Looking to start a business in Nigeria in 2024 but worried about high startup costs? Well, worry no more! In this article, we have compiled a list of the top 10 cheapest businesses to start in Nigeria this year. Whether you’re an existing entrepreneur or a Nigerian looking for a side hustle, these affordable business ideas will help you get started on a budget.
We have covered a wide range of business opportunities that require minimal investment. Our selection covers many niches, so there is something for everyone on this list.
1. Online Tutoring
Online tutoring involves teaching students or individuals over the Internet. You can offer lessons in subjects like mathematics, science, or languages, or even teach specialized skills such as programming or exam preparation. It’s one of the cheapest businesses to start in Nigeria in 2024, as you don’t need a physical location to begin.
Is the Online Tutoring Business Still Profitable in Nigeria in 2024?
Yes, online tutoring continues to be a profitable option and is among the cheapest businesses to start in Nigeria in 2024. With the rise of remote learning and the growing demand for educational support, there are many opportunities to earn money by sharing your knowledge and helping students succeed.
Online Tutoring Startup Costs in Nigeria
Starting an online tutoring business is relatively inexpensive. You can begin with just ₦20,000 – ₦50,000. This typically covers a good laptop or smartphone, a stable internet connection, and access to online teaching tools or platforms like Zoom or Google Classroom.
Online Tutoring Requirements
To get started with online tutoring, you need expertise in the subject you want to teach, a laptop or smartphone, and a reliable internet connection. Setting up your own online classroom and creating a professional profile can help attract students. As one of the cheapest businesses to start in Nigeria in 2024, online tutoring offers a flexible and low-cost entry point into the education sector.
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2. Social Media Management
Social media management involves handling social media accounts for businesses or individuals. This includes creating and scheduling posts, engaging with followers, and analyzing social media performance. It’s one of the cheapest businesses to start in Nigeria in 2024 because it can be done remotely and requires minimal upfront investment.
Is the Social Media Management Business Still Profitable in Nigeria in 2024?
Yes, social media management remains a profitable venture and is among the cheapest businesses to start in Nigeria in 2024. As more businesses focus on their online presence, the demand for skilled social media managers continues to rise. Companies are willing to invest in experts who can effectively manage their social media platforms and drive engagement.
Social Media Management Startup Costs in Nigeria
Starting a social media management business is quite affordable, with costs ranging from ₦15,000 – ₦50,000. These costs generally cover a good laptop or smartphone, access to social media tools, and possibly some basic advertising to attract clients.
Social Media Management Requirements
To start a social media management business, you need a strong understanding of various social media platforms, content creation skills, and a reliable internet connection. A laptop or smartphone is essential for managing accounts and creating content. As one of the cheapest businesses to start in Nigeria in 2024, social media management offers an easy entry into the digital marketing world with high potential for growth.
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3. Affiliate Marketing
Affiliate marketing involves promoting other people’s products or services and earning a commission for every sale made through your referral link. You can promote these products through a blog, social media, or other online channels. It’s one of the cheapest businesses to start in Nigeria in 2024 because it doesn’t require you to hold inventory or handle customer service.
Is the Affiliate Marketing Business Still Profitable in Nigeria in 2024?
Yes, affiliate marketing remains a profitable choice and is one of the cheapest businesses to start in Nigeria in 2024. With the growth of e-commerce, businesses are looking for affiliates to help promote their products. If you can effectively market these products and drive traffic to your affiliate links, you can earn substantial commissions.
Affiliate Marketing Startup Costs in Nigeria
Starting an affiliate marketing business is quite low-cost, typically ranging from ₦20,000 – ₦50,000. This usually covers the expenses for setting up a website or blog, purchasing a domain, and possibly investing in some initial advertising to get traffic to your site.
Affiliate Marketing Requirements
To succeed in affiliate marketing, you need a platform to promote products, such as a blog or social media accounts, and a good understanding of digital marketing. A laptop or smartphone and a reliable internet connection are essential. As one of the cheapest businesses to start in Nigeria in 2024, affiliate marketing provides an opportunity to earn money with minimal upfront investment and ongoing costs.
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4. Freelance Writing
Freelance writing is all about providing writing services like content creation, copywriting, blogging, and article writing for various clients. You can work from anywhere, set your own hours, and choose projects that match your interests. This makes freelance writing one of the easiest and cheapest businesses to start in Nigeria in 2024.
Is the Freelance Writing Business Still Profitable in Nigeria in 2024?
