What Business Can I Start With 100k Naira In Nigeria?
Want to start a thriving business in Nigeria but only have 100,000 Naira to invest? Many people believe that 100k Naira isn’t enough to launch a viable business, but that’s not always true. In fact, 100k Naira can be sufficient to kickstart a small venture, allowing you to test the market and see how promising your business idea is. You can then decide whether to invest more funds or bootstrap your business.
Alternatively, if 100k Naira is all you have, you can still start a side hustle that brings in daily income. By observing your surroundings in Nigeria, you’ll notice numerous small businesses that thrive and generate daily profits, ensuring their sustainability. So, why not try the same?
What Business Can I Start With 100k?
Here are 20 lucrative small-scale businesses you can start in Nigeria this year with just 100k Naira.
1. Shoe Making
Shoe making is a profitable small business in Nigeria if you have the required skills. The footwear market is an essential one, generating billions of Naira as it caters to a large, walking population. According to Statista, the Nigerian footwear market is currently valued at $2.6 billion and is expected to see an 8.16% growth rate from 2024 to 2028. This indicates a vast and thriving market where you can easily find customers and make sales.
2. T-shirt Printing
T-shirt printing is a niche business with significant potential if you understand the market well. While many people are making money through online platforms like Printify, you can localize this by leveraging your graphic design skills. Buy inexpensive plain T-shirts, print unique or popular designs on them, and sell them at a higher price. For instance, you can buy high-quality plain T-shirts in bulk for around 2k each, print designs for 500 Naira per shirt, and sell the final product for 5k, earning a healthy profit.
3. Snacks Production
Snacks, like many fast-moving consumer goods (FMCG), sell rapidly and can be highly profitable. There are various snacks you can produce and sell, such as groundnuts, chinchin, doughnuts, kulikuli, fish rolls, meat pies, popcorn, and plantain chips. You can either sell them directly or package them with unique branding for broader distribution. Many small-scale snack businesses supply to supermarkets and high-traffic areas, even on credit, ensuring steady sales and profits.
4. Garri Processing
Garri, a staple food in many Nigerian households, is consumed more than any other local food. Garri comes in several varieties, such as Ijebu garri, Ghana garri, yellow garri, white garri, and lebu garri. If you’re interested in this business, you’ll need to decide which type of garri to produce based on your target market and marketing strategy. After processing, you can bag the garri in sacks for sale to retailers or sell it directly at a local market.
5. Aftershave Production
Aftershave products are hidden money makers, largely due to their consistent demand. Barbershops and individual users regularly purchase aftershave, creating a steady market. Aftershave liquid is cheap to produce, resulting in a high profit margin. For example, if you can establish a dedicated customer base of 50 salons, you could generate a substantial monthly profit from selling aftershave at 3,000 Naira per bottle.
6. Bread Distribution
Bread distribution is an underrated yet lucrative business in Nigeria. Bread, a fast-moving consumer good, has a high consumption rate. The key to success is persuading supermarkets and retail shops to stock your bread. Initially, many shops may require you to sell on consignment, but as your business grows and your bread’s quality becomes known, they may be willing to pay upon delivery. The profit comes from the margin between the bakery’s price and the supermarket’s selling price.
7. Arts Framing
You don’t have to be an artist to start a framing business. If you have an eye for good art and can learn how to frame it, you can earn a good profit. Purchase art canvases of various sizes and frame them. Location is crucial for visibility and sales, so consider setting up in high-traffic areas. ou can also boost your visibility and sales by selling your framed art online through social media and classified websites.
8. Fruit Cart
Starting a fruit cart business is a small-scale venture with high profit margins, and you can get it up and running with less than 100k Naira. Fruit carts can be mobile or stationary, but mobile carts tend to generate more income due to their broader reach. Many fruit carts also sell vegetables, increasing their potential revenue. The key to success is sourcing your fruits and vegetables at reasonable prices and ensuring a consistent supply.
