As I promised. I’ll keep this article on Successful Small Businesses in Nigeria with less capital startup – updated. So, we’ve done our second year of research on successful businesses in Nigeria with less capital. And we’ve come up with more successful business ideas with low capital in Nigeria 2020. This extra list of businesses in Nigeria with low capital has proven to be profitable.
Ideas are what most business-oriented individuals need. And here on naijaonlinebiz.com, we know how to provide it in excess.
Rome wasn’t built in a day. It takes time — sometimes years — to master a skill, craft, or habit. And while it’s good to keep perspective on your dreams, it’s better to remember the other side of this story:
Rome wasn’t built in a day, but they were laying bricks every hour — by James Clear
Ask any multinational company or big corporation how they began. You’ll discover that they all started from little or nothing.
Becoming successful in any small business in Nigeria is a difficult task. It requires serious dedication, strong financial backup, hard work, the right mindset and taking the right steps. Some of these right steps to take to begin a profitable small business in Nigeria is what I have discussed earlier.
So, are you a Nigerian looking for small business you can start with little or no money? Are you an entrepreneur searching for business ideas to invest in? Do you have a small amount of money but you don’t have any business idea?
There are lots of small business opportunities in Nigeria. Yes! Nigeria is filled with vast business opportunities you can tap into. Nigeria is one of the most populous countries in Africa. Our large population provides a good market for any quality product to thrive well. According to the Worldometer elaboration of the latest United Nations data, the population of Nigeria is 204,506,039 as of Tuesday, March 10, 2020. Imagine, setting up a business within this large population of people. There is no doubt that such a business will perform well.
Businesses that do well in Nigeria are those that solve the basic problem of the masses. Below you’ll see our list of Successful Businesses in Nigeria with low capital startup. Some may need a huge capital startup but it all depends on your entry point into the business.
If you dedicate yourself to your business, you won’t mind putting up extra hours into it. If you’re passionate about the business, definitely you’ll succeed. Visit other people who are in the same business as you. Share ideas with them so that you get updated on the current trend in that particular line of business. These are secret of any successful business.
The following are lists of most Successful Business in Nigeria with little or no money startup. I have grouped these businesses sector by sector for easy comprehension.
PROFITABLE AGRICULTURAL BUSINESS
Agricultural businesses are the most successful small business ideas in Nigeria with low capital. Most of the major inputs are space (land), water and the viable breeds (crops and animals). You can start these businesses as a sole-proprietor and then grown to Limited Liability Company.
Here are lists of small lucrative Agricultural Businesses;
Poultry farming business
Poultry farming business is a typical successful business you can start with low capital. A home-based business or a business you can start from your backyard. Poultry farming thrives so well in places like Jos, Ibadan, Enugu and so on. The capital input may vary depending on your start-up level. With a capital of fifty thousand naira (N100, 000 – N200,000), you can comfortably raise 50birds from 2 weeks chicks. The marketing of Poultry products is very easy. There is a large market for poultry products. You can sell in the market, to hotels, Restaurants, Confectioneries, etc.
Fish farming Business (catfish and Tilapia Rearing)
Fish farming business is another successful business in Nigeria. You can start fish farming from your backyard. The business is profitable and you can start on a low scale. Read more on the cost of starting fish farming in Nigeria. And get started with our high-rated fish farming business plan. There is a huge market for fish and fish products in Nigeria like poultry products. No doubt if you’ll make it in farming once you have passion for the business.
Heliciculture or Snail Rearing Business
Heliciculture, snail farming, is raising snails for human use. Snail farming business is a secret millionaire business. Business is fast selling big cities. You can make a lot of money selling snails in cities like Abuja, Lagos, Onitsha, etc.
This is one of the Successful businesses in Nigeria with low capital startup. With one or two female pigs of about forty thousand naira (N40,000) each, you can start piggery business. One good thing about Piggery business is the profit margin. One pig can give birth to about 8 – 12 piglets in a single delivery. This makes piggery business profitable.
Commercial vegetable farming is one of the profitable low capital businesses. The business is more profitable during the dry season than rainy seasons in Nigeria. You can start from the comfort zone of your backyard. Once, you have enough garden land and sources of water for irrigation. The appropriate time to make money from vegetable farming is the dry season. Read more on How to start a vegetable farming business in Nigeria
Garden Egg farming
Commercial Garden Egg farming business is fast selling in the north and many other parts of Nigeria. There are different varieties of garden egg, you can go into its farming. Read more about How to start Garden Egg farming in Nigeria, cost, and requirements.
