Starting a business in Nigeria can be expensive to execute. This is due to the fact that majority of the businesses need a lot of money to start up and for this reasons those who have great ideas are not able to execute them.
Getting a loan is not also easy for many because the requirements can be quite tasking, but what if there were profitable businesses in Nigeria that you could start for 50,000 naira or less?
This is a question many aspiring entrepreneurs ask but rarely get reasonable answers to fifty thousand is indeed a lot of money yet looking at the country’s economic situation one can raise such an amount within a short time.
We’ve listed 6 profitable business ideas in Nigeria that you can start with 50,000 naira or less.
1. Soap Production
One of the lucrative businesses that can be started with less than 50,000 naira in Nigeria is soap production. The soaps made can be as a dish-washing liquid for plates, as detergent for clothes and also bathing soaps.
There are a number of skill acquisition centers that offer trainings on how to make these soaps and the ingredients that are needed are easily accessible. It can be done from the comfort of your homes and can also be put in stores around you for sale.
To take a step further you can brand your produce and start distributing it in supermarkets in various local governments.
2. Food Business
Food is essential for everyone to survive and that is one of the reasons why the fast food business keeps thriving. With 20k to 50k you can set up a small restaurant and start making money from it.
If you want to take it a step further you can deliver to companies during their break time and in that way you’re saving them the stress of going to look for food by bringing it to them. Also social media is a bonus and has made things easy by offering a free advertising platform to be able to target the right audience and give them a reason to patronize you.
3. Professional Writing
The professional writing business is getting increasingly more popular and lucrative than ever before with more entrepreneurs, students, and people seeking to get business plans, business proposals, undergraduate projects, speeches, letters, blog posts, and much more written for them.null
If you have great writing skills, you could set up an SEO-ready website and market your service to a bulk of people who would be searching for businesses like yours. All you need is your writing skill, internet service, and a laptop. This is something you can do from the comfort of your home.
4. Plantain Chips Production Business
Plantain chips are literally the second most popular snacks after beef rolls that are sold on the traffic in Nigeria. People stuck in traffic, especially Lagos, constantly reach out to street traders to buy plantain chips and a drink.
You could take advantage of this low-cost business opportunity to make plantain chips and sell them through people who market the snack in traffic or kiosks around public environments like bus stations, schools, and more.
5. Makeup Artistry
There are so many popular makeup artists today, causing the lucrative nature of the venture to drive a lot of females to want to become one. With weddings, occasions, and events happening every weekend, some makeup artists make as much as 150,000 naira from some clients by simply just applying their art. Some have makeup studios where people could visit for an emergency facial retouch, while others run creative makeup artistry that are used in movies to create different looks in a person.
You could tap into the lucrative nature of the makeup artistry business if you have a wide network, charge a modest fee depending on the client and nature of the job and gradually grow from there.
6. Fish Fingerlings Production Business
For those who might have interest in Agriculture this is a good business to venture into because it is very lucrative but it requires some skills. There are places that cost you almost nothing to get this skills.
The process of producing fingerlings is easy; the only important thing is getting buyers ready before production. This business is really profitable because you can make up to 50,000 Naira on your first production without spending more than 4,000 nairas on fingerlings.