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

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 24 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 it is a calculated risk.

"The higher the risk, the higher the rewards"

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 24 lucrative business ideas you can start in Nigeria with 500k or less than 1 million Naira.

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

Below are the most lucrative business you can start with 500k or a Million Naira in Nigeria:

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.

What you basically need to start this business are;

• Office space
• Large Printing Machine
• Printing Materials
• Computer
• Generator

With those items ready, you are ready to exploit this industry.

Due to the fall of Naira against the dollar getting a new large printing machine might be costly now, but you can get a good second-hand large printing machine for a good price.

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

READ MORE: How to Start a Printing and Publishing Business in Nigeria

2. The Concrete Building Block Business

This is another industry to invest in with a million naira or 500k in Nigeria you are ready to become the owner of the newest block factory business owner in your locality.

With so many construction sites around and a lot of money in the housing and real estate industry, the concrete block business becomes one of the best investments that guarantees quick returns.

All you need in this lucrative business are;

• Land,
• Molding Machines
• Laborers
• Consistent Water Supply

You can rent land if you feel it will become a major expense in starting this business. Preferably rent or purchase the land in a location with high construction sites ongoing.

The molding machines are very easy and cheap to access, and easy to operate.

If you feel that the demand in your present location has dropped due to it being fully residential, you can move all your equipment to another location where there is much construction work going on. -That is what makes this business mobile.

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 the interlocking tiles too which is quite profitable with a very similar method of running the block molding.

Read Also: Concrete Block Factory Business In Nigeria

3. Renting Service for Building Materials

This is another way to gain from the construction industry.

In most construction sites the building contractor (Architect) rents equipment needed to assist the building process. 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, rent them out, and ripe the financial benefits.

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.

READ MORE:

• How To Start Building Materials Business In Nigeria
• Start a Cement Business in Nigeria as a Retailer

4. Computer Service Center (Cyber Café)

With 100k the cyber cafe business idea can become 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.

Back then the Cyber Cafe business was one of the best if not the best small-scale 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 most lucrative businesses in Nigeria if it is situated 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, computer accessories, and much more.

Things to look out for if you want to pick the best location for the cyber cafe business are;

1. A high number of Offices
2. Schools
3. Government office buildings (eg Secretariat, Local Govt, Police Stations, and Tax offices)

Those are the areas you should target.

READ MORE: How to Start a Cyber Cafe Business in Nigeria (The 9 Steps)

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

• Snail Farming Business
• Poultry farming business
• Goat farming business
• Pig farming business
• How to Start a Farming Business in Nigeria

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.

Read More:

• How to Start Food Processing Business
• Rice Business in Nigeria Made Easy
• How much does it cost to start a Rice Business in Nigeria?

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.

READ MORE:

• How to Start a Sports Betting Company in Nigeria: The Success Roadmap
• How to Become a Betking Agent and Shop Owner: Your Complete Guide
• How to Become a Bet9ja Agent and Shop Owner Without Stress

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. That is why the cost of Nigerian food outside Africa mostly in the USA and Europe 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 start this profitable business.

READ MORE: How to Start Exportation Business in Nigeria: 

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, etc.

I know of a lot of people who are involved 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 start this business, since it involves used items which you can’t access? You can!

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

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, or in the market to link you up with their sellers

Immediately the imported secondhand goods arrive, make sure you are among the first people to be there.

When you get there, you must be smart and be ready to go for the best items that can easily be sellable, especially clothes. If you slack and other buyers get there before you they will select the best for themselves, and leave you with the “not that bad” items.

I happened to be where a container load was opened, and one word that was frequently used was; “don’t bring that one down it has been bought”. Trust me, they are always the best items among the goods.

This business is all about you buying cheap and selling 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.

READ MORE:

• How to Start Okrika Business
• How to Start a Thrift Business in Nigeria (The Complete Guide)
• How to Start a Mini Importation Business in Nigeria

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.

READ MORE:

• How to Start a Food Business in Nigeria (9 Easy Steps)
• How to start Home Delivery Food Business
• How to start a Profitable Food Delivery Business
• How to start a Restaurant Business in Nigeria

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; “how you can start a Cab Taxi Business in Nigeria and Make 300k+“

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 a. ride-hailing services like; Uber, Bolt(ie Taxify), Ocar, etc. The reason is; they help connect drivers with riders.

Obviously, you can’t get a standard car for this business for 1 million, but you can get a car on a hire purchase with a first installment of 1 million Naira.

And there are cheap cars that you can go for in the taxi business.

