The bad state of the Nigerian economy and constant inflation have made it important for people to start businesses that are more stable than office jobs. If you have N500,000 and you’re wondering how to put it to good use, a business is your best bet to secure your future financially. This article highlights 70 businesses that you can start in Nigeria. Follow the guide and empower yourself financially.
What do I Need to Start a Business in Nigeria?
To start a business in Nigeria, you must meet all of these requirements:
1. Register your business with the appropriate authorities in Nigeria e.g Corporate Affairs Commission (CAC)
2. Get your Tax Identification Number (TIN). It is compulsory for every business to register as a taxpayer and obtain a tax identification number.
3. Obtain the necessary permits needed to run your business. For instance, if you want to open a pharmacy, you need to join their association and get a permit.
4. Open a corporate bank account with your business name.
Your business registration with CAC and your Tax identification number are the two most important things you must get if you want to run a successful business in Nigeria. Don’t take them for granted.
70 Best Businesses to Start with 500K in Nigeria 2023
Below, we’ve listed out the top 62 businesses to start you with 500,000 in Nigeria right now. After intensive research, these are some of the most lucrative businesses to do with 500k:
1. Real Estate
Easily one of the best Businesses to Start with 500k in Nigeria, Real estate is the new cash cow in Nigeria and many Nigerian entrepreneurs are quickly joining the train. With as little as 500k, you can buy land in a remote area and rent it out to people for a huge profit.
Essentially, this business model involves looking for a suitable property/apartment that is currently for sale, getting it for yourself, and then renting it out or reselling it after some time for profit.
In remote areas, it is easy for you to get land for as cheap as 500k. Once you buy your land, clear it, and fence it. Thereafter, put it up for rent/lease as a location where people can easily mount canopies and use them for their ceremonies or events.
2. Open a Food Stuff Shop
Foodstuff is a fast-moving business that you can easily start with as little as 500k. The good part is that this business comes with loads of profit and can be easily started anywhere in Nigeria. Every human needs food to survive so there is no way you wouldn’t get customers no matter where you are located.
All you have to do is rent a shop in a busy environment and fill it up with different varieties of foodstuffs like garri, rice, beverages, etc. Renting a shop should cost you about 150k or less, depending on the area. Once you successfully rent the shop, you can start stocking up the shop with the leftover amount of money.
3. POS/E-Payment
Nowadays, most prefer to deposit and withdraw money from POS/E-payment outlets because it is easier and doesn’t take time. Therefore, the POS business has become one of the most profitable businesses in Nigeria that anyone can start with as little as N500,000.
To start this business, you have to apply for a POS machine and look for a mini shop in a busy location where you can start. You can either look for a small kiosk in a busy area or just pay for a small space and mount an umbrella with a small table. All of these will cost you less than 150k and you can use the leftover money to start your transaction as a POS operator.
In most areas in Nigeria, POS operators charge people at N200 for every transaction executed below N10,000 and N300 transactions between N11,000 to N20,000. This implies that, for every ten thousand Naira, your charges should increase by N100. So you have to set your price based on the transaction amount the customer wants to execute.
If you open a shop in a busy area, you could execute as high as 50 transactions every day and make a lot of money as your profit.
4. Production and Sales of Oven Dried Fish
If you live around an area where you have easy access to rivers with abundant fish, you can make good money out of this opportunity. People living in states like Lokoja, Delta, Niger, and Benue have access to fresh fish because of the number of rivers in the state. If you fall into this category, you can start drying, packaging and selling fish. This business simply involves the production and sales of oven-dried fish.
As a starter, who has just 500,000k as capital, you need to purchase an oven that will be used for the business. If you have access to a stable power supply, you can buy an electric oven, however, if you don’t have access to power supply, just buy a local oven that is compatible with charcoal.
Once your oven is ready, get fish from any river near you and buy some fancy nylons as your packaging materials. You can even print your brand name on the package you will use for the fish. When all these are set, dry your fish with the oven, package them, and supply market women for sale. You can sell at a slightly cheaper price from other brands to help attract enough customers.
If you don’t live in a riverine area, you can still do this business, however, you have to buy fresh fish from fish farmers. Thereafter, you can dry, package, and sell them off.
If you decide to engage in this business, social media is the most suitable place to start advertising your products. There are so many people looking for well-packaged and stored dried fish on different social media platforms.
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5. Open a Boutique
Opening a well-stocked boutique is another profitable business you can start with just 500K in Nigeria. All you have to do is rent a shop in a busy location and start selling modern clothes like T-shirts, Jeans, gowns, and even shoes. You will need about 150k to rent the shop and can use the remaining N350,000 to stock up your shop with clothing items. Boutique items are generally fast selling and can give you a reasonable profit as you can purchase a shirt for N2000, and sell it for as high as N5000, which gives you a gain of N3000.
6. Poultry Farming
Poultry farming is a business that is almost as old as man. For centuries, man has engaged in poultry farming and has used it as a major source of livelihood. Today, the poultry business is still booming and will never go out of style due to its affordability. With N500,000, you can start up your own mini poultry farm which can give you a profit of up to 2 million Naira in just 12 months or less.
Basically, poultry farming involves rearing chickens for either egg or meat production or both. The best poultry farming to start with 500K is breeding layers. When you breed layers, you can decide to sell both their egg and their meat so you don’t lose on one end. Broilers too can give you a good profit, however, they are majorly reared for meat.
