35 Businesses to Start With 1 Million in Nigeria in 2024

35 Businesses to start with 1 Million in Nigeria in 2024

Starting a business with 1 million naira in Nigeria in 2024 is feasible and also a big amount of money, but you will need proper planning to excel in the business. 

Today, I will be sharing with you some of the profitable businesses to start with 1 million in Nigeria in 2024. Stick around as we get started. 

Businesses to start with 1 million in Nigeria in 2024

1. Poultry Farming Business

Start by establishing a poultry farm which involves raising chickens for eggs or meat. It includes managing the flock, ensuring proper nutrition, and implementing biosecurity measures.

See Also: The Best businesses to start with 500k in Nigeria today

Poultry farming can be highly profitable due to the consistent demand for eggs and chicken meat. It is important to take proper management practices and biosecurity measures while managing a poultry farm. 

2. Electronic Business

Electronic business is the selling of electronic gadgets and materials for homes, offices, and churches. It’s a profitable business, especially in urban areas with a high demand for electronic products.

Building a strong brand and good customer care service is important for making huge sales in the electronic business. 

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3. Fish Farming Business

Fish farming is one of the most profitable businesses to start with 1 million in Nigeria in 2024 which involves rearing fish for commercial purposes, including tilapia, catfish, and other popular species.

With the growing demand for fish, fish farming can be profitable. Proper pond management and feeding practices are important for successful fish farming. 

4. Restaurant Business 

Starting a small restaurant or eatery involves preparing and serving meals to customers. 

Making a profit in this business requires the ability to know how to cook with a good quality of service to customers.

Also staying in areas with high foot traffic and demand for a variety of foods.

5. Boutique Business

The boutique business includes selling clothing materials which include different versions of clothes such as Turkey wear, UK wear, US wear, and others. It can be a physical store or an online platform.

This business is profitable when you have the right selection of trending clothes and a great marketing strategy. It is also important to choose a good location and understand this business before starting it.

6. Hair Salon Business

Hair salons are among the best businesses to start with 1 million in Nigeria in 2024 that involve providing hairdressing and beauty services, including hair styling, wigs, weaving, and treatments.

Steady demand for hair styling, weaving, and wig-making contributes to the profitability of this business. Building a loyal customer base is also essential.

7. Phone Business

This is the process of selling a phone and its accessories such as chargers, cases, and headphones either in a physical store or online website.

This business is profitable due to the widespread use of mobile phones in Nigeria which will increase by 2024.

8. Mini Importation

This involves importing and selling small quantities of goods, often purchased at lower costs from international suppliers.

This business is profitable when done with careful product selection, cost management, and effective marketing. Understanding import regulations is important and the key to success in this business.

9. Car Parts Business 

Here is another one of the great businesses to start with 1 million in Nigeria in 2024 which involves the retail and distribution of automotive components, spare parts, and accessories for various types of vehicles.

This business serves both individual customers and businesses in the automotive industry, providing a wide range of products such as engine parts, brakes, filters, tires, batteries, and other essential components.

The profitability of a motor parts business is achieved by providing high-quality parts to build trust with customers and establish a positive relationship with customers.

Also, employing knowledgeable and skilled staff who can assist customers in identifying the right parts, providing technical advice, and ensuring customer satisfaction is a great way to make success.

10. Daycare Services

You can open a daycare center where you will be providing childcare services for working parents, including playtime, educational activities, and meals.

This is profitable because of the growing need for reliable childcare services. Safety, cleanliness, and a nurturing environment are essential considerations.

11. Furniture Business

Operating a furniture business involves designing, manufacturing or selling various types of furniture including sofas, chairs, tables, beds, cabinets, and other home or office furnishings. 

This business may involve both custom-made and mass-produced furniture items satisfying different customers’ needs and preferences.

The profitability of a furniture business is achieved when there is the provision of well-crafted, durable furniture items, designs and sizes made from high-quality materials.  

12. Printing press Business 

A printing press is also one of the businesses to start with 1 million in Nigeria in 2024 that involves providing printing services for various materials, including business cards, brochures, banners, posters, and other promotional or informational materials. 

The profitability of a printing press business is achieved by factors such as the quality of printing services offered, the range of printing options available, customer service, and the ability to meet deadlines.

13. Foodstuff Business

Starting a foodstuff business involves selling a variety of food items, including grains, spices, and canned goods.

There is steady demand for foodstuff items in Nigeria. Selling at good competitive prices, maintaining product quality, and managing inventory efficiently contribute to profitability.

14. Provision Store Business

Running a provision store involves selling a variety of everyday household items, including groceries, cleaning supplies, and toiletries.

This business is profitable with a good location, especially in a foot-moving area.

15. Cyber Cafe Business

Here is another one of the businesses to start with 1 million in Nigeria in 2024 which involves providing internet access, printing services, and computer usage to customers.

It is a profitable business, especially in areas with limited internet access. Additional services like document printing and scanning can also increase profit.

16. Stationery Business

Running a stationery business involves selling office and school supplies, including pens, notebooks, and other writing materials.

There is steady demand for stationery items, especially in educational and business areas. Selling a variety of products at good competitive prices contributes to profitability in this business.

17. Engine Oil Business

Starting an engine oil business includes selling lubricants and automotive oils for vehicles and machinery.

This business is profitable because of the continuous demand for engine oils in the automotive and industrial sectors. 

Building relationships with mechanics and auto shops is a way to succeed in this business.