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 a real estate 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. 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 open their eyes to give anyone their business, especially real estate, to a total stranger who 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.

But before you can ripe part of the high volume of cash that flows in the real estate industry, you must have a good understanding of how to play the game.

How to promote 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 targeting only those leaving in Nigeria, or within the city where the property is located.

READ MORE:

• How to Start Real Estate Business in Nigeria
• Real Estate Investment in Nigeria (Become a Pro)
• How to Become a Successful Realtor

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 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 advise you to consider starting a logistics business.

READ MORE:

• How to Start a Dispatch Rider Business (The Complete 8 Steps)
• How to Start Logistics Business in Nigeria

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, in this Palm oil business in Nigeria

• How to Start Palm Oil Business in Nigeria 

15. POS Business

The POS industry in Nigeria has gained significant popularity, making it an ideal business opportunity in the country. Whether you already own a shop or not, you can venture into this business.

The inconvenience of visiting banks and ATMs has opened up avenues for individuals to become POS agents and offer financial services within their local communities.

Embarking on a POS agent business in Nigeria doesn’t demand a large capital investment or extensive technical expertise.

Starting with just 500k, the POS business ranks among the easiest enterprises to initiate in Nigeria. Below are the prerequisites for commencing this business:

1. Securing a well-located shop.
2. Registering with a mobile money agent company.
3. Obtaining a POS device.
4. Maintaining a cash reserve to facilitate customer withdrawals.

In Nigeria, several reputable POS agent businesses stand out, such as; Moniepoint POS, Opay POS, Baxi POS, Kudi POS, and Palmpay POS.

16. Salon Business

For the Salon Business, you can decide to focus on the women (beauty salon business) or the men (hair Salon business). Either of the two is a very profitable business to venture into in Nigeria.

But let me give you some insight into both businesses, so you get an idea of how you can start the salon business.

For the women, also known as the beauty salon business;

Starting a beauty salon business in Nigeria with a capital of 500k is a highly lucrative opportunity, particularly for aspiring female entrepreneurs.

The Nigerian beauty market has witnessed remarkable growth, estimated at $34.5 billion in 2021. Women in the country allocate significant funds towards enhancing their appearance, be it through hairstyling, nail services, or professional makeup.

Thus, venturing into a beauty salon business has immense profit potential in Nigeria with an initial investment of 500k.

To succeed in this venture, you will need a few essentials: a strategically advantageous location, exceptional beautician skills (either possessed by yourself or through skilled staff), and a commitment to providing excellent customer service.

By effectively utilizing your 500k capital, your beauty salon business has the potential to generate substantial revenues in the millions.

For the men (hair Barbing Salon Business)

Just like the beauty salon business, the barbing salon industry caters primarily to men, although it’s worth noting that women are increasingly entering this field.

Starting a barbing salon with 500k in Nigeria is considered a wise investment due to the consistent demand for haircuts and grooming services.

However, it’s crucial to possess excellent hair-cutting skills in order to generate profits from this business. If you lack expertise, you have the option to hire a skilled barber.

In addition to skill, the location of your barbing salon plays a vital role. Creating a comfortable and inviting space for your customers is essential for success in this industry.

Embarking on a barbing salon business with an initial capital of 500k presents a promising opportunity in Nigeria, given the daily need for haircuts and grooming services.

With the right skills, an appealing location, and a customer-centric approach, your barbing salon can thrive in the market.

17. Car Wash Business

Despite the economic downturn, the consistent increase in car purchases in Nigeria presents a promising opportunity for establishing a new car wash business, especially in densely populated areas.

With busy schedules, individuals often lack the time to thoroughly clean their cars, creating a demand for convenient car wash services.

By providing a solution to this problem, a car wash business can attract a steady stream of income.

To commence this venture, you will need a suitable space, access to a nearby water source, and the necessary equipment for efficient car cleaning.

Once these essentials are in place, you can kick-start your business and begin generating daily income.

In Nigeria, the demand for car wash services remains high, despite economic challenges. By seizing this opportunity and offering convenient and quality car cleaning solutions, your car wash business has the potential to thrive and prosper.

18. Football Viewing Center and Game Center

Both establishments can be situated in the same location, offering customers a diverse range of entertainment options.

A football viewing center requires ample space and an adequate number of chairs.

Additionally, a subscription package with DStv and Startimes is necessary, along with a large TV set, preferably 43 inches or larger.

Depending on the size of the viewing center, multiple TV sets might be required, possibly even a 65-inch TV, although this would incur higher costs.