To start a poultry business with 500k, all you have to do is to look for a space where you can build a small shelter for the birds. Once the shelter is ready, buy the chicks and their feeds and start breeding them until they get mature. Thereafter, you can sell them off for profit.
7. Mini SuperMarket
Although it seems impossible, you can open a mini supermarket with 500k in Nigeria. With this little money, it is possible to rent a shop and stock it up with a few goods like beverages, drinks, sanitary pads, creams, fragrances, perfumes, bread, etc. However, you have to start small and only think of expansion after you’ve made a reasonable profit.
This business is also very easy to start, as there are so many suppliers of the different goods you will need in your supermarket. Once you can get a shop in a busy location, you’ve done most of the work, as you just need to fill your shop with groceries and start selling. No doubt, mini supermart is one of the best Businesses to Start with 500k in Nigeria.
8. Cassava Farming
If you love engaging in farm work and have N500,000 to spare, this may just be the most suitable business for you. Nowadays, many people lease their lands to farmers for a token. If you can strike a deal with a person who is ready to lease their land for cultivation, you’ve done the major work involved.
Cassava farming simply involves the cultivation of crops on a piece of land. You can sell off your produce after harvest and make a lot of money from it.
With 500K as your capital, you can lease and cultivate up to 8 acres of cassava farmlands. This cultivation can give you a gain of up to a 1million Naira after 12 months or less.
9. Car Dealership
One of the straightforward businesses you can start with 500K in Nigeria is the car dealership/trading business. This business is currently one of the most profitable businesses in Nigeria. In fact, some car dealers make a gain of up to 300K per sale.
To start your car dealership business with 500k, you’ll need to search for a fairly used car in Nigeria since your 500k budget can’t purchase a new one or Tokunbo. Generally, fairly used cars in Nigeria are sold at affordable prices. You can even buy directly from the owner for as little as N400,000. Once you purchase the car at a reasonable price, you can fix up some worn-out parts and resell it for profit.
For instance, if you buy a fairly used car for N400,000, just repair some parts with N100,000 and sell it off for N650,000. This gives you a profit of N150,000, which you can use to buy another fairly used car and make more profit. With multiple car flips every month, you can make millions of Naira.
10. Sales of Phones
The sales of new and U.K. used phones is another lucrative and under-tapped business that you can easily start with N500,000. The idea here is to look for a legitimate phone supplier, negotiate with the dealer, and purchase the latest phones at wholesale prices from the dealer. Thereafter, you can resell the phones at retail prices for a huge profit.
The phone business is extremely profitable and can fetch you at least N10,000 gain per sale. However, the only problem you may face is finding a legitimate phone supplier that can sell trending phones to you at wholesale prices. Note that the phone business is most suitable for people who already have an idea about phones.
11. Transport Business
The transport business is another old but highly profitable business that you can start with N500,000 in Nigeria. Essentially, what you need to do is to sign an agreement with either a car/keke/bike owner and pay them 500,000 for a start. Once you get the car or keke, use it to run your transportation business and gradually pay up the balance for the car, as stated in the agreement you signed.
With only a bike, you can make up to N5000 every day, depending on your area. If you use a keke or car, you will surely make more money.
12. Sales of Cooking Gas
Nowadays, most households in Nigeria use gas cookers to cook, especially households in urban areas. For this reason, the sales of cooking gas have become a very profitable business with high demand. If you want to go into this business, you can use 500k for a start.
To start this business, rent a small shop where you can store the gas, then purchase a gas tank, hose pipe, scale, and dispenser. Thereafter, you can contact a gas plant to supply you with cooking gas. Fill up your tank with gas, print a banner to advertise your business and you can start. This business is very worthwhile and very easy to grow if done properly.
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13. Sales of Shoes
Selling shoes such as slippers, Crocs, and other less expensive designer and fashion footwear is another quality business to start with 500K in Nigeria. This business is extremely profitable and quite easy to start. In fact, you can start selling from home if you don’t want to spend too much on shop rent.
To start this business, just get the contact of a good shoe supplier. You can start with cheap shoes like Crocs, sandals, flats, and fancy slippers and once you start making good sales, you can expand your business by incorporating expensive heels and sandals.
Sales of shoes is a fast-selling business that is very easy to scale. With proper management, you could make a lot of profit and venture into the sales of imported shoes.
14. Sales of Engine Oil
Engine oil business is another lucrative business to start with 500,000 Naira in Nigeria and earn a sizable fortune. Basically, this business involves purchasing cartons and drums of engine oil in bulk and selling it off at retail prices. Since many Nigerians use cars, you will definitely get a lot of customers to patronize you.
Once you make enough profit from this business, you can expand by going into the spare parts business, which involves the sales of automobile spare parts.
15. Sales of Clothing Materials
With as little as N500,000, you can start purchasing and selling native clothing materials like Lace, Ankara, Senator material, etc. To start this lucrative business, you’ll have to find a shop in a busy location. Once your shop is ready, take the leftover money and find clothing material suppliers where you can buy clothes at wholesale prices and resell them at retail prices.
If you live in Ibadan, you can find clothes suppliers in Gbagi market. However, if you live in the South East, go to Aba market or central market to get clothing materials at a cheap rate. Kano market is another market to get affordable clothing items if you live in the North.
