10 Cheapest Business To Start In Nigeria With High Profits 2024

Are there cheapest business to start in Nigeria with 10k, 20k, 30k and above in 2024? Yes, there are lots of profitable businesses you can start with small capital.

In today world, a lot of people need Jobs to survive, and getting into the job economy in Nigeria has not been a cake walk, as many individuals find a balance, getting a well paying Jobs as of recent will not come handy.

Finding salary Jobs is no longer a straight walk in the park and that is why many folks try to create jobs for themselves.

In light of this, you could be one of those who genuinely want to start a business that can pay you well.

Eventually, getting your own business started is now the guaranteed means of making a living especially the troubles that comes with seeking jobs in Nigeria, and that is why we decided to show you the cheapest business to start in Nigeria.

The economy in Nigeria and Lagos is one of the crown colony of business in the country.

There are a lot of open opportunities and anyone could easily start a business and make good profits in any part of the country.


That been said, the question that comes to play is “Which business can I easily start in Nigeria (One of the reputable places for business in Africa)”


And talking about starting a business in Nigeria, a need to know which one can be started without breaking the bank is also a matter of concerns.


One of the reasons why many Nigerians end up finding salary jobs or working for others is that the cost of starting one’s own business in the country is relatively high especially if you plan to start a business that requires so much capital.

In order words, The problem of capital remains a top reason why starting a business of your own will not come so easily.

But there are many business ideas that one can get into that does not require huge capitals or investment, and on this light we will share with you the cheapest business to start in Nigeria.


List of cheapest business to start in Nigeria.

By cheap, we mean to expose you to the business that requires low capital.

For some individuals with an enterprising mindset, this list will help you set out, although we would mention some trade business that requires low capital to start, we would also cover the other business that are well to do.

The the very important motivation behind why many people don’t go after their business dreams is a result of the massive expenses related with starting a business.


Nonetheless, there are numerous businesses requiring less capital and we have listed to 10 most profitable today.

Cheapest Business To Start In Nigeria

You can dispatch any of these business ideas today with practically what you have at hand, as long as you are committed and placed in some standard to handle most difficult aspect of pulling up your business.


Assuming you are ready to start your very own legitamate cheap to start business, these 10 thoughts will assist with moving your innovative energy and getting yourself out there.


You needn’t bother having a great deal of money to begin a business these days, the business landscape in Nigeria has widened over the years.


Most of the ideas contained in our list are service based businesses and others are goods and products (trade) business which as of today are great business to start.


One thing that you can also use to rationalize which business to start with less capital, incase you don’t find a match from our list of cheapest business to start in Nigeria, consider whether you could transform your interest or expert abilities into your own business.


This list is for people who need to go into business yet can’t bear to spend a ton of money on startup costs and you can start this businesses in anywhere including; Ibadan, Abuja, port harcourt etc.

  1. Pure water/bottle water trade business
  2. Laundry service
  3. Gadgets/mobile phone fixing
  4. Tutorial or teaching business
  5. Clothe business
  6. Catering, baking and frying small chops.
  7. Web-based business
  8. Painting business
  9. Photography business
  10. Liquid soap production

The business shared here are business ideas that can make you money today, and they are cheap to start.

Let’s discuss a little around them…


1. Pure water/bottle water trade business


You may have not realize, but this is one of the fast moving, cheap to start business as far as Nigeria is concerned.

We mentioned that the population in Nigeria can be a business advantage.

There is a lot of people in the streets every day, especially does working that are always in demand of cold satchet or bottle water to quench their taste.

However, incase you are the type not so courageous of selling water in the streets, you can buy bags of satchet water or bottle water and sell for those who hawks in streets as a large distributor, you are sure to have more gains in this business.

This might not the be the kind of business for all, but it is worth considering.


2. Laundry service

Laundry business is still a fast-moving business, it comes number two in our list of cheapest business to start in Nigeria.

And as i would expect you to ask, is Landry service still a profitable business in Nigeria?


Well, it’s. Many people still take their clothes to be cleaned and ironed by dry cleaners. You can still succeed by starting in open areas.


Literally you might have to consider the local ways, that is to say, helping people to wash with your hands when you can’t afford washing machine.

But if you could setting up a small office would be a great start.