Rice farming Business
One of the commonest foods we eat is Rice. With the ban on rice importation in Nigeria, rice farming is now one of the top growing business ideas. Nigeria has a large market for rice. Though, the business is a bit capital intensive but lucrative.
Cassava processing Business
Cassava farming and processing is a rural and suburban business. Cassava product like garri is fast-selling in Nigeria. Read more on how to start cassava processing business in Nigeria (including machine & factory equipment)
Dog Rearing and Breeding Business
Livestock feed production
Floral business (Growing flower)
The best floral money-makers include:
- Cut flowers
- Woody Ornamentals
- Flower bulbs
Maize processing Business
Palm oil Processing Business
SALES AND DISTRIBUTION BUSINESS
Sales and Distribution business ideas (the capital input might be high). But, you can negotiate with good producers or manufacturers of such product(s) to reduce start-up costs. If you need products to start its distribution in Nigeria today;
Read more on about distribution business in Nigeria; requirements, profit and how to start. If you don’t have enough capital to become a distributor; negotiate with manufacturers. And start marketing their products. From there, you find your way to become a distributor of their product.
Small Sackets water packaging and distribution company
The capital input might be a bit high. You need sterilizing and packaging machines, tanks for storing water, distributing bus or truck, etc. So, this needs huge capital.
If you have little capital and you’re passionate about this business, form a partnership. Partner with people who have the same interest as you. Those who have a passion for Sackets water packaging and distribution business.
Looking for a successful company to become its distributor?
You can become a distributor of;
indomie, Coca-Cola, RC Cola, Unilever products, Nigerian Breweries, Expression Attachment, etc.
Importation /Mini-importation business
Exchange rate and coronavirus affect importation business these days. Many people start on a low scale importation (mini-importation). And finally, grow to become a large importer of different products. You can start with the importation of a few gadgets and electronics. Look for where to buy Electronics online and get started…
Beauty and Cosmetic products do sell fast because every woman and young lady want to look good. It is a business you can consider starting if you have the capital. The capital startup may vary depending on your entry point into the business. But with N400,000 – N1000,000; you can start a medium scale cosmetics business. Read more on How can I start Cosmetics business in Lagos; capital & location
Okrika bale business
This business thrives very well in Nigeria as a result of the poor economy of the country. An average income earner in Nigeria hardly enters the boutique in the name to buy first-grade clothing. So, Okrika bale business is a good business to start anywhere in Nigeria but most especially in sub-urban and rural localities. Lagos, Aba, Kano, and Onitsha have a good market to buy bales of clothes for sale.
Startup capital for this business may vary. It depends on you but you can start with a small capital of one hundred thousand naira (N100,000) to two hundred thousand naira (N200,000). You can start Okrika bale business and then grow to become a top-selling bouquet company.
On this category of business in Nigeria, we have;
Taxi cap transport business
Intra and inter-city taxi transport business is a fast-moving business in Nigeria. The high population of Nigeria has made it so. You can make up to N20,000 daily as an intra-city taxi transport owner if you’re in big cities like Lagos, Port-Harcourt, Kano, Abuja, etc.
It is not a must that you own a taxi cab, you can go in for a hire-purchase. Read more about Starting transport business: best car for taxi business in Nigeria
Opay Ride Business
Seeing the number of people, especially in big cities that use the Opay service, you can say that Opay riders earn good money each day. So, you can take advantage of the business now.
Tricycle or Keke Napep business
There is a sudden spring up of Keke Napep. the tricycle business in Nigeria after the ban on the use of motorcycle in cities in Nigeria. People who make money on tricycle business are those who give out tricycle on hire-purchase. You can go in for hire-purchase when you don’t have money to buy your tricycle.
LUCRATIVE SPECIAL BUSINESS SERVICES
The major inputs or materials for this type of business include;
canopies, chairs, tables, stools, table dress cloth, big cooking utensils, and ribbons for hiring and manpower. These types of businesses are not difficult to start. It will best suit women than men but anybody can start the business.
Fast food Joint and eateries business
Eateries are one of the fastest incomes yielding business in Nigeria. Fast food Joint and eateries business is like Restaurant business. The business is a ‘quick to start’ type of business and also a fast-moving business in Nigeria. The startup capital varies. It depends on the categories of your customers you wish to cater to. If you wish to serve High-class customers then you need a huge capital to start up such eateries. But, if your target customers are low-income salary earners then you need little capital star-up.
Eateries business is rampant in places like Abuja wuse, Area I and Garki, Lagos Ikeja and Ikoyi, Kaduna, Ibadan, Kano, Enugu, Aba, etc. These are big cities in Nigeria and the business is well patronized there.
