smartbusinessinfohubDo you want to start a small scale business today? If your answer is YES! Keep reading.
I will show you the small scale profitable business ideas in Nigeria you can start and make so much money from it. You can start this top 10 profitable business ideas in Nigeria with low start up capital.
If you can’t get new business ideas by looking at the present market, look to the future instead.
Do you want an unlimited supply of profitable business ideas and daily income business in Nigeria or even just one good business idea?
This article will show you some of the most profitable business in Nigeria with low capital so you can start immediately.
Top 10 Profitable Business Ideas in Nigeria: Small Scale Business in Nigeria to Start and make Money
1. Ice block Production and Sale
When you talk about small business ideas in Nigeria, ice block production comes to mind. Nigeria is located within the tropical climate region with an abundance of sunlight and heat.
Unfortunately, the electricity supply is very poor, making it difficult for homes to maintain adequate stock of cold water in their refrigerators. This is what makes ice block production a money-spinning business in Nigeria. This is one of the untapped business in Nigeria
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People require ice blocks to keep their water and drink cold. Your market includes households around your neighbourhood, retail shops, restaurants and bars that need to keep their drinks ice-cold at all times.
The good thing about this business is that you can kick off with the little you have. You need a deep freezer as well as a medium-sized generator and you’re all set.
As you make money, you can scale up by acquiring an ice block making machine. So, looking for a small business to do? It could be this.
2. Mini Importation
The internet has redefined trade and commerce. Many people have struck gold by importing items online through eCommerce sites like Alibaba, Aliexpress DHgate, global sources, etc. With about N50,000 or even less, you’re open for business.
Identify people’s demands. Search all the eCommerce websites, get a procurement agent to purchase these items. The agent will then send them to you to sell and make your cash.
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Even with the falling value of the Naira, people who are engaged in this business still smile to the bank. Items you can import and many varied and may include: mobile phone accessories, cosmetics, fashion items, etc.
This post is a very helpful resource on all you need to know about mini importation.
3. Palm Oil Business
Palm oil is a very profitable agricultural business in Nigeria today, there is really high level of possibility that palm oil is present in almost all the houses in Nigeria.
Good money can be made from this business. The amazing thing I like about palm oil business is that you don’ t have to do any hard labor. You can just hire people to do the difficult part of the work for you, while you keep the rest if the profit. Palm oil business is an untapped business in Nigeria that people are yet to discover.
You might be wondering, how can I make money from this business? Here is how you can!
Find out palm oil prices in different states and cities, and sell to a city that has the highest price. Also you can keep it so that when the price goes up you can simply sell.
4. Fast Food Business
The importance of food can never be overemphasized. You can use your cooking skills to make good money. All you need is a little stand, cooking materials, and foodstuffs.
You can start by finding a very strategic location and start making foods like spaghetti and turkey. You could also go ahead to specialize in making and delivering food to parties and events.
We recommend use your social media to promote your business, put pictures of your food, and explain clearly what you do to reach a wider audience, you will using this as your daily income business in Nigeria.
5. Livestock Farming
Raising livestock for money is a sure floodgate to riches. Poultry farming and fish farming businesses top the list of these profitable business ventures.
This is due to the recent ban by the government on the importation of frozen fish and poultry products consequently making supply unable to meet the demand.
Piggery, goat farming, rabbit farming, snail farming, cattle farming, grasscutter farming are other areas of this lucrative business idea you can invest in.
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6. Production of Popcorn
There will always be a need for something people want to use to quench hunger, and snacks will come in handy. We are ever ready to buy snacks Popcorn is daily income business in Nigeria that you can start and make money
Popcorn is one of the fastest-selling snacks. It is the small scale business in Nigeria that is easy to start. It’s easy to eat because one can eat it at home, when walking on the road, in their shops, in a vehicle or cinemas.
