After extensive research and analysis, these are some profitable business that you can start in Nigeria with minimum/maximum of 50,000 Naira, they have been ranked according to their profit/returns, and convenience, close monitoring (i.e. flexibility) and risk, they have been ranked from the least to the most, here is our list:
10) Recharge card vendor
Selling recharge card in Nigeria is common because there is an availability of existing and prospective customers everywhere. You need only about 25 000 to start this business, all you need is get an umbrella, two plastic chairs and a table, recharge card from wholesalers (like 15000 worth for starters) and voila! you got yourself a business!!! you can also supplement this business by doubling it as phone call center, just buy a phone and recharge, you have yourself a business! However it has its own downturns (actually a whole lot), firstly you are competing with a lot of competitors, then again you might have the location problem. You have to be around always or else you have to employ a person you really trust, you also have to be very patient as the profit you make from selling a 100 naira recharge card is about 3 naira. Our verdict is, don’t do it unless you are extremely cash-strapped, and if you must, utilize a friendly atmosphere (e.g. office).
9) Sales of Bottled drinks/bottled water
This business can also be started for as low as 30,000, you only need to buy yourself a cooler, packs of drinks (different types), and employ a person that is capable of selling for you, but you will be soon to discover it is not very profitable, and also, its has high inconvenience, as the location most times will be on the streets and also low returns, that’s why we ranked it 9th.
Getting a popcorn machine and producing popcorn is also a viable business idea, the machine goes for about 45000, all you need is corn, butter, and sugar, that’s all! you got yourself a business!!! but that’s not all, you need to be very patient, usually projected profit could be promising, but your location could be risky and you will need a lot of close monitoring (highly inconvenient if you have other businesses), and the rate of patronage is low, I mean nobody eats popcorn every day (that I know of)
7) Sales of CDs
How can I make this simple? hmmm (looking for the right word), yeah that’s it, ‘Alaba’ is the name of the game! You buy American films and English films for as low as 80 naira each and you sell it almost double (150 naira or more) that’s almost a hundred percent profit, with this kind of business you can always be sure to take something home, but then again, it comes with a high risk as you have to be in a busy location before you can make sales, you also have to closely monitor your business or else you will end up working for your employees, you need to also understand the customers and their needs, if not you are heading for the rocks…
6) Fast food sales
You can find a good location and set up a fast food joint, all you need is a kiosk, a stove, and your cooking materials (oil, kerosene, spoon, etc) and that’s all, you can cook noodles, fry eggs, make tea, etc. You can be rest assured that you gonna be smiling home always, in the business, location is the name of the game, you need to find a good spot that is domestic, and also you need to know the risk involved, and the practices of that location you want to set up your business, and you are on track to profit, it’s profitable however, it needs to be closely monitored and it usually needs the presence of the owner.
5)Sales of phones
You can make money from the sales of phones, all you need is to just buy cheap phones (say 2500 naira each) and buy a show glass, find a good location and that’s all! this business is a very profitable business and does not need close monitoring as far as you can account for the number of the phones, (you can put a trusted person there and do other business), location is the name of the game in this business. Get a good location, get a trusted supplier and you are on your way to money.
4) Dry cleaning
This is another untapped business profit-making avenue, you can do this from your house (just have access to water), you can hire boys that will iron the clothes for you, you only need to buy a washing machine (15,000) and a 3-KVA generator set (30-35k) you are gonna be paying your workers from working capital and that’s all??? you have yourself convenience, minimum risk, and what more? profit maximization, this business is very viable and you should try it sometime, the only problem with this business is getting customers and the cost of operation could be frustrating…
This business is viable and you only need to know how to make shawarma and barbecue, you need to buy a grilling machine and get the shawarma ingredients, employ an expert and find a lucrative location (like a hotel) and that is all…no close monitoring (as your materials must be exacted at a certain proportion to equate a certain number), there is minimum risk, and there is huge profit potential, if you have the money, start this business.
This is a quite lucrative and stress-free business, you just need to understand the underlays, with 50,000 naira, get 2 big drums, buy fingerlings (@2 naira each), buy feeds (approximately 25,000 worth for 200 fish) the profit is all yours. You need to have access to water though, but it is very convenient and has minimal risk.
You can start your own poultry at the back of your house. Yes, it is that easy, all you need to do is get like 100 day old chicken (should cost like 200 naira each) for approximately 20,00 naira and build a nice wooden big cage (like battery cage sort of, which will cost like 15,000 naira) then you can buy their feed for 15,000 naira, and voila, your business is underway.
I hope you find this very useful and are able to invest reasonable in your future without too much stress. Have fun making cool money!