Top 10 Daily Income Businesses to Start in Nigeria (2024)
Looking for business ideas that can start paying you right from the start, even on day one?
Then, you're not alone.
My biggest fear in business is getting stuck with a business that doesn't have regular cash flow.
I remember starting a services business that didn't work out. Not only was the business location wrong, the services were not high demand ones, and I struggled to make anything from the business.
Now, I'm wiser, and I have done research about some of the fastest moving businesses in Nigeria that have good daily cash flow, and almost anyone can start them.
If you are about to start a small business in Nigeria this year, you might as well hold on and read through this list before making a decision on what business to start.
Let's get right into it.
Mobile Food Vending
Mobile food vending is one of the fastest moving businesses you can start in Nigeria in 2024.
Not only does this business bring in daily Income, there's also a chance to diversify and make more money.
Mobile food can be in different categories such as:
- Snacks Production
- Fried Foods
- Fruits & Nuts
- Breakfast & Cereals
- Lunch Meal
- Meats & Chips
These kinds of foods are sought after by Nigerians on a daily basis, and it wouldn't be difficult to make enough sales to become profitable.
Equipment Rentals
I know this business first hand, because my mum used to own one. It's a very lucrative business with guaranteed sales almost on a daily basis.
You would think that events do not happen everyday in Nigeria, but people do have one or two gatherings where they would need to rent equipment.
The good thing about this business is that you can start as small or as big as you want, and once you've procured the equipment, you don't have to make any other significant expense.
There are two types of equipment rentals in Nigeria:
- Event Rentals: This involves renting out items such as canopies, speakers, chairs, coolers, pots, etc, that are used for events and parties.
- Manufacturing Rentals: This involves renting out heavy equipment that are often used for manufacturing, such as shovel, wheelbarrow, cement mixer, grinder, etc.
You can simply survey your area to see which of the two equipment rentals are in higher demand, then you set up shop.
You could even consolidate both types of rentals and increase your chances of making more sales on a daily basis.
Social Media Selling
I've always been a preacher of selling online if you want to sell fast.
The web space in Nigeria as of today is way different than what it was about a decade ago, but a lot of business people do not realize this.
There are millions of customers on social media that can buy up your products in a matter of minutes if you know how to find them.
The good thing about selling on social media is that you don't need to even own the products or invest in any inventory.
As long as you have images of the products and know where to source them, you could start your marketing online and then get the product when someone makes a purchase.
It is quite interesting how the Nigerian online marketing space is evolving. Now, there are a lot of trusted escrow services where buyers can pay while you deliver the product.
This makes dropshipping possible, where you only move the product when the buyer has paid money to the escrow service.
So, this is a business that you can start with almost nothing, and start making money right from the start.
It's really up to you.
Mobile Laundromat
This is one business I can recommend with my full chest to anyone who wants to start a business in Nigeria with no money.
I mean, if you have two hands and you can communicate, then you can start making money as a mobile laundromat.
A lot of these guys knock on my gate, asking if they could wash my clothes, and sometimes, I oblige them.
I have to provide them with the detergent and running water, then pay at least 3k for their services.
And it takes them less than 2 hours to finish the job. Imagine if they do two more similar jobs per day. That's a daily income of 6k, which amounts to 180k Naira per month.
Zero capital, zero inventory, zero marketing budget. No other business can pay you at least 100k per month without significant investment.
But there's always room for improvement. I notice that a mobile laundromat that is branded as a professional service will command more fees and make more money.
You might even just partner with local dry cleaners, collect clothes from end users, and deliver after washing.
This would amount to smaller margins, but a faster business that can employ more hands and serve more customers. And you don't have to wash any clothes yourself.
Car Boot Sales
I love this business a lot because you can leverage it to sell anything.
Simply find a location with a specific need, then find a merchant that can partner with you by providing the goods on credit or installment, then move the goods to the location and start selling.
