Best Business To Start With 50k (N50,000 Capital) In Nigeria 2024

Anonymous: I have been saving some money to start a business in Nigeria, but I am able to save only N50,000 Naira.

What business can I start with 50k in 2024, It must be easy to start, lucrative and fast moving?

Answer: There are many cheap business to start with 50k That are very profitable and capable of making you a millionaire.

These businesses are what some entrepreneurs like; Obi Cubana, Dangote, Otedola, have tried and it gave them a lot of cash that they invested into other businesses.

 

But Wait!

Are you afraid of starting small? Do you think you can only be rich by starting business with 500k and above?

Why can’t you cut your coat according to your size, By starting your business with the little you have? Let me shock you!

 

I started my barbing business with just 50k Naira in our village square, I only bought necessary things like; Clipper, comb, brush and cover cloth with a chair.

Did you know that the barbing salon have expanded beyond my imagination.

Raising money to start up a business is always a very difficult thing, but the hardest is trying to raising hug some of cash when you have nothing doing.

But in this article I will be talking about cheapest business to start with 50k in Nigeria, or any where in Africa.

Starting a business is not the problem, the issue is were and how to get capital to begin the business.

Read: Apps To Get Instant Loan Of 50,000 Naira In Nigeria

 

What business can I start with 50k as a student?

• Freelancing
• Amazon publishing
• Affiliate marketing
• Mini Importation
• ⁣⁣Coding
• Information marketing.

In this section, I will be talking about businesses a student can start with N50,000 or less that can turn the student into dollar millionaire before graduating from school.

I wish I know this businesses when I was still in the university. I would have been a rich business man by now.

Bitter truth: Your certificate doesn’t cure poverty rather only your skill or business and how you manage it will cure your poverty.

But, can I start a business with 50k online? Yes, it’s possible to start a business with little capital and succeed in Nigeria as a student.

So, prime your mind and kickstart your journey towards all-round freedom – in your finances, time, and life.

Let’s dive right in. ⁣⁣

⁣⁣

1. Freelancing

Do you know you can earn in dollars right here in Nigeria? The simple answer is YES and freelancing can make it happen quickly. ⁣⁣

As a freelancer, you offer your skills to someone without being his or her employee. So, you can create content, copies, videos, and even flyers for companies or individuals without stepping outside your house. ⁣⁣

To get clients, you can use your social media pages, build your website, or join freelancing platforms like Fiverr, Upwork, Freelancer, and People Per Hour. ⁣⁣

This is one of the major online business to start with 50k as a student, and most times it will require no capital.

Read: How To Become A Freelance Writer In Nigeria With No Experience

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2. Amazon publishing

The second business to start with 50k online is Amazon kindle direct publishing, you can publish your eBooks, journals, notebooks, and workbooks on Amazon for free.

If you are wondering whether you need to be a writer before you can start publishing on Amazon, the answer is NO.

You can write your first Ebook and upload on Amazon and you will keep printing money from the platforms daily as people keep purchasing your book.

⁣⁣⁣⁣

3. Affiliate marketing

This is the field where I currently play. The major reason I started this business was to make money from other people’s products. ⁣

Since I do some other things as well, this gives me maximum leverage. All I have to do is find high-quality digital products that solve real problems for real people, and recommend it to them. ⁣⁣

If you have any present engagement, this is perfect for you because you don’t need to stop it at all. With just your phone, you’re good to go. ⁣⁣

You will only spend up to 50k here if you want to run advert for your affiliate product.

Read: How To Start Affiliate Marketing In Nigeria

⁣⁣4. Mini Importation

If you want to import products from China, it has become as simple as ABC. As a mini importer, you know the right manufacturers, vendors, and channels. ⁣

For example, you may get quality wristwatches from China at N1,500 per piece, and sell it for N20,000 based on the current price in the market. Besides, you can sell these items physicallly or using social media. ⁣⁣

This business does not require that you leave the school environment, rather you can start inside your hostel and make everything happen.

⁣⁣Read: 4 Ways To Start Mini Importation From China To Nigeria

 

5. ⁣⁣Coding

⁣⁣⁣⁣⁣This is another best business that you can start with 50k online, that is very lucrative currently in the whole world and it involves the process of creating instructions for computer using programming language.

Many of the tech career require the ability to code. Many companies are looking for someone that can code and if you can master coding as a students you are already a millionaire.

The owner of Facebook Mark Zuckerberg left college to face his tech career and he later succeeded to build a billion dollars apps.

You can learn coding online from platform like: udacity.com, codecamp.org etc.

 

6. Information marketing

Have you heard of the phrase – “information age” before? That’s where we are and live today. There are billions of information available today.

