What Business Can 500k Start in Nigeria?

With ₦500,000 (five hundred thousand naira), a determined entrepreneur can start a variety of profitable small-scale businesses in Nigeria. The key lies in choosing a venture that aligns with your skills, location, and target market. Below are some practical business ideas you can explore with 500k or less:

1. Foodstuff Retail Business

Nigerians eat every day, making foodstuff trading a reliable business. With ₦500k, you can start a mini food store or table market selling rice, beans, garri, oil, tomatoes, and spices. It thrives in both rural and urban areas.

2. Mobile Phone and Accessories Business

You can start a small-scale mobile phone accessories shop selling earphones, chargers, screen guards, power banks, and cases. Location matters—choose busy markets or near schools for better foot traffic.

3. POS (Point of Sale) Business

The POS business is booming in Nigeria due to the demand for easy cash transactions. With 500k, you can get a POS terminal, register with a bank or aggregator, rent a kiosk, and start operations immediately.

4. Catering or Small Chops Business

If you have culinary skills, you can start a catering service or small chops business. Invest in utensils, gas cooker, ingredients, and marketing. This business is popular for events, offices, and social gatherings.

5. Laundry and Dry Cleaning Services

With a washing machine, pressing iron, detergent, and a small rented space, you can launch a neighborhood laundry service. High-traffic areas and student environments offer great potential.

6. Mini Importation Business

Thanks to platforms like Alibaba and 1688.com, you can import items like gadgets, fashion accessories, or beauty products in small quantities and resell online or through word-of-mouth marketing.

7. Car Wash Business

If you have access to space and a water source, a car wash is a great low-barrier business. With 500k, you can buy a pumping machine, water tank, brushes, and set up a shaded area to begin.

8. Hair Salon or Barbing Salon

Open a simple unisex salon with basic equipment like clippers, mirrors, chairs, and hair care products. Skill and good customer service are vital for attracting and retaining clients.

Conclusion

₦500,000 is enough to start a small yet sustainable business in Nigeria. What matters most is your commitment, understanding of the market, and ability to adapt. Always start small, minimize waste, and reinvest profits to grow over time.