16. Block Industry
One of the most valued assets in Nigeria is a house, which is why every day, thousands of Nigerians struggle to start or finish up their buildings. Since many people are building houses either for rent or personal use, there is no way owning a block industry won’t fetch you money. If you decide to go into this business, it is something that you can start with 500k.
However, you have to start by moulding the blocks manually, as your capital may not be enough to get a machine to do the job. For this reason, you need to get a little experience before starting the business. Also, you need at least two workers to help you out to make production easier and faster.
To start a block production business, you’ll need to learn how the business works, and then look for a space in an area that is still developing. Thereafter, you can purchase all the important materials needed, and hire a few labourers to kick-start your business. Note that it is very important for your business to be located in an area where most people are still in the process of building their houses.
17. Open a Betting Shop
The business of sports betting is one that a lot of Nigerians engage in, which makes it very lucrative. In fact, millions of Nigerians engage in virtual sports betting and preach betting every day. Since the demand for betting is high, you can never go wrong with a sports betting business.
There are a lot of bookmakers who are actively seeking agents that could meet the needs of customers by opening a betting shop in a street. This is something that can easily be achieved with 500k.
To start this business, rent a small shop, and buy about three computers, a flat-screen TV, and a generator. Thereafter, register your business with a sports bookmaker and apply to become one of their agents. They will put you through all you need to know about the sports betting business.
18. Sales of Building Materials
Just as the block business is lucrative, dealing with building materials like wood, cement, ceiling, tiles, and roofing materials is another lucrative business to start with 500K in Nigeria.
To kick off this business, you’ll need to rent a big shop, and then contact and negotiate with distributors of different building materials. Usually, when you buy directly from a distributor, you will be given a cheaper rate. When you get your goods, sell them off at retail prices.
This business is most suitable in a location where most people are still building and developing their houses.
19. Sales of Phone Accessories
Phone accessories like cases, batteries, chargers, earpieces, headsets, etc sell very fast, particularly when the business is located in a busy area. With just 500K, you can rent a big shop in a good location, fill it with accessories like power banks, headphones, headsets, selfie sticks, and stereos and start selling them off.
To get started as a phone accessories dealer, you’ll need to find mobile accessories suppliers, negotiate prices properly and buy items at cheap rates. If you live in Lagos, the best place to buy phone accessories at affordable wholesale prices is Alaba Market or Computer Village. You can go to NITA market if you live in Abuja, and Central market Onitsha if you stay in Anambra. These markets are well known for selling durable phone accessories at affordable prices.
This business is best done in a busy area, such as a motor park, market, or even in front of a school (either universities or polytechnics).
20. Open a Cosmetics Shop
If you are a lady who has 500k to spare, then you may be interested in this business. The business of selling cosmetics is fast-moving because most Nigerian women use makeup on a daily basis.
Opening a cosmetics shop in an open location where you’ll sell different skin care products like creams, perfumes, body oils and tubes, cleanser is a great way to put 500k to good use. You can also sell makeup products like powder, eyelashes, lipstick, mascara, etc., as they are also in very high demand.
This business needs a medium-sized shop to thrive well and also a little knowledge about quality cosmetics products. This is because some customers may need you to recommend quality cosmetics to them.
21. Open a Jewelry Store
Sales of jewelry is another good, easy, and profitable business to start with 500K in Nigeria regardless of whether you’re uneducated, a student, or a graduate. Since quality jewellery is expensive, we recommend that you invest the whole of your 500k capital into buying your goods first. The goods you will need to buy to get started include items like necklaces, bangles, wrist watches, etc.
Start by selling your goods from home and only think of renting a shop and expanding once you start making a considerable profit from the business. Social media is the best place to advertise your goods if you don’t own a physical store.
22. Open a Salon
If you’re a talented barber or a skilled hairdresser, you can start your own salon business with N500,000 capital and start earning a lot of money.
To start your salon business, you’ll need to rent a small shop in a visible location, set some chairs inside the shop, and buy a huge mirror, and all other barbing or hairdressing equipment. Also, banners and flyers are required to attract customers.
Alternatively, you can start out by delivering home services to your customers. This saves you from the expenses that you will face if you decide to rent a shop.
23. Sales of Electronics
One of the oldest and most prevalent businesses that only require N500,000 capital in Nigeria is the sales of electronics. Essentially, this business involves the sales of different electronic gadgets such as TVs, DVDs, fans, microphones, speakers, etc. To start this business and thrive, you need to open a shop in a market, student, or motor park area.
24. Mini Bakery
Bread is arguably one of the most consumed groceries in Nigeria. It is also one of the fastest-selling consumable foodstuffs in Nigeria. On average, a Nigerian family eats bread at least three times a week, which makes the bakery business in high demand. Fortunately, if you know how to bake, this business can be executed with as little as 500k.
With N500,000, can open a small bakery where you can bake loaves of bread yourself at small scale and sell them off at wholesale prices. To pull this off, you’ll need to rent a small shop, hire about two bakers to assist you, buy baking ingredients, and start preparing bread.
When your bread business is well established, you can start baking other goods like cake, meat pie, cookies, rolls, etc. All these goods are also in high demand, especially during the festive season.
25. Sales of Computer Accessories
If you know about computers and laptops and have 500k to use for business, then one business that is suitable for you to start is sales of computer accessories. This business is just like selling phone accessories, in fact, you can combine both together if your budget can cover the cost.
