20 + 6 Businesses to Start With 100K in Nigeria

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It sounds very promising to start a business with 100K in Nigeria. The reality is that becoming a boss, and a successful one at that, is no small feat at all. In fact, raising capital in the present economy is even more difficult than finding a business to start.

Do you wonder how some small businesses still thrive in this economy? Well, it requires a lot more than reading motivational books 😆.

In this article, we’ve critically reviewed a list of businesses to start with 100K in Nigeria to ensure that they can thrive in a harsh economy once appropriate steps are taken at the initial stage. We’ve also added different ways to raise funds to start your business at the end of the article.

Let’s start with a detailed list of these businesses.

Top Businesses to Start With 100K in Nigeria

As the inflation rate rises, businesses that are considered profit-generating with 100k as startup capital are constantly changing. The following are the best businesses you can start with 100k in Nigeria in 2023;

1. POS Business

business owner holding a pos machine and atm card

Starting a POS business is a viable option for a business to start with 100k in Nigeria. Daily profitability depends on factors like location, transaction volume, fees, and commission rates. 

Initial costs include a POS machine, internet, cash float, and other expenses, totaling around N100,000. Banks can provide POS machines, but the process requires patience. 

The business location should have a good network, offer multiple services, be in a densely populated area with limited ATM access, and be safe. 

Fintech banks like Opay POS Agency and Moniepoint offer a beneficial share of N50 per N1,000 and N100 per N20,000. Charging high fees can lead to competition and customer loss. For instance, charging N500 per N50,000 transaction using a fintech POS can yield a N400 margin. 

Profits may not be significant initially, but with consistency, reasonable fees, customer loyalty, and a reliable provider, growth is achievable.

How to Start a POS Business in Nigeria [Cost & Profit]

2. Okrika Business

This is a popular line of business known for its high success rate. You can start a small-scale okrika business with N100,000 in Nigeria and grow with time. Like POS businesses, location, a target market, and a realistic business plan are vital for their success.

You should also consider the sustainability and opportunity for growth of the business in your location. 

The profit margin can be up to 50%. But like all businesses, advertising is key to achieving the targeted number of sales and profits.

The Secret of Okrika Business: How To Profit Selling Bale

3. Barbing Salon

Starting a barbing salon in Nigeria varies from state to state. For instance, the cost of setting up a barbershop in Lagos will be totally different from the cost of setting it up in Enugu.

However, with 100K, you have to plan judiciously to be sure you have the basic equipment you need. The following steps will guide you:

How to Start a Barbing Salon in Nigeria

  • Learn how to barb: This will take between 3 months and 1 year, depending on your determination and how fast you can learn.
  • Buy the basics first: This includes clippers, combs, disinfectant supplies, straight razors, and barber shears.
  • Start with home service: Even if you have the capital to set up a shop, it is advisable to start rendering home service first. This will help you build a client base and establish trust and reliance on your expertise so you do not have an empty shop when you open.
  • Understand how to prepare a financial statement: You need to be disciplined and make a habit of preparing a breakdown of the profit you’ve made monthly.
  • This will enable you to keep a proper account, and by the time you open your shop, it will become second nature to you.

Location is also vital in this business. If you are in an urban area, consider finding a strategic location where you will get more customers with little or no competition. Following the above steps will guarantee that you’ll be able to make a huge profit.

4. Sale of Bed Linen

This involves the sale of bedsheets and pillowcases. While it’s not completely untapped, it’s one of the most lucrative businesses you can start with 100K in Nigeria because of the turnover it can generate.

Despite its potential for generating profit, it wouldn’t be wise to just venture into this business. First of all, ask yourself the following questions:

How to Start Selling Bed Linen in Nigeria

  • Do people in my area need bedsheets?
  • Are they people who value interior decoration?
  • What is the average income of the majority of the people, and what can they afford?
  • What kind of bedsheet will they be willing to buy?

These questions are important because you do not want to waste time convincing people to buy bedsheets and pillowcases when they can’t afford them.

The good part about the bed linen business is that you can actually start without capital. The secret is to find a major retailer. The main challenge is to find clients, which you can do using several digital marketing platforms like Instagram, Facebook, and the rest. 

5. Business of Fashion Accessories

The sale of fashion accessories is a very popular and profitable business that you can start with 100k in Nigeria. It is also convenient because you can easily carry your goods to various locations and generate more sales. 

Some fashion accessories you can sell in Nigeria include necklaces, handbags, wristwatches, bracelets, and the rest.

Before you start this business, you should know what is trending, have quality products, and have an eye for beauty. You can sell online and offline as well, which increases your target base.

6.  Phone Charging Business

The epileptic power supply in Nigeria, coupled with a hike in fuel prices, has increased the demand for this business idea. This business doesn’t require much; it can be done in a small shop or kiosk.

