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14 most Lucrative Businesses to Start with 500k or a Million Naira in Nigeria

Lucrative Business to Start with 500kIf you are tired of giving your all to someone else’s vision and getting under-compensated for your value. you are at the right place as I will be revealing the 14 most lucrative business ideas you can start with 100k, 500k, or at most a million naira in Nigeria.

One key thing about the rich that keeps them rich is that they keep investing. It’s what I would like to call; “the rich mindset”.

While the average man who gets a million or below will think of upgrading his lifestyle.

A Person with a rich mindset will think of how to multiply the money.

What’s the best way to multiply your money? to invest it!

In this article, I will be trashing that excuse by giving you the top profitable business ideas on how to multiply your money in Nigeria.

Before we proceed you must recognize the important key in business; “Patients”.

Business success isn’t automatic. You don’t start a small or large business today and hit your expected profit margin immediately.

Risk also is another factor you must recognize, and must never run from as long as is a calculated risk…

Risk and Patient are what differentiate between a successful business and a business that is not successful.

That being said you can pick from these top 14 lucrative business ideas you can start in Nigeria with 500k or less than 1 million Naira.

1. Printing and Publishing

Printing-And-Publishing-Companies-nigeriaThere are a lot of people printing out materials every day including banners, magazines, books, newspapers, and many others.

You can invest your money in getting these printing machines, get the workspace, and get someone who has the technical know-how of the machines. With these, you’re ready to go.

The good thing about this business is the fact that you don’t have to spend so much money running it.

All you need is to pay for the ink, the paper of the materials to print, and the power supply. Also maintenance every once in a while.

All of which is highly negligible compared to the money you’ll be paid to carry out a contract.

My advice is to get a machine that does all printing and banner printing.

With a minimum of 500k, this business idea can become a reality that fetches you a high flow of income.

2. The Concrete Building Block Business

Blocks business in NigeriaThis is another industry to invest in with a million naira or below 500k in Nigeria.

With so many construction sites around and a lot of money in the construction and real estate industry. This is a very nice way to keep the money rolling in.

All you need in this lucrative business is; land, machines for molding the blocks, and a person who has technical know-how in the business(which by the way is easy to find).

The machines are usually not difficult to operate, so the cost of labor is not so high.

You can rent land preferably in an area with a lot of construction sites.

With all these, you’re ready to go.

All you need to keep the business running is to buy sand and cement for the operation.

You can still decide to go into interlocking tiles too which is quite profitable with a very similar method of running the block molding.

For more on this business and how you can start click here

3. Renting Service for Building Materials

building construction equipment for rentThis is another way to key into the construction industry.

Most construction sites rent machines that they use while they are building. That’s where you come in.

From the simple ones like; headpans, shovels, and wheelbarrows to the more complex ones like cement mixers, compacting machines, and so on.

You can purchase these materials and machines and rent them out.

My advice is to go for the more expensive ones; which will be difficult to find among your competitors and are more expensive to rent.

4. Computer Service Center

Computer Service Center Business in Nigeria With 100k this business idea becomes a reality. But I advise you to use at least 500k so as to get all the modern computers and printers needed for this profitable Business.

This business back then was one of the best, if not the best small business idea to start in Nigeria before the widespread of personal computers.

But never the less, this business still stands out as one of the fast-growing businesses if sited at the right location.

You can easily open a computer service center that deals with computer-related services such as typing, internet services, computer repairs, accessories and so much more.

Very many people go out to get these services, especially in areas with a high amount of people with computer access. Areas like offices, businesses, schools, and government buildings.

Those are the areas you should target.

5. Farming

farming in Nigeria This is another area you can invest in with a million naira or below 500k

All you have to do is to go to places where farming is prevalent, especially local areas that have good soils.

Rent or buy land from there, employ people to prepare the land, do the planting and also watch over the land for you while you are away.

When is time to harvest and you’ve successfully done that, please don’t sell in that rural location rather transport your harvest to the city where it will be more expensive.