Yes, freelance writing remains one of the top cheapest businesses to start in Nigeria in 2024. The need for high-quality online content is growing as more businesses and websites seek to enhance their digital presence. If you have strong writing skills and can deliver engaging content, there are plenty of opportunities to earn good money.
Freelance Writing Startup Costs in Nigeria
Starting a freelance writing business is quite affordable. You can get started with just ₦50,000 – ₦250,000. This cost typically covers the basics, such as a good laptop or smartphone and possibly some online tools or software to help with writing and editing.
Freelance Writing Requirements
To kick off a freelance writing business, you need solid writing skills, a laptop or smartphone, and a reliable internet connection. Building a portfolio to showcase your best work can also help attract clients. As one of the cheapest businesses to start in Nigeria in 2024, freelance writing offers a low barrier to entry and plenty of growth potential.
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5. Fruit Business
A fruit business involves buying and selling fresh fruits. You can set up a small shop, sell at a local market, or even start a fruit delivery service. It’s one of the cheapest businesses to start in Nigeria in 2024 because you can begin with a small initial investment and there’s always a demand for fresh fruits.
Is the Fruit Business Still Profitable in Nigeria in 2024?
Yes, the fruit business is still profitable and is one of the cheapest businesses to start in Nigeria in 2024. Fruits are a staple in people’s diets, and with a focus on health and wellness, the demand for fresh, quality fruits remains strong. If you source your fruits well and offer good prices, you can attract many customers.
Fruit Business Startup Costs in Nigeria
Starting a fruit business can be done with ₦30,000 – ₦70,000. This cost covers purchasing initial stock, basic equipment like baskets or crates, and possibly a small stall or space. The low startup costs make it a viable option for many looking to enter the business world.
Fruit Business Requirements
To start a fruit business, you need a good understanding of which fruits are in demand, a reliable supplier, and a suitable location for selling. You’ll need to invest in storage solutions to keep the fruits fresh and ensure you have a means of transportation if you’re doing deliveries. As one of the cheapest businesses to start in Nigeria in 2024, the fruit business offers a simple entry point into the market with ongoing potential for growth.
6. Laundry Services
Laundry services involve washing, drying, and sometimes ironing clothes for customers. You can start small by offering services to local residents or expand to a larger scale with more equipment. This makes laundry services one of the cheapest businesses to start in Nigeria in 2024, as you can begin with basic equipment and gradually grow.
Is the Laundry Services Business Still Profitable in Nigeria in 2024?
Yes, laundry services continue to be profitable and are among the cheapest businesses to start in Nigeria in 2024. With busy lifestyles, many people prefer to outsource their laundry needs. Offering reliable and efficient service can help you build a steady customer base and generate consistent income.
Laundry Services Startup Costs in Nigeria
Starting a laundry business can be done with ₦30,000 – ₦100,000. This cost typically includes buying basic equipment like a washing machine, dryer, and necessary cleaning supplies. If you’re starting small, you might even begin with just a washing machine and a few basic supplies.
Laundry Services Requirements
To start a laundry service, you need essential equipment, a space for washing and drying, and good cleaning supplies. A reliable water source and electricity are also crucial. As one of the cheapest businesses to start in Nigeria in 2024, laundry services provide a low-cost entry into the service industry with good potential for growth.
7. House Agent
Being a house agent, or real estate agent, involves helping people buy, sell, or rent properties. You act as a middleman between property owners and potential buyers or renters. This role requires good knowledge of the local real estate market and strong networking skills. It’s one of the cheapest businesses to start in Nigeria in 2024 because you can start with minimal upfront investment.
Is the House Agent Business Still Profitable in Nigeria in 2024?
Yes, becoming a house agent remains a profitable option and is among the cheapest businesses to start in Nigeria in 2024. The real estate market continues to grow, and many people are looking for assistance in finding or selling properties. With effective marketing and networking, you can earn commissions on transactions and build a successful business.
House Agent Startup Costs in Nigeria
Starting as a house agent typically requires ₦20,000 – ₦50,000. This cost usually includes setting up a basic office space, marketing materials, and possibly joining a real estate agency or network. The low startup costs make it an accessible option for many aspiring entrepreneurs.
House Agent Requirements
To succeed as a house agent, you need a good understanding of the real estate market, strong communication skills, and the ability to build relationships with clients. While you can start with minimal equipment, having access to a phone, computer, and reliable internet will help you manage listings and communicate with clients effectively. As one of the cheapest businesses to start in Nigeria in 2024, becoming a house agent offers a low-cost entry into the real estate industry with strong earning potential.
