Top 27+ Profitable Business to start with 500k in Nigeria (2022)

The total population of Nigeria is about 206.1 million and the GDP of Nigeria in the year 2021 was about 173.5 trillion Naira, or more than $407 billion.

In today’s time, many people in Nigeria are searching for what business to start in Nigeria with 500k Naira, so if you also want to know the answer to this question then you have come to the right place.

Starting a business is easy if you have 500k naira but without proper planning and strategy, the risk becomes very high.

So in this blog post, I will tell you about the top 27 profitable business ideas along with what should be done to start a risk-free business.

So let us know what profitable businesses you can start with 500k Naira in Nigeria.

Profitable Business to start with 500k in Nigeria

Below I have listed the top 27 business ideas that you can start in Nigeria with low investment.

After this, you will know what should be the right strategy to start the business so that your business remains risk-free.

1) POS Business

1) POS Business

POS (Point of Sale) business in Nigeria started in the year 2013 and it is one of the most lucrative business ideas in Nigeria.

POS is the solution to the problem of long queues in the bank, in the POS business the agent buys a device and gives various transaction services to the people such as withdrawal, transfer, bill payment, or even opening a personal bank account.

You too can start this profitable business in Nigeria with 500k naira.

There are many remote areas in Nigeria such as Langtang, Okpe, Babura, Gwiwa, etc. Where there are no banks, it can be profitable for you to start a POS business.

2) Real Estate Business

Real Estate Business

Real estate is such a business using which millions of people have become millionaires in the world and you too can start this business in Nigeria with just 500k naira.

You can buy a cheap property or land for 500k naira, after that when its price increases then you can earn more profit by selling it at a higher price.

The real estate business that generates a positive return ranges from 3.12% to 34.35%. However, it takes 2 years to 10 years or more for you to make a profit in this business.

Anyway, the demand for the real estate business in Nigeria is growing very high and you should take advantage of it too.

3) Laundry Business

Laundry Business

In the laundry business, clothes or other materials of a company or individual are washed, dried, and ironed.

This is a low-risk profitable business idea that you can easily start in Nigeria with 500,000 Naira.

As the population of Nigeria is increasing, so is the demand for laundry business there.

People are so busy in their jobs that they do not get time to wash and iron their own clothes, so they prefer laundry for this.

The laundry business is a business in which there will never be any shortage of customers and its demand will always increase.

4) Computer Center

Computer  Center

If you have good computer knowledge then you can easily start a computer service center in Nigeria from 500k naira.

There are many such students in Nigeria who do not have their own laptops or computer and they prefer to go to computer service centers for their different types of work such as assignment printing, paying school fees, and filling the online form.

By starting a computer service center, you can give solutions to their problems to the students and earn a lot of money.

If you want to earn more profit from this business then you have to open computer center in such a place where there is college or school.

5) Concrete Block Molding Business

Concrete Block Molding Business

In today’s time, property development is happening very fast in Nigeria and new buildings are being constructed along with this the demand for concrete block molding business is increasing.

The contractors who build the building do not make the building blocks themselves but they buy from third parties.

If you want to start a business in Nigeria with 500k Naira then this business idea can prove to be a profitable business idea for you.

In this business, you have to make a concrete mold, using which the building is made.

To start this business, you should know about the process of how concrete mold is made.

You can easily manage water, sand, workers, land, and machines with 500k naira.

6) Salon Business

If you want to start a small business in Nigeria then a Salon shop can prove to be a profitable business for you.

People go to hair salons to get their hair cut and according to the population in Nigeria, there is always a demand for hair salon business.

You can easily start a salon shop in Nigeria for 500k naira and earn a lot of money from this.

To start this business, you must have at least 1 professional hair cutter who can serve hair cutting to customers.

In the beginning, you can bring your customers to your shop by giving them offers and discounts.

7) Clothing Business

If you have 500k naira to start a business in Nigeria then you can start a clothing business easily.

The demand for clothes is always there in Nigeria and is also increasing with time, so this can prove to be a profitable business idea for you.

You can buy clothes in bulk from Nigeria’s wholesale market like Katangua Market and then you can earn a profit by selling them at retail price.

To start this business you have to rent a shop and hire 1 employee.

If you want to scale your business then you can start selling clothes online.

8) Mini Importation Business

In the mini importation business, people buy products from outside the country and then sell the same product in their local area.

If you want to start a business in Nigeria with 500k Naira then a mini importation business can be a profitable business idea for you

Before starting this, you have to find out what kind of product is most in demand in your local area, and then you have to sell the product accordingly.

You can choose different types of products like electronics, clothes, furniture, etc and then sell them in your local area.

9) Printing Business

Printing machines are mainly used to print banners, magazines, books, newspapers, and other marketing materials.

