Nigeria offers numerous business options. Even with a budget as low as 50k, you can still set up profitable businesses and still scale high in Nigeria.
Because of the country’s enormous population, any business has the potential to survive and thrive.
The country provides several opportunities for both indigenous peoples and visitors that can continue longer than planned. It is up to you to determine your interests in terms of community needs while keeping your budget in mind.
Many individuals wonder what kinds of enterprises may be started with a specific amount of money. Or, what can one do with this large sum of money?
In this regard, we have identified the most profitable businesses to start with 50k in Nigeria. We conducted thorough market research and analysis because the current state of the country has prompted many Nigerians to start one or two enterprises.
So, based on your abilities or areas of interest, we have developed a list of lucrative businesses to start with 50k in Nigeria.
TransferXO is best at curating the most profitable article for anyone seeking to start a business in Nigeria. The list will help you while also allowing you to choose your business with ease and flexibility.
Profitable Online Businesses to Start With 50k in Nigeria
Here are the greatest businesses in Nigeria that you may start with 50k:
#1. Cryptocurrency Trading
If you’re looking for a profitable business to start in Nigeria with 50k, then cryptocurrency trading might be a good option.
The cryptocurrency market has exploded in recent years, with new coins being introduced almost daily. And with the right knowledge, tools, and platform, anyone can make good profits trading cryptocurrencies.
One platform worth considering is TransferXO, a reliable cryptocurrency exchange with a simple user interface that makes trading a breeze. It allows you to buy and sell major cryptocurrencies like Bitcoin, Ethereum, and Litecoin at competitive prices and offers secure and fast transactions.
With the volatility of the cryptocurrency market, you can make significant profits by buying low and selling high. However, it’s essential to research the market, understand the trends, and make informed decisions.
With proper risk management, you can turn 50k into a sizable sum of money with cryptocurrency trading on TransferXO.
#2. Flipping Social Media Pages/Groups
Another simple 50K online business idea in Nigeria is to follow social media accounts.
This business idea is based on social media, and all you have to do is find pages and/or groups with a significant number of followers, contact the admin/owner, and ask if they are willing to sell the page/group for the price you set.
Once you’ve found a good seller at a great price, simply buy the page (make sure you’re logged in before paying), then find buyers in the Facebook bloggers group to resale the page/group.
Depending on your experience, you could get up to 100% ROI on each Facebook page/group you flip. This is because many admins have no understanding of how they may make money from the groups they operate, hence they are eager to sell it for a low price.
You can also explore other businesses to start when you have a higher budget like 500k through this article; 17 Profitable Business to Start with 500k in Nigeria.
Blogging is one of, if not the, simplest online businesses to start with 50k in Nigeria for students, grads, and anyone who can read and write.
This company’s concept is straightforward. Starting a blog to make money comprises simply sharing views and information with people who require them online while earning money.
To get started, simply select a subject, get a domain name, develop your website, and begin producing material such as how-to (s), easy tutorials, news, and so on.
To begin generating money from your blog, simply apply to ad networks such as Ezoic and Adsense, and if approved, your site will begin showing advertising and you will begin earning money. Affiliate marketing is another wonderful approach to monetizing your blog.
#4. Start a YouTube Channel
You may be wondering if YouTube is free, but bear in mind that if you want to get started as quickly as possible, you will need a camera and marketing.
You can start a YouTube channel for $50,000 by getting a quality camera, ring light, and software that will help your channel grow quickly.
If you meet the YouTube monetization requirements, you can apply to become a partner and begin earning money. This is also a wonderful internet business for students in Nigeria to start with 50k, to make six figures in Nigerian money every month from YouTube.
#5. Print on Demand
This is another business plan for those wondering how to start an online business in Nigeria with $50,000. Print on demand is a business concept in which you place designs on shirts online via websites like Redbubble, Tee-Spring, Zazzle, and others.
Most of these websites already have customers who are eager to purchase, which is the best approach to promote your shirts if you know how to maximize your merchandise.
In most cases, it is advisable to use your N50,000 advertising money on POD sites or third-party platforms like Facebook and Instagram. Remember that you are unlikely to produce a transaction in Nigeria, therefore make sure to target top American and European countries while running your ads.