3. Gadgets/mobile phone fixing

This business without doubts is profitable, In bigger states for example, when you go to markets you will find people repairing PC, mobile phones and gadgets and most of them do not really have shop.

And in fact, having a shop does not really cost so much itself.

This business as we know is one of the easiest ways to start something and start earning as there are a lot of people who get their phones and gadgets fixed daily.


However, you might need to be good and skilled in this aspect. It’s certainly possible to learn the skills from those who know how to do it, then you can start a business from it.


4. Tutorial or teaching business

Many Nigerians are gradually setting themselves up in this field, the need of tutors would always be on the rise.

Starting a tutorial service or being a private or home teachers is still a decent means of making money these days.

The business is still well ranked and can be started with little to no fee, you can also provide this service online, but whether you choose to be a physical or online tutor you can still make it well.


5. Clothe business

The next business on our list of cheapest business to start is clothing business.

It’s also easier to start business of selling used clothes (okrika) in Nigeria or selling new ones.

Either ways you buy them cheap and sell them on fair prices.

This is a smart business these days In Nigeria and you can start a trade business of your own from here by swinging your own boutique.



6. Catering, baking and frying small chops.

If you can fry, or make small chops, this is a suitable business for you.

You can also start catering business with low capital in Nigeria and start making money for yourself.

People can also demand for cakes, and other baked food which can fetch you a lot of money.


7. Web-based business

Talking about web-based business, there are specific businesses that you can do online to make money which are not so hard and do not really require so much capital.

And many of the reputable ones are drop-shipping, freelancing and others.


8. Painting business

You can be a house/room painter in Nigeria if you know how to paint, painting is also an easy to start business.

I mostly recommend this business to those that want to make money in campus.


9. Photography business

Coming next in our list if cheapest business to start in Nigeria is photography business.

Photographers are well paid, the business requires less start fee like purchasing a Camera and you are ready to start the business.


10. Liquid soap production

The last business on our list is liquid soap production, which involves using few supplies to make liquid soaps.

You can earn enough cash from this business as a lady.



Why starting a business in Nigeria is tough especially with low budgets.

Nigeria’s harsh and unpleasant business environment make it hard for businesses to survive.

Cheap business to start in Nigeria

Nigeria is positioned 131 among 190 economies in the aspect of doing business, even though there are prove that Nigeria has a favorable economy there are also several challenges that businesses face in Nigeria


Now ask the question, why do many business find it hard to thrive? Well in the midst of many challenges to mention are the taxes that businesses are paid including the unnecessary ones, is one of the challenges faced.

You should expect to get bills from different areas once you succeed to start your business in this environment and that is not all.


When one starts a business with relatively low capital things becomes more tough, it sometimes takes years to break even in business, and this is one of the many fears that comes when starting your own business.

You did expect your sales and investment to go up or down, However the issues that comes when starting a business does not say one should avoid starting a business.


This information is to keep you checked while planning to start your business, it’s possible to start a good business even when you do not have a lot of capital at hand and we have listed those possible business in this post.


Finding the most suited business for you and understanding the business landscape in Nigeria.

There are less chances that starting a business will come in hand, let’s portray the huge population in Nigeria, we could use this as an advantage that is to say more population, more people to sell your good or service to.

But what if the number of business that sprout daily exceeds and covers the availability of people who would want to patronize.

Almost every where you look there is a business standing here waiting for it day to day customers and the number of businesses increases daily.


So there is almost no guarantee that starting yours will be one successful, which is why many people take risk to start business with large capital by trying to provide better opportunities to people and therefore scaling their market.


Well, even with this very understandable business starting challenge for those with less capital, it’s possible to start a cheap business in Nigeria and still succeed in it and that comes by planning and surveying the market opportunities.

The list of cheapest business to start in Nigeria, goes on and on, but we have carefully crafted out the most profitable ones.


And like we mentioned, it’s not just about Starting a business, you have to mention that the kind of business you start, there are demands there.


This is one of the key factors that sets out our list of cheap business to start in Nigeria, we have carefully analysed the market opportunities for you and as of 2023, these businesses have potentials for success, scalability and sales proof.


Read==> Top 22 Business To Start With 50k In Nigeria Today

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