Profitable Cheapest Businesses To Start In Nigeria In 2023

Profitable Cheapest Businesses To Start In Nigeria In 2023

Starting a business in Nigeria can be an exciting and rewarding venture. With a growing economy and a population of over 200 million people, there are numerous opportunities for entrepreneurs to tap into. In this article, we will explore the list of top 50 profitable cheapest businesses to start in Nigeria in 2023. 

Whether you are an aspiring entrepreneur or an experienced business owner looking to expand your portfolio, this comprehensive guide will provide you with valuable insights and ideas you need.

Before we delve into the list of top 50 profitable cheapest businesses to start in Nigeria today, let’s take a look at some statistics that highlight the potential of the Nigerian market. 

According to recent reports, Nigeria has experienced steady economic growth over the years, with a GDP growth rate of 2.27% in 2022. 

This indicates a favorable business environment and a promising market for new ventures.

Profitable Cheapest Businesses To Start In Nigeria In 2023

Now, let’s jump into the list of top 50 profitable cheapest businesses to start in Nigeria in 2023:

1. Cleaning services

Cleaning service is an overlooked business idea even by more than average Nigerians yet, the demand is high.

However, with the increasing demand for cleanliness and hygiene, starting a cleaning service can be a lucrative business opportunity. 

It’s a business venture that requires no certificate. 

The most important strategy to implement in this business is having good customer service. 

This will keep them coming to patronize you always.

You can offer services such as residential cleaning, office cleaning, and specialized cleaning for industries like healthcare and hospitality.

2. Catering services

We Nigerians love good food, and catering services are always in high demand especially in the western part of Nigeria.

Whether it’s for weddings, parties, or corporate events, providing delicious meals and excellent service can help you build a successful catering business.

3. Zobo business

Rarely could you see people venturing into this profitable, lucrative hidden business opportunity in Nigeria.

But we must never forget Zobo is a popular Nigerian drink made from hibiscus leaves, it presents a great business opportunity for unemployed individuals in Nigeria. 

You can produce and sell zobo in various flavors, targeting both local consumers and the export market.

Also, starting this business doesn’t require huge capital, with as low as N30,000, you can venture into this business opportunity.

4. Affiliate marketing

Profitable cheapest businesses to start in Nigeria goes beyond mentioning offline businesses!

With the rise of e-commerce, affiliate marketing has become a profitable business model. 

By promoting products or services of other companies and earning a commission for each sale, you can generate passive income a salary earner cannot earn within six months in just 2 months or less.

You can join any profitable affiliate program such as the Amazon affiliate program, ShareAsale, Jumia or any other profitable affiliate program.

5. Blogging

Similarly to affiliate marketing, blogging is one of the online businesses that pays more, even 10x more than what salary earners earn monthly.

This business idea is lucrative enough to turn you into a millionaire within a few years. However, one thing you must never lack is consistency. 

In blogging, consistent content publication matters as well as monitoring it.

When it comes to making money, there are actually several available ways to make money as a blogger, some of them are through display ads, sponsored posts, selling space on your site, promoting products for others etc.

6. Event planning

Nigerians love to celebrate, and event planning is a thriving industry. 

From weddings to corporate conferences, there is a constant demand for professional event planners who can create memorable experiences.

If you’re good at this, then you are earning passive income.

7. Become a driver

It’s no longer news that drivers earn passively even without having alternative side hustle.

With the growth of ride-hailing services like Uber and Bolt, becoming a driver can be a flexible and profitable business. 

You can either use your own vehicle or partner with a car rental company to provide transportation services and earn passively.

8. Perfume oil business

The fragrance industry is booming in Nigeria, and starting a perfume oil business can be a low-cost and profitable venture. 

You can source high-quality perfume oils and create your own unique blends to cater to different preferences.

The quality of your performance and different strategies implemented will enable your business to trend fast.

Also, it’s important to set up your perfume oil business in a good location e.g market area. 

With this, your business will certainly gain visibility within a little period of time.

You can also consider online advertisement or word of mouth adverts, all this will enable rapid growth which means more converting leads.

Read Also – Complete List Of Ongoing Nigeria Federal Government FGN And CBN Loans And Grants For 2023

9. Baking

Baking is not excluded from the list of profitable cheapest businesses to start in Nigeria.

Nigerians have a sweet tooth, and starting a baking business can be a great way to tap into this market. 

From cakes and pastries to bread and snacks, there is a wide range of baked goods that you can offer.

Even if you are a student, you stand a chance to earn passively while venturing into baking as a side hustle.

10. Point Of Sales (POS) Business

Starting a business by providing financial services to individuals can make you become financially free. 

Though, these days, there has been a lot of competition, however, with the high demand, you can earn sustainable income daily.

Starting this business often doesn’t require huge capital.

However, you may need to have at least N50-100k capital for transactions.

Get one or two pos probably from two different companies e.g Opay POS and palmpay POS, this will allow a smooth transaction.

Above all, you must be trustworthy. This is important in every business.