The total cost of running this business can conveniently be at most a million naira

If you are interested in the husbandry business you can also read the below articles

6. Food Processing

Food Processing in nigeriaCurrently, Nigeria’s biggest food problem isn’t production, it is processing, and then marketing.

If Nigeria could process more of its food, food waste will reduce, while food supply will be more stable and less seasonal, and food prices will be less prone to high swings.

Nigeria, for example, is a leading producer of tomatoes in Africa, however, the country spends millions of dollars every year on importing processed tomato paste from China.

The same situation applies to other imported processed food products whose raw materials are abundantly produced in Nigeria.

With a Million Naira or blow you are good enough to enter this multi-billion naira industry.

7. Sports Betting

sporty betting in Nigeria Sports betting is definitely a jackpot in Africa because of the weak laws guiding betting activities.

With a minimum of 100,000 naira, you are good to enter this million naira industry.

8. Exportation

Exportation in nigeriaThere are a whole lot of things that can be exported from this country, ranging from palm oil, garri, melon, cocoa, cashew, etc.

There are a lot of Nigerians in countries outside Africa who crave to eat Nigerian food but find it difficult to see any. This is why the cost of Nigerian food outside Africa mostly in the USA is very high.

The amazing thing about this export business is that you can either export for industrial use or for personal consumption use. Both or either ways will fetch you good cash.

With less than 500k you are ready to enjoy this profitable business.

You want to know more about exploration and how you can start! Get this digital course: The 7-Figure Export Business Coaching Program

9. Importation of Used items

Importation of Used itemsThe standard of living in Nigeria gives way to this market of used items.

The most common in this business is Used clothes. But to make it big in this industry of importing used items, you must include gadgets like phones, laptops, tv and etc.

I know of a lot of people who involve in this business and they are making a lot from it.

Even those of our brothers, and uncles that stay outside Africa take advantage of this business.

Some of them bring trucks of used items they got for free over there, bring them to Nigeria, sell and make a lot of profit.

You could be thinking; how can I enter into his business, since it involves used items which you can’t access? You can!

All you need is to look for someone who is already into this business and he or she stays in Europe or USA (Most importantly you can trust him).

Tell him you want a container of used items with a total cost of 500k or even a million naira, depending on how you want it (Could even be below 500k)

So when the person is to bring his own, he can include yours along.

But in the case where you don’t know anyone you can trust to ask or to take that risk with…..you can ask those you know are selling along the road, to link you up with their sellers

Immediately they arrive, make sure you are among the first people to be there.

And you need to be smart because if you are not, others that came to buy from the same person will select the best while you will be left with the “not that bad” item.

I have been in a spot where a container of ‘shipped used items’ was opened and the next thing you hear is; “don’t bring that one down it has been bought (trust me, they are always the best items among the goods).”

So, you buy cheap and sell at the market price.

Believe me, when I tell you, you can make as high as 200% return on your capital.

It is indeed a very profitable business that you can start with at least 50k. But I advise you to take the risk of using 500k.

For more on importation and how to start, get these digital courses:

The Mini Importation Business Reloaded
US Importation Masterclass

 10. Eatery

Eatery business in nigeriaEatery business is an evergreen business that will never be out of the list of high-income generated businesses even if the whole world is in crisis.

All you have to do in this business is to have a spot where the environment is good and conducive for customers to eat without being disturbed by flies, inserts, or bad smells.

And please the food should be what customers can eat and they won’t end up in the toilet for the rest of the day.

Make sure the food tastes good.

With 500k or even below you are good to have a standard eatery where customers can eat and also take time to relax after eating.

11. Taxi service

Taxi service business in nigeriaWith a million Naira or below you can venture into this business either as a uber driver or give your car to someone else to drive the car while you receive a daily/weekly balance.

I have explained a lot in detail about this business in; Cab Taxi Business in Nigeria: Makeover 300k monthly from Uber or Bolt

So click on it and read more about it.

This business guarantees you nothing less than 20k daily as your profit if you are the driver, and at most 50k weekly if you give the car out to someone on hire purchase.

