20 Profitable Businesses to Start with 100k in Nigeria (2024)
A lot of people think that 100k Naira is not enough to start a reasonable business in Nigeria, but that is often not true.
I believe that 100k is enough to at least get started with a small business. You can test the market to know how viable the business is, then you can either commit more funds or boostrap the business.
On the other hand, 100k Naira might just be all you have to start with, and you just want to cool hustle that puts money in your pocket on a daily basis.
If you look around your environment in Nigeria, you'll see a lot of these small businesses, and they are actually making daily profits that keeps the business sustainable going forward.
So, why not try to do the same?
Here are 20 lucrative small scale businesses you can start in Nigeria this year for just 100k Naira.
Shoe Making
Shoe making is a lucrative small business to start in Nigeria, if you have the required skill.
It's a business in the essential market that rakes in billions of Naira, as the market is a thriving one.
Nigeria has a huge walking population and footwear is sold on a daily basis. In fact, according to statista, the footwear market in Nigeria is worth $2.6billion and is expected to grow by 8.16% between 2024 to 2028.
That should tell you that the market is a big and thriving one where it's easy to find customers and make sales.
T-shirt Printing
T-shirt printing is a hidden business for those who know the market enough.
There's already a huge market online for in-demand print t-shirt, and a lot of people are making money via the Printify model.
But what about taking it local and putting your graphic design skills to a test?
Here's the deal.
The idea is to buy cheap plain T-shirts and then print a unique or popular design on it, which instantly increases the value of the t-shirt.
High quality plain T-shirts are sold for around 2k when bought in bulk. If the cost of bulk printing costs 500 per shirt, you could sell the final piece for 5k and make a healthy profit of 2,500 Naira.
Snacks Production
Snacks just like many FMCG products sell like hot cake, and you'll be completely unlucky not to make money from this business.
There are different kinds of snacks you can sell such as:
- Groundnut
- Chinchin
- Doughnut
- Kulikuli
- Fish roll
- Meatpie
- Popcorn
- Plantain Chips
You could sell snacks in-demand or package them with a unique branding for wider distribution.
Some small scale snack businesses supply to supermarkets and other high traffic areas, even on credit, and they make enough sales to get profits and stay in business.
Garri Processing
Garri is the official staple food for many Nigerian homes, and is consumed far more than any local food you can think of.
There are different variants of garri, such as Ijebu garri, Ghana garri, yellow garri, white garri, lebu garri, etc.
Anyone looking to go into this business must know what type of garri they want to produce and how to produce it.
The type of garri you choose to process will depend on the market you are targeting and how you plan to market your produce.
After processing, you can bag the garri in sacks to sell to retailers or just get a space in a nearby market to sell by yourself.
Aftershave Production
Unknown to many, aftershave products are hidden money spinners.
Here's why.
Most barbing salons use aftershave and they buy replacement at least every 2 weeks.
And private users too purchase aftershave for personal use. So, that is just mentioning another potential market for making money.
The good thing is that aftershave liquid is cheap to produce, so the profit margin makes for a very profitable business.
A bottle of aftershave costs about 3,000 Naira on average. If you can have a dedicated customer base of 50 salons, you could be raking in a healthy monthly profit.
Bread Distribution
I consider bread distribution as one of the hidden small businesses to start in Nigeria, as bread is a fast moving conumer goods with a high rate of consumption.
The most important part of this business is convincing supermarkets and retail shops to patronize you.
At first, most shops will require you to sell via a consignment where they have to sell the goods before paying you after taking a commission.
But as the business grows, and depending on the quality of the bread, shops will be more willing to pay on delivery.
Profit from bread distribution comes from the margin between the price sold at the bakery and the price sold to the supermarket.
Some bakery are even willing to pay the cost of distribution to reach and acquire new customers, so there's a chance to make even more money.
Arts Framing
You don't have to be an artist to go into the business of arts framing. If you have an eye for spotting good art and can learn the craft of framing arts, then you can make good money.
You can buy art canvas of different sizes either online or directly from artists, and then put them on frames.
The most important skills to have in this business is spotting a good art and knowing the craft of framing arts.
A good location is also important in making sales, as visibility for the art is key to attracting customers. So, having your art works or art shop positioned by the road side or in places with high foot traffic should be considered.
The good thing about framed arts is that you can improve your visibility by selling via online platforms such as social media and classifieds websites, which adds up with sales made from physical locations.
The more visibility you can achieve, the more chances of selling your framed arts and making money.
Fruit Cart
A fruit cart venture is a high margin small scale business that can be launched with less than 100k Naira.
Fruit carts can be mobile or stationery depending on the choice of the seller, but mobile fruit carts tend to make more money obviously due to the wider reach.
Many food carts also sell a combination of fruits and vegetables, which increases their chances of making more money.
