If 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
There 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
This 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
This 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
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
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
Currently, 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
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
There 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
The 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 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
With 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
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
Recommend Articles
- 15 Lucrative Business Ideas in Nigeria you must not be Ignorance of
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- 6 Business Growth and Development Strategies that work Today.
- 9 Juicy ways on how to make money online in Nigeria for free
- Best Business Startup Tips for everyone that wants to Succeed In Business
- How to pay off Debt Fast
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.
Remember to subscribe (email, bell-shaped) as more updates drop every week.
Last modified: January 17, 2023
I have rad a few excellent stuff here. Certainly price bookmarking
ffor revisiting. I surprise how much attempt you set to make the sort of fantastic informarive site.
This blog was… how do you say it? Relevant!! Finally I’ve flund something
that helped me. Thanks!
you are welcome
Good morning , I am very happy to read this article, I am living in Netherlands Europe here, I have been living in Italy for four years and some months before I came here last three months ago, please I want to return home finally and settle down am tired of the frustration here , please I want to know more about this lucrative business you just listed now to do and make money, If I have one million now please I need your advice which of them do you think will be more lucrative to start because am returning home this December finally by his grace please I need your advice and counseling
For me, farming is currently the most lucrative business right now. I mean LArge (industrial) farming.
But I must first ask which business do you have knowledge…List all the business you have knowledge on or you are interested in ?
This piece of writing presents clear idea for the new people of blogging, that really how to
do blogging and site-building.
thanks
Thanks for impacting this beautiful knowledge to me in particular. I’ve learnt a lot here and I really appreciate. Please how do I get in touch with you?
you can follow me on Instagram or any of my social media platform indicated are the right bar. message me and i will reply.
Sorry for the late response, the spam comment i get daily are too much so i need delete them.
Honestly am interested in farming and grocery
that’s a nice choice. I published some new articles in husbandry business, check them out. and also remember to subscribe as more articles will always be dropping.
Hi..thanks for the insight..pls can I get ur instagram handle so dat I can give u a dm..
kester_igbins
Wonderful and insightful article, thanks. However, what happens to people who want to do this but don’t have the financial means? I wish there could be another forum where people with genuine dreams will meet genuine investors.
Good question.
The truth is you can’t start a business without finance but never the less there are businesses that require a large sum of capital and others that require a little amount.
Pick the one that suits your current pocket and as you grow in profit, you can then move to the larger capital business.
wow, i must confess i love this piece of article it has really given me an insight on what to follow. i’m in cameroon and a student, was thinking of entering the importation business but now the issue is the market reason been that i’m not much of a social media person
You can engaged in other business,if you notice an issue already in this business
Honestly I’m interested in taxi business
Nice Choice.. one of the most stressless business to do.
Thanks for the good write up though I’m in Lagos I love the taxi business but I don’t know how to drive and moreover I wanted to buy a bus but drivers are not meant to be trusted
go learn !
Good morning sir,l think l like the Gas and Egg marketing business.l am currently working on how to get a good location for this service .please also guild me on how l can get a loan in other to start this business fully .Best Regards.
Am yet to conclude on my research on where to get the best loans in nigeria. but you can start by looking for someone in ur family or friends that can assist financially
I love d sport betting stuff so i want to know ur take on it if u can help me to know more about it i will really appreciate
Am yet to write anything on it.
but subscribe so when i do you can get notified
Please I need ur email address thanks
Just send me a mail tru the contact page : https://richnuggets.com/contact/
Nice one Bro, need to reach you possibly via WhatsApp or FB.
Big hug
thanks
I have been searching for business I can start with such amount now I have found some
Thanks to God
I wish to advertise a dental clinic on Facebook Twitter and Instagram, how do I go about it
Use Facebook, Twitter, and Instagram ads…. use the link below to read my article below as it will help you.
How to Get 100% Free Massive Website Traffic from Facebook Without Money
https://richnuggets.com/free-website-traffic/
Wow, these articles are awesome
I rilly want to start this sport betting
But know how to go about it.
Pls need he help
I am yet to write an article on it, but when I do, you will get a notification if you are a subscribed member. subscription is free
You said with 1million or less one can get a car and use as taxify or bolt, plz where can i get a good direct tokunbo car for 1 million.
You can get a good Toyota matrix or Yaris for even 800,000 naira.
there are also other good products like Honda civic, Honda City etc you can get below 1million if you know how to bargain.
In summary, it lies in your bargaining power from either the car dealers or someone who wants to sell his or her vehicle.
