15 Best Businesses to Start With 500k in Nigeria

Are you looking for a business to start with 500k in Nigeria? If your answer to this question is yes then you are in the right place!

Nigeria, the most populous country in Africa, is blessed with numerous business opportunities. With 500k, you can find an excellent business that will earn you a decent income, whether daily, monthly, or yearly.

The good news is that this article is designed for this purpose! We have carefully selected some of the top lucrative businesses 500k can conveniently start in Nigeria. So, we kindly advise you to read to the end so that you will not miss any important information.

Now, let’s dive!

15 Profitable Businesses You Can Start With 500k in Nigeria

Below are the 15 profitable businesses you can start with 500k in Nigeria. Note that this list is neither in an ascending or descending order.

1. Farming

Farming has been a hot cake since the creation of the universe. We strictly depend on farming for various critical purposes such as food production, raw materials for industry, cultural and social significance, and sustainable resource management, among others.

One attractive fact here is that starting a farming business doesn’t require much. With the right knowledge and capital, you are already successful.

The profit in this business cannot be overemphasized, especially now that food is in high demand. I can confidently guarantee that you will never regret venturing into farming unless you don’t fully understand what you’re doing.

The ironic truth is that farming was once considered dirty work by many people. Almost everyone sought white-collar jobs, leaving farming to rural dwellers. But now, the trend has shifted, and everything is pointing back to farming. Civil servants, politicians, and other high-profile individuals are returning to farming due to its profitability.

So, what are you waiting for? With your 500k, you can excellently venture into the farming business, and of course, make a good amount of money.

In Nigeria, several types of farming are particularly lucrative due to the country’s climate, soil diversity, and large population. Here are some of the most profitable types of farming in Nigeria:

1. Poultry Farming
2. Fish Farming
3. Cassava Farming
4. Rice Farming
5. Maize Farming
6. Cocoa Farming
7. Palm Oil Farming
8. Vegetable Farming
9. Snail Farming
10. Piggery.

2. Foodstuff Business

This is another venture you should consider when looking for a business to start with 500k in Nigeria!

I will categorically tell you that anything related to food is currently in high demand. Regardless of the economic hardships in the country, people will always find a way to spend money on food. We might forego other needs or wants in life, but not food. As such, venturing into the foodstuff business will leave your bank account smiling all through.

Below are the common types of foodstuff in Nigeria you should consider selling:

1. Grains and Cereals: Rice, maize, millet, wheat, oats, etc.
2. Legumes and Pulses: Beans, lentils, peas, chickpeas, etc.
3. Root Crops and Tubers: Yams, cassava, potatoes, sweet potatoes, etc.
4. Vegetables and Fruits: Fresh or dried vegetables and fruits.
5. Spices and Condiments: Pepper, garlic, ginger, salt, etc.
6. Oils and Fats: Palm oil, vegetable oil, groundnut oil, etc.
7. Other Staples: Sugar, flour, pasta, etc.

Undoubtedly, the foodstuffs we mentioned above are very marketable, not only in Nigeria but the entire world. You can decide to specialize in any of them or sell different foodstuff types.

What about the business model? You can decide to venture into this as a wholesaler, retailer, or distributor.

Also Check: Daily Income Business in Nigeria: Top 10 Most Profitable

3. Online Retailing (E-commerce)

Now that the marketing system is going digital, do I still need to tell you to welcome online retailing or e-commerce? The answer is NO for smart people!

Everything is going digital, and so is marketing. Nowadays, we sit at our convenience zone and order and receive various goods and services online without needing to go to the market or physical location. This development has already taken the lead in several developed countries and is currently germinating rapidly in developing countries like Nigeria. Thank God for the rapid increase in internet users.

Online retailing or E-commerce can be applied to numerous business sectors including food, agriculture and agribusiness, fashion and clothing, real estate, health and wellness services, and beauty and personal care, among others. In every business you do, think about exploring it online. Targeting an online audience is a great way to attract a global audience for your business.

Online retailing platforms like Jumia, Konga, Amazon, AliExpress, etc, have already taken the lead and are making good sales every second.

4. Fashion Design and Tailoring

Fashion design and tailoring is another hot business to start with 500k in Nigeria. It’s convenient to say that the world can not do without this sector. Yeah, the business will continue to be lucrative as long as we continue to wear clothes, follow fashion trends, express our personalities, cultures, and values through what we wear, and patronize personalized fashion items.