If 50k is below your budget, you can explore this article on 35 Profitable Businesses to Start with 300k in Nigeria
#6. E-Commerce Business
We already discussed mini importation, which is a type of E-commerce. That is only one of them; there are many more that you may start with as little as N50,000 in Nigeria, even without having to import things from China.
Although e-commerce is more difficult in Nigeria, it is certainly one to explore if you are asking what online business can you start with 50k in Nigeria.
To get started, you’ll need a Shopify-powered website, as well as products such as phone covers, shoes, headphones, and other accessories at low costs to market on your site.
Selling handcrafted and locally manufactured things that are unusual and difficult to locate is the simplest approach to making your E-commerce business succeed in Nigeria.
Now that your E-commerce website is finished, all you need to do is run Facebook ads or pay Influencers such as celebrities to post your products on their sites based on your budget.
#7. Digital Marketing
Do you have a problem with social media? Many people consider this to be a bad habit, but you can change it into a positive one by learning about digital marketing and leveraging social media to make money online.
Online marketing is simply referred to as digital marketing. This can be accomplished through organic or PPC marketing. You can make a lot of money online with digital marketing simply by seeking small businesses to assist in the development and growth of social media accounts and being compensated.
You can begin for free to assess the viability of this business. Obtaining Nigerian clients is straightforward because digital marketing is not commonly utilized in Nigeria.
Freelancing is an internet business in which you monetize your skills by offering them for a fee.
There are a lot of people who need logo designers, video editors, copywriters, and other services and are willing to pay a lot of money for them.
If you have any of these abilities, you can set up an account on Fiverr, Freelancer, Upwork, or PeoplePerHour and offer them your services. You can get consumers for free if your listings are adequately optimized.
If you want to generate quick sales, however, you can spend your 50k to invest in web marketing, which will help attract simple visitors to your gigs.
#9. Affiliate Marketing
Affiliate marketing is another internet business that may be started with 50k in Nigeria. The idea is to promote other people’s items using a unique referral code, and if a conversion occurs through your affiliate link, you’ll receive a commission at no extra cost to the customer.
Various affiliate products pay handsomely in Nigeria. You can earn tens of thousands to hundreds of thousands of dollars for each individual you recommend.
All you need to do to get started is select and join an affiliate program, receive your unique affiliate link, and market your link by running N50,000 advertising. Affiliate marketing can also be done for free, and affiliate products can be promoted on your blog/website.
Explore this article 35 Profitable Businesses to Start with 700k in Nigeria if you’re aiming for a higher budget to start a business in Nigeria.
Profitable Businesses to Start with 50K in Nigeria
The following are the most profitable businesses that you may start with $50,000 in Nigeria in 2023:
#10. Mini Importation
Have you heard of the term “dropshipping”? Yes, small importation is a type of dropshipping in Nigeria.
This is a profitable business to start with 50k in Nigeria since all you need to do is buy cheap things from China through websites like Alibaba and Aliexpress and have them sent to Nigeria.
The shipment aspect of this business is the most difficult, but also the most straightforward. You should choose lightweight products to save money on shipping and clearing. Shoes may be purchased for N800 on Alibaba or Aliexpress and sold for up to N5000 in Nigeria, demonstrating the viability of this business model.
When the products arrive, all you have to do is share them on social media and change your WhatsApp status to begin drawing buyers. Jiji, Konga, and Jumia are also excellent venues to list your products if you want to sell them quickly.
#11. Selling Dresses
T-shirts, jeans, and gowns are among the most popular apparel items in Nigeria. You can begin buying and selling those outfits with a capital of N50,000 and grow from there.
This company is perfect for inhabitants of Aba, Lagos, Kano, and Ibadan, which have large markets with a large number of wholesale dress merchants.
Marketing this business is simple because all you have to do after you obtain those outfits is advertise them to your friends and neighbors.
If you’re a student, informing your classmates about the new outfits is also an effective marketing tactic for a company like this.
#12. POS Business
POS services are growing increasingly popular, and practically every household now has a POS agent, but that doesn’t imply it’s a bad business to start.
