11 Best Businesses to Start With N50K in Nigeria in 2024

Best businesses to start with N50K in Nigeria in 2024

N50K in Nigeria right now is not really a huge amount of money, it may not start your dream business but it can still start other businesses.

Today, I will be showing you the best businesses to start with N50K in Nigeria. These businesses will turn your N50K to N500K in 6 months’ time, only if you follow the right procedures.

Best businesses to start with N50K in Nigeria in 2024

1. Egg Business
2. Popcorn Business 
3. Pastries Business 
4. Sugar Business 
5. Spices Business 
6. Crayfish Business 
7. Groundnut Oil Business 
8. Fast Food Business
9. Bedsheet Business 
10. Palm oil Business 

1. Egg Business

This business involves the buying and selling of eggs, mainly produced through poultry farming. It can start from small-scale backyard production to large commercial egg production.

This type of business is highly profitable because, in Nigeria, the demand for eggs is high. Most people in Nigeria like eggs, both adults and children.

Also, eggs have different health benefits and serve different purposes in foods like Indomie, moi moi, rice, etc. 

Eggs are very important foods in Nigeria, ensuring a steady demand. Profitability depends on efficient operations and quality. There are different qualities of eggs depending on people’s choices. 

The costs of starting an egg business can vary greatly based on the scale of the business. You’ll need funds for hens, a chicken coop, feed, and possibly transport for distribution.

In some cases, you may not always need hens, a chicken coop and feed before you can start this business, you only choose to buy and sell the eggs alone. So, for a small-scale egg business in Nigeria, you can start with 40k to 50k.

 Pro tips for egg business in Nigeria:

• Ensure good hygiene and care for your eggs.
• Start egg supply to local markets, stores, hotels and restaurants.
• Monitor egg quality and offer competitive prices.

2. Popcorn Business

Selling popcorn is one of the best businesses to start with N50k in Nigeria. It involves making and selling popcorn, a popular snack made from dried corn kernels that puff when heated. It’s commonly sold at events, movie theaters, and street corners.

Popcorn is a profitable business in Nigeria because of its high demand and sweet taste. Popcorn is a good snack to many especially school children, it’s always given to them as daybreak snacks. 

The Cost of starting a popcorn business is dependent on the scale you want to start. A small scale can range from 20,000 – 50,000 Naira, while a large-scale production can range from 100,000 – 200,000 Naira or more.

You’ll need a popcorn machine, kernels, flavorings, packaging, a shop or kiosk, etc.

Pro tips for popcorn business:

• Use different flavours to get different tastes of popcorn.
• Consider getting a shop or setting up near busy areas, markets and schools.
• Invest in eye-catching packaging to attract customers.

3. Pastries Business

This business centers around baking and selling different pastries, which may include cakes, bread, muffins, bons, meat pie, egg rolls, puff-puff, cookies, and other baked goods.

It can be a home-based bakery or a shop-based bakery depending on your preferred choice and capital. 

Baking pastries like cakes, bread, and snacks can be highly profitable if you have good baking skills.

Most people, especially workers and students, always go for baked or fried snacks whenever they are outside the home. This made the demand to become high, thereby leading to profits. 

The costs of starting this business can vary based on your scale. You’ll need money for ingredients, baking equipment, and possibly rent if you’re opening a bakery.

You can start this business with 50k, but note that 50k may not be enough to pay your shop rent, so you can start from home and expand gradually.

Best businesses to start with N50K in Nigeria in 2024

Pro tips for success in this business:

• Focus on consistent quality and taste.
• Experiment with new recipes to keep customers glued to your products.
• Build a strong brand and offer discounts for events and celebrations.
• Visit different schools and register with them. 

4. Sugar Business

This is also one of the best businesses to start with N50K in Nigeria. In the sugar business, individuals or companies buy sugar in bulk and sell it to consumers or retailers. It is a basic food item used for sweetening beverages and used in baking.

Sugar is a basic kitchen necessity, with a steady demand. I don’t think Nigerians can do without sugar or do you think they can? You can let me know your answer and reason in the comment section. 

The demand for sugar is very high, every home needs it, especially the children. Also, bakers need sugar more than any other person, most companies and entrepreneurs solely depend on sugar in order to get sweet and nice products.

Because of the above reasons, it made sugar and its products a profitable business in Nigeria. 

With 30k to 40k, you can start a sugar business from home or you can rent a space in the market with a table and umbrella for a small-scale startup. You’ll need to buy sugar in bulk, packaging materials, and possibly storage materials. 

Pro tips for this business:

• Start selling different types of sugar to solve different customer needs.
• Build relationships with local markets, people and bakers.
• Sell quality sugar and have a good packaging style.
• Store your sugar out of reach of water and children to avoid damaging it. 

5. Spices Business

This business involves selling various spices and herbs, which are used to season and flavor food. These spices can be sourced, packaged, and distributed to retail stores or directly to consumers. 

Spices are essential in Nigerian cooking, making it a consistent market. Nowadays, you hardly see anyone cooking without spicy food. That’s to tell you of how important this product has become in Nigeria and this is one of the reasons why this business is highly profitable.

