Talking about lucrative business in Nigeria with small capital, do you know that it’s possible to earn N50,000 to N100,000 monthly and even more with most businesses in Nigeria?
This is what we will discuss and look into in this post, we will show you the lucrative businesses that can help you earn money, as full time job or even as a side gigs, depending on the kind of business you decide to go with as we will cover in this post.
There are so many business opportunities unknown to many in Nigeria.
Many folks do not know how to, or what business will be lucrative enough to start, no one wants to go through the stress of trying their hands on different businesses to know which will yield the most results.
Most people like you would definitely want to be sure which business is worth your time at the moment.
So therefore we have done our research and put in effort into curating the list of top lucrative business in Nigeria with small capital.
Without further ado, let’s dive in.
WHERE OUR RESEARCH FOR THE MOST LUCRATIVE BUSINESS IN NIGERIA LEADS…
First, I think it’s all-important and compelling to make us understand that there are endless business opportunities in Nigeria.
But a wise man settles down and calculates before venturing into any kind of business.
Nigeria as a country is one which allows small or big businesses to thrive in their own scale.
The very big opportunity of starting businesses in Nigeria is that, the population improves the enterprise fee and if done critically, there may be a multiplication of income.
It is then far wiser to start up your own business in Nigeria, rather than moving to different international locations as an immigrant, or working twenty- hours each day for a meager pay.
Remember that in this post, our aim is to discuss the best paying businesses in Nigeria that you can start with both low capital and any planned capital you have to begin your business.
Having said this, before we show you a list of the top 21 lucrative and profitable business in Nigeria, let’s move into quite another important aspect.
THINGS TO TAKE NOTE OF ABOUT RUNNING A BUSINESS IN NIGERIA VS WHAT MAKES A BUSINESS PROFITABLE:
We wish to jump straight into the list of the most lucrative business in Nigeria with small capital, but we will still be living a question unanswered.
You can scroll down a bit to immediately glance through the most profitable businesses in Nigeria with low capital, but before you do that, spend a little time to understand this very phenomenon, it’s very common to wanting to know what business to start.
But what if you do not find a business amongst the list we are about to present that suits your need?
Then at that point, this article may have not been entirely helpful to you, so this is why we want to first analyze what makes a business lucrative in Nigeria or put in other words, what makes a business really profitable.
The answer below will help you to also imagine any other business opportunity that our research may have not covered.
Doesn’t that sound interesting? Ok that’s a rhetorical question so let’s have the answer now.
Here is what you need to know!!
There are a number of startup business types in Nigeria which will definitely bring profit to you, yes, it’s possible to even begin right away and make a large profit from any business you can imagine.
But you would agree that all these business are not in the same scale.
- It’s possible to be making N20,000 – N40,000 monthly or for each period in your business and call it a profit.
- It’s possible to even make lesser or make at the range N50,000 as profit from your business.
But does this mean that the business is lucrative? Remember a wise business man would take calculated steps to ensure his/her business id time worth it, and for the money being invested, the business must definitely be lucrative.
Here are some factors that will determine the lucrative business in Nigeria, take note of these
- A business is profitable if the profit gotten from the business transversely passes the total capital invested into the business by far:
Here’s what we mean.
In other words, if you are spending N100,000 into your business to buy goods or whatever you need to carry out your business and you are only getting back N110,000 N120,000 or N135,000 and figures in this range, then we can’t safely say the business is very lucrative, you are still almost at loss.
But someone investing N100,000 and getting double or at least N150,00 – N200,000 and above, is definitely on a safer side, that’s what we mean by a lucrative business.
The business produce a good profit that, either per month or per any period that applies the style of your business
- A business is lucrative if getting sales does not take you longer while or going outside the curves of the business:
To simply put, imagine buying a particular goods with the hope of selling these goods, but unfortunately the customer you require takes weeks and months before you get to sell those goods.
That’s, you would have your money (capital) tied down for a longer time before getting any sales.
This can also happen on other business ventures, it doesn’t have to be goods/products.
If your business is not selling fast or in a normal rate, it’s not very lucrative sorry.
So the lucrative businesses don’t only bring in profit, but they are transactions or investment that does not tie your money down.
Please do not mix this point; of course there are businesses and investment that ties your money down, usually we call them investment, because at the end you still get your profit, but these kind of business are special and in a different category.