You can start this business in Nigeria at a low cost, just for this, you should have good managing skills.

To start this business, you have to spend money on printing machines, employees, places, and other things.

If you start this business then it can prove to be a profitable business idea for you.

10) Farming Business

In Nigeria, you can cultivate many food items like Cassava, Maize, etc. But the rice farming business can be most profitable.

Nigeria is the largest producer of rice in West Africa and the third largest producer of rice in all of Africa.

You can start rice farming in Nigeria with 500k naira and earn a lot of money from this business.

For starting this business you have to get land and hire some employees.

11) Food Processing

You can easily start a food processing business in Nigeria with 500k naira and make a million nairas from this business.

Well, food production is not that big problem in Nigeria but food processing is a bigger problem and you can solve this problem.

Today, Nigeria is Africa’s largest tomato producer, but due to poor food processing, they have to import tomato paste from China.

That’s why you can earn a lot of money by starting a food processing business in Nigeria.

12) Food Center

The food center business is an evergreen business because people will never stop eating food. You can start it easily with 500k naira in Nigeria.

You can start a food stall or food center and prepare tasty food so that people come to your food center to eat.

You have to start this business in a place where the population is very high so that more and more people can come to your food stall.

You have to do the customer service well so that the customer who comes to your food center once, then comes to your food center again and again.

13) Logistics Services

The logistics market in Nigeria will grow at a CAGR of 4% until the year 2027, so you can get an idea of ​​the demand for logistics services in Nigeria.

In today’s time, people in Nigeria prefer to order their goods online through eCommerce, this is the reason logistics demand is increasing very much.

You can easily start a logistic service in Nigeria with 500k naira and earn a lot of money

14) Palm Oil Business

Palm oil production in Nigeria is a major source of income and in the year 2021 & 1,280 thousand metric tonnes of palm oil were produced in Nigeria in the same year.

If you want to start a business in Nigeria from 500k Naira then the palm oil business can prove to be a profitable business for you.

Palm oil, its oil is extracted from a fruit called pal, after which palm oil is used to make other food items.

You can start palm oil processing or production work and you can earn a million naira within just one year.

15) Tutoring Center

If you are an expert in any subject then you can start a tutoring center and teach students.

You can prepare students for different exams like WAEC, NECO, GCE, and JAMB and you can charge money as per your requirement.

You can start this business easily in 500k naira, just for this, you will need a teaching place and some expert teachers.

You can even start teaching people online so you can reach even more people.

Essential reads:

How to Start a Trucking Company in Canada: Step-by-Step Guide

Below you can see a list of other profitable business ideas that are very easy to start in 500k naira.

16) Event Planning

17) Photo Studio

18) Recharge Card printing

19) furniture business

20) Retail Cooking Gas sales

21) car wash business

22) DJ business

23) Honey business

24) Cassava farming business

25) Uber business

26) rental business

27) Football viewing center/gaming center

In today’s time, it is very easy to start a business in Nigeria, you just need to have the necessary funds and skills.

You can choose any one business from all the above-mentioned businesses and can start it for 500K Naira.

But if you want to know how to make business risk-free, then definitely follow the things mentioned below.

How to start a business risk-free way

Below I have told you about the necessary steps which will help you to start a risk-free business.

Do Market Research

The first step in starting any business is to do market research and find out how much competition is there in the market and what products or services people like.

Write Business Plan

After doing market research, now it is your turn to write a business plan, in this, you write what will be the structure of the business, how you will make your business big, and what steps will have to be taken for it.

Fund For Business

Now you have to decide how much money you will need to start and run the business.

If you do not have the necessary funds, then you can also borrow some money, but my advice is to borrow money only when it is very important.

Select Business Location

If you are starting any business which will require an office, land, or factory then you should find the best location for your business.

Choose Your Business Structure

Now you have to choose the legal structure of your business.

Choose your business name

Now you have to choose your business name. Choose your company name that reflects your company’s brand.

Register your business

Once you have thought of the name of your business, now is the time to register your business.

Apply for licenses and permits

You have to take the necessary licenses and permits according to the business you are starting.

Once you have completed all the steps mentioned above, after that you can easily start your business without any risk.

By now you must have got the idea that what is the best business with 500k in Nigeria and earn a lot of money.

We hope that after reading this blog post, all your questions will be answered easily.

FAQ

Q: What business can I start with 500k in Nigeria?

Ans: You can start the below-listed business in Nigeria with 500k naira
1) Block Industry
2) Computer Center
3) POS business
4) Laundry Business
5) Bakery
6) Sales Of Mobile Phones & Phone Accessories

Q: What businesses move fast in Nigeria?

Ans: 1) Distribution
2) gas business
3) Petrol station
4) Cooking gas business
5) Kerosene business
6) Oil and Gas Transportation
7) Palm oil business