31 Best Businesses to Start with 200k in Nigeria in 2023

Looking for the best businesses to start with 200k in Nigeria in 2023?

You’re in the right place. I’ve got some amazing business ideas I’ve researched for you

In this blog post, I’ll list the most lucrative, fast-moving and profitable businesses that you can start with your N200k or less in Nigeria in 2023.

Are you ready?

Whatever business you choose from this list, make sure you avoid these 15 common mistakes small businesses make in Nigeria.

Best businesses to start with 200k in Nigeria – 2023

1. Table of Contents

   Toggle

   Delivery/logistics business

According to The Guardian, at least, 39,654,385 micro, small and medium enterprises (MSMEs) operated in Nigeria as of December 2020.

You’ll agree with me that more businesses sprout daily in Nigeria.

Millions of goods are delivered daily in Nigeria to buyers.

This has led to massive growth of the delivery industry. You can cash out from this trend by starting your own delivery business.

How to start delivery business with N200k in Nigeria:

Buy a fairly used Bajaj motorcycle which may cost between N180,000 – N250,000

Target small businesses within a sizeable location

Charge competitively – not too high or low

Use social media to find target small businesses and partner with them

2. Raw food sales business

Nothing sells faster than raw foodstuff in Nigeria. Of course, you know why. Food is life.

And especially with the current economic situation in the country, people prioritize their daily food, any other things can wait.

How to grow your raw foodstuff business to become profitable:

See Also: online businesses that pay daily in Nigeria

Start with some of the fastest-selling food items: Rice, beans, gaari, yam, semovita, poundo yam, elubo, etc.

Rent a small space or use your house varander when starting

Ensure your shop is located in a busy area

Use word of mouth and social media to grow your customer base

3. Frozen foods business

Similar to food items, frozen food is one of the best businesses you can start with N200K in 2023.

See Also: Businesses to start with 100k in Nigeria in 2023

Rather than rear their own animals many Nigerians would rather buy frozen chicken, gizzard, turkey and fish as a source of protein in their diet.

How to start a profitable frozen food business in Nigeria

I assume you already have a freezer, so start with the most sought-after frozen food items such as chicken, fish and turkey.

You can restock based on demand

Choose an area that is a populated neighbourhood

You can be profitable despite minimal competition but maintain competitive pricing.

4. POS/Mobile money business

This is another good business you can invest with your N200k in Nigeria in 2023.

See also: Best businesses to start with little capital in Nigeria

If you get your location right, you can make up to 10,000 naira in profit in a day without incurring any expenses.

For example, you can make up to 200 naira on a 10,000 withdrawal. Some even withdraw far more with mobile money.

Now imagine that you make 50 of such transactions of N200 in a day, that’s 10k per day which is 300,000k per month.

That’s by far more than what an average 9-5 employer earns in Nigeria.

See Also: How to make money on TikTok in Nigeria

What you need to start POS business

You’ll pay a certain cost for the terminal, usually around 30k or less.

You will need to set up a location. A residential area or market is preferable. Make sure a bank is not near your location.

Get a small wooden kiosk or an umbrella and pay for rent for the space if it’s not yours. Your rent should not be more than 5k-10k a month max.

You need to register with a mobile money company in order to get your terminal (POS machine).

You’ll provide basic information about such as your email address, ID card, phone number, etc. to register.

Teamapt’s Monie Point is one of the most profitable and seamless POS service provider companies in Nigeria right now.

If you live anywhere in Ondo State, Osun state, Ekiti or Ogun, you can call one of their representatives on 08030640394 and they will set you up ASAP.

5. Phone Accessories

It’s almost a norm for Nigerians to accessorize their mobile phones, not so?

From their screen guards to phone cases, air pods, phone stands, phone chargers and even power banks, these items are always being traded in the market.

Phone accessories business is one of the businesses that you can start in Nigeria with N200, N250k, or even less.

How to this business with little money in Nigeria

Start with the best-selling phone accessory items

Get a small affordable place in any open space

Use social media and word of mouth to grow awareness

6. Skin care product

I cannot talk about business ideas with high profits without mentioning the skincare business.

If you are looking at how to invest your hard-earned N200k in Nigeria, this is the business.

Most ladies and many men alike care about their skin and would do anything to maintain that glow.

This has resulted in a colossal growth of the skin care industry in recent times.

