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Best 42 Profitable Small Business Ideas in Nigeria in 2022

Do you want to start a business in Nigeria? Are you looking for business ideas in Nigeria with low capital investment? If so, find this article to know more about the list of profitable businesses to start in the country.

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 potentials 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.

42 Small Business Ideas in Nigeria

Find below the selected list of untapped and lucrative business ideas and opportunities in Nigeria with low capital:

1. Agricultural Support and Equipment Leasing

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. Start Soy Beans Processing Business in Nigeria

Commercially soya beans processing to produce milk, soy flour, soya 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 soybeans farming on a small scale.

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, oil in Nigeria. Efficient planning and marketing will surely make this venture in Nigeria hugely profitable.

4. 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.

5. Open an Organic Farm GreenHouse in Nigeria

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.  But since the demand for organically grown food products is now increasing, people are investing in land for organic farming.

6. 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.

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. It is without saying, 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 the purpose of profitable eggs and meat production. In Nigeria, quail farming is playing an important role in fulfilling the daily family nutrition demands and earning livings. 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. Start a Poultry Farming Business in Nigeria

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 Repairing

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 repairing is, therefore, an obviously 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, party while traveling, and in homes in almost all cities in Nigeria. The growing demand for bottled water provides a viable option for investors to invest in this business opportunity.

20. Soapmaking Business in Nigeria

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 in Nigeria

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.

Learn More: How To Open A Restaurant with Low Investment

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 own clothes. It is also very easy to start. You just need a washing machine, pressing irons to start this business.

25.  Security Services

Security is a big concern in Nigeria. 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 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’s 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. Start a Mobile Food Truck Business 

A person having minimum experience in the foodservice 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, lunch.

Learn More: How To Start A Mobile Food Truck Business

30. Cartridge Refilling

Cartridge refilling business is providing ink and toner cartridge refilling service 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. Start a Small Manufacturing Business in Nigeria

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 getting 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 for preparing 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 a fitness trainer in Nigeria.

Related: Top Small Business Ideas For Fitness Trainers

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 to buy.

36. Start a 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. Start a Blog

There is no dearth of educated young people in Nigeria. In fact, Nigeria produces plenty of successful bloggers who are making millions out of blogging.

If you are passionate about a subject which is being searched on the internet, there is a good chance of making good money. Remember, choosing the right niche is the key to being a profitable blogger. Check this tutorial to start a blog and make money even you know nothing about starting a blog.

42. Metal Scrap Trading

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. The business is very simple. You need to collect scrap metals and sell them to buyers. You can sell it to overseas buyers from countries like China and India and make good money.

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 Cooperate Affairs Commission (CAC) at the federal level for registering your company. For state-level business, registration contact the Chamber of Commerce.

Frequently Asked Questions About Starting a 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 arranging capital if needed.

What high-profit businesses can be started with low capital in Nigeria?

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?

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.

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.