You can start this business with the sum of 30,000 Naira 50,000 Naira if you have a small-scale budget, but a large-scale budget will range from 100k to 300k. With 30k to 50k you will be able to purchase various spices, packaging, and labeling. 

Pro tips for success:

• Maintain the quality and freshness of your spices.
• Develop attractive packaging and labels to stand out.
• Consider offering unique blends or rare spices to attract customers.
• Taste different spices on your food to know the best ones to sell. 

6. Crayfish Business

The crayfish business is another one of the best businesses to start with N50K in Nigeria that involves the selling of crayfish either online market or offline market. Crayfish is a popular ingredient in Nigerian cuisine.

This business may involve purchasing crayfish in bulk, packaging it, and distributing it to local markets and restaurants.

Because crayfish is a key ingredient in Nigeria with high demand, it made crayfish to become a profitable business in Nigeria.

There is a high demand for crayfish by restaurants, hotels, homes and other food vendors in Nigeria making it a good business to venture into. 

Successful tips to know:

• Purchase crayfish in bulk to make more profits. 
• Store in a cool dry place to avoid spoilage. 
• Keep clean and always buy and sell quality crayfish to your customers.
• Create good relationships with local markets, restaurants, and caterers.
• Sell your crayfish with attractive packaging and create a good brand.

7. Groundnut Oil Business

Here is another lucrative business that involves buying and selling groundnut oils wholesale and selling them to consumers and retailers. 

Making profits in the groundnut oil business is easy when you follow the right track. Most homes, hotels, bakers, and restaurants use groundnut oil for their various cooking and this makes the demand high thereby increasing profitability.

It also has a good health benefit that attracts people to buy them. 

The cost of starting this business is solely dependent on how large or how small you want to start, the amount of capital is also another factor to be considered. For a small-scale startup, you can start this business with 50K to 200k while a large-scale startup ranges from 500k to 1 million Naira. 

Tips for success in this business:

• Get a good location, especially where passersby can see you. 
• Be consistent and have good pricing.
• Build good relationships with local markets, hotels, bakers and restaurants for everyday sales.

Best businesses to start with N50K in Nigeria in 2024

8. Fast Food Business

Fast foods are among the best businesses to start with N50K in Nigeria which involves the preparation and sale of ready-to-eat or quick-service meals. This can range from small food stalls or food trucks to full-fledged fast-food restaurants.

Location is an important factor to consider if you want to make a profit in this business, get a good location filled with people, both workers and students.

Also, the high demand for food in this country, made it so easy for fast food sellers to gain profits in this business. 

Also, making profits in this business depends on the different versions and quality of foods that you are selling. People will like to buy from you if you know how to cook different varieties of foods, especially when they are also tasty. 

50K may not be easily managed to start this business on a medium scale, but you have to go for the small scale which from 40k to 50k, you can set up a fast food business like the Indomie and Egg fast food. 

You’ll need to buy some of the kitchen equipment, and ingredients and rent a space in a good location. 

Successful tips to know:

• Carefully choose a high-traffic location.
• Prepare tasty local foods for your customers. 
• Make sure you know how to cook very well before starting a fast food business in Nigeria, if not your customers will run away. 
• Know the unique things that your competitors are doing. 

9. Bedsheet Business

The bedsheet business is the buying and selling of bedsheets and other related bedding products. This business may include designing, sewing, and selling bedsheets, pillowcases, and other bedding items.

Bedsheet selling is a profitable business because 90 percent of Nigerians use this product in their various homes. Hotels and hospitals also use this product in their various rooms and wards respectively. 

The cost of starting this business is dependent on the scale and capital. When you have the intention of starting a large scale, it will require high capital while a small scale requires smaller capital.

For a small-scale startup, it ranges from 50k to 300k including shop rent, sewing equipment, and bedsheet. 

Pro tips for this business are:

• Focus on quality and unique designs to stand out.
• Create a channel of advertisement. 
• Maintain good customer service. 

10. Palm Oil Business

The palm oil business includes the processing and sale of palm oil, a common cooking oil in Nigeria. It is also one of the best businesses to start with N50K in Nigeria which involves buying palm fruits, processing them into oil, and distributing the product to consumers or retailers.

Due to the high usage of palm oil in Nigeria, it made it a profitable business. It is hard to see a home in Nigeria that cooks local foods without using palm oil. 

With 30k to 50k, you can start a small-scale palm oil business in Nigeria, without having a shop. You can use your house as storage for this business. 

Successful tips to know:

• Buy and sell fresh and quality of your palm oil.
• Get a good location for your business. 
• Supply to local markets, hotels and restaurants for consistent sales.
• Treat your customers nicely. 

Conclusion 

Here you have it for the best businesses to start with N50K in Nigeria in 2024.

There are so many businesses to start with N50K in Nigeria, but what matters so much here is the ability to know the right and profitable business to choose. Before choosing any of these business ideas, it is important to understand the business very well. 

Starting a business in Nigeria without having proper knowledge about the business is very risky and this is where market research comes in. So, in order to become successful in your business, you should conduct proper market research before starting the business. 

Also, there is a need for a good location and quality products. Good location and quality products are another successful magic. I called them magics because they can skyrocket your N50K business to N500K in less than 3 months.