It is 2022. Globalization and digitalization is taking place on a digital scale, and this is creating limitless commercial opportunities. Nigeria is not left behind. Even though there appears to be a financial and inflation crisis. Experts say an economic or a financial crisis is even the ideal time to start up a business, so that one can go into business with a clear sense of purpose, originality, and problem-solving orientation.
Individuals seeking to start small businesses, however, do not have the funds to venture into the world of entrepreneurs due to the tough economic realities in Nigeria and many other African countries. As a result, many Africans, particularly in Nigeria, are searching for business opportunities that they can launch with little funding.
If the reason you are not starting a business is the absence of huge capital, take a chill. There are business ideas you can execute in Nigeria with as little (or as much) as N50,000. Smartpreneur is here to answer the question “What business can I start with 50k in Nigeria?”
Here are 6 profitable businesses you can do in Nigeria with less than 50k (50,000naira).
You can basically create a great business, out of making people smell nice. Since you don’t need a lot of equipment to get started, it is fairly simple and a little cheap too. The only thing you have to do is find a trustworthy distributor who can provide you with the quality and quantity of perfumes that you think your customers would enjoy. Do your research as well and know what scents and fragrances customers are more interested in. You can confidently start this business with N15,000 or more and start a customer base out of your immediate network, family and friends.
Depending on your location and time of purchase, you can 10 ml oil perfumes for #2500 and resell to your customers in small 1ml containers at your choice price. This business has the potential to give you huge profits, especially if you are able to get a genuine vendor with undiluted scents. Even if you have N50,000, start with half the money and watch out for what your customers want. You can give your products a unique look and feel, with good packaging and delivery.
Plaintain chips business
This is a very profitable industry. In Nigeria, plantain chips are a favourite snack food. Making them, branding them, and supplying them to various stores or supermarkets will allow you to generate money every day. From purchasing plantains in bulk (ripe or unripe, depending on your preference), which is less expensive, to purchasing groundnut oil, gas, sugar, nylon, etc. You should be able to spend #50,000 wisely in this direction. Your home will serve as your business office and your factory for production.
Another incredible example of a business that you can launch in Nigeria with 50k or less is a thrift store. In Nigeria, you may actually start this business with as little as 20,000 Naira. Here’s how to approach it:
Visit a thrift clothing market in areas like Abule-Egba, Lagos, such as Yaba or Supa Market.
Select some unique and beautiful clothes for your target demography. It helps if you have someone already in the business take you to his/her customer so that you get genuine products at good prices. There are stories of newbies who fell into wrong hands. But if you are a street-smart person, you can find your way around. Avoid middlemen who might want to take a huge cut, thus increasing your costs.
After returning home, package the clothes and begin marketing to your intended demographic.
There are many high-quality clothes available at those markets that you may purchase for 500 Naira and resell for double the price or more. It is a fantastic venture to think about starting. Capital to start? Between #10,000- #50,000.
In Nigeria, you may establish a popcorn business with very little investment and turn a healthy return. A decent location is what you need to run a successful popcorn-making business in Nigeria. You can sell enough popcorn in a favorable location to cover costs and turn a profit.
An effective popcorn business in Nigeria can be started with just the corn itself, a nylon sealer, and a popcorn maker. Let’s look at the startup costs for a popcorn company in Nigeria. Here is a breakdown,
A sealing machine (N2,000 or less)
Popcorn machine (30,000)
Maize: 14,000 (50kg)
4,000 Naira worth of ingredients
Cost in total: #50,000. (prices may vary depending on time and location)
Soap production business
Another incredible company you can start in Nigeria with as little as #50,000 is soap production. And what’s even more fantastic is that you can launch your soap production business from the convenience of your own home. You will get the chemicals, and equipment, then brand it.
To do this, you should have foreknowledge of the process. A quick warning here is that if you have a baby or toddler in and around your home, you may think twice about this business due to the exposure to the chemicals used in the production. Even if there are no kids around, it helps if you have a room or space dedicated to all of your production and packaging processes.
Mini importation business
Start-up costs for this business in Nigeria can be as low as N50,000. Understanding the business so that you can benefit is the key formula. To avoid paying too much when clearing, the goal is to choose something lightweight like selfie sticks, ring lights, Phone cases, Car trackers, Wristwatches, Headphones etc.
Some of these products can be purchased for as little as N800 each, cleaned, packaged, and sold for twice or thrice the price, giving you a good profit margin. When you purchase these commodities from online retailers, resell them online without needing a warehouse. You can list on e-commerce platforms like Jumia, Konga, and Jiji. You can build your product catalog on WhatsApp business, sell on Instagram and Facebook, and explore several other free options.
Wanting to start a business makes sense given the state of the Nigerian economy. Sadly, the startup costs for the majority of enterprises in Nigeria are a little on the high side. Fortunately, we were able to pinpoint 6 businesses in Nigeria that you may launch for about #50,000 or less. The list is by no means exhaustive, and there are several other businesses with low startup costs. Please conduct independent research to verify whether these businesses are lucrative in your neighborhood and if you can easily access a ready market in your environment.