Example of such is a Real estate business.
The above two are the most important mediums to know which business is lucrative, so if you are looking at other businesses that we have not mentioned on the list we are about to share, of if there’s any business you are imagining,
ask yourself if it meets the above to, except the kind of business you plan or have intents to start is a long term investment business.
Having looked into that, let me share a list of the lucrative business in Nigeria with small capital; remember that they are numerous business outside this list.
We are majorly going to list out the top and most profitable in the year 2022.
Most Lucrative Business In Nigeria Today
The businesses we have listed are the kind of businesses that makes average Nigerians rich.
We are business experts, giving business ideas is one of things we know how to give best on Usulorinform.com.
we are able to look into the business industry to evaluate and give out the best answers to most troubling questions that Nigerians looking forward to starting a business asks.
Whether as an entrepreneur, or a graduate who wants to have his business setup, then this article is absolutely for you.
Out of our expertise in the field of business, we selected a list of the most profitable business in Nigeria, not just any business that comes to mind, the type that would yield the most result for you, from big to small, depending on the kind of capital you have.
We will briefly give you an idea of how these businesses works and if you want further expatiation, feel free to leave your questions in the comment box.
1. Hotel business in rural and urban areas
You definitely will not be hearing of hotel business for the first time, the question will also not be if this is a lucrative business in Nigeria.
The question is if you specifically know and understand the profit that lies in this business.
Of course, hotel business is very lucrative, if you know how to get started and if you pick a good location for the business setup, we cannot say this business is best for everybody, but we can put you through the basics.
Starting a hotel can be very hard, but it’s also as simple as just uploading your property on Airbnb.
Airbnb operates in Nigeria, so at first you can start your business by making your property available there, then you can try to learn and study more about how the business works before venturing it fully.
2. Making soap, cleaning agents and cosmetics products
You must have seen both young and old people now learning how to make liquid soaps, cosmetics, and different cleaning agents.
This business is simple and it’s a good recommendation because it does not require such a big capital to start. Once you have learned to how to make these, then you can start the business right away.
Without any iota of doubt, soap making business is a lucrative business in Nigeria with small capital, for an average Nigeria, you may not get rich over night doing this business but for those good enough in marketing their products, there’s high chance of making a lot of money.
The profit as you may imagine definitely amasses the capital investment on this business.
3. Importation of Tokunbo spare parts
Okay let’s talk about the Tokunbo spare parts business, according to our research this is one of the most profitable business for most men today especially in the west and southern side of Nigeria.
And even in other parts of the country this business still thrives.
It’s a business that may require some skills, networks and understanding of the business system,
yes we will cover the modus operandi of this kind of business in another post, but the point we are raising is that this is a lucrative business in Nigeria with small capital that is still booming in 2022.
4. Laundry business
The top 4 lucrative busines in Nigeria with small capital on our list is Laundry or dry cleaning business.
Dry cleaning business has gone so professional in Nigeria that most people offering these services now have business cards, the business has recently been receiving a lot of branding and recognitioha
People are making it here, it’s profitable and low risk business.
The good thing here is that, with the population of people growing in Nigeria, and most people getting busy with work or when there are a lot of stress for one, then this is where dry cleaners come ilo
There are people who do this business full time, and make a lot of profit.
5. Taxify/Uber driver
This is the latest trending business that has helped a lot of Nigerians. With the help of digital companies that are now emerging such as Taxify, Uber and Bolt.
Making a lot of money legitimately has become more guaranteed.
Taxify business is easy, and comes with no risk, and it’s just as lucrative as the businesses we have mentioned so far or in fact more lucrative.
However this kind of business currently yields well in the urban areas.
This business is now well known and currently moving so well in big cities like Lagos, Port-harcout, Ibadan, Benin city and so on.
6. Online/Social media advertising agency
The sixth on our list of top lucrative business in Nigeria with small capital is the digital advertising business.
Gone are the days when people only rely on traditional advertising, most business now solely depend on digital advertising medims to push their business.
So Nigerians have found this as business opportunity, most people create social handles and start giving their audience contents, these content help them to attract a large audience.
And when they get deals to advertise for other companies then they use these social media handles to run their advertising and make a lot of money.
It’s safe to say this is actually the top lucrative business in Nigeria today; there is space for everyone to thrive if you are good and understand the system.