However, people need help with accessing the right information at the right time in the right format or package. That’s where you come in – to filter, arrange, package, and present information in an attractive manner that people can pay for. ⁣⁣

You can package and sell information as eBooks, trainings, Masterclasses, Courses, Videos, Webinars, Podcasts, etc. ⁣⁣

You can be making at least $100 dollars daily or weekly from this business if you are serious about it.

Read more: What Business Can I Start As a Student?

 

Best business to start with 50k in Nigeria

Anybody can start these businesses that am about to list out now including in Lagos.

Below are some best business to start with 50k or less that is currently booming, and have high profits.

 

1. Selling of mobile phone accessories

The first best business to start with 50k in our list is Phone accessories business which is one of the fastest moving business in Nigeria current that you can start with low capital and earn high profit.

Almost everyone in Nigeria is using phone, because we are now in digital age, were many individuals use mobile phone for online businesses and communication.

The phone case, or the body sometimes fade away or get broken the owner will like to buy the part that broke in other to replace it.

You can start this business with as low as 50,000 Naira and you will be sure of earning high profit in return.

 

2. POS business

Point of sale business is very lucrative in Nigeria you do not need to be told, I can’t even remember the last time I visited bank either to withdraw or deposit money.

But, the funniest part is that I normally pay for each transaction that I made at POS, as the owner of the business you can be making more than 100k daily even if you start it with N50,000.

All this depend on the location were you are, if you are in rural area were their is no bank then you may have high chance of making it.

You just need the POS machine which you will get from your bank and the start up capital.

But the most challenging issue in this business is security!

Read: How To Apply And Get Opay POS Machine In Nigeria

 

3. Popcorn business

This is another cheap business you can start with 50k and you will start getting high profit.

How?

All you need is to buy the popcorn machine, the maize, butter sweetener, nylon for packaging, and a sealer as the case may be.

Even if you do not have enough money to buy the machine you can be using pot for a start until you raise money to buy it.

This business mostly move faster in student area, or market area were people can be seeing it.

 

4. Selling of Raw Food

People go out every day to purchase food stuffs that they will cook, you can quickly start this business with less than 50k or more depending on your financial ability.

You can be selling; raw rice, crafish, tomatoes, pepper, vegetables etc. People will keep on patronizing you everyday. This business is one of the best daily income business any one can start in Nigeria.

 

5. Pure water business

Water is the most consumed drink in the world, people do not like drinking water that is not well treated or water from a dirty environment water is life that is why people prefer to buy pure water mainly for drinking.

You can start this business with as low as 50k or more, and you will be ready to start flowing in cash, let check this; one bag of pure water in my area is N200 but those selling it usually buy it from the manufacturing company at the rate of N90 per bag.

I do not need to tell you about how much gain you will make from each bag before you know.

To start this business you will need shop were you will be packing the bags of the pure water, refrigerator if you have the money and the money to start the business.

 

6. Selling of plantain chips

This is one of the untapped business in Nigeria currently that people do not understand how lucrative it is. Plantain chips are fried crunchy and it is made from ripe or unripe plantains.

You can start this business with Atleast 50k if you want to make hug gain from it, all you just need it to go to market and purchase the plantain, groundnut oil, gas and frying pan, sealers and nice nylon for packaging.

 

7. Soap production

If you want to earn high income from this business then you need to understand how to produce soup, you can learn this skill on youtube, then after learning it the next step is puting what you have learnt into action.

Go to the market and buy all the ingredients or chemicals and things required for the production, package it and bring it out to were people can see it, either market or on the street, and wait and watch how people will be rushing it.

You can then expand the business when you see how it’s moving.

 

8. Palm oil business

One small bottle of palm oil now in the market is N850, if you can buy at least one big gallon now that it is cheap and start selling it when it’s high you will see the kind of gain you will make.

Before one small bottle raised to N850, it was N300 before just after 2 months it increases, just imagine that you bought with N50,000 when it is cheap and start selling it when it increases.

palm oil business is very lucrative, and very good for any one that want to invest.

 

9. Selling of gas

We have moved from the era of using stove to gas, their is high increase of people purchasing gas cylinder everyday, and decrease of people using stove.

Some people move from village to town just to refill the gas, starting this business in any area in Nigeria will not be a problem to you because people that are currently doing the business are few in number.

All you just need to do it to get a big gas cylinders refill it and start selling.

 

Warning: do not do this business beside people’s home or were people are making use of fire.

 

10. Okrika business

Among all the list business to start with 50k, 100k or more in Nigeria Okrika business remained one of the best business in Nigeria, it sounds local but money from it is not local.

Okrika business; is the process of selling fearly used clothes.

