25 Small Business Ideas in Nigeria 2023 (Hot Business Ideas with Low Capital)

business ideas in Nigeria by koboline

Last Updated on February 28, 2023

In this article, we’ll explore some of the most promising business ideas in Nigeria, and how you can tap into these opportunities to create sustainable and profitable ventures.

So, buckle up and get ready to discover why Nigeria should be on your radar if you’re serious about building a successful business.

Nigeria, the giant of Africa, is a land filled with immense opportunities and potentials for entrepreneurship. With a population of over 200 million people and a rapidly growing middle class, Nigeria presents a fertile ground for innovative business ideas that can cater to the needs of its diverse populace.

Whether you’re a budding entrepreneur or an established business owner looking to diversify your portfolio, the Nigerian market offers endless possibilities.

Checkout: Best Business Apps in Nigeria

For some of us, starting our own business in Nigeria is a dream that is kept on hold mostly due to the lack of funds or the struggle for a good business idea.

When you have valuable skills or expertise, it can be easier to start a business with low capital. But without a marketable skill or expertise, you’ll have to find trending hot business ideas in Nigeria you can make money from easily.

Coming up with good business ideas in Nigeria can be tough. Even if you have lots of business ideas, choosing the right one might be difficult.

There are a few things to consider when picking business ideas in Nigeria.

Like how much do you know about the industry your business idea will operate in?

Is the industry profitable? How can you compete and thrive in this industry?

You need to be clear about your business idea before you decide to pour money into it. It is important to gain clarity about business ideas in Nigeria before you jump into them.

After going through a list of business ideas in Nigeria you can start and pick the one you think will be profitable and you’ll enjoy doing. You’ll need to do research and create a business plan.

See: Profitable Business to Start with 100k In Nigeria

A business plan will help you know the nitty-gritty details of your business idea. It will also help you when you need to access outside funding from investors or even government entities.

If you’re looking for business ideas in Nigeria that can be profitable, Koboline has come up with 25 awesome business ideas in Nigeria that you can choose from.

Some of these businesses you can run from your home, and others you might need to get a shop or an office space. It depends on how you want to run the business.

You don’t have to do everything yourself in your new venture. You can have a co-founder(business partner) that can help with some of the aspects of the business.


Small Business Ideas in Nigeria 2023 (Home & Side Business Ideas)

Here are interesting profitable and hot business ideas in Nigeria you can set up:

1. Gym Fitness Business

Best Hot Business in Nigeria

This is one of the untapped business ideas in Nigeria.

People will always look to get fit. There are positive signs that the health and fitness industry will continue to grow globally as it continues to thrive as one of the world’s largest growing industries.

People are becoming more self-aware of their health, especially with the recent corona pandemic. A well-run gym is a good business opportunity in Nigeria. that can provide you with a stable income.

On social media, people see celebs, their friends and strangers go to the gym to keep fit. 

Starting a gym business requires significant capital. You’ll need a location (medium-sized space), Gym equipment and a gym instructor.

Starting a gym business in Nigeria can cost from N500,000 to N5m. Depending on if you have a space already or not and the type of gym equipment you purchase. Do you want to get new gym equipment or get some clean used ones? 

Also See: Most Lucrative Businesses in Nigeria

2. Niche Blog Business

Best Home Business Idea in Nigeria

niche blog business ideasin Nigeria

A blog is still one of the best business ideas in Nigeria you can start. But it can’t just be the usual blog. It has to be different.

There are only two types of blogs you can start with. Niche blogs or Lifestyle blogs. Lifestyle blogs allow you to write about everything but with Niche blogs you write about one thing. 

Lindaikeji is a lifestyle blog. Starting a blog about Bitcoin is a niche blog.

Niche blogging offers certain advantages over lifestyle blogging. Because you’re writing about one thing with a Niche blog you can get more solid methods of finding ideas.

Niche blogs also give you a reliable audience. An audience you can understand and one that will understand the type of blog you’re running.

Starting a new blog involves planning and research. Starting a blog is the easy part. What the blog should be about is the important thing.

You need to be very selective of the niche topic your blog will be about. You can choose to blog about a passion of yours or about a topic that interests you. 