8. PoS Business
A PoS (Point of Sale) business involves offering financial transaction services such as cash withdrawals, bill payments, and mobile top-ups. With a PoS machine, you can provide these services to customers and earn a commission or fee for each transaction. It’s one of the cheapest businesses to start in Nigeria in 2024 because it requires a small initial investment and has a high demand in various communities.
Is the PoS Business Still Profitable in Nigeria in 2024?
Yes, the PoS business remains profitable and is among the cheapest businesses to start in Nigeria in 2024. With the increasing reliance on electronic payments and banking services, many people prefer using PoS machines for convenience. By setting up a PoS business in a strategic location, you can attract a steady stream of customers and generate regular income.
PoS Business Startup Costs in Nigeria
Starting a PoS business generally requires ₦30,000 – ₦70,000. This includes the cost of acquiring a PoS machine, setting up a small kiosk or shop, and possibly some initial funding for transaction fees. The low startup costs make it an attractive option for those looking to enter the financial services sector with minimal investment.
PoS Business Requirements
To start a PoS business in Nigeria, you need a PoS machine, a small space to operate from, and reliable electricity and internet access. It’s also helpful to have a basic understanding of financial transactions and customer service. As one of the cheapest businesses to start in Nigeria in 2024, a PoS business offers a straightforward and low-cost entry into the financial services market with good earning potential.
9. Dropshipping
Dropshipping is an online retail model where you sell products to customers without holding any inventory. When a customer makes a purchase, the order is sent directly to the supplier who then ships the product to the customer. This model allows you to run an e-commerce store with minimal upfront investment, making it one of the cheapest businesses to start in Nigeria in 2024.
Is the Dropshipping Business Still Profitable in Nigeria in 2024?
Yes, dropshipping continues to be profitable and is among the cheapest businesses to start in Nigeria in 2024. With the rise of e-commerce and online shopping, many entrepreneurs are finding success in dropshipping. It offers a low-risk way to enter the retail market, and if you choose the right products and market effectively, you can generate significant profits.
Dropshipping Business Startup Costs in Nigeria
The startup costs for a dropshipping business are relatively low, typically ranging from ₦20,000 – ₦50,000. This cost covers setting up an e-commerce website, purchasing a domain, and possibly some initial advertising to drive traffic to your store. The low startup costs make dropshipping an accessible option for many looking to start a business with minimal financial risk.
Requirements
To start a dropshipping business, you need an e-commerce website or platform, a reliable internet connection, and access to dropshipping suppliers. Basic knowledge of online marketing and customer service will also be helpful. As one of the cheapest businesses to start in Nigeria in 2024, dropshipping provides an easy entry into the online retail world with potential for substantial growth.
10. Event Planning
Event planning involves organizing and coordinating events such as weddings, birthdays, corporate functions, and parties. As an event planner, you handle everything from venue selection and decoration to coordinating with vendors and managing event logistics. This makes event planning one of the cheapest businesses to start in Nigeria in 2024, as you can begin with a small investment and leverage your skills and connections.
Is the Event Planning Business Still Profitable in Nigeria in 2024?
Yes, event planning remains profitable and is among the cheapest businesses to start in Nigeria in 2024. With many people and companies looking to host memorable events, there is a steady demand for skilled event planners. If you can deliver well-organized and successful events, you can build a strong reputation and secure a steady stream of clients.
Event Planning Business Startup Costs
Starting an event planning business can be done with ₦30,000 – ₦70,000. This cost typically covers basic marketing materials, a phone, and possibly some initial supplies or tools to help with planning. The low startup costs make it an attractive option for those who are good at organization and have a network of contacts in the industry.
Event Planning Business Requirements
To start an event planning business, you need strong organizational skills, a network of contacts in the event industry, and good communication abilities. A reliable phone and computer, along with a basic understanding of event logistics, are also essential. As one of the cheapest businesses to start in Nigeria in 2024, event planning offers a low-cost way to enter the events industry with opportunities for significant growth.
Frequently Asked Questions on the Cheapest Businesses to Start in Nigeria in 2024
1. What is the cheapest business to start in Nigeria?
The cheapest business to start in Nigeria in 2024 includes options like freelance writing, social media management, and PoS business. These businesses require minimal startup capital and can be started with basic tools and skills.
2. What is the cheapest and most profitable business to start?
Among the cheapest and most profitable businesses to start in Nigeria in 2024 are freelance writing and social media management. Both require low initial investment and have strong earning potential due to high demand for content and digital presence.
