It’s common knowledge that Nigeria is a fast-growing economy with some of the world’s best known companies operating on its soil. The country, which was largely dependent on its oil resources, flaunts a business landscape, which is widely considered one of the most lucrative in Africa.
Nigeria is a land of great opportunities, especially for those who are willing to take the plunge. But despite the countries rapidly growing economy, employment opportunities are still limited for a native, which has pressed Nigerian’s to create employment opportunities of their own.
The good news is that starting a profitable business in Nigeria isn’t a difficult task if you are well equipped with the fundamental resources and knowledge. As the economic landscape changes, Nigerians are trying their hands at a range of lucrative business opportunities.
To set a business in motion, an entrepreneur needs to evaluate the commercial feasibility, market status and future possibilities . However, before anything else, a business requires a persuasive idea and capital to incur the initial expenses. The beauty of this blog post is that little or no capital is required to launch the businesses ideas that we will discuss.
As you read through this list, you will discover some of the best, low capital business ideas in Nigeria that are proving to be very profitable.
Businesses You Can Start i
with Little Capital
1. Roadside Fast Food Corner:
This is an old tried and tested business. If you wish to reap the rewards surely, but steadily, food is an excellent business domain. Food is an essential need and its demand can never come down. Thus, it is considered a money-making activity. If you are hard working and wish to test your culinary skills, you can opt for this business choice.
Maintain quality, good portions, be exceptional and create your own brand. Follow these simple tips and first time visitors will quickly become regulars
2. Office Supply:
Office workers are usually totally engrossed in their work, work long hours and often have little time to shop.
Contact your local offices and enquire about being an office supplier. You can provide them with everything they need, from office accessories to fashion items and grocery products. The only advice – Don’t be greedy, but honest and fair with your prices. The key is to keep them happy so you can make a steady income and gain referrals. Don’t look to get rich quick.
3. Rice Farming:
Rice production is considerably low in Nigeria in comparison to its consumption rate. Therefore, the cultivation of rice can be a guaranteed idea to start a business and a fruitful source of profits.
4. Website Designing:
This is quickly growing to be one of the most favorable and budding business domains for young entrepreneurs, not just in Nigeria, but also across the globe. All you need to have is a deep and clear understanding of online processes, marketing strategies, SEO tactics and legal guidelines. This is cost-effective, futuristic, gainful and customer-focused.
5. Internet Business:
Can you imagine this world without the Internet? Surely not, because neither can I. Nigerians and Africans as a whole are avid Internet users.
If you can provide Internet connection at fair prices, throw in the occasional offer, and advertise smartly you could earn plenty of money.
Education is a fundamental right, but ironically, there aren’t enough good schools to offer it. Not just Nigerians, but every parent in the universe wants his child to have the best. As there is an absence of high-quality schools in Nigeria, tutoring can fetch you high.
Don’t limit your options to academic tutoring. Turn your hard and soft skills in to a lesson. For example can you play a musical instrument? Can you draw or design jewellery? Are you a food lover or cook? Are you highly skilled at a specific sport? Website design? Maybe you have a passion for creative writing, dancing or even farming?
7. Snail Rearing:
If you establish yourself as a snail retailer, you are surely on the way to immense wealth. Snail rearing is an effortless task, as it requires less expenditure on food and shelter. They reproduce at a faster rate and the Nigerian markets are always willing to pay for them.
8. Poultry Farming:
This sector has what it takes to be successful. Birds are easy to rear; they breed fast and quickly mature to market weight.
You can start off small and quickly scale up which makes poultry farming a profitable business in Nigeria. Sell eggs and meat in the market and get your pockets filled with cash.
9. Tech Support Online:
This is a money-spinning activity, requiring no major investment push or thorough technical knowledge. You can begin your career as an online tech supporter and make huge bucks.