To start, you’ll need to find computer and accessories suppliers/dealers and buy items such as chargers, keyboards, mouse, flash drives, etc. to sell at retail prices. You can get all these items at wholesale prices in Computer Village in Lagos.
26. Printing Business
From printing banners, T-shirts, flyers, book covers, and fliers, you can make a lot of money. If you have a capital of 500K and have an idea of how printing works, then you are good to go.
All you need to do is to get a shop and purchase the different printing machines that will help you achieve your goal. Once you do this, you are set to start your business. The best part is that all these things will cost you less than 500k.
Make sure you go to schools to advertise your business as the bulk of your profit will come from them. You can locate the schools in your area and speak to their principals. Generally, Nigerian schools love to customize sportswear for their students. Hence, they’d definitely need the services of a printing press.
27. Rental Service
Another very profitable business you can commence in Nigeria with 500,000 Naira or less is the rental service business. Basically, this business involves the renting out of chairs, canopies, tables, coolers, pots, and even cooking utensils to people for events.
This business is very good because it requires a little physical presence to grow. Also, although you may need to start it with a huge capital, you will not start making profit immediately. So it is a kind of business that pays off over the long term by generating profits over time. However, the wait is worth it because your products are not perishable. This means that they can be reused for a long period of time.
To start the rental business, buy some sets of canopies, chairs, pots, tables, utensils and other things that can be rented for events.
Note that networking plays an important role in the success of this business, so you need to be friendly and build a reasonable business relationship with different event planners around you. If your services are great, you will get more clients based on recommendations.
28. Production and Sales of Ice Blocks
Another fast-selling and profitable business that anybody can begin with a capital of just 500,000 Naira is the production and sales of Ice blocks. The good part is that you can run this business from the comfort of your home at your own convenience.
This business is most suitable for people living in an area that has a relatively stable power supply as this reduces the cost of production. If you have stable electricity, you just need to buy a freezer, a constant source of clean water, and transparent nylon for packaging. Buying all of these will cost you less than 400,000.
Nonetheless, if you don’t have a stable source of electricity, there’s still hope. You just need to buy a good generator and factor in the cost of fueling the generator.
As for the general profitability of this business, ice blocks are constantly in demand for cooling drinks, especially during hot weather. So, you can be rest assured that you will make sales, especially if your business is located in a good area.
29. Open a Football Viewing Center
Are you a fan of sports and prefer your business to center around sports? Then a viewing center may be just what you need and you can pull this off with 500k in Nigeria. By doing this business, you get to enjoy watching football matches alongside your customers and still make money from it.
This business is booming in Nigeria because football is the most-watched sport in the country. Also, most Nigerian men who are football fans prefer to watch it at viewing centres as they believe that it is more exciting to enjoy it with other football fans.
You can commence your football viewing centre business by renting a big shop/hall in a busy environment, filling it with chairs or benches, and buying two wide-screen TVs for a start. You will also need to buy a generator and pay for cable (DSTV/GOTV). Once all these are set, you can start watching football both for fun and for profit.
30. Open a Gaming Shop
A gaming shop is another great business idea that can be pulled off with 500,000 Naira. Essentially, this business involves creating a centre where people can come to play video games like FIFA, GTA, Call of Duty, etc. Many Nigerian guys play video games as a recreational activity so you can be rest assured that you will get customers.
To begin this business, you’ll need to rent a small shop (preferably in a student area), a generator, some sets of TVs, a quality gaming pad and a game console such as a PlayStation and/or Xbox.
To get the best out of this business, ensure that you open it in a student environment. Nigerian students love to play video games so you can earn a lot of money daily.
31. Laundry Business
You can make use of your 500K capital to purchase a quality washing machine and start providing laundry services to the public. Although you can do this business from home, it is better you rent a shop as most customers will feel safer when you have a shop.
This business is extremely lucrative as you can easily charge at least N1000 for each cloth you wash and iron depending on the kind of cloth. In high brow places in Lagos, dry cleaners charge their customers up to N3000 per cloth.
32. Open a Bookshop
A bookshop is a good business that can generate a lot of profit over time, especially if it is located in an area that has numerous schools. With just 500K, opening a bookshop is quite easy. All you have to do is look for book-producing companies that can supply you with different books. Thereafter, you can buy varieties of these books in bulk and sell them in pieces.
35. Snail Farming
Snail farming is another lucrative business in Nigeria, especially now that snails are in high demand in foreign countries. You can just become a major snail exporter to any country in Europe.
Snail farming is extremely easy to start. In fact, you can easily create a space in your backyard and construct a snail shelter where you can keep the snails and shield them from harsh weather. Once the shelter is ready, buy small African giant snails in bulk. These species are already suitable for breeding so you just have to get their feed and begin your snail farm. All of these will cost you about 500,000 or less.
After one year, your snails will already be mature and ready to sell. You can decide to sell them locally or look for exporters to sell them off for you.
36. Open a School
Although it seems impossible, you can start a school with as little as 500,000 in Nigeria. However, we recommend that you start very small and expand the business as time goes on.
Since the price of many private schools is outrageous, many Nigerian parents can not afford it and may be in search of cheaper schools that can offer more value. So you can start a school that offers parents quality education at a cheap rate.
