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Best 50 Small Business Ideas in Nigeria for 2024

Nigeria offers plenty of business opportunities across various sectors. If you are an aspiring entrepreneur looking to invest in Nigeria, here is a list of the best low-cost business ideas that can fetch high-profit returns.

Nigeria is at present the biggest economy in Africa. Nigeria is situated in the West African region and its coast in the south lies on the Gulf of Guinea in the Atlantic Ocean. It comprises 36 states and the Federal Capital Territory, where the capital, Abuja is located. The 800km of coastline confers on the country the potential for maritime power. The Land is in abundance in Nigeria for agricultural, industrial, and commercial activities.  Nigeria is often referred to as the “Giant of Africa”, owing to its large population and economy.

50 Business Ideas in Nigeria

1. Farming Support Services

Farmers in Nigeria are showing a lot of interest in a more mechanized form of farming. Commercial farming is encouraged by the present-day government and many farmers are looking forward to remodeling their farming operations more technology-driven. You can lease farming equipment to local farmers. You can also support farmers by providing good quality fertilizer, seeds, herbicides, insecticides, medicines & vaccines, micronutrients, etc

2. Soy Beans Processing Business 

Commercially soya beans processing to produce milk, soy flour, soy sauce, soyabean oil, natto, etc is a very profitable agriculture business idea to start with moderate capital investment. With a proper marketing strategy, an entrepreneur can start soybean farming and make good money.

Soybean processing involves a series of steps to produce commodities for food, industrial, and animal feed uses. You can start a small bean processing plant as demand is huge in Nigeria.

3. Cultivation and Processing of Maize

Maize is one of the most important crops cultivated in Nigeria. There is a huge potential in the cultivation and processing of maize into flour, and oil in Nigeria. Efficient planning and marketing will surely make this venture in Nigeria hugely profitable.

4. Start a Blog

Nigeria produces plenty of successful bloggers who are making millions out of blogging. Remember, choosing the right niche is the key to being a profitable blogger. Check this tutorial to start a blog and make money even if you know nothing about starting a blog.

Suggested Read: Best Online Business Ideas

5. Vermicompost Organic Fertilizer Production

Vermicompost organic fertilizer production has now become a major component of agro-business models across Nigeria with a very low initial investment. An entrepreneur can start this business with proper know-how of the production process.

6. Open an Organic Farm GreenHouse 

An organic farm greenhouse business has a high potential to grow in Nigeria and succeed because steadily the demand for organically grown farm products has grown considerably.  However since the demand for organically grown food products is now increasing, people are investing in land for organic farming.

7. Livestock Feed Production

Livestock items are in good demand in Nigeria. Having confidence in distribution, one can start this business to make money out of livestock feed production. The distribution of livestock feeds is one of the most unique and profitable supply business ideas in Nigeria.

8. Catfish Farming

Catfish Farming is a potentially highly profitable business to start in Nigeria at present. Though there is a good demand, the supply of catfish is not much domestically.

9. Jam-Jelly Production

Jam and Jelly has a huge market opportunity in Nigeria. Anybody can start this business as the production process is simple and easy and can be started with a small investment.

10. Groundnut Processing

Having confidence in the sourcing of raw material groundnut, an entrepreneur can start this business with moderate capital investment. Processed groundnut has very good market potential globally.

11. Cashew-nut Processing

Processed Cashew nut is a consumer durable product and has huge market potential in the FMCG industry. An entrepreneur can initiate this venture on a small-scale basis.

12. Quail Egg Farming

Commercial quail farming is all about raising quails commercially for profitable eggs and meat production. In Nigeria, quail farming plays an important role in fulfilling the daily family nutrition demands and earning a living. The quail egg farming business in Nigeria is worth considering for its untapped potential.

13. Shrimp Farming

Shrimp farming is an aquaculture business that exists in the freshwater environment, producing shrimp or prawns for human consumption. The demand for this product is increasing globally.