You also need to research keywords in your niche. If you’re a blog about travel in Africa. Some of your keywords might be: “holiday in Africa”, “hotels in Africa”. You can come at a keyword from a different perspective.

The main thing with keywords is that you have to understand search intent. It’s not enough to know what people are searching for, you should also know how they are searching for it, and the structure of the words or sentences they use when they search online. 

You’ll also need to pick up SEO skills.

You’ll also have to think about how you’ll make money from your blog. Are you going to monetize your blog through ads, Affiliate partnerships, digital products or even consultations?

One of the easiest ways of starting a blog is buying a domain name and hosting on Hostgator and installing WordPress. Here’s how to start a blog in Nigeria for beginners or anyone.

Whatever you don’t understand. Google is your friend.

3. Phone Accessories Business

Best Small-Scale Business Idea

phone accessories business | Business ideas in Nigeria

The reason this is on this list of business ideas in Nigeria is because of the booming smartphone market in Nigeria. Every day thousands of phones and phone accessories are bought in this country.

Selling phone accessories can be a very competitive business in Nigeria. But it is also one of the current lucrative business ideas in Nigeria. You can buy an accessory for 1000 and sell it for anywhere from N1,500 to N1,800.

As more people go online via smartphones, they will need to replace phone parts as well as accessories. The market is only going to get larger.

See: Cheapest Businesses to Start in Nigeria

Some of the phone accessories that you can sell include batteries, phone cases, chargers, earpieces, headsets and memory cards. You can get them from phone markets like computer village in Ikeja.

You’ll need a shop or a store to act as your warehouse as well as a sale point.

Getting a shop for your phone and phone accessories business will cost from N150,000 to N350,000 depending on your location. You also need to buy stock to kick off the business. This can put you back anywhere from N100,000 to N200,000.

See: Best Fast Moving Small Scale Business in Nigeria

4. Gadget Repair Business

Top Small-Scale Business Idea

gadget repair business | Business ideas in Nigeria

If you’re good with your hands and have a flair for fixing stuff, then a gadget repair business is one of the best business ideas in Nigeria you can consider.

You’ll need to receive some training though or you can employ someone who can repair phones and other gadgets. Although learning how to repair gadgets can take a while. From 6 months to 1 year. Depending on your effort and talent.

At first, you can decide to start this business as a phone repair business and add laptop repairs after. Or you can do it the other way.

What matters is that you have the skill to repair gadgets very well. Whether it’s you or your employee that owns the expertise.

Checkout: Lucrative Businesses You Can Start with 100K in Nigeria

For this gadget repair business, apart from being able to repair gadgets, you’ll need to get a repair kit, a laptop, a table and chair and space. Preferably a space in a market or a shop in a very populated location.

The cost of starting this business idea in Nigeria can range from N70,000 to N200,000.

5. Car Wash + Barbing Salon Business

Best Side business Idea in Nigeria

Car Wash plus Barbing Salon Business

A car wash plus a barbing salon business will be more lucrative than if you started them separately.

People can come and get a haircut while they wash their car. You help them kill two birds at a time.

There are so many extra ways to make money from this business. You can sell drinks as well as suya with this business idea. You’ll need to make the place comfortable for customers. You can add a tv where people can watch sports or movies.

The requirements for this business include an open space as wheel as an enclosed place like a shop. You can use an iron container as the shop for the barbing salon. You’ll need a water source(maybe a borehole), a generator, a chair and benches. Barbing salon equipment.

For this business to work. You’ll need to get a very good location where plenty of cars can park. You’ll have to employ at least 3 to 4 people. 2 people to wash cars and 2 barbers for the salon.

Starting this business idea in Nigeria can cost you at least N500,000.

Also See: Best Side Hustles in Nigeria for Extra Cash

6. Mini Importation Business

Top Small Business Ideas

Mini importation business | business ideas in Nigeria

The importation business is still one of the best business ideas in Nigeria. This business has made a lot of people millionaires in Nigeria.

Mini importation business usually involves importing items (usually in a particular category like fashion & Beauty) at a low price through eCommerce sites like Alibaba, Aliexpress, 1688.com and DHgate. You then sell those items at a higher price and make a profit. With about N100,000 or even less, you’re open for business.