You can also get other good cars from Jiji Nigeria
Nice one. Pls I need more insight on how to start food processing (tomatoes paste). The feasibility study pls Sir. God bless
I am yet to research into that particular business, when I do, I will write on it. make sure you subscribe
I like your write up and interesting in uber driving with my Toyota Corolla 2009 model. My problems is that I don’t really know lagos road.
Google map is there to guide you.. But stay glued as my next article is cab business.
I’m a female of 25 years old, I have kin interest in Uber, is it okay for me? Also I don’t know Lagos road…….. thanks for your life saver article
That is a nice business interest. And Besides am currently on a series of how you can make it from uber and bolt. So make sure you subscribe not to miss any episodes.
Mehn! I am overwhelmed with the pools of ideas received today. God bless you. I actually have what it takes to venture into any of these businesses, just don’t know which one to embark on.
Embark on the one you know can bring out your strength, not weakness
Which car can I get with 600k
I will be writing a list of cars you can get for that amount. soon make sure you subscribe so you will get a notification when it is published.
Am Harrison by name please which can of business can half a million open for me
Read the article carefully to find out.
I’m currently running uber and bolt in Abuja with my own corolla but for almost a year now. Nothing to show for it. I’m tired and I feel like giving up. Don’t know what else to do.
Have you read my articles on Bolt and Uber drivers and how to make 300k monthly?
If you haven’t read it, please do. there lies your answer.
Thank am so much impressive after reading this and I I’ll still need more of your advice as a student that have one million and want to invest what do you think he or she can do but to me am having a business mind of selling jewelries or frozen food business…To your own advice what do u think about it sir
Those two ideas are wonderful ideas. And at the same time, if you are determined to start and on a small scale, you must be prepared to go through the line of patience.
It is through the journey of patience along the line of these businesses that you will discover the hidden gold mine.
I am impressed honestly, and I thank you for this articles. alright I have a business idea although I never you see your article talks about it but I am sure you a pretty knowledge about it. that is “palm oil business, I am from imo state Nigeria. so please how do you see the business? can someone start the business with more or less of 200k. I need your intake on this …..thank you sir.
I must be truthful to you, i really don’t know.
But since you have brought it to my notice, I will research it and write on it.
You made a good content bro. Twale!
Of a truth, virtually, if not all these listed business ideas requires you being knowledgeable about them before fully going into them.
You needed to learn them for at least 3-6 months to know the basic rudiments.
You can’t start important or exportation without someone putting you on the know about the basis of the business. Same goes to about businesses.
For someone who has a business but needed to switch to something bigfet or different, you needed some time to be skilful in the new idea before investing on it.
Most times, it will cost you some money to get these skills, you should know that. Again, it will cost you you time.
Find a way to multitask yourself so you don’t totally abandon your current business to get the new skills.
Thanks for the Contribution.
I want to go into resturant business but I’m not a good chef. Infact, I don’t like cooking. Is it advisable to get a good cook or get a wife and turn her chef?
What if she doesn’t like cooking too?
Help me analysis be suggest please.
lol… Go in search of what you were born to do, when you find it, then you can know what next to do.
Am interested in the exportation business
Good, go get the knowledge.
I live in the North, and I would love to supply palm oil since we hardly extract it here but my problem is the transportation of the oil since it will be like a 100 gallons or so, because I want to make it a living business of mine not only seasonal. Thanks
Transportation is an essential cost. You must consider it.
In fact this is fantastic fabulous. I love ur article keep it up dear.
It’s soooo educative.
In fact this is fantastic, I love ur article keep it up dear.
It’s so educative.
Thanks
Hello pls I need business that I can start with 500k am into provision business before but the theft broke my shop last year November pack all my good of 1.2m but I want to change business now I need ur help how can I go about it. Thanks
Have you gone through the list above?
Thank for information so educative .
Wow!!
Am impressed with this article
But I will like to go into the eatery busines
But location is the problem everywhere is occupy with eatery here in Ilorin
If your food and services are extremely good, people will patronize you even in the outskirts of Ilorin
How do i make money in youtube and the internet
I have done an article on that already https://richnuggets.com/businesses-you-can-start-with-no-money/
Wow this is awesome. Please how do i place ads on social media platforms. Please urgent response
There are diverse social media platforms. you can youtube or google the platform you desire to guide you on that
Bro I really appreciate all the idea
All thanks to God for the knowledge
Like the printing business how possible is 500k going to start such business when only the machine cost close to 4m
when I wrote this article 2years ago, it was possible to get if not new, at least second-hand (belgium use) for that price