Don’t let me get you bored, the following are the remains of the list of top 50 profitable cheapest businesses to start in Nigeria 2023:

11. Graphic design services
12. Photography services
13. Real estate agency
14. Online tutoring
15. Pet care services
16. Social media influencer
17. Handmade crafts and accessories
18. Virtual assistant services
19. Health and wellness coaching
20. Online advertising agency
21. Printing and branding services
22. Tour guide services
23. Freight forwarding
24. Fitness equipment sales
25. Event equipment rental
26. Software development
27. Courier and delivery services
28. Organic skincare and beauty products
29. Mobile phone accessories manufacturing
30. Renewable energy equipment sales and installation
31. Pest control services
32. Event planning and management
33. Car wash services
34. Mobile app development
35. E-commerce store owner
36. Language translation services
37. Home renovation and remodeling services
38. Social media management services
39. Food truck or street food vendor
40. Interior design services
41. Personal fitness trainer
42. Travel agency
43. Bakery
44. Car rental services
45. Online clothing boutique
46. Restaurant or food truck owner
47. Web design and development services
48. Personalized gift shop
49. Hair salon or barbershop
50. Organic farming or agriculture

These are just a few examples of the top 50 profitable and cheapest businesses to start in Nigeria in 2023. 

Each business idea has its own unique advantages and challenges, so it’s important for you to have a better understanding of whichever you will venture into.

FAQs On Profitable Cheapest Businesses To Start In Nigeria In 2023

Here are some frequently asked questions on list of top 50 profitable cheapest businesses to start in Nigeria in 2023 with their respective answers:

What business is most profitable in Nigeria?

The profitability of a business in Nigeria can depend on various factors, but sectors like agriculture, real estate, and technology have shown promise.

What business can I start with 300k in Nigeria in 2023?

With 300k in Nigeria in 2023, you might consider starting a small-scale retail business, such as selling fast-moving consumer goods or launching a small-scale food venture.

What business can 500k start in Nigeria?

With 500k in Nigeria, you could explore opportunities in the service industry, such as starting a small-scale consultancy, catering, or a delivery service.

What business gives daily income in Nigeria

Businesses that offer daily income in Nigeria often include food vending, transportation services, or small-scale retail. 

However, the success of these ventures depends on various factors like location and market demand.

What is the most profitable business to start in Nigeria?

The most profitable business to start in Nigeria can vary depending on various factors such as market demand, location, competition, and personal skills. 

However, some sectors that have shown consistent profitability in Nigeria include:

Agriculture: Nigeria has vast agricultural potential. Businesses related to crop farming, livestock farming, fishery, and agro-processing have proven to be profitable.

Real estate: The demand for housing and commercial properties continues to rise in Nigeria, making real estate a potentially lucrative business venture.

Information technology: The IT sector is rapidly growing in Nigeria, presenting opportunities in software development, web design, mobile app development, and IT consulting services.

Renewable energy: With the increasing need for clean and sustainable energy solutions, businesses related to solar power, biomass energy, and energy-efficient products have great potential.

E-commerce: The rise of online shopping in Nigeria has created opportunities for e-commerce businesses, including online retail, dropshipping, and digital services.

What business can I start with 50 thousand naira?

Starting a business with 50 thousand naira is indeed possible, although the scale and profitability will depend. However, here are a few ideas:

Small-scale retail: You can start a small retail business by selling products such as groceries, snacks, household items, or mobile phone accessories.

Freelance services: If you have skills in writing, graphic design, social media management, or web development, you can offer freelance services to clients and start your own service-based business.

Mini importation: With 50 thousand naira, you can import and sell small items with high demand, such as fashion accessories, phone accessories, or beauty products.

Food business: You can start a small food business, offering snacks, baked goods, or even homemade meals to customers in your local area.

Event planning: If you have organizational skills, you can start an event planning business on a small scale. This may include organizing small parties or assisting with event coordination.

What businesses are currently in high demand in Nigeria today?

Some businesses that are currently in high demand in Nigeria include:

Health and wellness: Businesses related to fitness centers, organic food stores, wellness coaching, and healthy lifestyle products are in high demand.

Education and e-learning: With the increasing need for quality education, businesses offering online tutoring, educational apps, virtual learning platforms, and skill development programs are thriving.

Renewable energy solutions: As Nigeria seeks to diversify its energy sources, businesses focused on solar power installation, energy-efficient products, and waste management solutions are in high demand.

E-commerce and logistics: The growth of online shopping has increased the demand for courier services, last-mile delivery, warehousing, and e-commerce support services.

Financial technology (Fintech): Fintech businesses such as online payment platforms, mobile banking solutions, digital lending platforms, and investment apps are experiencing significant growth in Nigeria.

What is the cheapest and most successful business to start?

Identifying the cheapest and most successful business to start can be subjective as success depends on several factors. 

However, here are a few low-cost business ideas that have the potential for success:

Freelance services: Starting a freelance business in your area of expertise, such as writing, graphic design, or web development, requires minimal investment while offering flexible earning opportunities.

Dropshipping: With dropshipping, you can sell products without the need to hold inventory. 

This eliminates the costs associated with traditional retail, making it a low-cost business option.

Home-based services: Offering services like home cleaning, pet grooming, gardening, or tutoring can be started with minimal investment and can be highly successful based on customer demand.

Digital products: Creating and selling digital products such as ebooks, online courses, stock photos, or templates can be a low-cost business with high-profit potential.

Social media management: If you have social media skills, you can start a social media management business, helping businesses and individuals grow their online presence. This can be started with minimal investment in tools and marketing.