17 Cheapest Business to Start in Nigeria (Most Profitable)

Are looking for the Cheapest Business to Start in Nigeria? Starting a business in Nigeria doesn’t have to break the bank.

Having spent most of my life in vibrant Nigeria, I’ve seen how many businesses nowadays appear to require a substantial amount of money upfront.

You know, with the costs of things on the rise and all, it can genuinely disrupt your plans and budgets.

However, with a little creativity, determination, and meticulous planning, you can embark on a cost-effective entrepreneurial journey that holds the potential to yield substantial profits.

In this article, we’ll be delving into 17 of the least expensive and most promising business ideas to launch in Nigeria.

17 Cheapest Business to Start in Nigeria Right Now

1. Akara and Akamu

Are you considering starting a new and exciting business in Nigeria? Well, guess what? I have a delicious idea to share with you.

Now, here’s the exciting part: not everyone can spare the time to prepare these delightful treats at home.

That’s where your small business comes into play! You can create and sell fresh Akara and Akamu to individuals who are too busy or simply wish to relish these treats without the hassle of cooking.

All you require are some basic ingredients – such as beans for Akara and grains for Akamu – and fundamental cooking skills.

You could begin on a small scale, perhaps right from your own kitchen! As word spreads about your delectable snacks, you might even expand to the point of having a little shop.

2. Content Creation

Begin a blog, YouTube channel, or podcast about something you enjoy.

As you continue creating and sharing your videos or posts, an increasing number of people will become interested in watching or reading your content. This could lead to earning money from it.

You’re familiar with those brief ads that occasionally appear when you watch videos? You can include those in your videos as well, and when viewers watch them, you earn some money.

Also, if companies appreciate your work, they will offer payment for discussing their products. This is known as sponsorships!

3. Mobile Phone Repairs & Parts Sales Business

Starting a mobile phone repair business is a good idea. You don’t require a lot of money to begin – just a small amount. To start, you’ll need basic tools for phone repairs, such as tiny screwdrivers and special gadgets.

Consider these tools like the ones you use for fixing things at home.

You’ll also need a laptop, something that can assist you in finding solutions online.

Now, where can you perform these repairs? Well, you’ll need a comfortable spot. Imagine having a cozy table and chair in a quiet location. This could be in your house or even a small corner in your neighborhood.

As long as you have a bit of space to work and think.

Once you’ve gathered your tools, laptop, and workspace, you’re all set to begin.

4. Tutoring/Coaching

Some people desire a bit of extra assistance to grasp things more effectively. This is where you step in.

As a tutor, you will act as a friendly guide, aiding them in understanding complex concepts. It’s similar to being a teacher but in an enjoyable and laid-back manner.

Initially, you’ll want to discover a comfortable spot for teaching. This could be your living room, a cozy nook, or even online using a computer.

Consider your strong suits. Let’s say you’re good at math. You could help other kids learn math in an engaging manner.

Furthermore, it’s a reasonably priced business, to begin with the appropriate knowledge and skills.

5. Social Media Management

This is also an excellent business idea that you can begin with minimal capital.

In reality, all you require is a laptop. You will perform tasks such as sharing pictures and stories about your client’s products.

Similar to chatting with friends, you will also communicate with customers who leave comments or have inquiries.

You will aid businesses in creating a posting schedule to increase the visibility of their posts to more people.

Now, why is this a great idea for Nigeria?

First, there are numerous businesses in Nigeria, and a significant number of them want to establish a presence on social media. However, they might lack the know-how or time to do so.

6. Mobile Car Wash

Let’s discuss why this is a clever idea. To begin, individuals in Nigeria often lead very busy lives. They hold jobs, have families, and are occupied with various tasks.

Due to their packed schedules, they might lack the time to take their cars to a car wash facility. This is where your business becomes beneficial.

By offering car washing services at their doorstep, you’ll save them time and simplify their lives.

Starting this business doesn’t require a large amount of money. You can keep things uncomplicated and still achieve significant success. Since you won’t need to rent an extravagant building, your expenses can remain low.

