Top 10 Cheapest Businesses To Start In Nigeria 2023
Are you thinking about starting a business in Nigeria? That’s great! Nigeria is a country full of hidden business opportunities and a diverse market. However, starting a business anywhere can be a bit overwhelming, but don’t worry, I’m here to help you out.
First things first, you’ll need to come up with a solid business idea.
Think about what you’re passionate about, what skills you have, and what products or services are in demand in Nigeria.
It’s important to do your research and make sure there’s a market for what you want to offer.
Next, you must register your business with the Corporate Affairs Commission (CAC) in Nigeria.
This involves choosing a unique business name and completing the necessary paperwork.
You may also need to obtain certain permits or licenses depending on the type of business you want to start.
Now, let’s talk about funding.
Starting a business requires money, and you’ll need to figure out how to finance your venture. You could consider applying for a loan from banks or microfinance institutions or seeking out investors who are interested in your business idea.
Lastly, you’ll need to have patience, persistence, and a positive attitude. Starting a business is hard work and there will be challenges along the way.
But with dedication and a willingness to learn, you can build a successful business in Nigeria. So in this article, I’ll provide you with the top 10 cheapest businesses to start in Nigeria and the approximate amount you may need to start it.
Let’s dive in
Top 10 Cheapest Businesses To Start In Nigeria
The following are the cheapest businesses to start in Nigeria today:
Laundry and Dry Cleaning Business
Starting a laundry and dry cleaning business is a great business opportunity in Nigeria.
With as little as N150,000, you can purchase a washing machine, detergent, hangers, and other necessary equipment. It is important to note that location is crucial to the success of this business.
You can locate your business near a university, a residential area, or an office complex to attract potential customers.
It is also essential to build a customer base and offer quality services to retain your customers.
Food Business
The food business is a thriving industry in Nigeria.
With a population of over 200 million people, there is always a demand for food. You can start by selling snacks such as popcorn, roasted groundnuts, or plantain chips for as little as N70,000.
You can also offer catering services for events, parties, and small gatherings. Please take note that you need to follow food safety regulations, provide quality food, and maintain good hygiene.
Cleaning Services
Cleaning services are in high demand in Nigeria.
You can offer cleaning services to homes, offices, schools, and other institutions. With as little as N30,000, you can purchase cleaning supplies such as disinfectant, brooms, and mops.
You can also offer specialized cleaning services such as post-construction cleaning, carpet cleaning, and window cleaning.
Car Wash Business
Starting a car wash business is another great opportunity, and also one of the cheapest businesses to start in Nigeria.
With as little as N70,000, you can purchase equipment such as a pressure washer, a hose, and buckets.
You can also offer detailing services such as waxing, polishing, and vacuuming. It is crucial to locate your business in a high-traffic area, build a customer base, and offer quality services to retain your customers.
Blogging
Blogging is a great way to make money online in Nigeria and arguably one of the cheapest businesses to start in Nigeria.
With as little as N20,000, you can purchase a domain name and a hosting plan.
You can choose a niche that you are passionate about such as lifestyle, health, finance, or technology.
You can also monetize your blog through affiliate marketing, sponsored posts, and advertisements.
Event Planning
If you have excellent organizational skills, starting an event planning business can be a great opportunity. With as little as N200,000, you can purchase office supplies, a computer, and a phone. You can offer event planning services for weddings, birthdays, corporate events, and other occasions. Do ensure to build a customer base and offer quality services to retain your customers.
Social Media Marketing
Starting a social media marketing business is an excellent opportunity in Nigeria. With as little as N150,000, you can purchase a computer and an internet connection.
You can offer social media marketing services to businesses, brands, and individuals.
You can also offer other digital marketing services such as search engine optimization, email marketing, and content marketing.
Phone Accessories Business
The phone accessories business is a thriving industry in Nigeria and is also one of the top 10 cheapest businesses to start in Nigeria so far.
With as little as N50,000, you can purchase inventory such as phone cases, chargers, and earphones.
You can locate your business in a high-traffic area or sell your products online.
Freelance Writing
Freelance writing is a great way to make money online in Nigeria. With as little as N50,000, you can purchase a laptop and an internet connection.
You can offer writing services such as article writing, copywriting, and content creation to businesses, brands, and individuals and on platforms like Upwork.
Soap Making Business
Last but not least of the top 10 cheapest businesses to start in Nigeria is Soap Making Business.
Starting a soap-making business is another great opportunity in Nigeria.
With as little as N30,000, you can purchase supplies such as soap bases, molds, and fragrance oils.
You can produce and sell different types of soap such as bar soap, liquid soap, and body wash.
You can also offer personalized and customized soap products. It is important to offer quality products and build a customer base to retain your customers.
Frequently Asked Questions (FAQs)
Here are the related frequently asked questions on the cheapest businesses to start in Nigeria:
What business can I do with 20K in Nigeria?
With 20K in Nigeria, you can start a small-scale business such as selling recharge cards, snacks, or beverages.
You can also consider starting a home-based business such as baking, tailoring, or graphic design, where you can offer your services to clients online or through word-of-mouth referrals.
What can I start with 5K in Nigeria?
With 5K in Nigeria, you can start a small-scale business such as selling sachet water, biscuits, or sweets.
You can also consider providing services such as laundry, cleaning, or running errands for busy individuals in your neighborhood.
What business can I do with 30K in Nigeria?
With 30K in Nigeria, you can start a small-scale business such as selling clothes, shoes, or cosmetics.
You can also consider providing services such as hairdressing, makeup artistry, or event planning. Another option is to start a small-scale agricultural business such as vegetable farming or poultry farming.
Can I start a POS business with 100,000?
Yes, with 100,000 Naira, you can start a POS (Point of Sale) business in Nigeria. You will need to register with a bank or a licensed third-party service provider to obtain a POS machine.
You will also need to identify a strategic location for your business, preferably a busy area with a high volume of foot traffic. With consistent marketing efforts, efficient operations, and excellent customer service, you can grow your POS business and earn a steady income.