But to make it in this business you need to register on ride-hailing services like; Uber, Bolt(ie Taxify), Ocar, etc. The reason is; they help connect drivers with people who are in need of private transportation.

12. Real Estate

Real Estate Business in Nigeria

When you tell someone to venture into the Real Estate business the first question on the person’s mind is; “how will I get millions of naira to start building houses for people to buy or rent for personal or office purposes?”

Although house building is a major core in the real estate business, it is not at all a limitation to anyone who wants to venture into this business.

As a starter, you can start from the first step of the ladder which is; Acting as an Agent to people who want to sell their houses or give them out on a lease

But before this business can be lucrative for you, you must have;

1. Have an office: This will make people easily find you and help you earn a little of their trust.

2. Register your business: These days nobody will just open their eyes to give anyone their business(most importantly real estate) to a total stranger who also happens not to be recognized by law, to sell or manage their property or properties

Both the office space and business registration give you the bigger edge in making it in this hot lucrative business.

This business is quick cash without stress if you know how to play the game well.

How to publicize your real estate business

The best way to run this business publicity is, through social media ads mostly on Facebook, Twitter, and Instagram where most Nigerians are.

Let’s say you are in Edo state, precisely Benin City, and you have a property that the owner wants to sell, or give out on lease.

All you have to do is to go on these three platforms; Facebook, Twitter, and Instagram, and place your ads.

How to make your social media ads meet the right persons you are targeting

Defined the location to only those living in Edo state. I repeat define the visibility of the ads only to the Edo state.

But if you have a big budget for ads you can restrict it to only those living in Nigeria.

The reason is that with that defined location you can place ads as low as N100 to N200 for a day. Yeah N100 a day ad because the location is defined.

The reason many people run away from Social media ads is that they think it is expensive, but it is not expensive.

It is just because they didn’t limit their advert to a particular region. So the social media platform(eg Facebook) calculated the cost based on the world’s geographical region.

And another thing to define is the age group; make sure it is set from above 25years and they must be within the working class not students

For more on how to place ads, you can always ask me in the comment section.

So with these, you are good to go.

And you can also buy a house based on a mortgage loan; where a financial institution like a bank assists you with a mortgage loan to purchase the house.

Then you resell the house and get your profit from it after giving back to the bank their money and interest.

Robert Kiyosaki’s used the same strategy in entering into the real estate business and today he is a multi-millionaire in the USA.

All that being said, you can also do your own research before entering this business.

This digital course covers all you need to be a Real Estate expert: The Real Estate Monopoly Marketing

13. Logistics or Courier Service

The Logistics service is one of the fast-growing businesses in Nigeria due to its recent high demand.

The high demand is actually as a result of the high transaction in e-commerce in Nigeria. Not just in Nigeria but all over the world.

If you are in search of a business that won’t cause you more stress in having a good return I advised you to consider starting this business.

And if so you choose to start this business, I advise you to go through my well-written article that has all the knowledge you need to not only start your delivery business but be the best among your competitors.

Logistics business in Nigeria: Cost, Profit and how to be the Best

14. Palm Oil Business

The palm oil business which is also known as the red oil business is one business every new graduate or out-of-job person should consider looking into.

This business has the potential of turning you into a millionaire in less than a year, even if your marketing skill is bad.

There are three classes in this business; “extractor, manufacturer, and supplier.

Any of the classes you choose to focus on has the potential of turning you into a millionaire.

But as a Supplier in this business, I have written a good article that will put you ahead of others, so do well to click on the link to know more. Palm oil business in Nigeria as a supplier

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Conclusion

So there you have it; “13 most Lucrative Businesses to Start with 500k or at most a Million Naira in Nigeria.”

No more excuses, take a pick from the list above and go for it.

If you have any questions or contributions drop them in the comment section

Be a Lifter via the share buttons to others who could be in need of such knowledge, as it is more blessed to give than to receive.

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Last modified: January 17, 2023

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