Are you in Nigeria? Do you wonder what type of business to start with 100k in Nigeria? In this post, I have outlined 13 local business ideas you can start with 100k or less and still make money this year.
Why Start A Business With 100k Budget?
There are a lot of reasons to start a business with 100k budget in Nigeria. The most prominent reason being that there are a lot of low-income earners in Nigeria. Many Nigerians are still living at a 10k monthly salary working as cleaners for some companies, salesgirls, gatemen, etc. That means that the daily budget of these low-income earners is about N350 per day.
That is indeed poor but a very sad reality for many Nigerians. To live off such an amount and still be able to save something is a miracle. The people living within this salary capacity soon realize they need another means of income and many would want to see if there is a business they can start with as low as 50,000 Naira to 100,000 Naira…sometimes even 10k.
Some of the businesses listed in this article can be started with even a lesser amount of money than 100,000 Naira.
13 Profitable Local Business To Start with 100k in Nigeria
#1. Making and Sale of Moi-Moi
Moi-Moi is one of the healthiest snacks that one can take. It is a kind of food that is usually taken as a snack. For some of us who like to eat healthily, we want to avoid junk food like Gala and biscuits, Moi-Moi is a healthy alternative.
You can make Moi-Moi and supply it to people who sell provisions in the street. That way, there’s no need to sell it yourself. This is a good business as almost everyone loves Moi-Moi and no matter what you do, you will always want to eat.
To start this business is also cost-effective, all you need to do is buy about 3 painters of beans for a start and the condiments required to make it. This should even cost you less than 100k to start.
#2 – Organic skincare products production and sales
In Nigeria, 100k can be used to start the production of organic soaps, creams, and cleansers.
Organic products have been a hot topic recently. Because of their skin-friendly benefits, everyone wants to use organic products. It is easy to start a skincare company because the majority of ingredients are natural, such as oils, fruits, and seeds. Because they are plentiful, they are also very affordable. Containers are also necessary to pack your products. Containers are also very affordable and can be easily found on the market.
Once you have produced your skincare products, it is time to market them online via social media.
#3 –Palm Oil Business
The palm oil business is currently a very lucrative business in Nigeria. To start this business, all you need is to find local palm oil millers and buy the processed palm oil in gallons. Buying the palm oil in gallons will make you buy cheaper and at wholesale price. You can then package them in small water cans and sell them in the city at a higher price.
#4 – Laundry services
People still prefer to have laundrymen wash their clothes, especially if they are expensive or if they have thick clothes such as jeans. Many people prefer laundrymen to wash heavy and bulky clothes such as duvets, bedspreads, and towels. They believe that only laundrymen are qualified to wash these clothes. People will even donate all their clothes to laundrymen if they don’t have the time or don’t like washing.
These people will patronize your business regardless of what the situation may be.
A good washer, dryer, hangers, and plastic bags to package the laundry, detergents, etc. are essential for starting a laundry business. A brand new washing machine can be purchased for between 30,000 and 50,000 naira on Jumia.
This business can be started from your home. You just need to tell your friends. As you get customers and grow your business, you will be able to open a shop in a great location.
#5 – Business of Phone Charging
Nigeria doesn’t have a constant supply of electricity and many people can’t afford generator sets. Many people look for phone charging stations to recharge their phones when they get low.
It is important to locate your business where people have access to alternate power sources such as solar power or generator sets.
This business requires a generator, a large wooden board with many power sockets, and a small store or container.
#6 – Selling used clothes or bags
It is common for Nigerians to wear used clothes, and it is a big business. This is because new clothes are more costly and many Nigerians cannot afford them.
You can see the difference between a brand-new Jean at N5,000-N8,000 and a used Jean at N800-N1,500. This is because many people will choose the former, even though some clothes are still of “first-grade” quality.
You just need to find someone who is already in the business and inquire about joining them. Be careful to not be scammed. Don’t rush to give money to anyone. You will be able to track down those who have formed a union if you find them.
#7 – Fashion Accessories and Jewelry
The jewellery business is very popular and profitable. Many pieces of jewellery are affordable when purchased from wholesalers, but they look great enough to be easily sold at twice the price. All you need is an eye for beauty.
I recommend that you start with the cheapest, most beautiful jewellery and accessories, and then grow to buy more expensive items like gold if you wish.
#8 – Hair Stylist
A hairstylist can be a very lucrative profession as women are constantly looking for the best places to style their hair.
Renting a shop is possible for as little as N40,000. Or, you could find a stylist with whom to combine. Shops that have five stylists working together can be quite expensive. This is common in high-priced rental shops.
You only need personal tools like combs and oils, conditioners, towels, and so on.
#9 – Phone Accessories Business
The phone accessories business is one that you can start within your budget. You don’t need to buy assorted phone accessories to start this business as that one might require more capital. However, you can decide to focus on just one phone accessory such as phone pouches.
You can buy beautiful designs of phone pouches for the popular phone brands in Nigeria and sell them to people. To get phone accessories, you can either go to Computer Village in Lagos or order online from Alibaba or Aliexpress.
#10. Poultry farming
Poultry farming has always been a lucrative business in Nigeria due to the demand for white meat. With less than N100,000 you can buy about 30 broilers, 2 bags of feed, and some medicine. However, make sure you have the space to rear your birds and possibly some kind of shelter for them to keep them safe and warm.
#11. Beans retailing
Beans is a popular food in Nigeria and one that you can easily start in Nigeria. All you need is to buy the beans in bags and then sell them in bits. Also, you can buy and store the beans when it is cheaper and then resell them when the price increases. However, make sure you know how to preserve the beans to stay without spoiling.
#12. Nail Fixing
Ladies love to fix their nails and if you can learn how to fix artificial nails, you can make money with this skill. The good part of it is that you don’t need too many equipment to start. You don’t also necessarily need a shop. You can either attach yourself to a salon or find an empty space where you can sit with your customers.
Fishery is one of the best business you can start with 100k in Nigeria. This is because it is very cost-effective and easier to manage than a poultry business. This is because while a bag of poultry feed can finish in 2 months with about 30 birds, a bag of fish feed can last over 5 months for 30 fish. This is because fishes don’t feed much compared to birds.
All you need to start this business is a large bowl you can fill with water. Also, make sure that you feed your fish on time as once they are hungry the bigger ones can eat the small ones and that would mean huge losses for you. So make sure you go for proper training before starting this business.
These are the 13 business to start with 100k in Nigeria. Do leave a comment with any other suggestion you might have and we can include it in this post.