Are you looking for the cheapest business to start in Nigeria? If the answer to the question is yes, then you’re in the right place.
In this article, we are going to bring to you the list of the 12 cheapest businesses to start in Nigeria and how to successfully start them.
In addition to that, we’ll explore important things you need to know about the cheapest business ideas to start in Nigeria, including the reasons why you should venture into them and a lot more.
We advise you to follow us on this journey to catch up with every piece of vital information that will be helpful to you.
Without further ado, let’s dive right in!
Introduction to the Cheapest Business to Start in Nigeria
It’s no surprise to find my people in different types of businesses in Nigeria, as it’s one of the easiest ways to earn money to meet daily expenses.
Admittedly, a lot of youths graduate from the university hoping to find white-collar jobs in line with their course of study.
But their hopes of getting these jobs are crushed when they discover the reality of the fierce competition in the labor market.
But if I may ask, why continue struggling to get a white-collar job when you can easily start your business with little capital?
The truth of the matter is that many businesses bring in lots of income on a daily basis, which is three times better than the pay from a white-collar job.
Nonetheless, you don’t need to wait to save up to millions before starting a business in Nigeria. It’ll amaze you to know that you can even start up a business with as little as N10,000 in Nigeria.
All you need is a realistic and captivating business idea, a target market, and capital, and you’re good to go.
Reasons to Start the Cheapest Business in Nigeria
Many people often wonder why they should venture into a business in Nigeria, especially when they have little to no knowledge about the whole thing.
Undoubtedly, there are numerous benefits to starting a cheap business in Nigeria, and you can reap them with consistent hard work and dedication.
Let’s look at some reasons to start the cheapest business in Nigeria.
1. Flexible Work Schedule
Owning a cheap business allows you to have a convenient and flexible work schedule. In other words, you can easily multi-task or perform important tasks before returning to your business.
For instance, if you have an emergency that requires your immediate presence, you can leave your business for some time and attend to the urgent task.
This way, you’ll not lose out and still strike that perfect balance between your business and personal issues.
2. Requires Little Capital to Establish
There’s nothing more satisfying than investing a little capital in your business and watching it grow to greater heights over time.
The best part about starting a cheap business in Nigeria is that you only need to use a little capital.
As I mentioned earlier, you can establish your business with as little as N10,000 or N15,000 and make more investments subsequently.
So, if you have that amount and you’re thinking of starting a cheap business that’ll fetch you a reasonable amount of income, go right ahead and make your dreams a reality.
3. Financial Freedom/Control Over Your Income
Imagine controlling all the money that comes from your business! Amazing, right? Having a cheap business in Nigeria allows you to break free from total dependence on white-collar jobs.
Furthermore, it allows you to be your own boss and control the money that you earn daily. In fact, you pay your salary! Plus, you get to control the money that enters and leaves your business.
Also Check: 12 Best Online Jobs in Nigeria that Pays Daily
12 Cheapest Business Ideas to Start in Nigeria
Starting a cheap business in Nigeria can be a daunting task. However, this can only be true when you don’t know the ins and outs of starting a business.
By this, I mean having a proper business idea, target market, sufficient capital, and location for your business.
So, are you a fresh graduate or a student looking for the cheapest business to start in Nigeria? If yes, I’ll highlight the 12 cheapest business ideas to start in Nigeria with little capital.
1. Farming Business
Farming is one of the cheapest business ideas to start in Nigeria. It’s highly profitable and worth every effort and investment.
Admittedly, many people, especially youths, often looked down on farming and considered it a business only meant for laborers and the poor.
Over the years, the farming business has proved its worth, with hundreds and thousands of farms producing enough to feed the entire nation.
With this fact, many people, even youths, are into farming, planting, and harvesting different farm produce annually.
This business is currently the hottest item in the labor market, as the amount of income it generates annually is unimaginable.
Additionally, you can plant products like vegetables, yams, cassava, maize, wheat, groundnut, and more every year and sell them to many customers.
The best part is that you can sell in the market, by the roadside, and even in your home to neighbours and other people.
2. Selling of Honey Business
Honey is one product that everyone uses due to its natural benefits. Plus, it’s the best alternative to sugar.
Selling honey is one of the cheapest business ideas to start in Nigeria. You only need a little capital to start up this business.
You can start the business by having your bee farm and collecting honey from the bees. However, if this task is too tedious, there’s always a better option!
Alternatively, you can find a trustworthy supplier that can deliver the amount of honey you need to sell to your customers. Or, you can even do it by visiting places where it is surplus to buy and supply where it is scarce and highly in demand.
You can sell the honey in the market, by the roadside, and to your major customers who buy in large quantities.
3. Agricultural Storage Business
This venture is one of the best and cheapest business ideas to start in Nigeria. Storing agricultural products and selling them during certain seasons of the year brings in quite a lot of income.
Here, all you have to do is buy these products when they are surplus to sell when they are scarce and highly in demand. You can also practice this by storing the products you harvest on your farm if you are a farmer.
Make sure these products are properly stored in appropriate conditions to avoid infestation by pests and unwanted spoilage.
For instance, you can store rice, beans, groundnut, bambara nut, melon seed, yam, and maize in storage areas like barns and silos and sell them when these products are scarce in the market.