With a capital of 50k, the POS business is unquestionably a smart one to explore because you may instantly generate a large profit without having to wait weeks or days.
To get started, you can apply for a POS machine from major firms like MoniPoint, Opay, PalmPay, and/or banks like Firstmonie POS.
A POS machine typically costs between N15,000 and N100,000, depending on the firm and mode of acquisition.
If you can purchase a POS machine for N20,000 and deposit N30,000, charging N100 for transactions below N10,000 and more for transactions beyond N10,000, you can make N1,000 or more each day.
#13. Cooking Gas Business
Despite the periodic increases in the price of cooking gas, it is still a profitable business that can be started with 50k in Nigeria.
Because your budget is limited, after purchasing components such as a scale, hose pipe, dispenser, and other necessary instruments, you will only have a small portion of your 50k available.
With the remaining funds, you can hire a small gas tank/bottle (25kg), fill it with gas, and then hunt for a suitable location in your neighborhood to launch your business.
You can also explore other businesses to start when you have a higher budget like 500k and above through this article; 35 Profitable Businesses to Start With 1 Million Naira in Nigeria.
#14. Recharge Cards Vendor
In Nigeria, you may start a thriving recharge card business with 50k. Almost everyone in Nigeria has a cell phone, and we all know that airtime is like a phone’s battery life.
You should expect high sales if you start in a crowded region. This business requires an umbrella, two plastic chairs, and a table, all of which can be obtained for under 15k.
Then you need to purchase recharge cards from reputable wholesalers; with 15-20k, you can get a large quantity of recharge cards and be ready to begin.
However, these businesses face numerous problems, the most significant of which is the high level of competition. Also, location is important because a busy place promotes high sales with high risk. Most importantly, you must constantly be present or hire a trustworthy person.
#15. Fast Food Business
All you need for this business are a kiosk, a stove/gas cylinder, and cooking supplies (oil, kerosene, spoon, and so on). You must determine what type of quick food you want to sell; you may contemplate frying noodles with eggs, making tea alongside bread, and so on. If the site is good, you can expect a large turnout daily.
You should think about the practices of the area where you intend to establish your business. It is a profitable business, but it must be regularly supervised and usually requires the owner’s presence. Furthermore, you must be hygienic in the production of fast food to keep your consumers.
#16. Small Poultry Business
You may start poultry farming in the back of your house, so location is not an issue. For this company, you will require 100-day-old chickens (costing around 200 naira apiece) for around 20,000 naira.
Then you must construct a large wooden cage, which will cost approximately 15,000 naira. The feeds can then be purchased for 15,000 naira. The convenience is good, and there is little risk.
#17. Snail Farming
Snail farming is another agricultural enterprise in Nigeria that may be started with 50,000 Naira or less. Snail farming is extremely profitable in Nigeria because there is a greater demand than supply for huge African snails. Snails are exported to other countries as well.
All you need to start this business is a small place with low-temperature shades, followed by the purchase of small snails, as well as their food and other resources. Patience is essential in this company because snails can take up to a year to mature and be ready for sale.
#18. Reselling Used Items
Selling used/second-hand things such as bikes, phones, laptops, generators, fridges, washing machines, electric fans, pressing irons, and so on is another fantastic company to start with $50,000 in Nigeria.
Starting this business is simple: take your 50,000 Naira money, look for used products, negotiate with vendors, and then buy and resell them for a profit.
Begin by asking your neighbors or individuals in your neighborhood if they have used products they want to sell, and then purchase them from them. Connecting with item repairers is another excellent way to locate old products for sale at low prices.
If done correctly, you might earn up to N20,000 per week by purchasing a used bike, phone, or laptop for N50,000 and reselling it for N60,000 to N70,000.
If done correctly, you might earn up to N20,000 per week by purchasing a used bike, phone, or laptop for N50,000 and reselling it for N60,000 to N70,000.
#19. Groundnut Farming
Groundnut farming is another profitable farming business that you may start with N50,000 and earn up to 1000% ROI in just 100 days.
A bag of groundnuts can cost anywhere from N30,000 to N80,000, depending on where you live, and an acre of groundnuts can yield anywhere from 5 to 10 bags.
