5 Businesses to start with 50K in Nigeria

5 Businesses to start with 50K in Nigeria

Small and medium scale enterprises are highly essential for the development of any nation's economy. Usually, small and medium scale businesses require little to average capital and not a huge amount of capital. Nigeria is a great country with a huge population of youths and many youths are unemployed. Statistics after statistics carried out by survey teams have shown a very huge amount of teeming youths and therefore there might not be enough jobs especially white-collar jobs to go round. This is where the importance of entrepreneurship comes in very handy. 

If you are a young Nigerian, and you wish to go down the path of entrepreneurship whether out of need or of pure love for entrepreneurship, this article is for you. The number one limiting factor that prevents a lot of people from starting a business in Nigeria is the amount of capital needed. Many times, businesses need huge capital before they can be launched. But luckily, there are businesses that can be launched successfully with as low as 50K Naira. These businesses will generate a good amount of returns despite the small amount of capital. So, let's check them out: 

1.   Popcorn production 

Popcorn is a healthy and very attractive snack that lots of people all over the world love. Corn itself is very accessible all over Nigeria and therefore a very cheap and easy ingredient you will be using in this business. Popcorn is considered one of the healthiest snacks in the world and it is very easy to make. Starting a popcorn business is very profitable and while you're making the popcorn, the smell of it travels thereby calling people to you. 

What do you need:

Popcorn machine - 29,000 Naira currently

Nylon sealer- 1,900 Naira currently

Maize per 50kg - 13,500 Naira currently

Other ingredients like sugar, etc. plus miscellaneous - 5,000 

Total: 48,500 Naira

 

2.   Noodle stand 

As a noodle vendor, you will cook delicious noodles for your customers. Usually, noodle vendors sell a plate of noodles and an egg or two eggs. Usually, this plate of noodles usually costs 300 to 400 Naira depending on what else the cook will put on the noodles. Some vendors also offer fish, fried chicken etc. as options to top the noodles with for customers. Noodle stand is very easy to set up and you don't have to rent an entire shop to get started. Noodle stands are usually more like street shops that pedestrians can easily branch into to get their noodles quickly cooked. 

What you will need: 

Gas cooker

Wooden shade

Utensils like pots, spoons, etc

Cartons of noodles

Location rent

Food takeaway packs 

3.   Soap making 

Soap is a very common household item that everybody uses. Soap is a very important item that all homes need. People need soap to wash clothes, wash plates, scrub floors, etc. This makes it a household commodity that will sell very fast. Also, soaps from popular brands can be very costly nowadays so if your soap is slightly cheaper, people will find you and buy from you. You can also decide which type of soap to sell. Soaps for different purposes are made differently in different manufacturing processes and in different states of matter. 

What you need: 

  • Necessary chemicals, reagents and substances
  • Packaging materials
  • Moulding machine
  • Cutting machine
  • Trimming machine 

4.   Perfume Oil business

People love to smell good. Everybody wants to leave a good impression on people that they meet every day. Nobody wants to have a bad body smell. The perfume oil business fills the need for the calibre of people that love to smell nice.

 What you will need:

  • Perfume bottles
  • Perfume oil in wholesale from a perfume oil maker 

5.   Mini importation business 

The bulk of the money you will be spending in this business is when you want to clear the goods you imported at the port upon entry into the country's borders. So, usually, goods that are lightweight or weigh lesser cost lesser to get cleared. Examples of goods you could import from China include phone accessories, car trackers, beauty accessories etc.

 What you will need:

  • Knowledge about importation from import-friendly countries like China. 

Conclusion

The five business ideas above are perfect for small and medium businesses that anybody in Nigeria can start with as little capital as 50,000 Naira. Businesses can be started without breaking the bank to raise capital.