To start this business, just rent a whole house filled with different single rooms and begin a nursery and primary school. As long as the area is noise-free and learning-friendly, you should get customers in no time.
Also, you need to employ a couple of teachers and purchase chairs, desks, and marker boards for the classrooms, then you’re good to go. You can advertise your school on social media and offline by printing flyers and sharing them in your neighbourhood.
37. Become a Recharge Card Distributor
Printing recharge cards is a good business that you can easily start with 500,000 Naira in Nigeria. As long as you have solid networking and marketing skills, you will thrive in this business.
The idea behind this business is to print recharge cards and sell them in bulk at wholesale prices to retailers around your area. To begin this business, you’ll need to look for any major recharge card printing company and negotiate to become one of their distributors. Then you can buy from them at cheap prices to resell as a wholesaler.
Note that this business requires you to have a basic knowledge of recharge card printing, especially if you choose to print the cards yourself.
38. Groundnut Farming
It is possible to start Groundnut farming with 500K in Nigeria and get a profit of up to 3 million Naira after harvesting your produce. This will take about 90 to 100 days.
This kind of farming business demands less work from you since it is easy for people to cultivate and harvest groundnut farms mechanically. To start a groundnut farm with N500,000, lease at least 7 acres of land with fertile soil, plough it, and plant your groundnut. With proper management, your groundnut would be for harvest after 3 months. You can sell them off to market women after harvest.
39. Timber Business
Timber business is another worthwhile business that you can start with just 500,000 Naira in Nigeria. Basically, this business involves purchasing and reselling timber products like planks and wood.
To start the plank business, you’ll need to start by connecting with people working sawmills. These sawmill companies can sell wood to you at wholesale prices and in bulk, while you resell the wood to your customers at retail prices.
40. Become a Uber Driver
If you already own a car and would like to make some money daily by putting your car to good use, then you may want to try out Uber driving. Uber driving is another profitable business that you can start with 500k in Nigeria.
First, use the 500,000 Naira that you have as capital to fix up your car and make it presentable enough to be used for commercial purposes. Thereafter, download the Uber app, register as an Uber driver, and then start receiving orders and making money.
This business model is extremely easy as all you have to do is convey people from one location to another and get paid for it. One good thing about the Uber driving business is that you just work when you feel like working. Don’t forget to factor in the cost of your fuel in the 500,000 capital.
41. Vegetable Farming
Farming vegetables is an amazing business that anybody can easily start with a capital of N500,000 or less regardless of their location in Nigeria. Every day, Nigerians need different kinds of vegetables to make soups, salads, stews, and other kinds of food. So the demand for vegetables is very high in Nigeria.
Since vegetables are in very high demand in the country, it would be very easy to sell off your farm produce once they are mature and ready to be harvested. To sell them off fast, just connect with prominent restaurants and fast food joints around you. Also, you can take them to any popular market and sell them off to traders.
Some of the best vegetables you can grow for profit include tomato, okra, cucumber, Ugu, cabbage, carrot, jute mallow (ewedu/ayoyo), etc.
42. Corn Farming
One of the most popular businesses that traders like to dabble in is the sale of roast or boiled corn. This is why it is profitable to plant corn, especially when it is in season. With as little as 500,000 Naira or less, you can make your corn farm come to reality.
500,000 Naira can help you to lease some acres of land in a good location. Once the land is ready, you can plough it, and plant your corn. With effective management of the farm, your corn would be ready for harvest after 60 days. Thereafter, you can sell it off and makeup to 100% ROI.
43. Open a Restaurant
A restaurant business is a great business idea that you can bring to life with 500,000 Naira or less. This business is generally a fast-moving one, especially if you’re an excellent cook. Since food is essential to humans, the restaurant is a thriving business that generates quick profit and has the ability to pay off its capital over time.
This business needs a hygienic, serene and beautiful location to start. Once you find a location that meets all of these criteria, you can start by preparing varieties of food and putting them on display. Put a large banner outside your shop to advertise your business and attract potential customers.
Paying your rent and buying the important things for your restaurant business will cost you N500,000 or less depending on the size of the business. However, you can start your restaurant on a small scale before expanding.
44. Supply Soft Drinks
Supplying soft drinks is another business idea that can be executed with 500,000 Naira. This lucrative business involves purchasing a variety of soft drinks from distributors at cheap prices and then reselling these drinks at wholesale prices to retailers.
In most towns in Nigeria, there is at least one prominent Coca-Cola drink distributor whom you can buy your soft drinks from. So finding a distributor for this business is not much of a hassle. Once you receive the goods from the distributor, visit all the retail shops in your area that deal with soft drinks and advertise your business to them. Although this business may be slow at first, with time, you will make a lot of profit from it.
45. Open a Bar
Just like the restaurant business, the bar is also a profitable business that you can start with as little as 500K or less in Nigeria. In fact the restaurant and bar business are complementary. If you start a bar and it starts flourishing, you can open a restaurant to complement it.
Basically, this business involves the sales of drinks and different kinds of assorted meat in a cool and serene environment. Foods that are likely to sell well at a bar are pepper soup, Asun, Suya, Kilishi, etc.
To start your bae business, you need a small building in a beautiful and serene environment. This business sells moves well in the evening and at night when most workers need a place to hang out after work.