Checkout: Best Online Shopping Sites in Nigeria

But before you start importing items for sale, you need to decide the items you want to sell. This will depend on your research to identify people’s demands.

One way to find out what people are looking for in Nigeria is to use a google search.

You also have to decide how you intend to sell your imported goods. Do you start your own online store or use 3rd party eCommerce sites like Jumia and Konga or listing sites like Olist and Jiji.

You can also decide to do all your sales via social media sites like Instagram, Facebook and Twitter.

There are so many items to import and sell. Like fashion and beauty items, phone accessories, and even home items.

7. Affiliate Marketing

Top Home Business Idea

Affiliate marketing is an online business opportunity where you help people promote their products and earn a commission from each sale that goes through you.

As an affiliate marketer, you can promote digital or physical products. You can promote these products via a dedicated website/blog or even on social media.

Affiliate marketing is a lucrative business that has low startup costs. Most of the affiliate programs you’ll sign up to will be non-Nigeria affiliate programs.

So you will also earn in dollars too. Some of the best affiliate programs you can join include Spocket, Luno, Binance, Jumia, Amazon, Hostgator, as well as Shareasale.

8. Digital Agency Business

Top Business Idea with Low Capital

digital agency | business ideas in Nigeria

As more Nigerians go online and try to become more internet savvy, there are business ideas in Nigeria opening up that you can exploit. But you need digital skills to exploit these opportunities.

The digital skills needed for opening a digital agency include web design, graphic design, SEO, content marketing, online funnels, PPC(Pay-per-click marketing) as well as email marketing.

You can either start a digital agency that offers all these skills as professional services to clients or you can go niche and choose to operate in a singular category. 

You can start a digital agency that only offers content marketing services or web design services to clients. You can even start a digital agency dedicated to only small businesses.

There are so many ways to about it. You’ll also need to know who your targeted customer is so you will know where to find them you’ll also need to know how to market yourself well.

A portfolio or a collection of case studies will go a long way to help you. 

If you have no digital skills, you can start learning them today from places like udemy, Coursera and even Youtube.

See: How to Make Money from Youtube in Nigeria

9. Mobile Food Truck Business

Top Hot Business Idea

I know, there are a lot of food businesses around now. Especially online food vendors, but a mobile food truck business idea in Nigeria offers a different twist. 

A food truck offers a way for your business to differentiate itself from other food businesses. For this business to work, a prime location is needed. A location that has a lot of foot traffic is perfect.

Your menu also offers a way for you to differentiate yourself. Going Niche will always pay you. You cannot serve everybody.

Apart from selling from a particular location, You can also serve on occasion since your food truck is mobile.

You can also partner with companies near where you park your food truck, to supply them with lunch. That’s why where you choose to park your mobile food truck is very important. 

The main requirement for this business idea is the food truck. You can search google for where to buy a food truck. I’m sure you’ll find some solutions.

Checkout: Top Daily Income Business in Nigeria

10. Sports Betting Shop

Profitable Hot Business Idea

Sports betting is currently a business goldmine in Nigeria and it will continue to grow. The amount of people betting in Nigeria right now is insane. The biggest search on google in Nigeria right now is about betting sites.

Betting has become one of the biggest alternatives for making money on the side in Nigeria. You can take advantage of this by opening a betting shop. 

The sports betting business would require you to become an agent with one of the prominent sports betting companies in Nigeria like Sportybet, Bet9ja and Betking.

You’ll need a shop, computers, monitors, printers, an internet router and a betting tile. You’ll need at least N400,000 to N700,000 to start sports betting business in Nigeria.

This business idea in Nigeria can net you anywhere from N150,000 to N400,000 per month depending on your location.

11. Fashion Design Business

Lucrative Business Idea

One of the best business ideas in Nigeria on this list is for people who are creative and have a passion for fashion.

For you to grow this business and make it profitable, you must always produce great clothes and deliver them on time to your customers for this business to grow. 

There are many ways to monetize this business. Apart from making clothes for people. You can teach a fashion design class or course to make money. You can even open a youtube channel and showcase your process.

Although your videos have to be well made and to the point. With enough subscribers, you can start to make money off youtube. Fashion design can be capital-intensive. You have to get a shop, sewing machines and other tailoring equipment and supplies.  