People doing this business are counting cash as gain each day, but all this depends on your business packaging.

For instance if you want to make enough gain from Okrika business you need to always rewash all the clothes you want to go and sell, iron it and package it very well so that when people see it they will like to buy it, some people will not even believe that it’s Okrika.

To start this business you need at least N50,000 or more, you can purchase it in high quantity in Lagos, Ibadan or in Aba and start selling.

 

Related: What Business Can I Start With 100k In Nigeria?

 

11. Egg business

You can go to a poultry where you can buy crates of egg in quantities and start supplying to shops, in the market or in your streets to those that sell in retail.

The gain in this business is limitless but you need to be extra careful in handling the egg.

In addition, to this business you can even start selling chicken food also along side to increase your cashflow.

 

12. Robber slippers

This business is still relevant because people will never like to go out or enter bathroom without slippers, selling of robber slipper can boost your cash flow.

If you have up to 100k or 50k and you invest it into this business you will be expecting to make more than the amount invested.

 

13. Painting:

Painting business is one of the low cost business to start with 50k, the best part is that you can be selling the paint and still be painting houses for people.

For you to start painting for people you need to learn how to paint first. With this business you can be earning not less than 30k daily depending on your business strategy and location.

 

14. Selling Fast food

Many people wake up early in the money to work without thinking of eating at home, as a fast food seller you can be doing home delivery and also have a shop were you will also be selling.

You can be selling indomie and egg, meat pie, egg rolls etc, you will see how this business will be booming if you are good in preparing those foods.

I mostly recommend his business for ladies that know how to prepare different kind of fast foods very well.

Aunty please, give me one indomie with two eggs, put it inside takeaway. Lol!

 

15. Barbing salon business

I mostly recommend hair business to guys most especially students that are looking for business to start with 50k in Nigeria.

I have covered everything you need to know about this business in my previous article, Barbing Salon Business Plan In Nigeria.

 

16. Cassava/Garri Business

Unlike in the past Garri is seen as food for the poor, that is food for the less privilege one’s who can’t afford rice.

But in 2022 garri have turned to food for the rich that poor people can’t even afford, the prediction is that by 2023 the price of garri will be to high to the extent that those that planted Cassava now, will make millions then.

Starting this business will really give you enough cash.

You can be going inside villages to purchase the garri at cheap price and come to city to sell it as high price.

 

17. Tailoring

This business is another hot cake business in Nigeria that you can earn a lot of money from, but it required that you learn the skill before you get started.

You can start the business with at least 100k in Nigeria, if you wish to earn extra cash from this business then Start selling some tailoring materials.

 

18. Poultry farming business

Poultry farming is among top business you can start with 50k and you will be sure of earning time two of the money invested.

In this business you can be training and selling; Chicken, eggs including the chicken feeds. all you need to start the business have been covered already in my previous article: Poultry Farming Business Plan.

 

19. Selling cold drinks

This business is mostly good to start during dry season, people like drinking cold drinks during that period.

starting this business with 50k or 100k will really change your financial status if done well.

 

20. Scrap Business

Wait, are you surprise to see scrap business among the list of business to start with 50k or 100k in Nigeria? Do not be surprise.

What is scrap business? scrap business is a business that involves buying and selling of old or waste item that people are no more using, Like; old car, metals/irons, rubbers etc.

This business can turn you into a millionaire if you focus on it very well.

 

21. Open a frozen food shop

Most people do not usually have chance to cook again at home, they will prefer to buy food outside and eat. This is mostly due to the nature of work they do.

The major thing you will need to begin this business in Nigeria is micro wave oven and freezer.

once you have finished preparing the food you will just put it into freezer and when any customer come, you will bring it out and microwave it and give to the person.

if you are still looking for business to start with 50k this year, I will recommend you to start this business.

 

22. Cosmetics store

This is one of the lucrative business ideas for ladies in Nigeria, that you can start with as low as N50,000 and be sure of making enough profit in return.

You may be selling; lipsticks, soap, body cream, lotions, perfume, hair dye, shampoo etc. Those thing you know that people can rob on their body to look good.

This will be one of the best investment you will ever made because it will keep on giving you high yield daily, as almost everybody most especially ladies want a perfect body.

Read: How To Start Lucrative Provision Store Business In Nigeria

 

Conclusion

These businesses listed above are not the only business to start with 50k or less in Nigeria.

But, I just noticed that these are some of the businesses in which when you start it with at least N50,000 you will be able to make a lot of gain at the end.

Summary: These are businesses with low capital and high profits.

I believed that I have been able to answer your question “what business can I start with 50k” see you at the top.

Let me know how you feel about this post using the comment box below.