46. Sales of Motorcycle Spare Parts
Motorcycle spare parts business is another profitable business that anybody in Nigeria can start with a capital of 500K. Before you begin this business, you must ensure that you have vast knowledge of motorcycles. Then you can look for any spare part distributor to start supplying you. For this business to thrive, you must ensure that you are located in a busy environment.
47. Production and Sales of Livestock Feed
Another popular business you can bring to reality with 500K in Nigeria is the production of livestock feed. Due to its profitability, a lot of Nigerians now produce and sell livestock feeds to livestock farmers who need them. Common examples of livestock feed you can sell are chicken feed, catfish feed, goat feed, snail feed, etc. The good part is that you can start your own livestock feed production even from the comfort of your home.
To start this business, you’ll have to learn how to prepare the feeds of different livestock correctly by enrolling yourself in a feed training class. Generally, it will take about one week or two to complete this class. Thereafter, you can buy all the crucial materials required to make the feed and start producing it on a large scale. Alternatively, you can watch different videos about livestock feed production on YouTube. You should learn a few things from YouTube videos.
Once you start this business fully, ensure that you advertise aggressively both offline and on different social media platforms.
48. Sales of Plastics
Selling plastics like disposable spoons, bowls, plates, sieves, waste bins, coolers, balls and baskets is another worthwhile business to start with 500,000 in Nigeria. The good thing is that your location is not a barrier. It can be started by anyone in any part of Nigeria.
To get started, just rent a small shop and buy different kinds of plastic products at wholesale prices to stock up the shop. Thereafter, you can sell these plastics at retail prices for profit.
49. Sales of Kitchen Utensils
If you’re looking to start a business with little stress and you have 500K, you can start selling kitchen utensils. Basically, this business involves the sales of varieties of kitchen utensils like spoons, pots, knives, electric kettles, plates, place racks, etc. If you have the contact of a legitimate distributor, half of your work is already done. The only things you need to start this business are your small shop and a legit supplier of all kitchen products. Once both of these things, you’re good to go.
50. Pig Farming
Pig farming is another worthwhile business that you can start if you want to put N500,000 to good use in Nigeria. The best part is that you can make a fortune from this business even in the first 12 months.
Pigs are constantly in high demand both locally and internationally, especially during festive periods. Hence, breeding pigs is very lucrative and sells fast. All you need for this business is a well-constructed shelter, the animals, their feeds, and regular visits to the veterinary doctor for proper care.
51. Goat Farming
If you are a lover of farm animals and looking for how to put 500k to good use, then you can start goat farming. Goat meat (Asun) is one of the most loved delicacies in Nigeria, so you can rest assured that you will make good sales.
With just a small space around your compound, you can start breeding goats for both milk and beef to fetch you money. Essentially, this means that you earn in two ways: when you sell goat milk and goat meat.
All you need for this project is to build the animals a suitable shelter, buy at least 8 goats for a start, buy their feeds, and get a veterinary doctor. You should have a full farm in no time when your goats start to reproduce.
52. Fish Farming
Fish farming is another high-demand livestock farming business in Nigeria that you can start up with 500K or less depending on the size of your pond.
To start a fish farming business, you’ll need to have a fundamental knowledge about what it entails. If you don’t have existing knowledge about fishes, you can try going for any training about fish farming.
Once you have a basic understanding of fishes, lease a small piece of land, build a fish pond and fill the pond with fingerlings (small fish). Thereafter, you can start feeding these fishes till they reach maturity. This should take about 6 to 9 months so fish farming takes time to yield profit. The most suitable fish to rear in Nigeria is catfish.
53. Cocoa Business
Cocoa business is old but gold. It is one business that has stood the test of time and still fetches people loads of money in Nigeria to date. If you have 500K, you can make your cocoa business come to reality.
Since cocoa is the major ingredient used for the production of Milo, Bournvita, chocolate and other chocolate drinks, cocoa seeds are constantly in demand and can be sold at high prices. In fact, one kilo of cocoa could sell for N2,500 and above.
This business has the capacity to yield huge profits and it is extremely easy to start. All you have to do is buy bags of cocoa seed directly from farmers at cheap rates, then sell them off to prominent companies at higher prices. You can choose to sell locally or become a major cocoa exporter.
54. Palm Oil Business
Palm oil is one of the most important foods in Nigeria, as it is used to prepare most local dishes. In fact, there is almost no Nigerian family that doesn’t use palm oil to cook. Due to the high demand for palm oil, selling it can never go out of style. The good news is that with as little as 500,000, you can start your own palm oil business.
Essentially, the idea behind this business is to buy and store palm oils at cheap rates when it’s the season and resell the kegs you bought at a higher price whenever the price appreciates. To start this business, you have to find and build connections with people who are already doing it so that you know when to buy the oil and when to sell it.
Another strategy you can use in this business is to purchase palm oil in large quantities from the Southern part of Nigeria, and then transfer them to the North to sell.
Palm oil is primarily produced in the Southern part of Nigeria so it should be easy for you to get it there at cheap prices. However, the prices are incredibly high in the North due to fewer palm trees, which makes the product more expensive. If you are buying from the South, 500,000 will be enough for you to start this business.
55. Open a Car Wash
With the professional ways most people wash cars now, the car wash business is one that is bound to attract a lot of customers. So if you have 500,000 Naira, you may want to open a car wash business, as it will fetch you a lot of profit in the long run.