Read: Lucrative Businesses in Nigeria You Can Start

12. Sell Used Clothes (Okrika)

Top Hot Business Idea

used clothes business (okrika)

This is one of the business ideas in Nigeria with very high-profit margins.

Nigerians buy used items more than they buy new ones. Because of the bad financial situation of the country. So most people looking to buy clothes buy second-grade clothing.

When they wear it you can’t tell if they bought it from a boutique or not. You can buy bales of used clothes from Aba, Onitsha and Lagos and sell them in other cities.

Even if you’re in a city like Lagos where used clothes are everywhere you can decide to sell them online via social media. You just have to be creative.

When you buy them, take very good pictures of them and upload them to social media for people to buy. You don’t exactly need a shop to sell used clothes in Nigeria.

Except you’re in a rural or suburban location. You can start this business idea in Nigeria with little capital of N70,000 to N200,000.

Also See: Best Lucrative Untapped Business in Nigeria

13. Transport Business

Profitable Small Business Idea

The transport business is still one of the most lucrative business ideas in Nigeria. The trick is in choosing the type of vehicle to start with.

You can start with a bike, bus Keke, car and even a truck. However, you can’t start this business just anywhere in Nigeria  Your location matters. This business is more suitable for places where there is a lot of population.

You also need to get a reliable person to drive the vehicle and remit consistently as per your agreement.  That’s if you don’t intend to do the driving yourself.

You also have to decide if you want to give the bus away to the driver on the higher purchase or continue to own the vehicle. While Uber was popular 2 years ago. It has become saturated. And Uber is not used everywhere in Nigeria. A bus, cab or keke napep is a preferable option.

On average a driver in Lagos can make between N40,000 to N100,000 weekly. The transport business in Nigeria is still very big despite its challenges. You can start from 1 bus and own a chain of buses that could even be doing intrastate travel.

For this business idea, you’ll have to start locally but think globally.

14. Bike Delivery Business

Most Popular Hot Business in Nigeria

Nigeria’s population and its bad road infrastructure mean people face difficulty in getting things from point A to point B. 

A bike delivery business is one of the hottest business ideas in Nigeria for taking advantage of this crisis.

You can start this business with two biles delivering documents, food and other items for people. This business can also work in almost every state in Nigeria.

Checkout: Best Delivery Services in Lagos Nigeria

If you want to start this business, I’ll advise you to start it outside Lagos because of the amount of delivery business in Lagos of late.

You’ll need to get responsible and reliable drivers for this business idea to work out. Your pricing too will also help especially at the beginning of the business.

Also See: International Courier Services in Nigeria

If you offer better prices than your competitors and always make deliveries early, customers will likely choose you over the competition.

15. Confectionery Business

Home Business Idea

Nigerians love parties. Birthdays, weddings, anniversaries, office parties and even casual hangouts. 

This partying culture offers an opportunity for cake and pastries bakers. to start a professional business and make money.

This is one of the business ideas in Nigeria where you dont necessarily need a space to do. You can start right from your home. If you don’t know how to bake a cake or pastries you can always learn online from youtube or go for physical training.

You can market your business through word of mouth by telling your family and friends. You can also advertise on social media too.

16. Dropshipping

Top Online Home Business Idea

This is one of the business ideas in Nigeria you can start with very low capital.

With Dropshipping you get to also sell products online. The only difference? You don’t have to use your money to buy and stock these products.

To start a dropshipping business you’ll need to start an online store.

See: How to Start an E-commerce Business in Nigeria

Whenever customers order products from your dropshipping store, your store automatically orders the products from 3rd-party suppliers. This supplier then ships the product to the customer.

So with a dropshipping business, you don’t have to handle any product or deliver products to customers yourself.

One of the best ways to start a dropshipping business in Nigeria is with Spocket. Products on Spocket are sourced individually from vetted US and EU suppliers.

Your customers also get to experience fast shipping since the products are being delivered by 3rd-party suppliers. The requirement for this business is basically an internet-enabled device. Some money for running ads for your dropshipping on social media.

Also See: How to Start an Online Store in Nigeria

Dropshipping is a margin game. So you want to sell products that have good margins and people are looking for online. 