How to make money with skin care products business

Put about 80k-100k aside to learn the skill professionally if you do not have the skill

Use the rest of the money to get the ingredients to make products

Start with the most demanded products and the people you know

7. Hair wigs and weaves

If you have up to N200k and you’re passionate about beauty and fashion, you can start hair wigs and weave retailing in 2023. It is highly profitable and fast-moving.

How to start the hair business

See a detailed article on how to start a profitable hair extension business in Nigeria.

8. Egg supply and sales

According to the poultry association of Nigeria, Nigeria would records annual revenue of N620 billion and daily revenue of N1.7 billion, if 50 percent of its population consumes at least, an egg per day for one year.

The egg market in Nigeria is a very huge one making the egg sales business a profitable business idea for anyone in 2023. What more? You can start with less than N200k.

What you need to start eggs business in Nigeria in 2023

A space to display your products

You can also sell from your house and leverage word of mouth to spread the message.

Your capital to purchase eggs or you may want to go into poultry farming to make egg retail business more profitable for you.

Everyone in your contact eats eggs, so go ahead and use your mouth as your marketing tool!

Low-cost business ideas with high profit in Nigeria

9. Pharmaceuticals business

I know you hate drugs, but hey, if you can sell it, you’ll make some cool money.

The pharmaceutical business has many chains to it.

The patient medicine store chain or pharmaceutical supply chain is where you can play since becoming a distributor or wholesaler will cost you millions.

There are some fast-moving drugs like antimalarial drugs, painkillers, antibiotics, etc. that you can start with.

The profit margin could sometimes double, depending on how well you are able to get good prices from distributors.

What you need to start a Pharmaceutical supply business

Your N200k capital or more

Ability to look for pharmaceutical stores and market them effectively to become one of their suppliers

Little knowledge of the business terrain and fastest-moving pharmaceutical brands/products.

10. Okrika clothes business

This is yet another one of the best businesses to start with 200k in Nigeria in 2023.

Did you know that okrika boutique is the solution to the clothing needs of many Nigerians?

No jokes, this is so true.

With the skyrocketing prices of items in Nigeria, many people have resorted to okrika items as a way out.

You should tap into this current trend, capitalize on the meltdown and cash out.

How to make money from okrika business and grow

Your N200k or less capital

Use word of mouth to inform your contacts about your business

Get the boundles at a reputable okrika market in your state

Take beautiful photos of your pieces and upload them on your online business pages

Filters are allowed, add some beauty to your collections. Lol

Start selling at profitable prices.

11. Perfume oils and fragrances sales

Are you a perfume or fragrance lover? Well, I bet Nigerians love to smell good and affordably too, and perfume oils to the rescue.

This is one of the best businesses to start with 200k in Nigeria in 2023.

You can start this business right away if you have N200, OOO, or even less.

Why is perfume oil business the best business idea for you?

It’s easy to start

You do not need a physical space when starting out

There is a huge demand for it

It is highly profitable

12. Palm oil sales

You may not be able to relate to delving into palm oil business, but I kid you not, this is one of the most profitable and lucrative businesses on this list for 2023.

Palm oil is very seasonal. Those who trade in palm oil take advantage of this to buy in bulk during its season to sell at a higher price it’s scarce.

You can gain up to 300% profit sometimes when there is a huge demand for the product.

How to start this business in Nigeria

Learn the strategy to buying in bulk – this includes the best month to buy in the year

Get the best suppliers for your palm oil

Buy as many litres as your capital can buy

Wait till the demand season. Start cashing out!

13. Baby supplies retailing

According to Countrymeter, Nigerians give birth to 23,697 live births on average per day as of 2022.

It is estimated that by 2050, Nigeria’s population will be more than 450 million.

Any business targeting newborns in Nigeria will remain profitable at this rate of new births in Nigeria.

From pampers to babies’ food, there is none of these business lines that is not lucrative. More interestingly, you can start with N100k or less.

14. Sales of cold drinks and ice block

This one is a no-brainer. No matter the location, place and time, people would always need to get dehydrated.

The good thing about this business is that it is one of those businesses you can start with little capital in Nigeria.

What you need to start this business

Your freezer

A home location or a rented space that is highly commuted

Regular power supply or back up with generating set

15. Rentals business

Talking of a lucrative business you can start with little or no capital in Nigeria today, rental services business is one of them.

If you are consistent with the business, it holds a great promise.

I assume you already know why this business is a daily income business in Nigeria. But hey, here it is:

Why start a rental business and how

Nigerians love to party. No matter the tribe or language Nigerians love to celebrate one thing or the other all year round.