All you have to do is to find and lease a space alongside any major road, then you can construct a small building for your car wash. Once the space is ready, make sure you buy a lot of modern car wash equipment to start the business. Using modern equipment is bound to attract more as most Nigerians are fascinated by mechanization. You can start with equipment like a pressure washer, vacuum cleaner, soap dispenser, etc
Most car washes in Lagos charge as high as N4000 to get a car cleaned. However, we recommend that you set your price based on the area you live.
56. Honey Business
With the lack of quality and pure honey in many parts of Nigeria, going into the business of selling honey is an excellent idea. The business of selling quality honey still remains untapped due to the high rate at which many brands dilute their honey. So in order to stand out from the crowd and excel in this business, you must sell only original honey.
To start this business, find and purchase honey directly from Honey farmers and beekeepers. You should be able ro get gallons of honey from these people at cheap prices. After you’ve done this, you can package them with your brand name and then resell at higher prices for reasonable profits.
This business is extremely profitable, as you can purchase one gallon of honey for N40,000 and resell it for as high as N60,000. This gives you a profit of N20,000.
57. Open a Barbeque & Shawarma Joint
Most evenings, the streets in different parts of Nigeria are lined with hundreds of people hoping to buy shawarma and barbeque for their enjoyment. This makes the barbecue and shawarma business one that is bound to thrive in Nigeria. Fortunately, this cool business can be started with 500k in Nigeria.
Before you go into this business, you need to first learn how to make shawarma and different kinds of barbecue. YouTube videos can help you with this. Nonetheless, you can pay for practical classes if you will learn better from them. Paying for your classes and setting up your roadside barbecue and shawarma stand will cost you less than 500k.
58. Open a Mothercare Store
Regardless of your location, a very worthwhile business to start with 500K in Nigeria is sales of a variety of mother care products like diapers, feeding bottles, nursing bras, baby’s food, food packs, etc.
This business just needs just a small shop for a start. After getting your shop in an open location, look for a mother care distributor, then you can buy products at cheap prices and sell them off at higher prices. You can also decide to start selling your products from home and only rent a shop after you’ve gathered a good customer base.
59. Become a Dispatch Rider
Becoming a dispatch rider is another good business you easily start with 500K in Nigeria. As long as you keep to time and have good driving skills, you will definitely excel in this business.
All you need to do is purchase a fairly used bike, find different cook-on-demand restaurants and apply to become one of their dispatch riders. Also, you register on different riders’ platforms in Nigeria like EasyDispatch or Gokada and start delivering a variety of products to people around you.
60. Open a Cyber Cafe/Computer Center
If you know how to operate computers very well and need to put 500k to good use, then you may want to check out the cyber cafe/computer centre business. Basically, this business involves typing, data entry, printing, scanning, laminating, online registrations, etc
Just find a small shop in a busy environment and buy a few gadgets like computers, laptops, a scanner, a printer, a laminating machine, and a generator. Once you’ve bought all of these, you can start your cyber cafe business fully. Try as much as possible to rent a shop in a student environment, as this business is most profitable in student environments.
61. Resell Fairly Used Items
Fairly used products like cars, bikes, and even tricycles can fetch you a lot of profit, especially after you’ve made a little repair and painting.
Nowadays, the economy has made it easy to access fairly used cars for as low as 300,000 to 400,000 Naira. The only hassle involved here would be finding a legit dealer to supply you with Nigerian fairly used cars. If you are able to get a dealer, the next step is to make minor repairs on the car and get it painted. This will cost between 50,000 to 100,000 Naira. After you’ve done repairs and painted the car, you can resell it at a higher price and make your profit.
Let’s say you buy a Nigerian fairly used car for 400,000 and make repairs and painting worth 100,000 Naira, you can sell the refurbished car for as high as 800,000. This gives you a profit of 300,000 Naira.
62. Sales of Hair Extensions
Nigerian ladies are really cashing out with the sales of human hair extensions and wigs due to the high demand of human hairs in Nigeria. Fortunately, you can start this business with as little as 500K, however, you have to start on a small scale.
Hair extension and wig business usually works well when you import the products yourself. This is because when you buy directly from the factory, you will definitely get the products at cheap prices. So you need to find a number of hair factories abroad and import the hair extensions in bulk. You can connect with other hair sellers around you and pull funds to shoulder the cost of importing the goods, as well as the clearing fee.
Once your hair extension reaches Nigeria, you can start by advertising it to friends and close relatives. To make this business grow, you should create a social media page for your business where you can post all your products. Social media will help you market your business all over Nigeria, especially when you run paid ads.
63. Open an Agro Store
Starting an Agro shop that deals with the sales of livestock feed, fertilizers, herbicides, livestock vaccines, etc. is another lucrative business to start with 500,000 Naira in Nigeria. This business sells out fast no matter your location because many Nigerians are moving into farming.
To start your Agro store business, what you need is a shop and major suppliers of Agro-based products. You can buy from suppliers at wholesale prices and resell these products at retail prices. Although this business will thrive anywhere in Nigeria, it is better to rent a shop in an area that is close to farms.
64. Become a DJ
If you love entertainment and nightlife, and want to put 500k to use, then you can become a DJ. However, to pull this off, you need to learn the fundamental DJ mixing very well. You can pay a DJ to teach you this for a few weeks.