The basic things you need are light bulbs, extensions, phone chargers, desktop chargers, and a small generator.

How to Start a Phone Charging Business and Make Profit

  • Find a busy location, especially in markets, busy bus stops, or places with a low or nonexistent power supply.
  • Look out for the security of your surroundings.
  • Get a small shop and set it up with the basics.
  • Advertise by word of mouth, provide excellent customer service, and give a small discount to customers.
  • Consider other services you can render, such as phone repair, that could make you unique among competitors.

The expected profit margin from this business can be as high as 55% if you manage your account well and retain customers. Most of all, ensure your business plan includes a market survey before you start this business.

7. Soap Production Business

This business requires skill, determination, and strategy. That means that to start this business with 100K in Nigeria and be successful, you don’t only need to master the skill; you will also need expertise from a partner or someone already established in the business.

After you’ve learned and perfected the craft of soapmaking, there are several channels to market and sell your soap.

You can start with friends and family. Ask questions about your product in terms of quality, fragrance, and what they don’t like about the soap. This will enable you to re-evaluate if you need to improve the quality or ensure it is maintained.

You will also need a business plan before you even start. This will help you identify your strengths, weaknesses, potential setbacks, and opportunities for growth. The bottom line is that if your product is good and of high quality, it will sell. 

8. Recharge Card Retail

Recharge cards in Nigeria practically sell themselves, as almost everyone has a mobile phone. Even with the option of buying through banks, a lot of people (myself included) opt for buying in paper form.

To start this business with 100K in Nigeria, you will need the following:

  • Laptop or desktop (this is optional, as you can go to a cyber café for this)
  • Software for printing (called Netdivo) will enable you to decrypt the pin you receive from the dealers you buy from.
  • Startup capital

9. Food Selling Business/Food Stuff 

No matter the state of the economy, people will always have to spend money on food. Selling foodstuffs is one of the best businesses you can start with 100k in Nigeria because it is less stressful and has a high turnover.

Some foodstuffs you can sell include rice, beans, garri, noodles, red or vegetable oil, and the rest.

10. Nail Fixing 

This is another profitable offline business to start with 100K in Nigeria, as you don’t necessarily need a shop at the initial stage as long as you have the skills. You can work in a salon and, at the same time, learn the administrative and management skills you need to start your own beauty shop and earn money at the same time.

The basic equipment you will need includes nail files, cuticle tippers, nail polish in different colours, topcoat, acrylic powder and liquid, nail tips, nail accessories, and brushes.

Just like a barbershop business, you can start by rendering home services to grow your client base before setting up your own beauty shop. You will need a realistic business plan and identify opportunities for growth based on your location.

Profitable Business to Start With 100K in Nigeria

11. Pure Water Business 

Just like food, everyone drinks water. This business is flexible because, with 100K, you can also start small and upgrade to making your own customised pure water. The steps to start this business include:

How to Start a Pure Water Business in Nigeria

  • Finding strategic locations such as parks, busy working areas, salons, construction sites, and the rest
  • Decide how many bags you will buy first and install a constant cooling system (this could be blocks of ice inside a cooler) to increase sales.

Starting your own pure water business on a large scale is very capital-intensive and requires planning, business registration with government agencies, and extra labour. It is always better to start small.

12. Cake/Pastries Business

This is a small business you can start with 100k in Nigeria, even if you don’t have a commercial oven. You can cater for events such as birthdays, anniversaries, and weddings with your pastries.

Of course, the main requirement you need is skill before you even venture into this business.

To start this business, you will need to:

  • Decide on the pastry or pastries to specialise in.
  • Draw up a business plan, considering location and customer base. 
  • Advertise with family, friends, and neighbours.
  • Ensure you have the equipment needed or an alternative you can use if you want to start from home.
  • Start baking and supplying based on demand.

13. Snail Farming 

This is a surprisingly profitable business you can start with 100k in Nigeria, contrary to popular belief. It is easy to start, as you don’t need much equipment apart from housing, healthy snails, and feed. 

With an initial investment of around 100k, you can build a snail habitat in your backyard and buy the initial batch of snails and their feed. 

Snails, being hermaphrodites, reproduce quickly, ensuring a consistent supply for the market. They also have a diverse diet, which includes easily accessible and low-cost foods. With effective management, the business can yield up to a 300% return on investment within the first year

14. Palm Oil Reseller Business 

This is a straightforward and profitable business to start with 100k in Nigeria. You don’t need NAFDAC approval to start the distribution of palm oil.

With 100k, you can inquire and go to local producers in the village, sort for quality palm oil, buy it at a good price (100k is worth over 300 litres), and take it to the market.