You can see how profitable this business can be now, don’t you? However, with a budget of N50,000, cultivating an acre will need more physical labor, so start with half an acre.
To begin, you will need to hire land (half or one acre), plow it with a tractor, and have someone assist you in planting your groundnut seed if you are unable to do so yourself. All of this should not exceed N50,000. Your groundnut should be ready for harvest in 90 to 100 days if properly managed.
#20. Dry Cleaning/Laundry Service
Are you still trying to figure out what business you can start with 50k in Nigeria? Then you could attempt dry cleaning. Some neighborhoods in Lagos and Abuja pay N1000 or more for every cloth washed and ironed. Isn’t that huge?
Based on your budget, all you need to get started are a used washing machine, an electric pressing iron, and other necessary components. All of this should cost you less than 50,000 Naira, leaving you with enough money to print posters and banners to promote your business and quickly attract customers.
#21. Become a Real Estate Agent
With real estate growing increasingly popular in the country, you can make money even if you don’t have any money. All you have to do is connect those who need a suitable place to live or stores to establish a business with those who own those properties, and vice versa.
When the transaction is completed, you will be paid a commission known as an agent’s fee in Nigeria. Depending on the area and property, this charge might range from N5,000 to millions of Naira.
Advertisements are what require a 50k investment. To raise awareness, you can build a website, use Google Maps, hire Influencers in a similar niche, run online ads, and print fliers.
Keep in mind that your success is dependent on your location. If you live in Lagos, Abuja, Onitsha, Port Harcourt, and/or the heart of Kano and Ibadan, real estate is a great business to start with 50k because you can earn at least N10,000 per property.
#22. Perfume Oil Sales
Perfume oil is well renowned for its pleasant scents, making it one of the most popular fashion items, and selling it is a very profitable business to start with 50k in Nigeria.
To begin this business, you will need to locate a perfume oil wholesaler, negotiate the purchase of multiple bottles of fragrance in bundles at a wholesale price that is less than 50,000 Naira, purchase as much as your money will allow, and begin selling.
For promotion and sales, you can promote your items on social media or take them to local businesses such as banks, schools, and small offices.
#23. Open A Provision Kiosk
If you live in a student neighborhood, operating a small provision store is an excellent business to start with 50k in Nigeria.
We assume you are already aware that all you require is a little kiosk where you can purchase things such as beverages, snacks, soaps, pure water, soft drinks, and so on.
However, given the current pricing of such things in Nigeria, 50,000 Naira may not seem like much after purchasing all of the goods. However, the monthly profit margin for this firm can range from N10,000 to N30,000.
#24. Cook-On-Demand Business
You can start a simple cook-on-demand business with N50,000 or less, where customers like bankers and huge firm employees contact you to cook for them for a price.
Yes, it is that simple, but how do you encourage people to call you as a new company providing this service? This is the most challenging aspect of this company’s approach.
You can gain clients by networking, but you’ll need to print flyers and supplementary cards to advertise. Walking to large companies to market to their employees is also an excellent strategy to attract customers.
Initially, you’ll need to get close to the security officials in those firms and give them something for every consumer they bring you.
If your cuisine is good and nicely packaged, you can begin the ball moving and start attracting additional customers.
#25. Phone Charging Business
With electricity being one of the most pressing issues in many Nigerian communities, a phone charging business is always one of the best to start if you are not a student.
Phones are often charged N100 in most towns and even rural regions, which implies that with a capital of N50,000, you may expect to break even within 45 to 60 days.
All you need to get started is a small kiosk, which can be rented for N1,000 to N3,000 per month depending on location, a second-hand generator for N10,000 to N20,000, and a few outlets and charges with the money you have left over.
If you charge 25 products each day and spend N1,000 on petrol, you will earn N1,500 per day or N45,000 per month.
#26. Open a Gaming Shop
Aside from charging, another successful business you can start with 50k is a gaming center where people come to play PS and pay you for their time.
This usually goes hand in hand with charging. All you need is a larger store, a PS game player and controllers, and a small TV, none of which should cost more than 50k.
Customers for this business are easy to come by because many young people and teenagers enjoy challenging themselves in gaming stores. So, if you’re fortunate enough to receive customers like me, you may earn up to N10,000 every day.