Again, rental service business is not capital intensive. To start, you need to get your first sets of rental chairs and tables.

Word-of-mouth advert could be very effective for this business.

You can later on introduce other related services as the business grows.

Daily income business in Nigeria

16. Interior décor business

Millions of houses are built in Nigeria every year that would need to be decorated. Apartments get rented out and tenants have to beautify their spaces.

This makes interior décor a business of all seasons and one of the best businesses to start with 100k in Nigeria.

Although some people start with as much as a million naira or more, you can start on a very small scale with your 200k or more.

You can rent a small space with that amount and look for a distributor or manufacturer who can give you some products while you pay them once you are able to make sales.

What you need for this business

Knowledge of the trade

Your capital

A small space to display goods and potential customer base

17. Production and sales of detergent

If you cook and do house chores at home then you will know that the prices of detergent and liquid soap is something that can cause nightmares.

The current inflation hasn’t made things better.

Many Nigerians have resorted to locally made liquid wash and detergent to cut costs and save some more money or just cope with the long list of bills.

You can tap into this business opportunity and start making some extra money. It’s a good investment to make with 200k right now.

If you can package it well, you will attract the upper middle class who can account for your business profitability faster but patience is required.

What you need to start this business

Knowledge of detergent and liquid soap production

Your first sets of ingredients

Word of mouth advert and social media too.

18. Production and sales of bedding

Here comes another great business to start with 200k in Nigeria in 2023.

I love this business because it is a business that deals with necessity not luxury.

There are some household brands when it comes to bedding and pillowcases but the problem is that their products are becoming too expensive for many Nigerians to buy.

You can produce beautiful bed sheets and pillowcases and sell at affordable prices for Nigerians and at a profitable price for you.

How to start a profitable bedding business in Nigeria

Knowledge of the production of bedding pillowcases

Social media promotions

Word-of-mouth advert

19. Sales of used iPhones

This is arguably a preferable choice for me if I were looking for a business to venture into in 2023.

There is a massive demand for used iPhone in Nigeria than you can ever imagine.

iPhone is a high-tech product that many Nigerians desire but can’t afford.

With the possibility of getting a used iPhone that would work just fine, many Nigerians are excited to buy one.

How to make money selling used iPhones in Nigeria

Agreed, 200k is rather small to start used iPhone business but you can always start with the not-too-new iPhones.

Once you make your first sale, add up the profit to get a newer model and repeat it again.

This business can only grow on trust, so make sure you sell only verifiable used iPhones.

Word of mouth is key and social media promotions too.

Best businesses to start with 200k in Nigeria in 2023

20. Start a shawarma joint

Shawarma is a common snack in Nigeria that a lot of people love.

If you get your location right, you can make a good business out of this and grow into a bigger venture.

How to get started?

Knowledge of making shawarma

A space at a well-commuted location

Giving quality products and excellent services

21. Sales of fashionable shoes and bags

If you ask me, I’ll say this is another good business to invest your 200k in.

Even the poorest of Nigerians love to look good maintain that sense of fashion. ‘

Selling fashion items such as shoes and bags will always be a good business idea in Nigeria, especially, because of the location.

22. Organic drinks and smoothies production

More than ever before, Nigerians are becoming more aware of the need to feed well on fruits and vegetables.

This makes organic drinks and smoothies some of the best businesses anyone can invest in anywhere in Nigeria right now.

What you need to be successful in this business

Knowledge of the skill

Word of mouth and online marketing

Patience and consistency

23. Water dispensers/table water sales

It is a fact that many homes do not have a running water system in Nigeria.

These families resort to buying sachet water or for those of the middle class, water dispensers.

This business is particularly a good business idea because water is a daily must-have item for everyone; we cannot simply do without it.

In addition, it also doesn’t get spoilt or expire. There is also minimal risk and less stress for this business.

24. Cleaning services and fumigation

In Nigeria, people move offices and residential apartments from time to time.

As they move, many find it difficult to clean their new place before they move in because of the stress involved.

Apart from moving to new apartments or offices, some homes outsource the cleaning of their houses to professionals.

Although it may appear slow in the beginning, this is one of the best businesses to start with 200k in Nigeria in 2023.

What you need to start this business

This business thrives on trust, keep your integrity

A little knowledge about cleaning and fumigation services which can be learnt online

A good ability to market yourself and business

Your starting capital

Cleaning materials.