9. In-demand Soup Delivery
If you’re a good cook, a soup delivery business can be both lucrative and enjoyable. The soup supply market in Nigeria is underserved, with many busy people looking for healthy, home-cooked food. If you can cook a variety of Nigerian soups, you can attract customers through social media and build a loyal clientele. Your packaging and presentation are essential, as your primary customers will likely be corporate workers who expect high-quality service.
10. Natural Dreadlocks Dealer
This business idea might seem unusual, but there’s a market for natural dreadlocks. People with natural dreadlocks often receive offers to sell them, which salon owners buy to resell as human hair extensions. You can serve as a middleman, linking sellers to buyers and earning a commission in the process.
11. House Call Barber
If you’re skilled at cutting hair, you can start a mobile barber business. Customers love the convenience of having a barber visit them at their home or office. You can charge a premium for this service, typically around 30% more than the usual rate. This approach lets you make more money without the need for a physical storefront.
12. Aluminum Recycling
Aluminum recycling is a lucrative yet underappreciated business in Nigeria. The average price for 1kg of aluminum scrap is 500 Naira, meaning 1 tonne is worth around 500k Naira. Many people involved in this business, particularly those known as ‘aboki,’ make substantial profits. With less than 100k Naira, you can start by renting space and purchasing scraps from end users and suppliers.
13. Earrings Reselling
Reselling earrings can be a profitable business. Many earrings sold in the market are bought in bulk, sorted, and repackaged. With less than 100k Naira, you can buy a bag of assorted earrings and display cards, package them, and sell at a significant profit. For example, a bag of 1,000 earrings might cost 30k Naira, while 1,000 display cards cost even less. Packaging pairs of earrings on one card can then be sold for a substantial markup.
14. Local Poultry
Local poultry farming is an excellent passive income business. It’s cheaper and more self-sustaining than traditional poultry farming. Local breeds like noilers and cockerels are resistant to common poultry diseases and can breed independently. Starting with a few chickens, you can quickly multiply your stock and sell them for a profit.
15. Local Grinding
Local grinding is a simple yet profitable business. Many people need their food items like tomatoes, pepper, corn, and beans ground regularly. Charging between 100 and 200 Naira per small bucket, and above 300 Naira for larger quantities, you can make a decent daily income. A used grinding machine costs around 100k Naira, making this a feasible business to start with your capital.
16. Phone Accessories Cart
A phone accessories cart is a smart business choice in Nigeria, given the widespread use of mobile phones. You don’t need a shop; a mobile cart with various accessories like batteries, chargers, earphones, and phone holders can suffice. Buy in bulk from electronics markets and sell at a markup, ensuring daily sales and consistent profits.
17. Driving School
If you own a car, starting a driving school can be a profitable business. It’s a low-cost, high-margin venture that allows you to monetize your driving skills. Besides teaching driving, you can offer additional services like driving license registration, car sales agency, and vehicle hire purchase deals, providing multiple revenue streams.
18. Street Fries
Street fries are becoming increasingly popular, especially with the current inflation in Nigeria. This low-skill, high-margin business can start generating daily income from day one. Most street fry vendors focus on simple items like yam, potatoes, and bean cake (akara), which can be preserved and sold the next day.
19. Fuel Black Market
Despite the removal of fuel subsidies, fuel scarcity remains a problem in Nigeria, creating a lucrative opportunity for black market sellers. These sellers make significant profits by selling fuel at a markup. With a 25% profit per liter, you can start a fuel stand and earn substantial income, especially during periods of scarcity.
20. Perfume Mixing & Reselling
Perfume mixing and reselling is a highly profitable business with minimal startup costs. By purchasing original oil perfumes and using an effective diluent, you can create and sell high-quality perfumes at a significant markup. Bottling is inexpensive, and with proper mixing, you can turn a small investment into a substantial profit.
Conclusion
Starting a business in Nigeria with 100k Naira is entirely feasible. The key is to identify a viable business idea, understand the market, and execute your plan effectively. Whether you choose shoe making, T-shirt printing, snacks production, or any other venture on this list, you can create a profitable business with dedication and smart planning. Remember, many successful businesses started small, and with the right approach, your business can grow beyond your initial investment.