#27. Open a Cosmetics Shop
Opening a cosmetics shop where you offer skin care items such as body creams, lipsticks, brow pencils, bar soap, tubes for spots and acne, and so on is a lucrative business in Nigeria that you may start with 50,000 Naira.
All you need to get started is a little shop that would cost you between N1000 and N3000 each month. Then, locate a cosmetics wholesaler, bargain, and purchase several things that you know will sell quickly and profitably.
You can begin marketing these products by informing your friends and neighbors about them. Even if they do not have a shop, students can start this business. All that is required is to obtain those things, then bring them to school and promote them to friends, coursemates, and others in your lodge or on campus.
#28. Soap Production
Soap making, whether liquid or bar (molded/solid), is another simple company you may start with $50K in Nigeria from the comfort of your own home.
Because everyone requires soap for cleansing and bathing, this business strategy is bound to generate rapid and easy sales. As a result, you can begin right away and make your first transaction.
All you need for liquid soap are the appropriate components and plastic bottles. Bar soap requires molding, trimming, and cutting machines, as well as all of the necessary chemicals to get started.
#29. Mobile Phone Accessories Business
If you live in a student neighborhood and are wondering, “What business can I start with 50k in Nigeria?” consider purchasing phone accessories at wholesale prices and selling them at retail prices to explore the possibilities of this business.
When you acquire mobile accessories from a reputable wholesaler, you may sell them for a nice profit.
When you have all of the necessary equipment, you may locate a kiosk and display your products. And, if you’re in a densely populated and active region, you can highlight your products by stocking as much as possible to attract buyers.
Don’t miss out on reading – Is P2P Trading Profitable? How to Make Money from P2P Trading With TransferXO P2P
Profitable Businesses to Start With 50k as a Student in Nigeria 2023
#30. Pastry and Baking Business
Another profitable business that is currently growing in Nigeria is the production of small chops like puff puff, chin chin, plantain chips, and so on, as well as the production of cakes for birthday and wedding parties.
Revenue generation for this type of business is straightforward, but product development may take some time. This is because you will need to learn how to create those things before you begin.
Once you’ve learned how to create them, all you need to do is start selling them to neighbors and display them in a show glass to attract passersby(s).
If you’re wondering what business you may start with 50k as a student in Nigeria, cake baking is a great option. This is because kids tend to celebrate their birthdays at school more than workers. If your product looks well and tastes good, you’ll keep getting orders from friends, coursemates, and campus/lodge mates.
#31. Sell Wristwatches
Similar to bead jewelry making, selling wristwatches is a simple business to start with 50k as a student in Nigeria.
To begin, simply locate wristwatch wholesalers, negotiate with them, and purchase as many wristwatches as your budget allows, then advertise them to friends and other people you may connect with.
You may also use social media to sell your products by publishing those timepieces on your WhatsApp status, Facebook sites, and groups.
#32. Selling Shoes
The shoe business is another 50K business idea for a student looking to establish an easy business in Nigeria. You can begin with simple items such as slippers, flip-flops, and sandals, which are widely available at wholesale costs in larger commercial markets.
Friends, neighbors, and classmates are all excellent areas to begin marketing. You can also advertise the shoes on social media platforms like Facebook, WhatsApp, and Instagram.
#33. Home Service Hair Stylist/Barber
A home service hair stylist business, which involves a clipper as a barber and a comp as a hairdresser, is another simple business to start with 50k in Nigeria. You may quickly begin delivering home services in Nigeria by promoting through social media.
While this may be a simple company, you will need to learn and obtain a Barbing or hairdressing expertise, then buy your goods and start your business from friends and neighbors.
Barbering and hairdressing are also good businesses for students to start with 50,000 Naira. During the holidays, you can enroll in a barbering or hairdressing session, and you should be able to perform some basic haircuts/hairstyles within a few weeks. From there, you can expand by offering a home service barbering or hairdressing.
If you already have any of those abilities and are strong at them, you may hire Influencers online to promote your business to attract high-profile clients who will pay more for your services.
#34. Bead Jewelry Making Business
In Nigeria, what kind of business can a student start with 50k? If you’re looking for answers, bead jewelry making is by far one of the most straightforward 50k business ideas for students in Nigeria.