17. Social Media Marketing Agency

Low Capital Business Idea

One of the best online business ideas in Nigeria that you can make money from.

Social media marketing involves generating marketing leads for businesses using social media.

Since most business owners just want to run their businesses without having to deal with the headache of building their online presence. This offers an opportunity for you to start this business idea in Nigeria.

Since your social media marketing agency will be small at the start. You’ll want to start small and focus on a specific niche or set of niches.

You’ll need to focus on a particular industry or sector. e.g hospitality industry or real estate companies. Just ensure that whatever industry you pick has money. 

You’ll also need to build out the products you’ll offer to clients. The products can be content creation, Marketing Audience Acquisition (growing follower counts, email lists, etc) or Lead Generation (using social media to acquire new leads and clients).

For this business idea to work, you’ll need the right tools. You’ll need to know how to create engaging content. You’ll need a scheduling tool for scheduling posts on social media. A tool for creating stunning images will also be needed.

The hardest part of this business is getting clients. Since clients won’t just magically come to you, you’ll have to go after them.

Another important thing is determining your pricing. Are you going to bill clients per post, per hour or weekly? I suggest you start off with packages.

Something like N15,000 per month for handling a business social media account. Your packages have to be very detailed so you won’t have clients asking you to do things you might not be interested in doing.

Having an already established social media presence can help you take off some pressure off you as you start this business.

18. Tutoring Business

Top Side Business Idea

A tutoring business is one of the business ideas in Nigeria that requires very low capital. It offers you options and flexibility.

While most people tend to tutor young children in primary and secondary schools. You can decide to go Niche.

You can become an ACCA tutor or an IELTS tutor. This differentiates you from other tutoring businesses

.A tutoring business is a very good business idea in Nigeria as people will always take tests and exams all year round. However, even if you don’t have to be a genius to become a tutor, you need to understand the subject matter very well so you can easily explain it to people.

This will make your clients trust you more and earn you many referrals.

With this business, you charge clients per session or as a package. It depends on their needs and your discretion. While this can start as a one-man business, you can always expand it into a network of tutors.

For this business to really work out, you’ll need to have a professional website as well as print business cards to give to people. You can get your first clients by telling friends and family about your new business venture and also posting on your social media about it.

You can also offer a free webinar (seminar) to get the word out.

19. Home Cleaning business

Hot Business Idea

A home cleaning business is an inexpensive way to start a business that makes you money.

Homes will always need to be cleaned, so people, especially 9-5 workers tend to find ways to transfer this work to another person.

To kick off this business you’ll need to do the cleaning yourself at the beginning. Th yourself. Ois will give you all the knowledge and tools you need to train your future employees. Of course, you can always have an assistant with you.

You’ll need to do research and educate yourself on how to clean properly. What type of chemicals do you use. Next, you’ll need to build out your service list.

This will contain all the cleaning services you offer. You can look at what other cleaning businesses offer to create your own service list. You’ll also need to get cleaning equipment and supplies for your business.

Supplies and equipment can fall into two categories:

  • Supplies that get used up will need to be purchased regularly. Like rags, latex gloves, face masks, all-purpose cleaners and even mops. 
  • Other equipment that you’ll use, Like vacuum cleaners.

This is one of the most untapped business ideas in Nigeria right now.

20. Restaurant Business

Small-Scale Business Idea in Nigeria

This business idea might look very common but launching a successful restaurant business can be a very profitable venture.

People will always eat, and if you’re known for offering mouth-watering, tasty meals at a fair price. You will have a winner on your hands.

To start a successful restaurant business you’ll need to choose a restaurant concept and brand. This will communicate what your restaurant is all about.

You’ll also need a business plan that can help you develop your strategy and understand the details of your restaurant

The other things you’ll need for your restaurant business idea in Nigeria to kick off are to, create a menu for your restaurant, get capital (you can check out business loans in Nigeria), a good location, food equipment, restaurant furniture and decor, and hiring the right staff.

21. Gift Box Business

Top Side Business Ideas in Nigeria

gift box business | business ideas in Nigeria

As you’ve noticed. I talk about Niches a lot. A niche helps you differentiate your business from the competition.