18. Plumbing Materials Business

Plumbing is one of the most profitable businesses to start with 1 million in Nigeria in 2024, they include pipes, fittings, and fixtures for construction and plumbing projects.

It is also profitable, especially in areas with high construction activities and a growing real estate market. Building partnerships with contractors and construction firms is also a way to success.

19. Solar Panels Accessories Business

This is a business that involves selling accessories for solar panels, including inverters, batteries, and mounting equipment.

With the increasing usage of solar energy, this business can be profitable. Selling quality accessories also increases customers’ trust in the business. 

20. Palm Oil Business

Starting a palm oil business involves selling palm oil for cooking and industrial purposes.

This business is profitable due to the widespread use of palm oil in cooking. To become successful in this business, you should build connections with local suppliers to buy quality oil from them. 

21. Laptop Business

Selling laptops and their accessories is also one of the best businesses to start with 1 million in Nigeria in 2024 which include chargers, laptop bags, and external storage devices.

This is a profitable business because of the rise in laptop usage among students, office workers and businesses. Making profits can be achieved by selling different types of quality laptop accessories at good prices, as it is a way to attract customers. 

22. Bedding Materials Business

Selling bedding materials such as bed sheets, duvets, pillowcases, and blankets is a good business to start in Nigeria. 

There is a steady demand for bedding materials due to the rise in hotels, and homes that need these products. 

23. POS Business

Starting a POS business is a good business to start with 1 million in Nigeria especially now that people are always looking for cash. 

This business is profitable in areas with a limited number of banks, for instance, you can start this business in a rural area that does not have many banks. 

24. Baby Accessories Business

Selling baby-related products such as clothing, toys, and care items is also one of the lucrative businesses to start with 1 million in Nigeria in 2024. It is profitable due to the continuous demand for baby products in Nigeria. 

25. Gas Cylinder Business

Starting a gas cylinder business includes selling and refilling gas cylinders for domestic and commercial use.

There is steady demand for cooking gas as many homes, restaurants and hotels depend on cooking gas to cook their foods. 

26. Cement Business

Selling cement for construction purposes to contractors, builders, and individuals is feasible with 1 million naira in Nigeria.

This business is profitable in areas with high construction activities. Creating good relationships with construction firms and selling quality cement brings success in this business.

27. Shoe Business

Selling shoes is one of the most profitable businesses to start with 1 million in Nigeria in 2024 which involves designing, manufacturing, or retailing footwear. 

This can include various types of shoes such as athletic shoes, casual shoes, party shoes, and high heels, and men’s footwear.

The profitability of a shoe business is achieved by factors like design uniqueness, quality of materials, marketing strategy, and customer satisfaction.

28. Roofing Sheet Business

Running a roofing sheet business involves manufacturing or selling roofing materials such as metal sheets, tiles, or other materials used for roofing construction.

These days most people are investing their money in building houses instead of saving them in the bank and because of this reason, it made the demand for roofing materials increases thereby becoming profitable. 

29. Handbag Business

Starting a handbag business involves designing, manufacturing, and selling handbags, purses, and related bags.

Success in the handbag business is achieved by factors such as trendy designs, quality craftsmanship, effective marketing, and brand positioning.

30. Cooking Ware Business

Starting a cooking ware business involves selling various kitchen utensils, cookware, and kitchen appliances. 

This can include pots, pans, knives, and electronic appliances, it is also one of the best businesses to start with 1 million in Nigeria in 2024. 

The profitability of a cooking ware business is driven by the quality and durability of the products and steady supply to retailers, home cooks and professional chefs. 

31. Musical Instruments Business

Running a musical instruments business involves selling a variety of musical instruments such as guitars, keyboards, drums, and other accessories.

The profitability of a musical instruments business is achieved by providing quality instruments, providing musical repair services, and employing knowledgeable sales and repair staff. 

32. Jewelry Business 

Starting a jewelry business involves designing, manufacturing, and selling various types of jewelry, including rings, necklaces, earrings, bracelets, and other adornments. 

This business can include both fine jewelry made with precious metals and gemstones, as well as fashion or costume jewelry made with alternative materials.

33. Soap Production Business

Running a soap production business is among the awesome businesses to start with 1 million in Nigeria in 2024 that involves manufacturing and selling various types of soaps, including beauty soaps, laundry soaps, and specialty soaps.

The profitability of a soap production business is achieved by using quality ingredients, unique formulations, a good marketing strategy, and meeting hygiene standards.

34. Piggery Business

Starting a piggery business involves breeding and raising pigs for meat production. It includes managing pig farms, feeding, and ensuring proper health care.

Profitability in piggery is achieved by keeping proper farm management and feeding, healthy breeding practices, and high market demand for pork. 

35. Paint Production Business

Starting a paint production business is also feasible with 1 million naira in Nigeria.

This business involves manufacturing and selling various types of paints, including interior and exterior paints, primers, and specialty coatings.

Success in the paint production business is achieved by selling quality paint with different colors, staying in a good location is also helpful and having a good advertising strategy is important for profit to be achieved. 

Conclusion 

There are so many feasible businesses to start with 1 million in Nigeria in 2024, but what matters most is the ability to make proper planning and good money management. 

If possible you should consider writing a business plan and going for a market survey before starting any of these businesses. This will help you to start well by having a good understanding of the business. 

Good locations such as foot-moving areas, selling quality products and having good relationships with suppliers are other helpful tips to consider while choosing any of these business ideas.