You’ll only need some basic equipment such as water, soap, brushes, and cleaning clothes. You can even create an appealing design for your business sign.

7. Graphic Design

Imagine a new restaurant is opening up. They desire a captivating logo that effectively portrays the deliciousness of their food.

You have the opportunity to provide these services to small businesses and new companies.

You can actually initiate a cost-effective and impressive business in Nigeria by focusing solely on this.

They are seeking an appealing logo that effectively conveys the tastiness of their food.

You can craft such logos using your computer. For instance, consider a dance studio that aims to promote its dance classes through attractive flyers. You can also design these attention-grabbing flyers.

The most appealing aspect is that you can begin with just a computer. There’s no need for elaborate gadgets or large machines, only your imaginative mind and computer! You can create designs, and logos, and even assist businesses with their branding.

Branding involves infusing a distinctive personality and style into a business, making it easily recognizable to people.

Sites like Freelancer, iWriter, Fiverr, and Upwork are good places to start.

8. Cool Pure Water

People always need water to drink, right? Well, that’s where this business comes in.

You don’t need a lot of money to start it, which is great. You can actually do many things with a small amount of money in this business.

All you need is a fridge to keep the water cold and a place to give the water to the people who want to buy it.

Many people always want to drink water, especially when it’s hot outside. So, you’ll have customers who will buy your clean water.

You’re helping them stay hydrated and healthy, and at the same time, you’re making some money for yourself.

You can also check out the ultimate guide on Business Ideas in Nigeria

9. Do Photography

Parents take pictures during birthday parties? Imagine you’re the one taking those pictures using a great camera.

Not only that, but you can also capture family photos, like school pictures but even better. People require photos for their websites or books, and you can provide those too.

Nigeria is a large and diverse country with many people and various events happening frequently. However, not everyone can afford highly expensive photography services. This is where you come in!

You don’t need to rent an elaborate studio or purchase costly equipment when you’re just starting out. Get a good camera and learn how to use it effectively.

People will gladly pay you for your skills and camera, even if your prices aren’t as high as those of big photography companies.

Also Read: 17 Tips on How to Make Money as a Teenager in Nigeria

10. House Agents Business

Becoming a real estate agent could be a great idea. The best thing about this business is that you don’t need much money to start.

You basically need three things: an office (which can be a small room), a chair and a table (to make your office look professional), and a phone number so people will call you when they need help finding a place to live.

Imagine someone moving to a new city or town. They will not know where to find a good house or apartment to live in. That’s where you come in.

You’ll be like a friendly guide, showing them different options for places to stay. You can tell them about the cool features of each place, like how close they are to schools, parks, and markets.

When someone likes a place and wants to rent it, you can help them with the paperwork and make sure everything goes smoothly. When the deal is done, you’ll earn some money.

11. Handmade Crafts

Imagine being really skilled at creating wonderful things using your hands, such as jewelry, clothes, or decorations for your home.

You can actually transform this skill into a business and earn money from it. Let me explain why this is a clever idea, particularly in Nigeria.

Nigeria is a large and diverse country with numerous people. People enjoy having unique items that are exclusive. This is where your handmade creations come into play.

When you craft jewelry, clothes, or decorations by hand, they become special and distinct from the items found in regular stores.

Now, why is this a good and affordable business to initiate?

To start, you don’t need an elaborate store. You can begin on a small scale, perhaps even from your own home. Basic materials like beads for jewelry, fabric for clothes, or crafting supplies for decorations are all you need. These items are not expensive, so you won’t need to invest a lot of money upfront.

Check Out: 20 Business Ideas for Ladies in Nigeria

12. Tour Guide Services

Imagine proudly displaying the wonderful sights of Nigeria to tourists as a local tour guide. You act as a friendly expert, guiding them around and sharing interesting stories about your city or region.

Now, why is this a fantastic and cost-effective business to start in Nigeria? Firstly, you don’t require a lot of fancy equipment to begin. Just your knowledge and enthusiasm are enough. There’s no need for a large shop or expensive gear.