Food carts are usually situated in locations where there is a high chance of making a sale, such as marketplaces, fuel stations, street junctions, and other high traffic areas.
The most important part of a fruit cart business is knowing how and where to source your fruits and vegetables to be able to have a reasonable price margin, and making sure that you have a consistent supply.
Fruits can also be seasonal, so it's important to know how to find substitutes and when to make the necessary changes.
In-demand Soup Delivery
As a good cook, this is one business that I have my eyes on, as it is both lucrative and fun to do.
There are many in-demand food supply businesses in Nigeria, but I believe the soup supply market is very underserved.
Many busy people who eat out often have an unhealthy diet, and are on the lookout for healthy supplies of home-cooked food.
That's where a soup supply business comes in.
If you're proficient in cooking a variety of Nigerian soup delicacies, then this is a business you can profit from.
Like other in-demand food supply businesses, you can leverage social media to engage potential customers who are in need of home-cooked soups, and start building your clientele from there.
In this business, your packaging and business presentation is key, as most of your customers would likely be corporate workers who desire a higher level of service delivery.
If you are able to create a food brand that is known for high food quality and quick delivery, it wouldn't be long before you go viral on social media and start enjoying strong patronage to grow your soup business.
Natural Dreadlocks Dealer
This business idea shouldn't be on this list, but for a recent encounter that had a light bulb go off in my head.
Just last week, I reconnected with an old friend who I knew as someone who keeps a dreadlock hairstyle.
I asked him why he cut off his dreads and he told me a woman made him an offer he couldn't refuse.
A woman who owns a hair salon paid him 70k Naira for a half head dreadlocks. As a natural hair extension dealer, she will resell those dreads as human hair for a higher amount than the 70k she paid for it.
Just imagine that.
This time, my friend is keeping a fuller hair with a plan to make a full head dreadlocks, which he says he has no plan of selling.
Well, action speaks louder than words. He could get another mind-blowing offer and decide to sell again, who knows.
But the idea is that anyone could buy and resell natural dreadlocks as a profitable business.
You could be a middle man between those who want to sell their natural dreadlocks and those willing to buy, and you'll earn a commission for that.
House Call Barber
If you're skilled at hair barbing, this could be a mobile business that puts money in your pocket on a daily basis.
It could also be a way to start up your hair styling business if you don't have a shop location yet.
Customers usually enjoy the extra convenience of having a barber meet them at the comfort of their location such as their home, office or even shop.
As a professional hair stylist, you can offer a mobile delivery service and charge a little extra for the convenience.
I spoke to a barber recently and he confirmed that most barbers who offer home delivery services charge an extra cost of 30%.
So, you could be earning more without having to invest upfront in a physical space.
The key to making money and growing this business is to achieve a consistent supply of customers, which you can do by keeping a client list and staying in contact with them.
Aluminum Recycling
A seemingly 'dirty' business that could make you a millionaire if you really put your hand to the task.
I've observed that this lucrative business is mostly done by those hausa guys we call 'aboki' but the reality is that those guys are actually cashing out with this business.
The average price of 1kg of aluminum scrap in Nigeria is 500 Naira. This means that 1 tonne of aluminum costs about 500k Naira.
From my observation, these guys are pushing out tonnes of aluminum scraps on a monthly basis and making more money than many would think.
I'm glad that a few educated people in Nigeria are now going into this business and are enlightening others to join.
You can start this business with less than 100k, as the largest business expense would be in rent and purchasing scraps from end users and suppliers.
Earrings reselling
Most people do not realize that earrings can be bought in bulk and resold. Many of the earrings sold in the market are those that have been sorted and packaged for resale.
A lot of these earrings sellers actually buy assorted earrings in bags and then sort and package them in pairs.
Anyone could start this business with less than 100k Naira and make profits by packaging and retailing them.
A bag of earrings with about 1,000 pieces of earrings could be sold for around 30k Naira, then a pack of 1,000 display cards are sold for even less.
Merchants only have to put pairs of earrings on one display card and package it. That same package that cost about 40 Naira could be sold for 200 Naira or more.
Take that same earrings pack to a high end store, and it could be sold for 2,000 Naira or more.
That should tell you how lucrative this business is.
Local Poultry
One of the best passive income agricultural businesses to start is local poultry farming.
Not only is it cheap to start, but also self-sustaining.
While the normal chicken livestock farming of broilers and layers can be profitable, there are risks of diseases, and you'll have to tend to them on a daily basis.
Not so with local poultry such as noilers and cockerels, which are resistant to common poultry diseases.
They also breed and multiply while fending for themselves. A startup with 6 noilers or native chicken and 2 cockerels can multiply into tens of chickens in a matter of months.
If you can create a safe environment for them to breed and multiply, you'll have more chickens to sell and make money in no time.
Local Grinding
I know a woman from my local church who has a grinding machine in front of her shop, which she uses to grind food items for people.