14. Fish Hatchery

A fish hatchery is a place for artificial breeding, hatching, and rearing through the early life stage of finfish and shellfish in particular. Hatcheries produce larval and juvenile fish primarily to support the aquaculture industry where they are transferred to on-growing systems.

15. Poultry Farming

Love for poultry meat and eggs has grown at a staggering pace in Nigeria with a growing population and improved economy. The young population in Nigeria is the highest consumer of poultry products. Poultry farming is one of the biggest business opportunities at present in Nigeria to be explored.

16. Alternative Energy Solution Provider

Nigeria has seen a huge increase in the demand for power supply. Solar energy, Wind energy, and bioenergy are some of the alternative power supply sectors that have created a platform for creative investors to explore.

17. Cement Sales Distribution

With the growing population, the demand for housing is also increasing in Nigeria. If you have good networking skills and contact with builders, cement sales and distribution is surely a profitable venture in Nigeria.

18. Mobile Phone Sales and Repair

With the growth of the aspirational young population in Nigeria, the growth in sales of mobile phones in Nigeria is staggering. Mobile phone sales and repair is, therefore, a profitable business opportunity in Nigeria at present. It is one of the most profitable retail shop business ideas in Nigeria.

19. Bottled Water Production

Packaged drinking water is being used in every office, school, and party while travelling, and in homes in almost all cities in Nigeria. The growing demand for pure water or sachet water provides a viable option for investors to invest in this business opportunity.

20. Soapmaking Business 

Soap is a fast-moving consumer product and has a good demand in Nigeria. Production of soap making is simple. Even you can start at home.

21.  Rabbit Farming Business 

Rabbit farming is a profitable business to start in Nigeria with small money. You will need the right breed of rabbits, pellets, well-constructed rabbit hutches, and labor to start this business.

22. Open a Small Bakery 

You can set up a small bakery. You need baking equipment (pans, ovens, mixing equipment, cake decorating equipment, and measuring equipment), raw materials (flour, eggs, sugar), consistent recipes, business permits, and licenses, and good marketing skills to start this business. As you make more profits, there is always an option of scaling up.

23. Start a Restaurant 

The scope of profit in the food business is high as the economy of Nigeria is growing especially in cities like Nairobi.  You can start a restaurant business. Passion for food is a prerequisite to being successful in this business.

24. Laundry Business

Another profitable business in Nigeria is Laundry Business especially if you are staying in urban areas. Most busy working people prefer laundry services as they hardly find time to clean their clothes. It is also very easy to start. You just need a washing machine and pressing irons to start this business.

25.  Security Services

Security is a big concern in Nigeria. The government alone can not take full security of citizens. Hence, more and more people are hiring security agencies for protection. You can set up a security company, employ and train young individuals and provide security services to institutions and individuals.

26. Computer-Related Business

With the increase in sales of computers and laptops, the scope of various services will automatically grow in Nigeria. There are several ways of initiating computer-based businesses from home or on a small scale.

27. Advertising Campaign Developer

You can plan and build creative online campaigns and content for your clients— from successful social media campaigns, apps, mobile contests, video, email distribution, search engine optimization, online media ad buys — or a mix of all of the above.

28. Baby Sitting 

People who like children and have a lot of leisure time in hand can easily start a babysitting business. Babysitting is simply taking care of other children in the absence of their parents. This home-based business is simply offering your clients peace of mind about their child in terms of qualifications and security. It is a good money-making business for ladies in Nigeria.

29. Mobile Food Truck Business 

A person having minimum experience in the food service industry can initiate this venture in the city area of Nigeria. From food trucks, you can sell frozen and packaged items like ice cream, soft drinks, sweets, and snacks or you can go for cooked items with a specific menu including breakfast, Tiffin, and lunch.

30. Cartridge Refilling

Cartridge refilling business is providing ink and toner cartridge refilling services to your client instead of replacing the printer. For starting this business you will need to have skills and expertise in cartridge refilling. You can start this lucrative daily income business in Nigeria with low capital investment.

31. Small Manufacturing Business

There is a big domestic market for the consumption of domestically manufactured goods in Nigeria. If you have the required start-up investment, consider launching a small-scale manufacturing unit here in the country.