Once you finish learning, you can proceed to set up your business. This business requires a set of speakers, a tape mixer, microphones, and one laptop for a start. When all these are set, you can start advertising your business to people around you.
Getting customers for this business is extremely easy as all you have to do is relate and build solid business relationships with club owners and event planners. You will definitely get calls whenever they have jobs. As a DJ, you can make up to 100k every week during festive periods.
Best Online Businesses to Start With 500k in Nigeria
Here is a list of the top 8 businesses you can easily start with 500k in Nigeria:
1. Mini Importation
Mini importation is a trending online business that you can easily start with 500K in Nigeria. With this little capital, this business can fetch you millions.
This business involves ordering products from China through Alibaba and Aliexpress and then getting your items shipped down to Nigeria where you can easily sell them off for a profit. For instance, you can buy headsets in bulk from Alibaba at 5,000 Naira per one, ship them to Nigeria and then resell them for 8,000 Naira per one. This business is very lucrative because products are cheap in China.
2. Forex Trading
Forex trading simply means foreign exchange. Basically, it involves the buying and selling of foreign currencies to earn a huge profit. With as little as N500,000, you can sign up on reliable broker online platforms like OctaFX, ZM, and ICmarkets and trade on these platforms to start making a lot of money online.
Note that you must learn the fundamentals of forex trading before you dive into it fully, as it is a very risky business venture.
3. Blogging
Are you a student or a young entrepreneur seeking for what online businesses you can start with 500K in Nigeria? Can you write plagiarism-free articles? If your answer to these questions is yes, then blogging is an easy online business that you can start.
Basically, this business involves creating a website for yourself where you can share valuable ideas and information. In return, you get paid via different ad placements on your blog, sponsorship, and even affiliate marketing. Although it may take time for you to start earning well, the profit you will definitely be worth every effort you put into your blog.
Starting a blog needs far less than 500K, hence, with a capital of 500,000 Naira, you can even start multiple blogs. This will increase your capacity to earn more.
4. Dropshipping
Dropshipping is similar to mini importation, however, there’s a slight difference. With dropshipping, you jist serve as a middle man between the customer and manufacturer of the products. Here are the steps involved in dropshipping:
- Customers place an order from your online store.
- Your online store automatically sends all the orders placed to your dropshipping supplier
- Dropshipping supplier readies all your customers’ orders.
- Dropshipping suppliers ship all the orders directly to your customer.
Dropshipping can be done globally. This means that to start, you’ll have to build an e-commerce website where you can list your products for sale and start getting sales.
5. Digital Marketing
If you have an idea of how social media and the whole internet work for business, you can simply start a digital marketing agency with 500,000 Naira.
This business simply involves finding customers that need to grow their online presence and authority on the internet. Then you offer them your digital marketing service for a premium price, receive your payment, and start helping the business to grow on the internet. To pull all of these effectively, you need to learn the fundamentals of digital marketing.
With N500,000, you can even hire professionals in every online marketing aspect to get the jobs done on your behalf for customers more efficiently. If done correctly and effectively, you can grow and get bigger clients for your business.
6. Affiliate Marketing
Affiliate marketing is another lucrative online business you can easily start with 500,000 Naira in Nigeria. This business is so easy that you can start making money from the first day.
Basically, affiliate marketing involves recommending another person’s product or service to the public and getting paid a specific commission for it. For instance, if you are working with Nestle as an affiliate marketer, you have to advertise their products to the public. For every product a client buys from you, you get a specific commission, thereby making your gain.
To start as an affiliate marketer, you’ll have to find and register for some affiliate programs on different platforms. Thereafter, you can get your affiliate link, and promote products via online ads, to get paid whenever a person buys the product via your referral link. You can join the affiliate marketing programmes of Jumia, Konga, Travelstart, Bet9ja, etc
7. Become a YouTuber
A YouTube channel is another reliable online business to start with 500,000 Naira. The best part is that creating a channel is so simple. You just have to register your details on YouTube and start posting content. When you get 1,000 subscribers, you will be eligible for monetisation.
YouTube business is basically the video version of blogging because it just involves sharing different valuable ideas and information online on your channel. In return, YouTube pays you to advertise with your channel once you are eligible for monitization.
Realistically, a YouTube channel doesn’t need even one penny to start. Regardless, if you want to start making profit from your content fast, you’ll have to invest in a quality camera, video editing software, microphones, and most importantly quality content that quickly brings you subscribers.
8. Create a Mobile App
Creating an app and launching it on both Play Store and App Store is another business you can start with 500,000 that will fetch you a lot of profit.
If you’re a programmer, you can create a Mobile App for yourself, tailoring it to the needs of people around you. Once you launch your app, you will definitely get a lot of downloads and make money from the app. Nonetheless, if you don’t understand how to code, you can simply use your 500K to employ a good programmer and have them create a quality app while you launch it online.
To make cool money from your mobile app, you just have to monetize it through ad networks like Google AdMob.
Bottom Line
There is no limit to the number of businesses to Start with 500k in Nigeria. All it takes is patience and constant effort and at the right time, your business would flourish. Above, we’ve provided 72 businesses that you can start with 500,000 Naira. Just select the most suitable one for you and gather more knowledge about the fundamentals of the business before you dive into it. Lastly, don’t forget to register your business with the appropriate authorities as fast as possible. Failure to do this will attract severe penalties in the future.