Best businesses to start with N500K in Nigeria in 2024
Are you looking for the best businesses to start with N500K in Nigeria in 2024?
I’ve got some really cool and profitable ideas for you.
I will be sharing with you the 35+ best business ideas to start with N500K in Nigeria that will yield 1.5 million in less than 3 months. Don’t go anywhere, just stick around as we get started.
Table of Contents
Best businesses to start with N500K in Nigeria in 2024
1. Poultry Farming
Poultry farming involves raising chickens for their meat (broilers) or eggs (layers). You can start small by constructing a chicken coop and buying chicks, feed, and basic equipment.
As the chickens grow, you can sell them in the market, you can also sell them to restaurants, hotels, and event planners.
Poultry farming is one of the most profitable businesses you can start with N500k in Nigeria today.
If you have 50k and you want to start a business, here 11 Best Businesses to Start With N50K in Nigeria (2024).
2. Restaurant or Fast Food Outlet
Being able to start a restaurant is profitable because of the high demand for food.
A restaurant or fast food outlet allows you to serve a menu of local or international dishes to dine-in and takeout customers.
For example, you can open a fast food outlet specializing in local delicacies such as Moi-Moi, Afan soup, Egwusi soup, etc.
You can start this business with 500k which can rent a shop and buy all the necessary equipment for starting this business.
Photography and videography services are one of the best businesses to start with N500K in Nigeria which is also lucrative and profitable because of the rise in events across Nigeria.
It’s the art of capturing images and videos for various occasions, including weddings, birthdays, and corporate events.
With 500k, you can buy high-quality equipment and offer your services to individuals and businesses, thereby making great profits.
4. Soap and Detergent Production
Soap and detergent production entails making various cleaning products, including bar soap, liquid soap, and detergents.
You can manufacture soap and detergent products and sell them to wholesalers, retailers, or directly to consumers.
5. Hair Salon
A hair salon offers services like styling hair, and hair treatments for both men and women including making wigs.
For instance, you can open a hair salon that specializes in natural hair care or trendy hairstyles and make huge profits.
With 500k, you can start up a mini hair salon and be able to start making profits immediately.
6. Estate Agency Business
Estate agencies help people buy, sell, or rent properties such as houses, land, and commercial spaces.
With 500k, you can become a real estate agent, connecting property buyers and sellers, and earning commissions on each successful transaction.
7. Cattle Farming
Cattle farming is for beef production. Start by acquiring cattle, pastureland, and veterinary services.
This is one of the best businesses to start with N500K in Nigeria in 2024 because of its high demand.
There is no day, people don’t host events in Nigeria and most of them require meat, which majority use beef in their events.
You can make reasonable amounts of profits by selling cattle to local abattoirs or butchers, event planners, restaurants, hotels, etc.
8. Baby Accessories Store
Baby accessories stores are a very nice business to start right now in Nigeria. It’s also a demanding and profitable business.
With 500k, you can rent a shop and set up a promising baby accessories store in Nigeria.
9. Graphic Design Services
Graphic design services include creating visual content for businesses and individuals. This can include logo design, marketing materials, web graphics, and more.
For example, you can start a graphic design agency and offer design services to businesses looking to improve their branding, thereby making a great profit.
10. Rice Milling
Rice milling is also one of the best businesses to start with N500K in Nigeria which involves processing locally grown rice.
With 500k, you can start by investing in milling equipment, sourcing paddy rice from local farmers, and milling it into finished rice products.
Then, sell this rice to wholesalers, retailers, food vendors, hotels, homes, restaurants, event planners and others.
11. Palm Oil Production
Palm oil production is the extraction and processing of palm oil. It is also a demanding product that is needed in every home.
You’ll need palm oil fruit bunches, processing equipment, and a means to extract and refine the oil. Sell the palm oil to local markets, restaurants, or food processing companies.
12. Plantain Chips Production
Plantain chips production is a business that involves slicing and frying plantains to create snack chips.
With 500k, you can rent a shop or even use your house, set up your equipment, employ a worker who can help you package the chips, then sell to local shops, supermarkets, or roadside stands.
13. Garri Production
Garri production involves the process of processing cassava which includes turning cassava roots into products like garri or cassava flour, it is one of the best businesses to start with N500K in Nigeria.
Start by investing in processing equipment, source cassava roots, and produce these products for sale in local markets or to food processing companies.
14. Groundnut Oil Production
Groundnut oil production involves extracting and processing groundnut oil for sale. You’ll need groundnut seeds, oil extraction equipment, and a refining process.
You can make huge profits by selling groundnut oil to marketers, restaurants, hotels, and food manufacturers.
15. Water Business
You can start this business by investing in a good water source, water treatment equipment and packaging facilities.
This business is profitable because everybody in Nigeria drinks water, the good thing here is that you produce both bottled water and sachet water.
After production, you can sell them to retailers, supermarkets, hotels, restaurants, marketers or directly to consumers.
16. Car Rental Services
Car rental services is a business that offers vehicles for rent to individuals or businesses for various purposes, such as travel or special occasions.
It is also one of the best businesses to start with N500K in Nigeria. You can establish a car rental business, providing a fleet of well-maintained vehicles for rent.
17. Creation of a Mobile Money App
Mobile money apps help facilitate financial transactions for customers using mobile banking services.
You can set up a mobile money agency, allowing people to deposit, withdraw, or transfer money using their mobile phones.
This is a profitable business and in high demand because of the increase in online financial activities.