This business is still strange to many because it has a system that must be understood before you can know how to thrive in dropshipping business.
But what we do want to tell you is that it’s a simple and we can call it risk-free, legit, and straight forward businesses.
So in summary, the business involves selling products/services for other people, without the goods actually being in your store, usually an online store.
It works by taking order from people and helping them fulfill their orders by getting whatever they may have ordered from retail or wholesale sellers and this kind of business is usually carried out using digital mediums.
Even though it’s possible to deliver the orders to your clients physically. You can learn more about dropshipping business on shopify.com.ng.
8. Sport betting
Sport betting is popular in the today world, and people are still diving into the business. If you have heard about BetKing, Nairabet or Bet9ja then you are already familiar with the sport betting businessi
By far, it’s a lucrative business in Nigeria with small capital.
You can start this business when you understand how it works, it very possible to run into loss if you do not understand how to run a betshop so before investing you, do ensure you are very ready and you know how the business works.
9. Freelance writing/ Web design/digital development
This is basically an easy business that involves you working online, without much emphasis, it’s not news that the world is getting fully digital, so people do get good and lucrative jobs to do these days from the comfort of their homes.
Part of the things you can do is write for companies, web design or other kind of digital services. You can get started on freelancing platforms such as UPWORK, FIVERR and other websites where you can sell your gigs.
The Business is top 5 in scale and ranking of most profitable business in Nigeria with low capital.
10. Mini importation/E-commerce
Then we can also have in the list mini importation remember that what we have done for you is to select the most profitable businesses even though there other businesses that can bring you profit too.
Also top on the list is Mini-importation, either online or offline. It involves purchasing and importing goods online from manufacturers which gets shipped to Nigeria to be sold for more profit.
The business is currently what a lot of Nigerians today are surviving with and there is no doubt about it being lucrative.
Learn more on how to start mini importation from china to Nigeria.
11. Food cart/Restaurant business
Another most profitable business with low capital that we have added on our list is food business, it’s a one of the fastest growing businesses in Nigeria. You can use food carts/truck to sell food depending on your scale and location.
You can also open a restaurant, come rain come shine, people will always be in need of your service as along as you are in a place where you can be well noticed.
12. Livestock farming
Livestock product is among the major source of protein for man, which makes it to be among the most demanding product in Nigeria.
If you can invest into any area of livestock farming you will really be making enough cash daily or week for instance; someone that is into poultry farming will have chance of selling; eggs and also poultry feeds, and be making extra income.
13. Maize production
I do not know if any other person like pap the way I do! And the issue is that the price of maize which is the source of the pap keep going high each day.
If you can venture into this maize production business in Nigeria you will really make it big, as maize are been used for many purposes most especially for pap production.
This profitable business doesn’t cost much capitals to start you can easily start it with as low as N20,000 and you will be sure of making high profits.
14. Buying and selling of used vehicle spare parts
Buying and selling vehicle spare parts is a lucrative busness in Nigeria, and this business doesn’t cost much to start with just little capital you can rent a shop and start this business any where in Nigeria.
Since price of everything is going higher in Nigeria most especially the price of car parts, people have developed interest in purchasing used vehicle parts if they need any instead of going for new one.
You do not need to rob a bank before you can start this business with just little capital you can start this business by buying people’s old vehicle at cheap rate and scatter it and bring out the ones that are still good and start selling to those that need it.
15. Pets breeding
Pets breeding is a process of raising different kinds of pets, like; dog, cats, snakes, and birds. This is one of the high rated small business in Nigeria with low capital that need a lot of experience before starting.
This business is profitable in Nigeria, you will hardly see people that are doing this type of business that is, you will have more chance to succeed in this business if you start it in Nigeria.
16. POS business
Point of sales business is another lucrative business in Nigeria with low capital and high profits, this business is one of the best daily income business in Nigeria that doesn’t need much capital to set up.
To start this business you just need to decide the POS company you need to be their agent register with them and get the POS machine and start using it to offer service to people.
17. Car wash business
This is another lucrative business in Nigeria that you can easily start in Urban area.
Most people do not use to have chance to wash their car after or before going to work, most usually lack water to use and wash the car and some are lazy to wash their car by themselves.
This might be your chance to make hug money by opening car wash center where you will be helping people to wash their car in Nigeria.