3. Which business is more profitable in Nigeria in 2024?
Businesses such as affiliate marketing, social media management, and online tutoring are highly profitable in Nigeria in 2024. They leverage growing digital trends and have broad market appeal.
4. What business can I start with 5k in Nigeria?
With ₦5,000, you can start a small-scale business such as a mini retail operation, a small online business, or even offer services like freelance writing or social media management, depending on your skills.
5. What business can I start with 30k as a student?
As a student with ₦30,000, you could start a fruit business, online tutoring, or a small-scale event planning business. These options offer flexibility and can be managed alongside your studies.
6. What business can I start with 50k as a lady?
With ₦50,000, you can start a PoS business, a small fruit shop, or social media management services. These businesses have low startup costs and can be operated from home or a small space.
7. What type of business can I start with 150k in Nigeria?
With ₦150,000, you can start a more established venture such as a small dropshipping store, a full-scale fruit business, or an expanded event planning service. This budget allows for more investment in marketing and equipment.
8. What business can I use 100k to start?
With ₦100,000, you can start a PoS business, a basic laundry service, or invest in a small e-commerce store. This amount provides a good balance for initial setup and marketing.
9. What business can one start with 200,000 in Nigeria?
With ₦200,000, you can start a more robust business such as a comprehensive dropshipping operation, a larger fruit business, or even a small-scale affiliate marketing setup with a strong online presence.
10. What business can I start with 5M in Nigeria?
With ₦5,000,000, you can invest in larger ventures like a significant retail store, a full-scale event planning business, or a well-established franchise. This budget allows for a substantial investment in inventory, marketing, and staff.
11. Is POS business profitable in Nigeria in 2024?
Yes, the PoS business is profitable in Nigeria in 2024. With the increasing reliance on electronic transactions, many people and businesses are looking for PoS services, making it a steady income source.
12. Can I start POS with 50K?
Yes, you can start a PoS business with ₦50,000. This amount can cover the cost of acquiring a PoS machine, setting up a small kiosk, and initial transaction fees.
13. How much does Moniepoint POS cost?
The cost of a Moniepoint POS machine typically ranges from ₦30,000 to ₦50,000, depending on the provider and any additional services included.
14. How much is a PalmPay POS machine?
A PalmPay POS machine generally costs around ₦30,000 to ₦50,000. Prices may vary based on the supplier and any promotional offers available.
15. How much is the Moniepoint POS machine in Nigeria?
The Moniepoint POS machine in Nigeria usually costs between ₦30,000 and ₦50,000, depending on the features and vendor.
16. What bank is best for POS machines?
Several banks offer POS machines in Nigeria, including Zenith Bank, First Bank, and Access Bank. The best bank for you may depend on your specific needs and the terms offered by each bank.
17. What is the cheapest POS in Nigeria?
The cheapest PoS machines in Nigeria are typically those from smaller providers or entry-level models, often priced around ₦30,000. However, it’s important to consider the service and reliability offered.
18. How much can I make on POS per day?
Earnings from a PoS business can vary widely based on transaction volume and fees. On average, you might make between ₦1,000 and ₦5,000 per day, depending on the number of transactions and commissions.
19. What to invest with 5000 naira?
With ₦5,000, you can invest in small-scale ventures like buying and reselling items, starting a small online service, or investing in a basic freelance setup.
20. How to make money in Nigeria in 2024?
In 2024, you can make money through various avenues such as freelance work, online tutoring, affiliate marketing, or starting a small business like PoS or dropshipping.
21. What business makes the least money?
Businesses with low-profit margins, like some small-scale retail operations or very low-cost service businesses, might make the least money. It’s important to choose a business that aligns with market demand and your skills.
22. What is the easiest business to start?
The easiest businesses to start are those that require minimal investment and leverage existing skills, such as freelance writing, social media management, or online tutoring.
23. What small business is the most successful?
Small businesses that solve common problems or fulfill a specific need, like PoS services or online tutoring, often find success due to their demand and ease of entry.
24. What businesses can you start with little to no money?
With little to no money, you can start businesses like freelance writing, social media management, or offering online services. These options typically require more time and effort than capital.
25. What is the easiest and least expensive business to start?
Freelance writing, social media management, and online tutoring are some of the easiest and least expensive businesses to start, as they require minimal initial investment and can be operated from home.
26. What is the cheapest business to buy into?
The cheapest businesses to buy into are often those that require minimal upfront investment and have low operating costs, such as digital services or small retail operations.
27. What is the cheapest business type?
Business types that involve digital services or low-cost physical goods, like online services or small-scale retail, are generally the cheapest to start.