18. Catering Services
Catering services involve providing food and beverage solutions for events and gatherings. With 500k, you will be able to get all the cooking equipment, rent an office and design your flyers.
Due to the rise in events across Nigeria, you can cater to weddings, parties, corporate events, and more, serving a variety of dishes, both locally and internationally.
19. Fish Farming
Fish farming involves the breeding and raising of fish, such as catfish, tilapia, oil fishes, etc. With 50k, you can start by constructing fish ponds, purchasing fingerlings, and providing proper feeding.
Once the fish are mature, you can sell them to local markets, town markets, hotels, restaurants and directly to consumers who may need it for events.
A bakery produces and sells bread, pastries, and baked goods. You can start by investing in baking equipment, space, and ingredients to create a variety of baked products.
This is also one of the best businesses to start with N500K in Nigeria in 2024 as it is very lucrative. You can sell your baked products to marketers, and supply local shops and supermarkets.
21. Dry Cleaning/Laundry
Dry cleaning and laundry services involve cleaning and pressing clothes and fabrics for customers.
With 500k, you will be able to rent a shop, and buy a manual washing machine, electric iron, pressing table, and others.
Getting a good location is highly recommended if you want to increase your profit measures in this business.
22. Solar Charging Stations
In this type of business, solar charging stations use solar panels to charge electronic devices, such as mobile phones and laptops.
With 500k, you can easily set up solar charging stations in busy public areas, offering a convenient and environmentally friendly solution for people to charge their devices.
23. Pig Farming
Pig farming involves raising pigs for pork production. You’ll need space for pigsties, piglets, feed, and veterinary care.
Once the pigs reach maturity, you can sell them to restaurants, consumers, butchers or meat processing companies.
24. Phone Repair Shop
A phone repair shop is also among the best businesses to start with N500K in Nigeria offers repair and maintenance services for mobile phones and accessories.
You can start this business by repairing broken screens, replacing batteries, and fixing various phone issues. Make sure to set up your phone repair store in a busy area.
25. Fashion Design/Tailoring
In the fashion design and tailoring business, you create and sell clothing, offering custom tailoring services. You can employ workers if you don’t really have sewing skills.
Start a fashion design boutique and produce clothing for sale, including traditional Nigerian attire, casual wear, or formal wear. This is a profitable business because of its demand, everybody in Nigeria wears cloth.
26. Snail Farming
Snail farming is the process of breeding and selling snails. You can set up a snail pen, feed them with appropriate foods, and sell mature snails to restaurants or local markets where they are in demand.
Snail is a profitable business to venture into because of its health benefits and its high demands from food vendors, restaurants, hotels and consumers.
27. Importation/Exportation Business
Importation and exportation businesses are among the best businesses to start with N500K in Nigeria in 2024 which involve trading goods between different regions or countries.
You can start a mini importation or exportation business, specializing in products with high demand in Nigeria, such as electronics, clothing, or agricultural commodities, and establish trade relationships with international suppliers or buyers.
28. Cyber Cafe/Printing
A cyber café is a type of business that provides internet access and printing services to customers.
For example, you can open a cybercafé with high-speed internet, printing, and scanning facilities for students, job seekers, and individuals seeking internet services.
29. Honey Business
Honey business is a good business to start with 500k in Nigeria, this business is lucrative because of the health benefits of honey leading to its high demand. Get a good location where people can easily locate you for fast sales.
You can also make profits in this business by selling your honey to local markets, consumers, honey processing companies, etc.
30. Mini Supermarket
A mini supermarket is also among the best businesses to start with N500K in Nigeria which involves selling different products including groceries, toiletries, and household items.
With 500k, you can start a mini supermarket in a densely populated area, catering to the daily shopping needs of the community.
31. Waste recycling business
Waste recycling businesses focus on collecting and recycling various materials such as plastic, paper, glass, and metals.
You can start a waste recycling company that collects recyclables from households and businesses, processes them, and sells the recycled materials to manufacturers.
With 500k, you can pay workers that will help you carry out the collection and packing task.
32. Courier/Delivery Services
Courier and delivery services involve transporting packages and documents from one location to another. This business is highly profitable because of the rise in goods and waybills.
With 500k, you will be able to start a local courier or delivery service, rendering services to businesses and individuals who need fast and reliable delivery options.
33. Goat Farming
Goat farming is among the best businesses to start with N500K in Nigeria in 2024, because of the high demand for goat meat and goat pepper soup.
Many Nigerians enjoy goat meat more than other meats and it makes the demand high, so this is one of the reasons why goat farming is a profitable business in Nigeria.
34. Generator Repair
Start by offering generator repair and maintenance services for generator owners. This is a good business idea that can help local businesses and individuals who rely on generators.
With 500k, you can get Gen repair tools and establish a mobile generator repair service that provides on-site maintenance and repairs.
35. Start A Daycare Center
With 50k, you will be able to rent a space, print flyers, and buy all the necessary equipment needed to open a daycare center for children around your neighborhood.
36. Web Designing
Web designing is also one of the best businesses to start with N500K in Nigeria that focuses on creating websites for clients.
Start by acquiring the skill, then design and develop websites for businesses, individuals, or organizations looking to establish an online presence.
Web designing is a profitable business because of the increase in online activities across Nigeria such as online stores, church websites, blogging sites, etc.
Without mincing words, all these best businesses to start with N500K in Nigeria really have the potential of making you a millionaire in no distant time if you follow the right strategies.
Don’t just read and fold your hands, you have to start somewhere and the right time is now. Also, you should consider getting a good location while starting any of these businesses.