2023 is gradually coming to an end with 2024 setting in. The current year ushered in a new administration of President Bola Tinubu who immediately ordered the removal of fuel subsidies, forcing an increase in the price of fuel which is the major driver of Nigeria’s economy by over 300 percent.
Consequently, some Nigerians are out of jobs, others who work do not earn enough to sustain themselves, and are desperately in search of side gigs to help sustain them as inflation continues to bite the purchasing power of Nigerians.
Following proper research, VeonewsNG’s Business Desk has highlighted a list of 10 profitable business to be considered in 2024 with startup capital of 50,000 naira or less.
1. Food Vending
This is the easy go to business with good prospects depending on food sold and location. Setting up a small food kiosk selling rice, beans, spaghetti, Amala, Semo and other swallow with nice soups can be done affordably if you pick the right location. For those in highbrow areas like Ikoyi, or Lekki, where snacks are in high demand, setting up a cart to sell things like small chops and vegetable or fruit salad is also good business venture. Startup costs go towards initial ingredients and supplies.
2. Fruit Selling
Sourcing seasonal fruits at wholesale prices and selling them retail allows for good profit margins. You’ll need a cart or small stall, an initial inventory purchase, bags, and perhaps a cutting knife. For those who have corporate jobs, you can encourage colleagues to buy such fruits from you instead of going to the markets.
3. Home-Based Bakery
Baking popular snacks like chin-chin, meat pies, hotdogs and milkshakes at home to sell to local customers can be kicked off with less than N50,000 naira and can be profitable as long as you identify the right location.
4. Home Cleaning/Laundry Services
Those who have watched the Nollywood flick, Sista, would recall how the lead character played by Kehinde Bankole made a comfortable living from cleaning and laundry services. If you can deliver excellent service without charging exorbitant prices, you’ll make a lot of revenue from cleaning help and perhaps, outsourced laundry. Funds can be used to buy a Vacuum cleaner, washing soaps and detergent, and other basic items for the job.
5. Private Tutor
If you have teaching experience or knowledge in subjects like mathematics, physics, programming or a foreign language, pitch a tutoring session to people within your location who need help in that line. This tutoring session can be explored by unemployed persons or those currently enrolled in NYSC.
6. Mobile Hairdressing and Makeup Services
Cater to busy professionals and event attendees with on-the-go hair styling and makeup. You can get portable equipment with less than N50,000 for a start. Travel to your clients’ locations, and offer convenient appointment booking.
7. Social Media Management
Help clients manage their social media activity including crafting posts, developing content calendars, running ads if within budget, and generating engagement growth reports.
8. Mobile Money Agent
With the rise of mobile money in Nigeria through services like OPay and Paga, becoming an affiliated agent who can offer cash in/cash out and other financial services can be a great business for customer convenience. All that may be required is to be verified by the mobile money providers along with some float capital.
9. Fruit and Vegetable Juicing Business
Promote healthy living by offering fresh, cold-pressed juices. Start with popular combinations or get creative with exotic ingredients. Sell well packaged bottled juices at markets, gyms, or offer online orders and delivery options.
10. Perfume Oil
Everyone likes a good scent. With less than N50,000, you can gather a midsize array of scents and the internet provides the right level of education required to know what scents to get, how to mix them and package them well enough to be sold at affordable prices.
Other affordable and profitable business ventures include online Store Selling Handicrafts, Food Delivery Service, Dropshipping Business, Freelance Writing Services and Reselling Used Items.
Other affordable and profitable business ventures include online Store Selling Handicrafts, Food Delivery Service, Dropshipping Business, Freelance Writing Services and Reselling Used Items.
With minimal startup costs, a keen eye for opportunity and a little creativity, Nigeria’s marketplace offers many possibilities despite a struggling economy. Any of those business ideas would be a great way to get started and begin working for yourself.