To start a popcorn business in Nigeria and make money, necessarily doesn’t require you acquiring a shop, hence why it’s pegged as one of the best businesses to start with 10k. It needs an environment with high sales. Popcorn business is one of the small scale business in Nigeria with low capital and it an untapped business in Nigeria.
7. Plantain Farming
If you want to venture into agribusiness, I can assure you, it is profitable.
A plantain farm can survive for at least 20 years if managed well. For instance, if you have 3000 suckers on your farm, you can be assured of 6,000 suckers in the second year because they would have brought out daughter suckers which you can use to expand your farm.
The fact that prices are also good, presently a bunch of plantain is N1800-4500 per you can do the calculations.
For every business, there is corresponding risks.
If you want to start this profitable business, make sure the soil and weather conditions are favorable for it. Moreover, you need to plan for irrigation as well.
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There are different risks and challenges that should be adequately managed to make profit and with my decade experience contact an experience entrepreneur to mentor you.
8. Cashew Farming
Cashew farming is a long-term project. It is highly profitable provided you grow it properly with a right marketing plan. In addition to that, cashew plantation project demands an adequate amount of land for cultivation.
So, if you have agricultural land and you want to go for a farming business, then cashew farming is just perfect for you.
There’s more money in processing or roasting cashew than selling them raw, the ratio is 1:10. That is why the minister for Agriculture Mr Audu Ogbeh said in 2019 Nigeria would no longer be selling raw cashew nuts but will rather process/roast them in other to benefit from the high cost of exporting the nuts
For Nigeria to become the second highest exporters we need to export about 500,000 tons of raw cashews, we are far below the target.
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This is where you can come in as an investor or entrepreneur in other to help achieve this goal.
Life of small scale farmers have been changed cultivating this crop and the most important thing about it is that you keep generating returns up till 50 years if well managed.
The demand were so high that we could not supply our partners about 500 tons and therefore we are focusing on expanding our cashew cultivation.
9. Cassava Farming
Nigeria is the largest producer of cassava tubers in the world and it is a staple crop important to most of the populace.
Commercial cassava farming has been a very profitable farming venture for Nigerian farmers. Cassava tubers which are in very high demand is the raw material for producing ‘garri’ which is a staple food for the Nigerians.
It takes about 10 months to cultivate and harvest. It can be intercrop with cashew and vegetables/okra/tomatoes etc.
It’s also profitable but if you want to start cassava, you must note the following
When selecting cuttings, the best varieties of cassava to plant are those that are rich in dry matter, which is well adapted to the production area. These are the varieties that produces tubers early, and which are easy to process.
Cassava cuttings are usually collected in the field during harvesting. Improved varieties may also be obtained from research institute or appropriate development organizations.
10. Start a Fish Farming Business in Nigeria
The commercial fish farming business is a lucrative investment that can spin money at any time of the year continuously. With the implementation of modern techniques, an entrepreneur can start this business with moderate capital investment.
FAQs About Starting a Profitable Business in Nigeria
What do I need to start a business in Nigeria?
The first thing you need is the attitude of becoming a successful entrepreneur. The others are technical aspects like market research, business plan, business name, forming a company, and arrange capital if needed.
What high-profit businesses can be started with low capital in Nigeria?
Apart from these offline businesses , If you are looking for a high income with low investment, try an online business. Most online businesses require low startup costs and have unlimited income potential.
Can I start a business in Nigeria with No Money?
The Business ideas mentioned above are small scale business in Nigeria with low capital. Also there are a number of home-based online business opportunities that can be started with no or almost no money. Starting a blog, affiliate marketing, YouTube Vlogger are some of the examples. You can learn How to Start a Blog In Nigeria and Make Money
Nigeria is a growing economy. This creates an enormous opportunity for entrepreneurs. The manufacturing and service industry along with agriculture are the key drives in the Nigerian economy.
All the businesses that we have chosen meet some requirements: They are potentially profitable today and for many years in the future.
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