The good news is that tapping into this field doesn’t require much. With 500k, you’re set to go. However, you’ll need to learn and perfect your skills to have more customers. The more you perform magic on that sewing machine the more you attract customers. Additionally, consider going for a very strategic place so that customers will locate you effectively.

5. Cosmetics and Beauty Products Retailing

Selling a variety of beauty and personal care products directly to consumers is another awesome business that can earn you awesome income! Looking good and smelling good are top priorities for many people, and as such, they will never hesitate to spend their last kobo on cosmetics and beauty products.

The types of products you should consider selling are skincare, haircare, makeup, fragrances, body and bath products. Just like fashion design and tailoring, locating a perfect place is the beginning of your success in this business.

Also Check: 10 Legit Online Investment Platforms That Pays Daily

6. Rental Services (Chairs, Tents, Canopies)

Is the demand for chairs, tents, and canopies, among others high in your location? If yes then this is a great business idea for you!

The simple but strong reason why this business will continue to be a hot cake is that renting chairs, tents, and canopies is far more affordable than purchasing them outright, especially for one-time or occasional events. It saves the high upfront costs of buying and maintaining such equipment, and as such, people will always choose to patronize rental services.

One of the best things about this business is that it doesn’t require much. All you need to do is purchase your goods, create awareness, and watch people start patronizing you!

7. Mobile Phone Accessories Business

This is another profitable business to start with 500k in Nigeria!

Mobile phones have become a part of humans’ lives. Some of us can not even live without a phone for a week. We use them frequently for our businesses, communication, internet access, entertainment, education and learning, and much more.

As the rate of phone usage is increasing, the demand for phone accessories is also increasing rapidly, creating a promising business opportunity for entrepreneurs to tap into and make a good amount of money.

Some of the common and most demanding accessories in Nigeria are:

• Protective Cases
• Screen Protectors
• Power Banks
• Phone Chargers
• Wireless Chargers
• Phone Stands
• Earphones and Headphones
• Bluetooth Earbuds
• Selfie Sticks
• Portable Speakers
• Memory Card Readers, etc.

8. Digital Marketing Agency

Just like I previously stated, the marketing system is now going digital. Businesses and brands are in desperate need of agencies that will help in providing various online marketing services to grow their presence, reach, and engagement on digital platforms.

As such, becoming a digital marketing agency will never leave your bank account dried! However, you need to have the skills and the ability to develop and implement strategies using digital channels to promote a brand, attract customers, and drive sales.

Here are some key services offered by digital marketing agencies:

• Search Engine Optimization (SEO)
• Social Media Marketing
• Content Marketing
• Email Marketing
• Pay-Per-Click (PPC) Advertising
• Influencer Marketing
• Affiliate Marketing
• Conversion Rate Optimization (CRO)
• Copywriting.

Do you want to become a digital marketing agency? We (Instantmoni) can help you achieve that with ease! We coach or mentor individuals in various digital skills (such as cybersecurity, web design and development, content creation, mobile app development, data analysis and data science, digital marketing, etc). You can get in touch with us to start your journey today!

9. Online Tutoring

Are you a natural teacher or skilled in a particular field and interested in sharing your knowledge with others? If so, you have a golden opportunity! You can become an online tutor and start earning money in a rewarding way.

In case you don’t know, an online tutor is an educator or instructor who teaches students remotely through digital platforms. Here, instead of conducting your lessons traditionally by meeting your students physically, you do it online using video conferencing tools, chat, and interactive learning software.

With your 500k, you will be able to put everything in place to become a successful online tutor.

10. Beauty and Hair Salon

This is another business to start with 500k in Nigeria!

Just like I previously stated, human beings love looking good and attractive and will always spend for this with no hesitation.

One thing I’ve noticed about the beauty and hair salon business is that it’s ubiquitous. With so many options available, it can be challenging for individual businesses in this category to stand out and attract customers.

Aside from that, I can assure you it’s a lucrative venture. If you’re interested in the business, consider choosing a location in a less competitive but high-demand area to establish a strong presence and attract more customers.

11. Freelance Services

Do you ever try making money online? then you must have heard of freelancing. But is it a lucrative business? The answer is a big YES, but only when you approach it the right way!

