a little stand, cooking materials, and foodstuffs. You can start by finding a very strategic location and start making foods like spaghetti and turkey.  You could also go ahead to specialize in making and delivering food to parties and events. You can use your social media to promote your business, put pictures of your food, and explain clearly what you do to reach a wider audience.

3.  Plantain Chips Business

This is also a very lucrative business. Plantain chips are a very popular snack in Nigeria. You can make them, brand them, and supply to different shops or supermarkets and earn income daily.

4.  Selling Drinks and Water

This is another lucrative business because it is a highly consumable good. All you need is a little stand, a cooler, some iced block and your drinks!

5.  Small Scale Farming

This is a business that can become very lucrative. You could start right from your backyard and begin farming on a small scale. You could plant pepper or grow vegetables and sell them or you can go into snail farming or poultry, and all of this with very minimal resources.

6.  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.

7.  Soap Production

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 who 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

8.  Home and Beauty Products

You can start making beauty products like facial creams, liquid or bar soaps and put them for sale. The chemicals needed are easily available at the market. You can start making all of such products with less than 50,000 Naira.

9.  Perfumery

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 wholesale price for 500 Naira and sell it for 1000 naira to your customers!

10.  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!

11.  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!

12.  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.

13.  Jewelry/Bead Making

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.

14.  Painting/Artworks

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!

15.  Tutoring 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!

16.  Web Designing

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!

17.  Social Media Management

This business is on the rise today. If you are skilled in managing social media pages, you can start up your own social media managing business, present an irresistible portfolio to small or large companies and help them reach their target audience and get paid a monthly fee.

18.  Writing

Content writers, copywriters, scriptwriters, bloggers, you name it. 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.

19.  Graphic Designing

This is another popular business in Nigeria. If you are good at designing and creating images using platforms like Canva and Photoshop, you can start up your own graphic designing business and garner clients.

20.  Dry Cleaning Business

This is also another business you can start up with. Washing machines cost as low as 18,000 Naira. You can buy detergents, wash clothes from your home, iron them, and deliver them to your customers!

There it is! Those are 20 fantastic businesses you can start-up in Nigeria with as little as 50,000 Naira. Leverage on the power of social media and the internet to push and promote your business. Remember not to look down on little beginnings. With patience and hard work, your business could become second to none in Nigeria!