You could have different partnering merchants for different goods in different locations, and deliver goods on demand.
Some of the goods that I've seen with car boot sales in Nigeria includes:
- Home Appliances
- FMCGs such as bread
- Second hand clothes (aka Okrika)
- T-shirts and Jerseys
- Men Shoes & Palm Slippers
- Phone Accessories
- Curtains & Home decor
You can see that virtually everything people need on a daily basis can be sold via car boot sales.
The most important part of the business is to find a good location with foot traffic that has a specific product need that you can deliver.
Phone Repairs
Phone Repairs is one of the most lucrative small businesses you can start in Nigeria, but you need to have the requisite skills before starting the business.
Almost one in every five persons you meet in Nigeria today has a smartphone, and that's a huge market to tap into.
The good thing about this business is that it is largely untapped, and there are many niches that can be developed from it.
For example, there is currently an untapped market for online repair tips and repair on demand.
I've only encountered just one of such services in Nigeria, which is Hovatek, and they are doing a great job by the way.
They offer pickup and delivery for mobile phone repairs and other allied services, and they have a long list of trusted customers who patronize and recommend them.
The idea is that you don't even need to have the repair skills if you are skilled on how to develop a business.
You could find a talented phone repair guy and partner with him on providing phone repair services via digital channels, and you'll be making money on a daily basis.
Fuel Black market
If you've noticed, I'm fond of including this business in any list of lucrative businesses in my recommendations.
This is easily the fastest turnover business anyone can start in Nigeria right now.
In a country where the refineries don't work and the fuel stations are hardly in operation, the fuel black market is now becoming a mainstay.
Currently, the price of one liter of fuel is 1,200 Naira while the pump price is pegged at 900 Naira.
That's a 25% difference in price. Which means that if you invested 100k Naira, you could easily make 25k Naira in pure profit.
That's some easy money right there.
The only risk in this business comes in the form of safety in storage, which can be mitigated by using fire resistant storage containers.
Football Viewing Center
Not actually a daily income business, but this business has to make this list due to its consistent income potential.
You could be making good money at least twice a week during football season, and more during the festive seasons where they have fixture congestion.
This business however, requires some reasonable capital for a small business, and recurring expenses in the form of electricity, rental and cable TV bills.
The only downside is that there is often an off-season period of about 3 months, which will likely put the business on hold.
Most viewing centers usually pivot into game centers during this break in football season, and they are able to sustain their income before the football season resumes.
Barber Shop
A barber shop is a type of small business that is guaranteed to bring in daily income, as it is in the essential services industry.
I've always nurtured the idea of investing in a barber shop, with other allied services included, such as game center and sales of accessories.
If you're a skilled barber or hair stylist, there's almost no limit to how much you can earn, as you can include services such as sales of cosmetics, hair care products, and even home service delivery.
The good thing about this business is that you can start as small as you are capable of, as long as you have very good barbing skills.
You could start by offering home services or even partner with an established barber shop to kickstart your business.
I know of someone who started this way, he even offered some free services at first to build his first clientele, and then grew from there.
The good thing about a barber shop is that, no matter how you start, you'll always find customers to be able to earn a daily income.
Real Estate Agency
My perspective on real estate agency is that it can be a side business with consistent cash flow.
In Nigeria, there's almost no requirement to starting a real estate agency business. As long as you can communicate with property owners and strike a good deal, you could be marketing some of the choicest real estate and making a consistent income.
If you have some digital marketing skill, then you could start an online real estate agency that helps landlords and property owners market their properties to a wide range of buyers.
I remember a particular property owner in Lagos pitching her property to me to help her market it online, as she knew I was skilled in digital marketing and could reach a wider audience than she could.
I helped her sell that property and got a 5% commission, which was a lot, considering that I didn't spend a lot on marketing.
Imagine having such types of clients trusting you with their properties, and all you have to do is work online right from your home or office, and be making consistent income on a monthly basis.
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