Freelance services refer to professional services provided by individuals (freelancers) who work independently rather than being employed by a company. Freelancers are self-employed and offer their skills and expertise on a project-by-project or contract basis to clients across various industries.

Common types of freelance services include:

• Writing and Editing
• Graphic Design
• Web and Software Development
• Digital Marketing
• Consulting
• Photography and Videography
• Virtual Assistance
• Tutoring and Teaching
• Translation and Language Services
• Accounting and Financial Services

If you are blessed with any of the services mentioned above or even beyond, you can become a freelancer and start making a good amount of money.

There are numerous freelancing platforms you can start with. Some of the popular ones are Upwork, Fiverr, Freelancer.com, Guru, etc.

12. Baking Business

Baking business is another good option you should consider if you are looking for a business to start with 500k in Nigeria!

This venture has been in existence for a long time and is still vibing to date. The business is all about producing and selling baked goods such as bread, cakes, pastries, cookies, and other treats. It ranges from small home-based operations to larger bakeries with storefronts, catering, or online services.

One good thing about this business is that there is no limit to what you can achieve. You can even go creative with it to bring something different to the market and attract more customers.

13. Laundry and Dry Cleaning

Starting a laundry and dry cleaning business in a strategic location can bring you a good amount of money you can never imagine.

This business can be good and most especially good for people who have certain skills and qualities, including:

• Knowledge of Fabrics and Stains
• Attention to Detail
• Customer Service Skills
• Time Management
• Basic Machine Maintenance
• Business Management
• Organizational Skills.

With your 500 thousand Naira, you can successfully start a laundry and dry cleaning business.

14. Fashion Boutique

This list would be incomplete without including the fashion boutique business. I am aware that the cost of commodities is currently very high in the country due to the economic challenges we are facing. Regardless, I am confident that 500,000 Naira can start a small to medium-sized fashion boutique business.

Boutiques can be either physical stores or online platforms, with some offering custom or limited-edition products that aren’t widely available elsewhere.

There is a huge profit in this business, and if properly managed, you can conveniently expand your business in no time.

15. Cyber Café

Cyber Café is indeed another awesome business to start with 500k in Nigeria!

The development of cyber cafés became popular in the 1990s and 2000s when internet access at home was less common. These cafés typically provide computers with internet connections, allowing customers to browse the web, check email, use social media, and sometimes play online games. In addition to internet services, many cyber cafés offer printing, scanning, and photocopying services.

I know you will be wondering if the business is still lucrative to date. Well, I want to let you know that Cyber Café is still a lucrative venture! Regardless of the massive growth in internet usage, people will always look for public places where they can access the internet. However, the profitability now depends on various factors, including location, competition, and the services offered.

You can even adapt to the changing market and integrate the business with additional services to attract more customers and earn more money.

Also Check: Real Estate Investment in Nigeria: How to Invest And More

Business to Start With 500k in Nigeria: Summary

Below is the summary of the 15 Profitable Businesses You Can Start With 500k in Nigeria:

1. Farming
2. Foodstuff Business
3. Online Retailing (E-commerce)
4. Fashion Design and Tailoring
5. Cosmetics and Beauty Products Retailing
6. Rental Services (Chairs, Tents, Canopies)
7. Mobile Phone Accessories Business
8. Digital Marketing Agency
9. Online Tutoring
10. Beauty and Hair Salon
11. Freelance Services
12. Baking Business
13. Laundry and Dry Cleaning
14. Fashion Boutique
15. Cyber Café

Business to Start With 500k in Nigeria: Final Thoughts

I believe this article will be your final stop if you’re looking for a business to start with 500k in Nigeria. No need to search further! While there are other lucrative businesses that 500 thousand Naira can support, we’ve chosen these specifically to discuss. I believe you’ll see good results if you venture into any of them.

One thing I want you to know is that starting a business isn’t enough—it’s about starting a profitable or high-demand business that will generate potential earnings for you. Now that you’ve reviewed the list, it’s your @Instant@Moni@responsibility to carefully assess and choose the option that best suits you and your location.

Now, let’s hear from you!

Which among the businesses do you want to start? Is there any business you would love us to include in the list?

Don’t forget to use the comment section below if you have any questions or opinions concerning this!

Source: Instantmoni.com.