This business is no doubt a cool way of making money in Nigeria if you practice it in the right way.
4. Egg Supply/Sale Business
Eggs are one source of food that’s rich in protein and is consumed by billions of people worldwide.
It’s essential in bread making, pastries, and cake baking, and as a source of protein in foods like rice, pasta, noodles, and more.
The egg supply business is currently one of the cheapest business ideas to start in Nigeria. You can easily start the business with as little as N5,000.
All you need is a trustworthy supplier that’ll deliver quality and sizeable eggs weekly or monthly; it all depends on your pace of sales.
Alternatively, you can start your egg business by starting a poultry farm, raising agricultural chickens, and harvesting their eggs to sell to your neighbors and big clients/customers.
You can become a major supplier to many wholesale shops, retailers, and even in the university for students and other customers.
5. Ice Block Business
This business might not seem like much, but it’s quite lucrative and one of the cheapest business ideas to start in Nigeria.
In this business, you don’t need a supplier as you can easily carry it out. All you need is a good freezer, stable electricity, clean/pure water, and polythene bags.
You can pour the water into the polythene bags, tie them properly, and freeze them for a maximum of 24 hours or a minimum of 12 hours.
In addition, You can supply ice blocks to individuals who sell drinks and for occasions such as weddings, birthday parties, and anniversary celebrations.
6. Fruits/Vegetables Business
Fruits and vegetables are highly rich in vitamins and minerals, and these sources of food are indispensable in the diet of man.
Starting a fruit/vegies business is a great venture that’ll generate substantial income.
You can plant fruits and veggies like mangoes, spinach, bananas, carrots, and more and sell them at affordable prices to your customers.
Plus, you can sell them in the market, by the roadside, or at home. It all depends on your choice of location for carrying out your business.
7. Charcoal/Firewood Business
Starting a charcoal/firewood business is quite common in Nigeria as it yields a lot of profit. All you need is a trustworthy supplier to deliver charcoal and firewood of good quality.
You can tie the charcoal in black polythene bags and sell at the rate of N50 or N100 to your customers.
Furthermore, you can break the firewood and sell the pieces to individuals who make use of charcoal in their homes or businesses.
8. Tailoring Business
This venture is one of the cheapest business ideas to start in Nigeria, as many people are into tailoring to make the best clothes from high-quality fabrics.
Tailoring is currently one of the hottest and most sought-after businesses in Nigeria. It brings in a lot of income, especially when you get a big gig with a client.
All you need is the skill, a sewing machine, the necessary sewing materials, and the fabric you’re going to work on.
9. Rental Services Business
It’s no secret that Nigerians love celebrations and plan for them all the time. That’s where this business comes in, as you can render your services to individuals who are planning to hold events.
You can rent out canopies, plastic chairs, and tables to individuals who want to hold events such as weddings, anniversaries, festivals, and birthdays.
In addition, you can earn a lot of money from this business, provided your services are the best and satisfy your customers’ needs.
10. Selling of Cement Business
Cement is an essential building material that comes in handy when constructing houses, roads, offices, bridges, and other buildings.
Hence, the cement business is one of the cheapest business ideas to start in Nigeria. As more people continue to build houses, schools, hospitals, etc., the cement business will continue to be lucrative.
You can sell cement from different reputable companies, such as Dangote and Bua, to customers.
Furthermore, you can sell the bags of cement in a shop by the roadside. This business also brings in a lot of income.
11. Makeup Artist
This business is quite popular in Nigeria, as many Nigerian ladies don’t play with their looks when it comes to preparing for outdoor events or celebrations.
Makeup artistry generates a lot of income, especially if your skills are honed to perfection. You can get big clients who will pay good money to look good.
All you need is the skill and a makeup box containing high-quality makeup products, and you’re good to go.
12. Dry Cleaning Services
This business is one of the cheapest business ideas to start in Nigeria, as many people often visit dry cleaners to wash and remove tough stains from their clothes.
You can easily make a lot of money from this business, provided your services are excellent and consistent.
Summary of the 12 Cheapest Business Ideas to Start in Nigeria
Below is the summary of the 12 cheapest business ideas to start in Nigeria:
- Farming Business
- Selling of Honey Business
- Agricultural Storage Business
- Egg Supply/Sale Business
- Ice Block Business
- Fruits/Vegetables Business
- Charcoal/Firewood Business
- Tailoring Business
- Rental Services Business
- Selling of Cement Business
- Makeup Artist
- Dry Cleaning Services
Tips to Successfully Start the Cheapest Business in Nigeria
Starting a cheap business in Nigeria may require a little brainstorming to produce mind-blowing ideas that’ll attract a lot of customers, but the benefits are always worth the effort.
So, if you’re new to the business and are struggling with how to proceed, ensure to read further, as I’ll highlight the tips to start the cheapest business successfully in Nigeria.
Below are some of the tips:
- Create a realistic and attractive business idea.
- Consider your target market.
- Consider your location.
- Source for capital.
What Is the Cheapest Business to Start in Nigeria for Students?
There are numerous businesses you can start as a student in Nigeria. A few to mention are the makeup artist business, egg supply/sale business, etc. You can offer your services and products to other customers and students.
Where Can I Start a Cheap Business in Nigeria?
You can start a cheap business by the roadside, in the market, or at home.