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Top 20 Profitable Business to Start with 500k in Nigeria In 2024

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Top 20 Profitable Business to Start with 500k in Nigeria In 2024

Nigeria, often referred to as the “Giant of Africa,” is a country teeming with business opportunities. 

With a population of over 200 million people and a growing middle class, Nigeria offers a fertile ground for aspiring entrepreneurs. 

If you have a capital of 500,000 Naira and are looking to start a business in Nigeria, this article will guide you through the top 20 profitable business in Nigeria in 2024, business ideas that can help you maximize your investment and achieve financial success.

Let’s delve in right away.

Top 20 Profitable Business In Nigeria In 2024

Top 20 Profitable Business to Start with 500k in Nigeria In 2024
Top 20 Profitable Business to Start with 500k in Nigeria In 2024

Restaurant or Food Stall

The food industry is a perennially profitable sector. 

Setting up a small restaurant or food stall can be a lucrative venture. Nigerian cuisine, with its mouth watering dishes like jollof rice, suya, and pounded yam, is beloved by both locals and tourists. 

By offering delicious meals and excellent customer service, you can attract a steady stream of patrons and establish a loyal customer base.

The cost of starting this business usually ranges from 100k, 500k or more.

Fashion Boutique

One of the most profitable business to start with 500k in Nigeria today is a fashion boutique.

When it comes to fashion, Nigerians have a keen sense of style and are willing to invest heavily in fashionable clothing.

Starting a fashion boutique that offers trendy clothes, shoes, and accessories can be a profitable business. 

By curating a collection that appeals to your target market and providing personalized styling advice, you can differentiate your boutique from the competition and attract fashion-conscious customers.

Event Planning

Events planning is also not excluded from the list of profitable business to start with 500k in Nigeria.

Nigeria is a country that loves to celebrate, making event planning a thriving industry.

With good organizational skills and a creative flair, you can start an event planning business and assist individuals and organizations in organizing memorable weddings, birthdays, and corporate events. 

By paying attention to detail and delivering exceptional experiences, you can build a strong reputation and secure repeat clients.

Cyber Café

Despite the growing ubiquity of smartphones, cyber cafes are still in demand, particularly in areas with limited internet access. 

Providing services such as internet browsing, printing, and document scanning can attract a diverse clientele, including students, job seekers, and individuals without personal computers. 

Creating a cozy and welcoming atmosphere can encourage customers to spend more time and increase your revenue.

Beauty Salon

Nigerians place great importance on personal grooming, making a beauty salon a promising business venture. 

Offering services like hair styling, manicures, pedicures, and skincare treatments can attract a steady flow of customers. 

To stand out in this competitive industry, focus on providing excellent customer service, using high-quality products, and staying updated with the latest beauty trends.

Online Retail Store

With the increasing penetration of the internet, starting an online retail store similar to jumia can be a profitable business. 

Selling products such as electronics, fashion items, and home decor through an e-commerce platform can help you reach customers nationwide. 

Invest in creating an attractive website, optimizing your online presence through digital marketing, and providing a seamless shopping experience to gain a competitive edge.

Tutoring Services

Education is highly valued in Nigeria especially in the Western part of the country, and parents are often willing to invest heavily in their children’s academic success. 

Read: How To Deactivate, Close Or Delete Your Jaiz Bank Mobile App And Internet Banking Account 

Offering tutoring services in subjects like mathematics, English, and science can be a rewarding venture. 

Additionally, preparing students for standardized exams such as NECO and JAMB can attract a sizable market. Develop a reputation for delivering results, and word-of-mouth referrals will help grow your business.

This business can also be start with 500k or less depending on the location.

Snack Manufacturing

Nigerians have a penchant for delicious snacks.

Producing and selling popular snacks like chin chin, plantain chips, or puff puff can be a profitable business with the right marketing and distribution strategies. 

You can consider packaging your snacks attractively and exploring partnerships with local retailers, supermarkets, or even online marketplaces to expand your reach.

Fitness Center

As health and fitness awareness grows in Nigeria, setting up a fitness center can be a smart investment. 

Offering gym facilities, fitness classes, and personal training sessions can attract health-conscious individuals. 

Differentiate your fitness center by providing specialized programs, such as yoga, dance, or martial arts, to cater to specific interests and attract a diverse clientele.


Nigeria boasts a rich cultural heritage and stunning environment. 

Starting a photography business and capturing special moments at weddings, parties, and events can be a profitable venture. 

Invest in high-quality photography equipment, develop your skills in different photography styles, and build a strong portfolio to showcase your work to potential clients.

Mobile Phone Accessories

Mobile phone accessories shouldn’t be left out of the most profitable business to start with 500k in Nigeria.

With the increasing use of smartphones, selling mobile phone accessories like chargers, cases, and screen protectors can be a profitable business with a relatively low investment. 

Identify popular phone models and stock a wide variety of accessories to cater to different customer preferences. 

Consider partnering with local retailers or setting up an online store to reach a broader customer base.

Bed and Breakfast

If you have spare rooms or a property in a tourist-friendly location, starting a bed and breakfast can be a lucrative business.

Providing comfortable accommodation and personalized service to travelers can generate a steady stream of income.