Furthermore, you’re already the local expert. You know all the incredible places to visit, so there’s no need for extensive studying. You have the flexibility to choose when to offer tours, fitting them around your schedule.

People enjoy hearing about a place from a resident. Hence, tourists will truly relish your tours and spread the word. This means you’ll spend less on advertising and more on enjoying yourself.

Additionally, you’ll have the opportunity to meet individuals from around the world, forge new friendships, and gain insights into diverse cultures.

13. Language Translation

Imagine you’re skilled at speaking two languages, such as English, and another language like Yoruba or Hausa in Nigeria.

Certain companies wish to communicate with individuals who speak different languages, right? They will want to offer their interesting products to individuals who speak Yoruba or Hausa instead of just English.

However, not everyone in the company might know those languages. This is where you can play a role.

Now, why is this a beneficial idea in Nigeria? Well, Nigeria is a remarkably diverse place with numerous languages. People speak English, but they also speak Hausa, Yoruba, Igbo, and many more languages.

Hence, companies here are eager to communicate with everyone in a language they can understand. They aim to connect with as many individuals as possible, and this is where your translation skills become invaluable.

Setting up this type of business in Nigeria can be cost-effective as you don’t require an elaborate office or large machines. You only need your excellent language abilities, a computer, and internet access.

Furthermore, you’ll have the opportunity to meet people from around the world, make new friends, and gain insights into various cultures.

14. Pet Care Services

Many people in Nigeria have pets, and they genuinely care for them.

You don’t require a large store or a fancy office to start. You can begin on a small scale, perhaps by allowing pets to stay in your yard or by visiting people’s homes to walk or groom their pets.

This approach means you don’t need a substantial amount of money upfront for renting a large space. You can even start by asking your neighbors or friends if they require your services – this is an affordable way to start.

Because you’re providing services directly to pet owners, you won’t have to worry about maintaining a large inventory like some other businesses. You’re not selling products that need to be purchased and stored; instead, you’re offering your time and care.

Nigerians love their pets, so when they discover someone dependable and caring to look after their furry companions, they’ll be willing to compensate you for your services. This allows you to earn money while engaging in something you enjoy.

15. Virtual Assistant

Imagine you’re really skilled at organizing things and assisting with tasks.

You can certainly begin a business in Nigeria where you aid busy adults with their work, all from the comfort of your own home.

Here’s the plan: many busy professionals have a load of tasks to complete. They have a heap of emails waiting, appointments to arrange, and calculations to handle.

At times, they simply require someone adept at managing these tasks. And that’s where you step in!

You’ll act as their super-helper. You’ll oversee their emails, which involves sorting them, responding to the important ones, and maintaining order. You’ll also support them in arranging meetings and appointments to prevent any double bookings.

16. Interior Decorating Consultation

Imagine that you’re exceptionally skilled at making rooms appear incredibly cool and inviting.

Well, that’s precisely what interior decorating involves! It’s akin to providing rooms with a transformation to make them appear stunning and create a comfortable atmosphere.

Now, let’s discuss why initiating an interior decorating business might be an economical and fantastic concept in Nigeria.

Firstly, individuals in Nigeria share the same enthusiasm for enhancing the appearance of their homes, much like people everywhere else.

17. E-Book Publishing

Picture yourself having a good deal of knowledge about something fascinating, such as space or animals.

You have the ability to put all of that information into a unique electronic book that individuals can access on their devices. You can offer your electronic book for sale on Amazon Kindle, an internet shop.

This is an affordable business concept for Nigeria because you won’t require a physical store or the printing of actual books.

All you need is a computer and your innovative ideas! This is an excellent method to distribute your knowledge and also earn some money.

Conclusion:

Beginning a business doesn’t always need a lot of money. By using these 17 affordable business ideas, you can use your skills and what you like, along with local demand, to make a successful business in Nigeria.

Although these ideas don’t cost much to start, it’s important to work hard and stay dedicated to giving value. This will help your business succeed in the long run.

Now, you can go ahead and take the first step to becoming an entrepreneur in Nigeria!

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