With rising unemployment and inflation in Nigeria, many individuals are turning to entrepreneurship and other side hustles as a pathway to make ends meet (financial stability). And you should not be left out. The good news is that you don’t need billions or millions to start a business unless, perhaps, you want to start by building a refinery or bank. Whether you are employed, looking for a side-hustle or unemployed, looking for a business, you can start with little or no startup capital. There are several low-capital ventures you can launch right from your home, a smartphone, or even a roadside spot [with an umbrella, a plastic chain and a table] and still bring in steady profit. In this article, we will explore the Top 10 Best Low-Cost Business Ideas That You Can Easily Start in Nigeria Today, how to get started, and tips to grow fast.
Why Businesses Make Sense in Nigeria Today More Than Ever
- Inflation and the economic uncertainty occasioned by government economic policies have made job security unstable.
- Technology access has made many businesses more accessible and affordable to run.
- Digital and social media platforms make it easier to reach customers with little capital.
- There’s a growing demand for practical, local solutions in every sector of the Nigerian economy.
The Top 10 Best Low-Cost Business Ideas to Start in Nigeria
1. POS (Point-of-Sale) Business
- Startup Capital: ₦50,000 – ₦150,000
- Tools Needed: POS machine, table, umbrella
- Profit Potential: ₦3,000 – ₦15,000 daily, depending on location and capital
POS business is one of the fastest-growing businesses in Nigeria because of the cash-dependent nature of Nigeria's economy. Despite the cashless policy of the CBN, people still transact with cash, relying on mobile money agents for both cash withdrawal and transfers.
2. Mini Importation Business
- Startup Capital: ₦150,000 – ₦1,000,000
- Tools Needed: Smartphone/laptop and internet
- Profit Potential: 50% – 150% profit margins
This is another growing and lucrative business in Nigeria today. This can be done with or without a shop. Just order cheap products from China or Turkey using apps like 1688 or Alibaba, and resell on social media and e-commerce platforms such as Facebook, WhatsApp, Instagram, or Jumia, Konga, Jiji, etc.
3. Freelance Services (Online Work)
- Startup Capital: ₦0.00
- Tools Needed: Smartphone or laptop
- Platforms: Fiverr, Upwork, LinkedIn, Facebook, etc.
As most companies these days resort to outsourcing. You can offer services like writing, graphic design, data entry, or virtual assistance. You only need skill in any area and internet access to begin.
4. Thrift (Okrika) Clothing Sales
- Startup Capital: ₦20,000 – ₦70,000
- Tools Needed: Small display area or online presence
- Selling Platforms: WhatsApp, Facebook Marketplace, roadside kiosk
Thrift clothes have a large market in Nigeria. Buy fairly used items in bulk from Yaba, Aba, Onitsha, or Lagos Island, or simply locate any warehouse or market near you where they open okirika belle. Hand-pick and resell at a good profit. This one you can do even if you are a student. All you need to do, during holidays, is shop for these materials and take them back to school and sell them to your fellow students in your free time.
5. Homemade Snacks Production
- Startup Capital: ₦30,000 – ₦50,000
- Ideas: Chin chin, puff puff, small chops, plantain chips
- Selling Points: Local markets, schools, offices, supermarkets
Food never goes out of style. With good hygiene, branding, market strategy and taste, this can grow into a full catering business.
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6. Affiliate Marketing
- Startup Capital: ₦10,000 – ₦30,000
- Platforms: Selar, Expertnaire, Digistem, Learnoflix
- Profit Model: Earn commission per sale made
Promote digital products online and get paid when people buy through your link. All you need is the internet and marketing skills. Alternatively, look for any reputable company that distributes their product and/or services through network marketing scheme and join
7. Phone & Gadget Repairs
- Startup Capital: ₦40,000 – ₦100,000 (training & basic tools)
- Tools Needed: Toolkit, soldering iron, YouTube tutorials
Smartphone issues are common. With basic training, you can start fixing screens/flex, charging pots, mouth and ear pieces, or software issues from a small corner.
8. Liquid Soap and Perfume Production
- Startup Capital: ₦50,000 – ₦70,000
- Markets: Homes, shops, restaurants, salons
- Selling Tools: Bottles, branding, and word of mouth
Make and sell affordable products that people use every day. You can learn the skill from YouTube or attend a short training [seminars or workshops].
9. YouTube or TikTok Content Creation
- Startup Capital: ₦0 – ₦30,000
- Tools Needed: Phone, ring light, editing apps
- Monetization: Views, ads, sponsorships
Create content around trending topics, skits, tutorials, or reviews. With consistency and creativity, you will attract followers and income.
10. Laundry and Ironing Services
- Startup Capital: ₦15,000 – ₦50,000
- Tools Needed: Bucket, iron, detergent, generator (optional)
People are too busy to do laundry. Offer affordable wash and iron services in your neighbourhood.
Tips to Succeed in a Low-Cost Business
- Start small, scale fast: use profits to reinvest and grow.
- Focus on quality: satisfied customers are your best marketers.
- Promote online: use WhatsApp, Facebook, and Instagram to market for free.
- Track your expenses: Keep good records to avoid business failure
- Learn continuously: Watch free YouTube lessons, read business blogs, and ask mentors.
Conclusion
You don’t need big money to start a business. You just need the right idea, a clear strategy, and consistency. In Nigeria today, many young people are making six-figure incomes from businesses they started with less than ₦20,000. The key is to start small but think big. Pick an idea, test it, and stay committed. Your journey to financial freedom could start today if you take action now.
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