While a budget of 500k may not fully cover these expenses, opting for good used TVs could spare some additional funds for publicity purposes.

On the other hand, a game center requires less space and fewer expenditures.

To set up the game center, four PS4 systems and four small 24-inch TV sets would suffice.

These gaming consoles and televisions would cost around N300,000, allowing for a significant portion of the remaining budget to be allocated toward setting up the shop and creating a signpost for publicity.

By establishing both a football viewing center and a game center within the same location, you can cater to a wider audience, offering them varied entertainment experiences.

Proper allocation of funds and strategic planning will ensure the successful launch and operation of these establishments.

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

Here are lucrative online businesses you can start with 500k or a million Naira in Nigeria:

19. Selling Used Books

As countless books are published daily, there is an equally vast number of people purchasing these books. The quest for information and knowledge drives individuals to seek solace in the pages of books.

Amazon, initially focusing solely on book sales, serves as a testament to the potential growth in this industry.

Books serve as windows into different worlds and represent a business opportunity in Nigeria that can yield significant profits with an initial investment of 500k.

To excel in this venture, conducting thorough research is essential. Understanding the genres of books that sell well in Nigeria, such as romance, self-help, finance, and religious books, can guide your selection and stocking process.

Furthermore, sourcing used books in excellent condition from reliable suppliers is crucial.

Rather than investing in a physical shop, utilizing the capital to establish a robust online presence can prove more advantageous.

Selling books online provides flexibility and wider reach, allowing you to maximize profits while minimizing operational costs.

The book market in Nigeria continues to thrive, driven by a hunger for knowledge.

By conducting market research, sourcing quality books, and establishing a strong online presence, you can capitalize on this business opportunity and unlock the potential for success.

• How to Start Selling Used Books for Money
• How to Start Okrika Business
• How to Start a thrift business in Nigeria
• How to Start a Small Clothing Business from Home in Nigeria

This now brings us to the next business idea.

20. Starting an Online Store

One of the most accessible business ventures to embark on at present is establishing an online store.

With just 500k, you can launch this business in Nigeria without incurring additional costs for an online store platform.

With platforms such as Paystack, Flutterwave, and Bumpa, you can create a free online store in Nigeria. Alternatively, social media platforms such as; Facebook, Instagram, and WhatsApp can be utilized to sell your items.

But if you choose to go for paid platforms that offer better options, you can check with Shopify, Wix, Square, Godaddy, and others.

In your online store, you have the freedom to sell a wide range of products, from new fashion items to used goods, books, or any items in demand by online shoppers.

Additionally, you can register on popular online marketplaces like Jiji, Jumia, and Konga, allowing you to establish your store within these platforms and tap into the existing pool of potential customers who frequent these online marketplaces.

Starting an online store provides a versatile and lucrative business opportunity in Nigeria. By leveraging a free online store platform, a premium online store, or utilizing social media channels, coupled with the option to join established online marketplaces, you can harness the power of e-commerce and capitalize on the growing trend of online shopping.

Read More: How to Start a Ecommerce Business

21. Forex Trading

Foreign exchange trading popularly known as Forex Trade, involves the buying and selling of paired currencies with the aim of profit. It offers an opportunity to capitalize on the fluctuations in currency exchange rates.

With an initial investment of N500,000, you can register on reputable broker platforms like OctaFX, XM, and FX. These platforms are easy to use with the necessary market analyzing tools at your disposal.

However, it’s important to approach forex trading with caution and realistic expectations. While it presents lucrative possibilities, success in forex trading requires knowledge, skill, and a comprehensive understanding of market dynamics.

To increase your chances of success in trading in Forex, consider the following tips:

• Educate yourself
• Practice with demo accounts
• Start small
• Develop a trading plan
• Stay updated
• Manage risk

22. Blogging

Blogging is an online business that involves creating useful content for end users. These contents are shared on a functioning website created by you.

With 500k you can create a standard blogging website like Rich Nuggets and make money through monetization.

In other to maximize the potential of blogging you must consider the following steps;

• Find your niche
• Create valuable content
• Monetize your blog
• Promote your blog
• Analyze and adapt

Remember that blogging is a long-term commitment that requires consistency, dedication, and patience. Success may not come overnight, but with persistence and continuous improvement, you can build a profitable blogging business.

Read More: How to start a blogging business

23. Dropshipping Business

Dropshipping business is a hassle-free business, where you can make money without doing anything other than promoting your dropshipping website for more business leads.