Food items that people often come to grind includes tomatoes, pepper, corn, guinea corn, beans, etc.
According to her, she charges between 100 Naira and 200 Naira per small bucket of food items, and above 300 Naira for larger quantities.
She spends an average of 5 liters of fuel per week, and makes about 3,000 Naira per day.
By my calculations, she could easily make 10k per week just from helping people grind food items.
That's not a bad return considering that it's obviously her side business and she spends just 5k on fueling per week.
A used grinding machine in Nigeria goes for about 100k Naira as of the time of writing this post, so if you have 100k Naira that you want to put towards a daily income side business, this could be it.
Phone Accessories Cart
A phone accessories cart is one of the smartest businesses anyone can start in Nigeria.
Almost everyone has a phone and any foot traffic you get could easily transform into a paying customer.
To start a phone accessories cart business, you don't need a shop. All you need is a moveable cart with your goods, which can either be mobile or stationary at target locations.
The phone pouch that I'm currently using was bought from a phone accessories cart that was strategically located by the side of a popular market close to my house.
They sell all kinds of phone accessories such as batteries, chargers, earphones, USB cords, memory cards, pouches, phone holders, screen guards, etc.
They mostly buy in bulk from popular electronics markets such as Ikeja computer village, Alaba International market, or Wuse Market.
Most phone accessories are usually sold at a high enough margin that sellers do not need to sell every accessory to make a profit.
As long as they make daily sales, they can always refill their inventory with items that sell faster, and make even more profit.
Driving School
I know that a car costs more than 100k Naira, but if you already own one, a driving school is one of the coolest small businesses anyone could start today in Nigeria.
It's a low cost high margin business that helps you to sell your driving skills for good money.
I had a recent argument with a friend about starting an Uber taxi business versus starting a driving school.
In the end, I was able to convince him that starting a driving school gives less stress and brings more revenue, plus you could add other income generating services to the business.
If you run a driving school, you could add complementary businesses such as driving license registration and renewal, car sales agency, vehicle hire purchase deals, etc.
That's more than enough to put money in your pocket on a consistent basis.
Street Fries
I've observed that with the current biting inflation in Nigeria, people are now willing to eat street foods more than ever before.
In my area, street fries are starting to see an increase in sales, especially at night and during weekends.
And the good thing is that this business costs less than 100k Naira to start, plus almost everyone can fry yam and potatoes!
This is a low skill high margin business that will instantly start generating a daily income right from day one.
Most street fries go for simpler fried foods like yam, potatoes and bean cake (akara) which can be sold the next day if properly preserved.
What better way to put your money to good use in a side business that opens only at evenings and on weekends!
Fuel Black Market
After the fuel subsidy in Nigeria, everyone thought that fuel scarcity would be a thing of the past, but alas, fuel scarcity is still the norm in Nigeria.
Just this week, I could count the number of times I was able to buy fuel. Most of the times, the fuel stations around me were closed and I had to resort to the black market sellers.
These black market fuel sellers are making a killing, with a whopping 25% profit per liter from what is obtainable from the fuel stations.
While fuel stations sell for 800 Naira, these black market guys sell for 1,000 Naira, and with much pride!
In fact, every day I buy fuel from the black market, I feel like starting up my own fuel stand and join them to make this easy money.
What I'm trying to say is that in every problem, there is an equal opportunity to make money, and this recurring fuel scarcity in Nigeria is a big window for anyone to invest and cash out while it lasts.
You could be the next oil tycoon picking money from the streets of Nigeria and smiling to the bank owing to the lopsided policies of the government.
Perfume mixing & Reselling
When I was on vacation in Enugu, someone — a student friend schooling in town — introduced me to this business.
He was literally making a killing mixing an reselling perfumes as a side business.
The interesting thing about this guy is that when I first met him, I thought he was into internet fraud (aka yahoo boy).
This guy dresses so flashy and smells so good every time that one would easily start questioning his source of wealth as a Nigerian student.
Surprisingly, his customers were only students in Enugu, which means he was making too much money from just a small set of customers that didn't even have a high purchasing power.
I became interested.
I had to pay him to teach me the business and he revealed the key details about starting a perfume mixing business.
The key was buying original oil perfumes from verified dealers and using an effective diluent to dilute and mix the perfume.
Bottling was a piece of cake, as he sourced for a particular bottle capacity and design from a particular recycle yard, which costs next to nothing.
The way he mixed his perfumes, he could get 500k Naira worth of perfumes out of a 50k perfume oil.
It was like magic, literally printing money out of thin air. And it all costs nothing more than 100k to start.
If you want to start making really good money right now, and you have a capital of at least 100k Naira, this is one business I'll recommend you to start.
You'll need to do a lot of tests though to come up with the mixing that works for you and gives a reasonable profit margin, while also sorting out supplies for high quality perfume oils and bottling materials.
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