28. Which food business is most profitable in Nigeria?
Food businesses such as fast food, catering services, and small eateries can be quite profitable in Nigeria, especially in areas with high demand for convenient dining options.
29. What sells very fast in Nigeria?
Items like mobile phones, fashion accessories, and food products often sell very fast in Nigeria due to high demand and consumer preferences.
30. What business can I start with 5k in Nigeria?
With ₦5,000, you can start a small-scale business such as buying and reselling items or offering basic freelance services.
31. How to start a business in Nigeria with little capital?
To start a business in Nigeria with little capital, focus on low-cost options that leverage your skills and require minimal investment, such as freelance services, social media management, or small online ventures.
32. Which platform is best for earning money?
Platforms like Upwork for freelance work, Amazon for dropshipping, and various affiliate marketing platforms are among the best for earning money online.
33. Can I earn money by watching videos?
Some platforms offer the chance to earn money by watching videos, though earnings are usually modest and require a significant amount of time and participation.
34. Which app gives real money in Nigeria without investment?
Apps like Swagbucks or certain survey apps might offer small payments for tasks or surveys, though they usually require some level of engagement to earn meaningful amounts.
35. What business can I start with 5k in Nigeria?
With ₦5,000, you can start small-scale ventures such as a small retail business, basic online services, or reselling products.
36. What is the cheapest business type?
The cheapest business types are those that require minimal investment and leverage personal skills or existing resources, such as digital services or freelance work.
37. Where to invest in 2024 in Nigeria?
In 2024, you can consider investing in businesses that are low-cost yet high in demand, such as online tutoring, social media management, and PoS services. Additionally, real estate, agriculture, and technology-driven startups are also promising areas for investment.
38. Which investment pays monthly in Nigeria?
Investments that pay monthly in Nigeria include rental income from real estate, fixed deposit accounts, and some cooperative societies or microfinance institutions that offer monthly interest payments.
39. Which food business is most profitable in Nigeria?
The most profitable food businesses in Nigeria include fast food outlets, catering services, and street food vending. These businesses cater to the high demand for affordable and convenient meals.
40. What business can I start with 50k in Nigeria?
With ₦50,000, you can start a PoS business, a small-scale fruit business, or provide laundry services. These businesses have low startup costs and are in high demand.
41. How much is the OPay machine now?
As of 2024, the OPay POS machine typically costs between ₦30,000 and ₦45,000, depending on the provider and additional services included.
42. What is the easiest food to sell?
The easiest foods to sell in Nigeria are items like snacks, small chops, and bottled drinks. These items are popular, have a quick turnover, and require minimal setup.
43. What business can I use 100k to start?
With ₦100,000, you can start a small-scale dropshipping business, a basic laundry service, or expand a PoS business. This budget allows you to invest in essential tools and marketing.
44. What is the cheapest business to form?
The cheapest businesses to form are those that require little to no physical infrastructure, such as freelance writing, online tutoring, or social media management. These businesses can be started with a laptop and internet access.
45. What business sells most in Nigeria?
Businesses that sell fast in Nigeria include fashion, electronics, and food products. The demand for these items is consistently high, making them profitable choices.
46. What business can I start with 200k in Nigeria?
With ₦200,000, you can start a house agent business, a comprehensive dropshipping operation, or a small event planning business. This amount allows for a more substantial initial investment.
47. What business can I start with 5M in Nigeria?
With ₦5 million, you can start larger ventures such as a full-scale retail store, a logistics company, or even invest in real estate. This budget allows for significant business expansion and marketing.
48. How to make 5k daily in Nigeria?
To make ₦5,000 daily in Nigeria, consider businesses like PoS services, dropshipping, or freelance work. These options have the potential for consistent daily income if managed effectively.
49. Which platform is best for earning money?
Platforms like Upwork, Fiverr, and Amazon (for dropshipping) are among the best for earning money. These platforms connect you with a global market and offer various opportunities to monetize your skills.
50. Which business make money faster?
Businesses like PoS services, social media management, and event planning can generate fast income if you have a strong network and effective marketing. These businesses cater to immediate needs and can start earning quickly with the right approach.
Conclusion
Starting a business doesn’t have to be expensive. As outlined, there are numerous cheapest businesses to start in Nigeria in 2024 that require “not so big” investment but offer significant potential for growth and profits. Whether you’re interested in freelance writing, online tutoring, social media management, or any of the other options listed, you can enter the market with a small upfront cost and a well-thought-out plan.
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