I’ve known people who have setup this type of business and outsourced the work to and external company
10. Second Hand Products:
Who doesn’t like spending less for something really superior in quality? Nigerians can readily pay anything for second-hand products if they are fit for use.
For this business you need to understand what people want to buy, and build connections with suppliers who can provide you with the goods.
Start small, focus on quality, charge reasonable prices and build your customer base. The key is to keep your customers happy.
11. Palm Oil Retailing:
Unlock big gains by becoming a supplier of Palm Oil, a liquid used in high quantities in Nigeria. Store the precious oil during the peak times and sell it during the off-season. However, first learn – where to buy, where to sell, how to store and how to resell. The demand for Palm Oil can never plunge in Nigeria and your profits too.
12. Plantain Chips Making:
This is a thriving sector to enter into if you wish to make a fast buck. Nigerians are dedicated consumers of plantain chips and they love to snack on them. A little planning and hard work can materialize your winning dreams.
13. Vehicle and Machinery Spare Parts:
By each passing minute, the manufacturing industry in Nigeria is growing, and there are more and more people driving vehicles on the roads.
This is an incredibly profitable business option. Be a supplier of machinery, spare parts, ball bearings, lubricants and other accessories and make millions.
14. Dry Cleaning:
Dry cleaning is a flourishing business and a great way to earn a lot of money. Open a business where there is a lot of passing traffic or trade, or close to a busy business district. Most people who will dry clean are busy office workers who need clean pressed suits regularly for meetings, but don’t have the time to do it themselves.
Keep the rates low, and watch your business grow.
15. Event and Party Planning:
If you are organized, great with budgets, thrifty, love socialising and have a knack for interior designing, this is certainly your fix. A few training sessions and simple equipment can make you sit on the top of the business.
I’ve known people start this type of business by organizing great partys for friends and family and then the word spreads. And before they knew it they were in high demand, so they built a simple website and bought some business cards, and now they have businesses that generate millions of Naira each year.
16. Recharge Card Vouchers Printing and Selling:
Mobile phones are quickly becoming a necessity in Nigeria and Africa as whole. Africa is quickly becoming known as the “mobile continent”. Investing in this sphere can lead to swinging success. Start your own recharge card printing center and sell the coupons for the leading networks.
17. Beads and Wireworks Making:
Women love to adorn themselves with exquisite jewelry, and interestingly enough more and more Nigerian men are starting to accesorise with jewelry.
Many Nigerian women and men are stepping into this industry, making cultural and fashionable jewelry, which is selling locally, nationally and internationally.
With the emergence and growing recognition of the Nigerian fashion industry this is an area that I can see huge growth in the next few years.
18. Car Wash:
With the growing number of cars on the road of Nigeria this area of business is growing.
The simple fact is that a car needs periodic servicing. It also needs to be washed to preserve its sheen. Opening a car wash center can be a brilliant business idea.
The key is to find a great location with passing traffic, or find customers that you can offer a home or mobile car wash service where you go to them and offer your services at their leisure.
Get in touch with some local or leading carpenters and provide a magnificent range of furniture items to your customers. You will be the middleman. Your job is to help carpenters generate more sales, and to offer customers a range of furniture that they cannot easily source themselves.
The beauty is that you don’t have to spend any capital to stock goods. Your job is to simply facilitate the sale. Once the sale is completed you take your cut, which should be about 15-20%
20. Used Books:
Just roam around your neighborhood, ask for books they aren’t using, build up a collection and go to the market the next morning. You will be surprised at the profits you will make.
Nigerians love to read. Academic books for school children, university students and professionals are great sellers. Take the books to market or sell online and you will never return home with an empty pocket.
All of these low capital business ventures have great potential, and the ability to help you generate a steady income, and if done properly you could earn millions. But remember the success is in the planning , and your ability to execute your plan. There are some key elements that you must assess before committing to any business venture. Once you have all of these elements in place, you are only a few steps away from business success.
Do you agree with my list, and are there any other lucrative businesses that you can think of?
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