32. Fruit Juice Bar

People in Nigeria are increasingly becoming health conscious. You can sell fresh fruit juice by hiring a mobile cart in the high footfall areas in most cities in Nigeria.

33. Tutoring

There is a good demand for quality tutors in Nigeria. You can help students prepare themselves for exams and help them in completing project assignments. You can also opt for online tutoring if you have a computer with an internet connection. Tutoring is a good way of making a handsome income, especially for high school and Nigerian college students.

34. Fitness Trainer

If you are staying in a city or a town in Nigeria, you will find more people are flocking to fitness centers. There is at present a good demand for fitness trainers in Nigeria.

35. Import Business

There is a good market for imported goods in Nigeria. You can import electronic gadgets, clothing items, or any other item that customers are showing interest in buying.

36. Taxi Service

If you own a car and drive too, a taxi service is one business you can seriously think of starting in Nigeria. With car apps like Uber and Taxify getting more popular, you can also consider partnering with them.

37. Party Planning

There is no dearth of events, parties, and celebrations here in Nigeria. If you enjoy planning and managing events, a party planning business is a good option for you to make money.

38. Real Estate Agency

The real estate market is growing in Nigeria is growing like never before. If you have good networking skills, you make a good amount of money just by helping people get the right accommodation.

39. Recharge Card Business

This is yet another business to dive into if you have good networking skills in Nigeria. However, if you want to make more money, think of starting as a wholesaler and recruiting resellers who will buy from you and sell to end customers.

40. Sports Betting Agency

Presently, the sports betting business in Nigeria is a highly lucrative venture. There are many bookmakers here looking for partners to expand their business. You need to have a tie-up with a reputed bookmaker and a small office space with computers and betting software. One can become a sports betting agent with an investment as low as N25,000.

41. Fish Farming Business 

The commercial fish farming business is a lucrative investment that can spin money at any time of the year. With the implementation of modern techniques, an entrepreneur can start this business with moderate capital investment.

42. Metal Scrap Collection

Though metal scrap trading may not be an attractive option for many, the fact is a lot of Nigerians have made millions in this business. Industries need recycled metal, and individuals benefit from disposing of metal waste responsibly. Collecting and selling scrap metal is a sustainable business, contributing to recycling efforts.

43. Palm Oil Storage Business

Palm oil is a staple in Nigerian cuisine, and efficient storage solutions are crucial for the industry. Given Nigeria’s significant palm oil production, establishing a storage business for palm oil can be lucrative.

44. Property Investment

Nigeria’s growing population fuels the demand for housing and business spaces. Hence, investing in real estate, including residential and commercial properties, offers long-term returns.

45. Snail Farming

Snail farming is a profitable venture due to the increasing demand for snails in local and international markets. Furthermore, snail farming requires minimal space, and snails are a delicacy with a high market value.

46. Ice Block Production

Ice blocks are essential for cooling beverages and perishable goods. Hence ice blocks have a steady market. With the hot climate in Nigeria, the demand for ice blocks is constant, making ice block production a viable business.

47. Tiger Nut Drink Production

The demand for natural and nutritious drinks is on the rise. You can produce tiger nut drink, a popular beverage in Nigeria locally known as “kunun aya” and make good money.

48. Hibiscus Drink Production

Hibiscus drinks, known as Zobo in Nigeria, are widely consumed. These drinks are refreshing and culturally significant. Hence it is a favorite among consumers.

49. Catering Service

Nigeria’s vibrant social scene and the rise of corporate events create ample opportunities for catering services. You can provide catering services for events, parties, and corporate functions and fetch good profit returns

50. Selling Mobile Phones

Nigeria has one of the fastest-growing mobile markets globally, driven by increased smartphone adoption. You can open a retail shop and sell a variety of mobile devices, including smartphones and feature phones. In addition, you can also sell accessories such as chargers, cases, and screen protectors.

Why is Nigeria a Good Place to Start a Business?