To get started, simply watch several bead-making instructions online, then gather all of the necessary materials and begin producing bead jewelry such as necklaces, bangles, earrings, and so on.
Once you’ve finished your jewelry, simply advertise it to your friends, classmates, campus/lodge mates, and so on.
#35. Pop Corn Production Business
Popcorn production, like the pastry and baking businesses, is a 50k business idea for students, graduates, and anyone in Nigeria. All you need to get started is a popcorn machine, corn, sugar, and other necessary components, which shouldn’t cost more than N50,000.
Simply learn how to manufacture popcorn, and once it’s ready, you may display it in a show glass and sell it to classmates if you’re a student.
Also, Check Out – How to Start Crypto Trading in Ghana | 2023 Full Guide
How to Choose a Profitable Business Within the 50k Naira Budget for Business Startups in Nigeria
If you are living in Nigeria and looking to start a profitable business but have a tight budget of 50,000 Naira, you might feel that it is a daunting task to choose a profitable business. But fear not! There are numerous business opportunities in Nigeria that you can start with this budget.
To make things easier for you, we have outlined a few guidelines to help you choose a profitable business within your budget:
1. Choose a low-cost business model
Starting a business doesn’t have to be expensive. Look for a low-cost business model that suits your skills and interests. You could sell products like snacks, fashion items, and beauty products or provide services such as cleaning, laundry, and car washing. The opportunities are endless!
2. Research the market
Before starting a business, it’s essential to research the market. Find out which products or services are in high demand and which are not. This will help you make informed decisions about the business you choose to start.
3. Start small
Starting a small business is the best way to manage costs and minimize risk. You can always grow your business as you start making profits. Remember that starting small also allows you to experiment with different business ideas.
4. Choose a profitable niche
Identifying a profitable niche can help you create a sustainable business. Focus on a niche where demand is high but supply is low. This way, you’ll be able to sell your products or services easily.
5. Look for partnerships
Finding a partner can help you share costs and expand your business. You could collaborate with someone who shares your business interests and values.
Frequently Asked Questions
What skills do I need to start a profitable business?
To start a successful business in Nigeria, you need to have skills in budgeting, marketing, management, and communication. You should also have an entrepreneurial spirit and be willing to learn new skills and adapt to the changing market trends.
Can I start a business without any experience?
Yes, you can. However, you may need to get some training or education to learn the necessary skills. There are many online courses, books, and workshops available that can teach you how to start and run a successful business.
How do I raise capital for my business?
There are many ways to raise capital for your business, such as borrowing from family and friends, applying for loans, crowdfunding, or seeking investments from venture capitalists or angel investors.
What factors should I consider before starting a business with 50k in Nigeria?
Before diving in, assess your skills, market demand, and competition. Conduct thorough research to identify viable opportunities and create a solid business plan.
Can I start a tech startup with limited capital?
Yes, focusing on specific services like mobile app development or website design allows you to enter the tech industry with a modest budget.
How can I ensure success in the agribusiness sector?
Success in agribusiness requires diligent research, sustainable practices, and a commitment to quality. Networking with experienced farmers can also provide valuable insights.
Is online content creation a viable business with a 50k investment?
Absolutely! Invest in quality equipment, identify your niche, and consistently produce valuable content. Over time, you can attract a loyal audience and monetize your platform.
What marketing strategies work best for small businesses?
Utilize social media platforms, collaborate with local influencers, and offer promotions to attract initial customers. Word of mouth is powerful, so ensure your products or services leave a lasting impression.
How long does it take to see returns on a snack vending business?
The timeline varies, but with a strategic location and appealing products, you can start seeing returns within a few months.
Starting a profitable business with just 50k in Nigeria may seem daunting, but it is entirely possible. The key to success is identifying the right industry, setting clear goals, and developing a solid business plan.
With the right approach, determination, and patience, one can start a thriving venture and make a significant impact in their chosen field.
Nigeria’s booming economy offers many opportunities for aspiring entrepreneurs, so if you are considering starting your own business, don’t let the fear of failure hold you back. Leap and success may be closer than you think.