Table of Contents
- LUCRATIVE BUSINESSES TO START IN NIGERIA WITH 5K
- 1. Toilet Roll and Tissue Paper distribution
- 2. Use Phones and Laptops
- 3. Okrika- London Used Clothing
- 5. Soft Drink and Pure Water Business
- 6. Street Kiosks
- 7. Reselling Online
- 8. Fruit salad retailing business
- 9. Noodles Cooking
- 10. Liquid Soap Production
If you are asking what businesses you can start in Nigeria with 5k to 20k Naira, you have come to the right page. Here we made a round-up of some lucrative business opportunities that you can start as a young person and quickly double your capital and grow your investments.
Today, Nigeria is one of the fastest-growing economies. The country has a large population and as a result, many people are unemployed and live below the poverty line. This is why starting your own business in Nigeria can be challenging.
The most important thing to remember is that you must have an idea for your business that will be profitable first and foremost. Not all businesses will work out so you must know what kind of commitment you are willing to make before taking the plunge into entrepreneurship.
It’s also important to ensure that any business you start has demand for it because there’s nothing more frustrating than having to buy inventory that nobody wants!
The youth unemployment rate in Nigeria is quite high, and it is even more worrisome when you consider that 70% of the population are below 35 years old. For these young people, starting their own business is a better option than going to school or joining the workforce.
The recent survey by the National Association of Nigerian Students (NANS) shows a remarkable increase in the number of Nigerians who are considering starting their own businesses. This has led to an increase in entrepreneurship and entrepreneurship training programs across the country.
LUCRATIVE BUSINESSES TO START IN NIGERIA WITH 5K
A lot of people have the dream to start their own business but are not sure how they’ll be able to afford it. The truth is that starting your own company doesn’t need a huge investment; there are many affordable and creative ways you can get started with as little as 5000 Naira or even 10000 Naira.
This list will give you some ideas for new businesses that someone could easily start from scratch without spending too much money:
1. Toilet Roll and Tissue Paper distribution
With a growing demand for branded goods, it is inevitable that companies are looking to develop new ways of distributing products. In the past, companies would come up with their own distribution networks and logistics plans.
However, these strategies can be expensive to implement and they don’t always work as well as they should.
To alleviate some of these concerns, many companies such as hotels and restaurants will gladly embrace any opportunity to get this supply across to them.
With the increasing demand for tissues and toilet rolls, the business has been booming. Since tissue paper is a perishable item, the business has to be efficient and adaptable to changes in market trends.
You can get this hospitality item from popular markets in Lagos and other States and distribute it weekly to a list of hotels and restaurants.
The business doesn’t need a lot of capital to get started.
2. Use Phones and Laptops
It may shock you that, how will you start selling used phones and laptops with just 5K startup capital that can’t even buy a laptop battery. Yes, you can do it.
You can proceed with suppliers and sellers who have these items in huge stock already, approach them to discuss a marketing opportunity. You need to be really convincing and trustworthy, try your best to build a relationship, and show you can be trusted, after all that is what business is all about.
Once they have agreed to work with you, get good images of these items, such as mobile phones, laptops, and other gadgets people like to buy, and post them on social media.
You need to look at social media channels such as a Facebook group with massive followership, TikTok, Instagram, to market this product, with the 5k initial capital you run Facebook ads for 7 days and you’re sure to double your capital in a short while.
This idea is not just useful for phones and laptops, it can be applied to just about any type of product or business. You just need to have a strong will and a carefully thought-out process.
3. Okrika- London Used Clothing
The importation of used clothes from other countries is a major issue affecting the fashion world. From 60% of Nigerians wearing Okrika to boutique shops stocking their store with high-priced goods, this problem cannot be ignored!
Starting this business in Lagos is a good idea because it’s the most currently moving type of business. The youth venture into Okrika, and they earn lots of money from their ventures. It doesn’t require the shop to start with if you don’t have enough cash; no worries!
If you’ve ever been to or live in Lagos then odds are that you know better why shopping won’t be necessary for one who wants to pursue okra-selling as an occupation – Nigeria has too many markets where shoppers can find everything they need without having any shops nearby at all times anyways!
Starting this Nigerian enterprise will prove beneficial due to its popularity among youths and how much profit these individuals gain through selling foodstuffs on street corners.
It is a simple business to start, yet the profits can be great. All you need are tables and clothes of varying colors–so get ready! During the evening hours after work has ended, Lagosians head out with their goods for sale in order to make some extra change.
You don’t even have to invest your full day at this trade; it’s just quick enough that you’ll still have time left over before dinner on cooking or cleaning up around the house.
The most appropriate times seem like evenings because people will already feel tired from working all day long and won’t mind stopping by when they’re returning home from work to pick some of these.
Buying Okreka cloths can be a profitable business, especially if you find good deals. Buying 200 pieces of the shirt for 10k and selling them individually at 500 Naira per piece will cost the buyer 4 million naira in transportation but still make 86 thousand dollars profit over two weeks!
5. Soft Drink and Pure Water Business
Pure water business is a great way to make money in Nigeria. You can start this type of business with less than 5000 Naira and it doesn’t require much startup capital either! With the pure water you get from people selling them along the road, or even those jobless beggars nearby – they sell for cheap because everyone knows that their day may be better tomorrow.
6. Street Kiosks
You can tell this business is very popular amongst Abokis in Lagos, but many people still overlook it a lot.
7. Reselling Online
A Nigerian business that not many people know much about is the act of sorting for items to buy online and sell them again. The good side of this one is no need for a shop, as it can be done from home or wherever you want with your computer. You will only require up to 10,000 Naira in start-up capital depending on what product you are dealing with–no more factory work stress!
8. Fruit salad retailing business
A fruit salad retailing business is a growing industry that offers opportunities for small-scale investors. This industry is projected to experience a great deal of growth in the near future because there is increased demand for healthy products.
You can buy fruits and small plastic container packs from popular markets, slice the fruits in a very attractive and package them into packs, make them clean and attractive. You can sell to offices such as Banks, Schools, etc.
9. Noodles Cooking
If you’re looking for a small, cheap business to start in Lagos that will bring you an income without much risk this is the perfect opportunity. This noodle-making and selling venture doesn’t require any money upfront so it’s affordable enough for anyone who wants to try their hand at something new. All goods needed are very inexpensive: eggs and salt, carrot, like what people would find with local Hausa vendors; noodles can still taste great! If not interested in starting upfront then why not just sell take-away food from parks?
10. Liquid Soap Production
Liquid soap production is an interesting and popular business to start today. With a small investment of 5000 Naira, anyone can join the lucrative liquid soap industry which benefits from constantly growing demand for everyday use products such as this new green-colored liquid soap that has become so sought after recently. You can get all ingredients for soap making; soda ash, caustic soda, Palm Kernel oil, colouring, perfume from popular markets in Lagos, like Ojota, Oshodi, Eko, etc.
We hope you found some useful ideas in this blog post. If so, please share it with your friends and family on social media or email them the link to this article! You never know when someone might be looking for a good business idea that they can start with just 5-10k naira as an initial investment. Keep reading our blog page for more updates about Nigerian businesses.