This business is an e-commerce business, but unlike other e-commerce businesses, you don’t hold inventory.

Meaning your job is more like a middleman who bring business leads to an e-commerce store and in return, you get paid a commission that is usually 20% to 30%.

And because of the reputable e-commerce stores like Amazon, Ali Baba, Esty, and others that allow dropshipping on their e-commerce platform, it is easy to convince potential buyers into buying through your website that directly links to their products.

Dropshipping offers a global reach, enabling you to sell products worldwide.

To get started, you’ll need to create an e-commerce website where you can showcase your products and facilitate sales transactions.

While engaging in dropshipping, it’s important to note that the most lucrative sales opportunities often arise from the United States. Therefore, running targeted advertising campaigns to reach potential customers is crucial for success.

Read More: How to Start a Dropshipping Business

24. Create a YouTube Channel

YouTube is like blogging. What differentiates both of them is that the former is strictly on video content, while the latter is mixed with videos and written content.

Opening a YouTube channel doesn’t come with a cost (absolutely free), but if you aim to grow your channel faster, investing 500k is more than enough to help you grow your channel.

If you want to make it in the Youtube channel business, then you must be familiar with the following steps;

Choose a Niche
Optimized your channel
Create Orignal and Quality Content
Promote your Content
Monetize your content

Just like Blogging, building a successful YouTube channel requires patience, persistence, and creativity. Focus on building an authentic connection with your viewers, responding to comments, and collaborating with other YouTubers to expand your reach.

How to Start a Business In Nigeria

Below are the procedures for starting a business in Nigeria

• Ideation
• Develop a Business Plan
• Develop a Business Model
• Choose Your Business Name
• Choose a Business Structure
• Get Your Business Licenses and Permits
• Business Funds
• Get a Location or Go Online
• Get Business Insurance
• Build your team
• Marketing Your Business Effectively

To know more about starting a business in Nigeria click here

How to Effectively and Efficiently use 500k to Start a Business

Starting a business in Nigeria with a budget of 500k requires careful planning, strategic decision-making, and efficient resource allocation.

Here’s a step-by-step guide on how to effectively and efficiently utilize this budget of 500k:

1. Market Research: Begin by conducting thorough market research to identify lucrative business opportunities in Nigeria or you can simply pick from the list of lucrative business ideas mentioned in this article. Let your market research centers on their market demand, competition, and potential profitability in your desired location.
2. Business Idea Selection: Based on your market research, choose a viable business idea that aligns with your interests, skills, and budget. Consider factors such as scalability, market potential, and sustainability when selecting your business venture.
3. Business Plan Development: Develop a comprehensive business plan outlining your business goals, target market, products or services, marketing strategy, operational plan, and financial projections. A well-written business plan will serve as a roadmap for your business and attract potential investors or lenders.
4. Cost Analysis and Budgeting: Conduct a detailed cost analysis to determine how to allocate your 500k budget effectively. Identify essential expenses such as equipment, inventory, marketing, permits/licenses, rent, utilities, and salaries (if applicable). Only allocate funds based on priority and necessity to ensure efficient use of resources.
5. Lean Operations: Embrace lean principles to minimize unnecessary expenses and maximize efficiency in your business operations. Look for cost-effective solutions, negotiate with suppliers for favorable terms, and optimize processes to reduce overhead costs.
6. Start Small: Consider starting your business on a small scale and gradually scaling up as you generate revenue and expand your customer base. Focus on achieving profitability and reinvesting profits back into the business for growth.
7. Strategic Marketing: Implement cost-effective marketing strategies to promote your business and attract customers. Utilize social media platforms, word-of-mouth marketing, local advertising, and partnerships to reach your target audience without overspending on marketing expenses.
8. Focus on Customer Satisfaction: Prioritize delivering exceptional customer service to build loyalty and attract repeat business. Happy customers are more likely to refer others to your business, resulting in organic growth and reduced marketing expenses.
9. Financial Management: Maintain meticulous financial records and monitor your expenses and revenue regularly. Track your cash flow, budget variance, and profitability to identify areas for improvement and make informed financial decisions.
10. Adaptability and Flexibility: Stay adaptable and flexible in response to changing market conditions, customer preferences, and business challenges. Be open to pivoting your business model, adjusting your strategies, and seizing new opportunities as they arise.

By following these steps and implementing sound business practices, you can effectively and efficiently use 500k to start a successful business in Nigeria.

Remember to stay focused, resilient, and proactive in pursuing your entrepreneurial endeavors.

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Conclusion

So there you have it; “24 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

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