18. Daycare centre
Starting a daycare business in Nigeria will really be a good source of income if you are a kind that like playing with kids, you can rent a very cool centre where you can be helping parents to take care of their babies.
Most parents usually don’t have enough time to look after their kids, and most will not also like to carry their child to work which my be due to the nature of their job or the stress the child might be given them.
It is your opportunity to invest into the daycare business, the major things is just for you to rent a comfortable place that is healthy and secure, many people will like to always patronize you daily.
19. Okirika business
Selling of London used cloths is another lucrative business in Nigeria to start with little money and you have the chance to earn high profits in returns.
London used cloth is always very cheap in the wholesale market, unlike the new cloths that the price is going higher everyday which is among the reasons why many individuals have developed interest in wearing okirika clothes.
okirika business is very easy to set up in Nigeria with any amount it doesn’t need much capital to start and it is not a must that you will have a shop.
20. Nylon bag production
I just discovered that nylon bag is one of the most used in Nigeria today as everything you purchased in the market must be packaged with the use of nylon bag.
The most interesting thing is that their are few producers but much users, and it is your chance to quickly invest into this small lucrative business in Nigeria with low capital.
21. Yam flour production
Yam flour is a product of yam, that is gotten by simply; pilling yam and dry it using sun. after drying it very well you can then ground it.
Most individuals do this at home to avoid the yam from spoiling, and the yam flour is always very enjoyable when eating because it usually look exactly like pounded yam.
If you like eating pounded yam and you have not tasted yam flour before you are really missing something.
As someone that have idea of this kind of lucrative business in Nigeria you can simply start this small business in Nigeria with low capital and you will see how it will be bringing reliable incomee to your wallet.
Things you need to think of before you start a business in Nigeria
There are a lot of things business aspirants need to understand before they venture into any lucrative business in Nigeria, most individuals do not usually take a deep look into most of these things am about to point out.
But they are very necessary to know. And some of those things are:
- Can your business solve any problem?
- Is your business idea achieveable?
- who are your ideal customer?
- Who are your competitors?
- Can your business solve any problem?
In other to avoid wasting the little money that you have, it is always better to think about the kind of problem your business idea can solve and those that are even facing the problem, which are your ideal customers.
If your business can’t solve any problem then it doesn’t worth investing into.
- Is your business idea achieveable?
Any business idea that is not realistic doesnt worth investing into, the major question you need to ask your self is; this business that am about to start is it realistic? If yes! That means it worth investing into.
- who are your ideal customer?
Your ideal customer are those that need your service or those that may patronize your business.
If their is no market for your business, then I will not advice you to start such business.
- Who are your competitors?
Your competitors are those that are already into the business, try to know what works for them and look for something that need to be done that they are not doing.
Or is the business untapped? That is their is little or no competition; in this case you need to know if the business is really profitable or not.
Why you need to start a business in Nigeria
- To become your own boss
- Financial freedom
- Job security
- To create job for others.
These are the major reasons why you need to start your own lucrative business in Nigeria even with the little capital that you have.
- To become your own boss
Having your own business is an opportunity to become your own boss, you will be in charge and also be self reliance.
you will have no one to shout at you or cursion you for late coming to work, you will manage your own business with more care so that it will not fail and that will make you to be more serious.
- Financial freedom
You will stop realying much on others financially, you will not be afraid of been sack by your boss for no reason at any moment.
In fact, you will have more cash flow, unlike other jobs that your employer may not pay you for many months.
- Job security
Since no one employed you, you will not be afraid of loosing your job at any moment. Unlike those earning salary without having any side business that they are doing.
But as the owner of your business your business or job is secured, no one to sack you except you just decide to quit.
- To create job for others.
Your own business can also help in lifting others up, the business you started with just N50,000 can be paying thousands of people more than N50,000 monthly salary.
In my business philosophy, I believe that; success of any business man is success for all. If you want to be a great business man Never grow alone, lift others also.
Obi Cubana is a good example here because he helped in lifting his friends instead of growing alone.
So it’s up to you to decide which of these business will be most profitable for you, we have listed the major ones.
we hope you are more enlightened with the information we have shared so far, if you want us to expantiate on any of the areas we have covered in this post, you can drop a comment or tell us know which of the business incites you the most.
On another article, we may cover how you can setup and start each of the lucrative business in Nigeria with small capital that we have covered in this article.