You can start a bridal gift box business or even one targeted at weddings or couples. You need to find out the customer potential. How many people are searching for the type of gift boxes you want to offer?

You also have to determine if the idea is profitable.

Having a business plan is very essential for understanding the details of this business.

Starting a gift box involves registering your business name, choosing a sales channel (how you’ll sell to people), the design of your boxes, a flair for creativity, and a startup capital of at least an N100,000.

22. Poultry Business

Top Home Business Ideas in Nigeria

To start a poultry business in Nigeria you’ll need to choose the breed of birds (chicken) you want to rear.

The common breeds are layers, broilers and cockerel.  You’ll need a very suitable poultry location. You’ll need reliable poultry housing that has to be kept clean and hygienic at all times.

Its important that housing for the chicken is spacious, so they can move freely. The housing also needs to be raised so flooding doesn’t come and ruin your business one day. You’ll need feed (food) for the chicken.

The feed must always be kept clean and dry. You dont want contaminated feed killing your birds. You also need to frequently give proper medication and vaccines to your birds.

You’ll also need a plan for marketing your chicken and eggs. You can consider avenues like selling to shops that sell provisions, supermarkets, home delivery, and even hotel and restaurants.

You can start a small poultry business with N50,0000. You can get up to 90% interest from this business.

23. Content Creation Company

Business Idea in Nigeria with Low Capital

You can start a business that creates content for prospective clients or for a broader audience.

For one that creates content for clients, you’ll need to create a website (online presence), find a way to get clients, and maybe print business cards.

If your content creation is geared towards a broader audience online, you’ll have to use platforms like youtube, and social media sites to reach your audience.

It’s important you pick a niche. You cannot be a company that creates all types of content for everybody.

You can create content for working professionals. Content like how to have a work-home balance, how to get a promotion at work and how to switch careers.

Your content doesn’t have to be in one format. You can have written content that you can turn into infographics and videos. You just have to be very creative.

24. Launch a Startup

Hot Business Ideas in Nigeria

Startups in Africa and especially those in Nigeria are raking in millions of dollars in Venture capital and angel investing.

Starting a startup is one of the most interesting business ideas in Nigeria for anyone. However, you have to choose a good problem to go after or solve.

As long as it’s a profitable problem that can be solved with tech, and you believe you are equipped to solve this problem then you should take the leap and launch your startup.

You’ll need a very small but effective team that will form the foundation of positive strong company culture. Some of the markets in Nigeria where startups are thriving and where you should look to target include fintech, healthtech, and e-commerce.

25. POS Agent Business

how to start pos business in Nigeria

Top Hot Business Idea in Nigeria

POS business is one of the most popular business ideas in Nigeria. Any small trader or merchant can use their existing business structure to help people living around them send and receive money, as well as pay for bills.

In essence, a POS business or mobile money agent makes cash available to people in exchange for a commission or fee through a POS machine.

If you live in an area where it is difficult to get to a bank or ATM and where a lot of POS agents do not exist, you can really make a daily income if you position yourself right.

Since every bank has a POS agent service alongside other financial institutions. You can join up to 3 of these POS Agencies so you can avoid downtime.

Some of the popular and best POS business agents in Nigeria to join are GTB POS, OPay POS, Moniepoint & BAXI. Here’s how to start a POS Business in Nigeria.

Frequently Asked Questions

What do I Need to Start a Business in Nigeria?

To start a business you need to come up with a business idea, do market research, create a business plan, pick a business name, and register your business name or company with CAC. You’ll also need to raise capital for your business idea in Nigeria. 

Can I get Insurance for My Business in Nigeria?

Yes, you can get insurance for your small business. Some of the best insurance companies in Nigeria for small businesses are AIICO, Cornerstone and Tangerine.

Can I Start a Business without Capital?

There’s hardly any business that doesn’t require capital. However, you can start a business with little capital. You just have to find a business idea in Nigeria that matches your capital. Or look to SME loans in Nigeria for some capital. Some of the best businesses you can start with little capital are online businesses.


Leave a Reply

Your email address will not be published. Required fields are marked *

Receive the best tips on how to earn, save & invest money in Nigeria - In your inboxSubscribe to get awesome money content in your inbox.
Enable Notifications Send me Awesome Content Later No thanks, I don't like Great Content