Starting a business in Nigeria can be a rewarding venture. It is supported by various factors that contribute to its business-friendly environment. Find below some of the reasons why Nigeria is a promising destination for entrepreneurs.

a) Population Growth

As of 2022 as per World Bank, Nigeria’s population stands at over 218 million people, making it the most populous country in Africa and the seventh globally.

b) Economic Size and Growth

Nigeria has the largest economy in Africa, with a GDP of $4779.3 billion (2022) – Source: World Bank

c) Youthful Population

Approximately 60% of Nigeria’s population is under 25 years old, representing a vibrant and dynamic workforce.

d) Ease of Doing Business

Nigeria has made significant strides in improving its business environment. As of 2020, the country is ranked 131 out of 190 countries in the World Bank’s Ease of Doing Business Index.

e) Entrepreneurial Spirit

Nigeria consistently ranks high in global entrepreneurship indices, showcasing a culture of innovation and enterprise.

f) Investment Opportunities

Foreign direct investment (FDI) inflows into Nigeria have seen positive growth, reaching $2.4 billion in 2020.

g) Technology Adoption

Nigeria has a rapidly growing tech ecosystem, with increasing smartphone penetration and internet connectivity. Source: Nigerian Communications Commission

h) Natural Resources

Nigeria is rich in natural resources, including oil, gas, solid minerals, and agricultural products.

j) Infrastructure Development

Ongoing infrastructure projects aim to enhance transportation, energy, and telecommunication systems. Source: Federal Ministry of Works and Housing, Nigeria

k) Government Initiatives

Various government initiatives and reforms support business development and attract investment. Source: Nigeria Investment Promotion Commission

Best Places to Start a Business in Nigeria

Choosing the right location is crucial for the success of any business.  Considering factors such as market potential, infrastructure, and business-friendly environments, here are some of the best places to start a business in Nigeria:

  • Lagos: Lagos is the commercial hub of Nigeria, offering a large consumer market, a vibrant economy, and a well-established infrastructure. It is particularly suitable for businesses in finance, technology, and entertainment.
  • Abuja: As the capital city, Abuja provides a stable business environment with a focus on government-related services. It’s a hub for consulting, legal, and real estate businesses.
  • Port Harcourt: Known as the oil hub, Port Harcourt is suitable for businesses in the oil and gas sector. It also has a growing market for real estate and hospitality.
  • Kano: Kano, with its rich history, is a significant commercial and industrial center in the northern part of Nigeria. It Is favorable for businesses in agriculture, manufacturing, and trade.
  • Ibadan: Ibadan is one of the largest cities in Nigeria and is emerging as a hub for technology startups, education, and healthcare services.

Frequently Asked Questions

How to start a business in Nigeria

  • Select a business idea
  • Research the market
  • Create a business plan
  • Arrange funds, if required
  • Register your business – Get in touch with the Cooperate Affairs Commission (CAC) at the federal level to register your company. For state-level business, registration contact the Chamber of Commerce.

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 arranging capital if needed.

What are the best business ideas for ladies in Nigeria?

Here are the best five business ideas that align with the interests and skills of ladies in Nigeria:

  • Fashion Boutique
  • Beauty and Wellness Spa
  • Event Planning Service
  • Catering Business
  • Online Retail (E-commerce)

What are the best business ideas for students in Nigeria?

Here are the most profitable business ideas tailored for students in Nigeria:

  • Freelance Services like writing, graphic design, social media management, or web development.
  • Online Tutoring
  • Graphic Design and Printing
  • Event Photography
  • E-commerce (Sell Handmade Items)

What are the best business ideas with 1 million Naira in Nigeria?

Launching a business with a budget of 1 million Naira requires strategic thinking and careful investment. Here are promising business ideas tailored to this budget in Nigeria:

  • Mini Importation Business:
  • Poultry Farming
  • Food Catering Business
  • Online Retail (Niche Products)
  • Beauty Salon

Can I start a business in Nigeria with no money?

Several home-based online business opportunities can be started with no or almost no money. Starting a blog, affiliate marketing, and YouTube Vlogging are some examples.