Rental Service Business
Event Management business
Party Planner and Event Planner Business
Cloth designing and Tailoring
This business requires skills. So, the first step to your success is to get skills. Go for both English and traditional wear tailoring, fashion, and design training. Once done, boom! You’re made. Cloth designing and tailoring is often a neglected business idea. It pays and the good thing about it is that you can start on a small scale if you like and grow from there.
SUCCESSFUL EDUCATIONAL SECTOR BUSINESS
The major inputs in these businesses are computer, manpower, and space.
Home tutoring and Coaching Business
From Home tutoring (zero kobo beginning) or Coaching to a private tutorial centre, and then to owing a School. This is how to grow in this line of business.
Tutorial and Lesson centre Business
Tutorial and lesson centres are fast-growing business ideas in Nigeria. A lot of people are already into tutorial business in Nigeria. You can get tutorial centres in every look and cranny of states in Nigeria. It easy to start and may need little capital start-up. Read more on How to Start Tutorial Centre business in Nigeria. You can make huge money from this business if you’re in a good location
Catering centre and Catering school business
Nanny Service and Daycare business
Self-empowerment centre and Workshop centre
Computer and business school
COMPUTER AND TECHNOLOGY SERVICES BUSINESS
The major materials needed are computers or laptops, sets of screwdrivers, testers, printing machines, phones. Mobile phones, internet connection and manpower inclusive.
Computer repair and services Business
Mobile phone repairs Business
Mobile phone accessory business
Though no longer as lucrative as in the years back. If you intend to start a mobile phone accessories business, read our articles on ‘how to start mobile phone accessories in Nigeria’. And also ‘the mobile phone accessories business plan’. These articles are a complete guide to mobile phone accessory business.
Mobile apps development
Graphic Designer and Printing business
Mobile money agent’s business
PROFITABLE SPECIAL PRODUCTION BUSINESS
Liquid soap production business
Liquid soap production business requires in mixing chemicals. And there are so many entrepreneurial training centres you can register with to get the skills. A Typical example is Basic Empowerment Centre (BEC), Enugu. With a capital of twenty thousand naira (N20,000), you can start liquid soap production. Begin from there and then diversify your business to detergent, bar soap, and toilet soap production
Fruit Juice production
Fruit juice business is among the emerging business ideas. The business is most popular in cities like Lagos, FCT, Kano, Enugu, Aba, Onitsha, etc. The fruit juice serves as fresh fruit juice or Package. You can start this business on a low scale producing 2 or 3 types of fruit juice. And then grow from there.
Perfume and body ornamental production business
ONLINE BASED BUSINESS IDEAS
Online based business ideas are businesses you can start online. And we have on our list;
Is blogging an online business idea? Yes! Blogging is one of the top online business ideas to start with low or zero capital. With your laptop and internet connection, you’re good to go. People like Linda Ikeji; Neil Patel, the English Entrepreneur and a host of others are big-time successful bloggers. If you want to start blogging today, read more on How to build a blog in Nigeria & makes $1000 in 2months.
Social Media marketing
One thing is to produce a product, another is for your product to reach your target customers. Most entrepreneurs are faced with the challenge of marketing their products. This is where Social media marketers come in. Social media marketing has made buying and selling so easy. With the fast growth of social media, a good opportunity for marketing every product is assured. Social media provide a large market for selling every quality product. With social media marketing, you can reach a wider population of people who are real buyers of your products. You can take advantage of social media to sell any product and create a stream of income.
Ecommerce is one of the successful online businesses. The Ecommerce business has made buying and selling easy. But starting an eCommerce business is hard work and demands decisions that need to come together at the appropriate time.
Affiliate marketing is one of the online business ideas that can make you a millionaire. But it’s not easy to make money online through affiliate marketing. To be successful in affiliate marketing, you need to know the rudiments of affiliate marketing. One good thing about affiliate marketing is that you can start with nothing.
Web design and development
Mobile App development
I have written a post on 20 Ways of Making Cash Online in Nigeria. These are all internet-based Businesses and they are specific means of making money online in Nigeria. We have other 30 Online Money Making Business Opportunities; you can consider starting today. Some of these internet-based businesses require little or no capital to start them up.
But, if you think that capital will serve as a hindrance, I will suggest you read up this Ways to Raise capital to Start Business in Nigeria. If your interest is to start an online, read more on how to start an online business in Nigeria. You can make money online in those ways if you’re dedicated and hardworking. There is no hard and fast rule about making money online.
In conclusion, I know that what you have read above will be resourceful to you. There are some other lucrative and successful small businesses in Nigeria any serious-minded entrepreneur can do. All you need are determination, diligent and hard work.
I wish you good luck as you set to start up any of the above successful small businesses in Nigeria.