Invest in creating cozy and well-furnished rooms, offer amenities that cater to your guests’ needs, and leverage online booking platforms to attract visitors.

Laundry and Dry Cleaning

Busy professionals and households often seek convenient laundry and dry cleaning services. Starting a laundry business can be a profitable venture. Offer services like washing, ironing, dry cleaning, and garment repairs. 

Read: What Business Can I Start With 5k In Nigeria In 2024?

Provide pick-up and delivery options to attract a larger customer base and ensure customer satisfaction with prompt and high-quality service.

Organic Farming

The demand for organic produce is on the rise in Nigeria. Starting an organic farm can be a rewarding and environmentally friendly business. 

Cultivate fruits, vegetables, or herbs without the use of synthetic pesticides and fertilizers. 

Market your products to health-conscious individuals, restaurants, and grocery stores that prioritize organic options.

E-commerce Fulfillment Services

With the growth of e-commerce, there is an increasing need for efficient fulfillment services. 

Setting up a fulfillment center and offering warehousing, inventory management, and order fulfillment services to online retailers can be a profitable business. 

Invest in logistics systems, hire a dedicated team, and provide reliable and timely services to attract e-commerce clients.

Real Estate Agency

The real estate industry in Nigeria offers numerous opportunities for entrepreneurs.

Starting a real estate agency can be a lucrative business. 

Help individuals and businesses buy, sell, or rent properties. 

Build a strong network of property owners, investors, and potential buyers to facilitate transactions and earn commissions.

Waste Management

As urban areas expand, waste management becomes a pressing issue.

Establishing a waste management business can contribute to environmental sustainability while generating profits.

Offer waste collection, recycling, and disposal services to households, businesses, and local authorities. 

Explore innovative recycling methods and partnerships with recycling facilities to maximize the value of collected waste.

Solar Energy Solutions

Nigeria’s abundant sunlight makes it an ideal market for solar energy solutions. Starting a solar energy business can help meet the growing demand for renewable energy. 

Offer solar panel installation, maintenance, and consultation services to residential and commercial customers. 

You can educate potential clients about the benefits of solar energy and provide cost-effective and reliable solutions.

Car Wash and Detailing

Car ownership is increasing in Nigeria every blessed day, creating a demand for car wash and detailing services. 

Starting a car wash business can be a profitable venture. 

Provide exterior and interior cleaning, detailing, and polishing services.

Offer additional services like engine cleaning, paint protection, and upholstery cleaning to attract a loyal customer base.

Mobile App Development

Last but not the least on profitable business to start with 500k in Nigeria is mobile app development.

If you have programming skills, starting a mobile app development business can be a lucrative choice. 

Offer customized app development services for businesses, entrepreneurs, or individuals looking to bring their ideas to life. 

Stay updated with the latest mobile technologies and provide easy to use and innovative solutions.

FAQs On Top 20 Profitable Business To Start With 500k In Nigeria In 2024

The following are some helpful frequently asked questions on top 20 Profitable business to start with 500m in Nigeria in 2024 with their respective answers:

What is the most profitable business in Nigeria with 500k?

With 500k in Nigeria, several profitable business options are available. 

Some examples include starting a small restaurant or food stall, opening a fashion boutique, offering event planning services, or setting up a cyber café. 

These businesses have the potential to generate good returns on investment if properly managed and marketed.

What business can I start with 700k in Nigeria?

With 700k in Nigeria, you have more capital to explore a wider range of business opportunities. 

Some options include starting a beauty salon, establishing an online retail store, offering tutoring services, or investing in a small-scale manufacturing business, such as snack production. 

Conduct market research to identify the most viable option based on your skills, interests, and the local market demand.

What type of business can I start with 400k in Nigeria?

While 400k may be a relatively modest capital, there are still several business ideas that can be pursued. 

Consider starting a small-scale business such as a mobile phone accessories store, a laundry and dry cleaning service, a small-scale organic farming venture, or an e-commerce fulfillment service. 

These businesses can be started with relatively low overhead costs and have the potential for growth.

Which business is the most profitable in Nigeria?

Determining the most profitable business in Nigeria depends on various factors such as market demand, competition, location, and individual skills. 

However, some sectors that have shown consistent profitability in Nigeria include real estate, agriculture, food processing, technology, and renewable energy. 

It’s crucial for you to thoroughly research the market, identify gaps or underserved areas, and develop a strong business plan to increase the chances of profitability.

Which business makes money faster?

The speed at which a business can generate profits depends on several factors, including the business model, market demand, marketing strategies, and operational efficiency. 

Businesses that tend to generate revenue relatively quickly include retail businesses with high turnover, such as fashion boutiques or fast-moving consumer goods (FMCG) stores. 

Service-based businesses like event planning and tutoring services can also generate income quickly if there is a steady demand and effective marketing.

What is the cheapest business to start in Nigeria?

The cost of starting a business usually depends significantly on the industry, scale, and location. 

However, some low-cost business ideas in Nigeria include freelance services such as writing, graphic design, or social media management. 

Other options include starting a small-scale food business like selling snacks or beverages, operating a mobile phone repair service, or offering home cleaning services. 

These businesses require relatively low initial investment and can be operated from home or with minimal infrastructure.

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