Best businesses to start with 200k in Nigeria in 2023

25. Hair care business

This is another one of the Best businesses to start with 200k in Nigeria in 2023.

Women love their hair natural hair looking good and healthy. Nigerian women are not an exception.

Even when they carry hair extensions and wigs, most women love to maintain their healthy natural hair.

Hence, this business is a very good one to start with less than 200k.

What you need to start hair business

You capital – N100, 000 or less

A sizable potential customer base

Knowledge of hair treatment

26. Mini importation

As the name implies, mini importation business is all about importing items with a little amount and selling here in Nigeria at a profitable rate.

You can import anything from hair extensions to bags and shoes.

Here is everything you need to know about mini importation business and how to start it.

27. Car cleaning services

Are you yet to find a suitable business you can start from my list?  How about ‘car wash’ business?

It’s one of the best businesses you can start with little capital in Nigeria.

Needless to say that many Nigerian elite car owners would rather clean their cars at a car wash rather because it saves their time and of course, they can afford it.

How to start this daily income business

You need suitable visible space for the business

Access to running water source

Get tools for car cleaning services

Start your car washing business

What you need to start a car cleaning business

All you need is to get the location right.

A good source of water supply is required for this business.

You also need to get a location where your services can be easily seen by your target customers.

28. Sell fashion items on Jumia/Konga, others

Jumia is one of the leading e-commerce platforms in Nigeria and even Africa right now. Sellers register and open an account on the platform to sell various items.

You can invest your 200k in buying products and selling them through e-commerce. The platform on its own has millions of users who buy daily.

You can sell any of these best-selling items in Nigeria.

29. Sell fashion items on social media

According to Statista, as of January 2022, Nigeria had 32.9 million active social media users. This number continue to grow in 2023 and beyond.

You can leverage social media to start a business and grow it steadily and consistently. Instagram is especially suited for selling products online.

Here are some of the best-selling items you can sell using social media platforms.

30. Cosmetics items retailing

Cosmetics business also ranks as one of the low-cost business ideas with high profit in Nigeria.

The business continues to thrive because of the continued need for women to look good always.

What you need to start this business

Buy basic cosmetics items with your capital

Leverage social media platforms and WhatApp messaging App to promote it

Use word-of-mouth advert too

31. Photography business

I personally have a friend who is into the business of photography. He has also added videography to it now.

On an average in a month he make over a million naira, and that’s because he is yet to become a very big brand.

Nigerians love to capture their beautiful moments such as the birth of their children or wedding ceremony.

If you have passion for photography or you interested in learning the skill, you can start building a business around this.

You need to go beyond taking photos to building a brand if you really want to grow a photography business.

32. Sales of jewelries

This is another business you can start with little money in 2023

Gold or gold-plated chain, hair rings, wristwatches are particularly very fast-moving jewelry items.

I love this business because you do not need a shop or physical space to start it. Your purse is all you need when starting out.

How to start this business with 200k

Get affordable items in bulk at a good price

Add some margin and sell to people in your network

Promote your business with word of mouth and social media.

33. Original honey retail

For someone like me, I love my honey pure and natural. As long as it is original, I am willing to pay a good price because I know the health benefits of natural honey.

How about you? Do you love natural honey?

Well, millions of Nigerians do and that’s why sales of original honey makes this list.

How to start original honey sales with little capital

Get a good source of original oil supply. This is the most important decision in this business

Leverage social media to promote the business

Use word-of-mouth advert and start with family and friends

Grow business gradually

Below are some other frequently asked questions about the best businesses to start with N200k in Nigeria in 2023.

What business can 100k start in Nigeria?

You can start a lot of businesses with 100k in Nigeria including production and sales of skin care products, production and sales of detergent, poultry farming, sales of Ankara and clothing materials, shawarma business, sales of palm oil, cosmetics sales, sales of natural honey, etc.

What type of business can I start with 200000?

There are many businesses you can start with 200000. What business can I start with 250k in Nigeria? Delivery/logistics business, raw food sales business, frozen foods business, phone accessories, skin care product, hair wigs and weaves, egg supply and sales , pharmaceuticals, okrika clothes business, etc.

What business can I start with 80 thousand Naira?

You can start a lot of businesses with 100k in Nigeria including production and sales of skin care products, production and sales of detergent, poultry farming, sales of Ankara and clothing materials, shawarma business, sales of palm oil, cosmetics sales, sales of natural honey, etc.