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  • Business - Economy
  • Updated: January 16, 2022

Businesses You Can Start With As Low As N50k In Nigeria

"The country is fast becoming unbearable," Osahon, a newspaper vendor at a roadside junction in Ikorodu, yelled at the top of his lungs. As usual, members of the free readers’ club joined in the argument that ensued to either support the government or speak angrily about the government of the day.

The scenario above is the common scene you find anywhere arguments about the federal government of Nigeria's performance are debated.

Issues arising from the cost of living, the insecurity in the country, general food insecurity, the high rate of unemployment and underemployment, corruption, nepotism, and many more are being debated painfully, to the disappointment of many who voted this administration into power.

According to the Nigerian Bureau of Statistics (NBS), inflation rose by 15.99 percent in October 2021, only to decline to 15.45 percent in November 2021.

Unfortunately, a lot of people believe that the actual inflation rate is way higher than that. Some predict that inflation, particularly food inflation, will range between 17.50 and 19.00 percent.

Whichever figure you accept, the most important thing is that inflation, especially food inflation, is on the rise, and unless you know how to increase your income source, I believe that you are in serious trouble.

No amount is too small to start a business. All that is needed is the right information, the capital, and the zeal to succeed, and success is right at your doorstep.

This write-up is based on research carried out by http://www.sme360.ng

Now, what are the businesses you can start with just N50,000?

Baking/Confectionery Business: The baking business is one of the fastest-growing businesses in Nigeria. Every corner you turn to, there is someone either selling cakes, puff puffs, buns, doughnuts, and others.

Cakes and pastries are things Nigerians love to eat, and they can never get enough of them. Nigerians are event people, and they always have one event, be it weddings, birthday parties, or anything to celebrate.

The first thing you must realize is that the market is highly competitive, even though the demand is always there. You need to attend a baking school. That should cost you anything from N10,000 to N20,000, depending on the location.

Once you have gathered the knowledge, you can explore social media to gain customers.

Please understand that the more people are exposed to your products on the social media space, the greater the reach of customers you are bound to have.

Fast food or home restaurant business: Food is very important to man’s survival. Good food is even better to ensure a man lives a healthy and wealthy life.

If you feel that you have great cooking skills and people have complimented you on them, you can delve into a fast-food business.

Why don’t you start a small home delivery food business? Start by preparing an array of nice meals that should not cost you more than N20,000.

Prepare delicious African cuisines like ogbono soup, egusi soup, efo riro, and others that you believe when you promote them on social media, especially Instagram, people will love.

Also, tell family, colleagues, and friends to check out your page on Instagram so as to patronize you. Tell them you do home delivery. Once they find your food irresistible, the profit starts rolling in.

Plantain Chip Business: This is a business that is close to my heart because I still do it. The key to a successful plantain chip business is having a great recipe and getting enough places to sell them.

With an initial investment of N35,000, I made as much as N25,000 in a week of my first sales. It is even higher when plantains are out of season. The business only requires dedication from production to sales.

Selling drinks and water: Drinks, whether non-alcoholic or not, still fall into an important category in everyday Nigerian life.

Drinks and water are as important as food, if not more. There is money in the business, and all that is required is a determination to succeed. With as little as N10,000, the business has started.

Smoked fish business: Smoked fish, like any other food, is edible. Smoked fish is a delicacy widely accepted by Nigerians both at home and abroad.

With as much as 10,000 tons of smoked fish consumed in Lagos alone, getting into the business won’t be a bad idea.

We will continue with more on this series next week.

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Okojie Kelvin Echiejile
Okojie Kelvin Echiejile

I am an astute, dedicated, devoted, and intelligent investigator of economic, and financial news and...

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