You can either keep them for some time until the palm oil price rises and resell them or take them to those who sell at wholesale prices and sell to them for profit.

15. Animal Feed Business: 

Livestock farmers have one common goal: providing their customers with healthy and fat animals, which in turn yields huge profits for them.

Getting quality animal feeds (fish feeds and poultry feeds) is vital for you to make a profit in this business.

This is one of the businesses to start with 100k in Nigeria, but first, you need to:

  • Find out where to buy animal feed and additives near you. You should also consider transportation and the cost of the products.
  • Rent a small outlet strategically close to animal markets for easy access and sales.
  • Have a strong online presence. You might not even need to rent a shop if you have this, as you can supply directly to customers once you purchase animal feed from your distributor.

Your online presence can be a social media page or an e-commerce store where poultry keepers and livestock owners can easily find you.

16. Mini-Importation Business 

This is one of the businesses you can start with 100k in Nigeria without too much hassle. It entails buying goods and reselling them in Nigeria for profit. The major requirements are: capital, an internet subscription, a valid Nigerian delivery address, an email address, and a phone.

How to Start a Mini Importation Business in Nigeria

  • Decide on the product to sell: There are several ranges of products you can delve into, such as clothes, baby items, cosmetics, and so on. Check for products in demand depending on the target market.
  • Source for products: This has become easier as there are a variety of retail online stores that sell a vast range of products that can be bought and resold here in Nigeria. Some credible online retail stores are Alibaba, Amazon, DHgate, and the rest.
  • Familiarise yourself with the local laws guiding importation. This is another vital step because there is nothing as frustrating as experiencing the seizure of goods by customs for one reason or another. This will also prevent unnecessary surprises and unforeseen problems when you ship your goods.
  • Critically review the details of each product
  • Advertise your product and start selling

Start Mini Importation From China to Nigeria In 5 Steps

17. Bead Making and Selling 

This is another profitable business you can start with 100k in Nigeria. What you need to do is enrol in a training programme for bead making, perfect the craft with samples, and learn about the different styles you can make. 

It is important to carefully survey your surroundings, especially if you live in an urban area, to ensure your target market is available, as beads are not a major necessity for some people. 

Once you’re good at making this jewellery, buy more materials and make the products, such as necklaces, bangles, and earrings. If you make quality beads, you can also advertise with some jewellery shops in markets. You can also advertise your products on major e-commerce websites such as Jumia, Konga, and the rest.

18. Egg Supply Business

This is one lucrative business you can start with 100k in Nigeria.

The following steps will provide you with a great start:

  • Locate a poultry farm that can supply large quantity of eggs
  • Carry out a market survey for potential customers. The good thing about this business is that the target market is large, so it’s all a matter of finding them. Visit markets, bakeries, and supermarkets to find out if they already have a supplier and what you can do to stand out. 
  • Find a convenient means of transportation: This is the biggest challenge of this business, as eggs are delicate and need to be handled with care. Consider renting a reliable tricycle rider when you have an order. 
  • Buy other tools you need to start supplying, such as crates, books to take orders, and another one for accounting.

This business has a good return on capital as you make profits daily. However, because eggs are perishable, you should be careful of the number of eggs you order at once to reduce the risk of running into a loss. 

19. Sale of Used Items

Used items like phones, laptops, and the rest can be resold and generate profit. A lot of people run into problems while trying to sell their items.

There is always the question of who will buy. Use various methods, such as market surveys, what is in demand, short questionnaires, and so on.

The aim of these tests is to find out who your potential clients are and how to reach them. You can also inquire from friends, family, and colleagues that have items for resale, buy cheap from them, and resell at a good profit. 

Online Business To Start with 100K in Nigeria

If you prefer starting a business from the comfort of your home, here are several business ideas you can begin with.

20. Start an Online Fashion Boutique

 This sounds expensive and complicated, but let me explain how it works:

You select items from other vendors to put into your own online store that focuses on a specific niche, like female tops or trousers. Then, when a customer sees it, indicates interest, and orders the product, the order is sent to the supplier, who fulfils it on your behalf. However, marketing and customer service still depend on you. 

To be successful in this business, you need to have an eye for quality goods, be a great trendsetter, and have a strong online presence. You can also build your own fashion brand using one of several product-sourcing apps and model it on your own with product photos and social media posts.

Start Dropshipping in Nigeria: Tips and Tricks for Success


21. Declutter Agent Business

Decluttering means selling off items based on percentages. This is how it works:
Someone relocating to another country may decide to sell off his personal belongings. 

The person takes a picture of those items, assigns prices for each, and sends it to a declutter agent. The agent then uploads pictures of these items on social media platforms, stating the location, terms, and prices of each. An interested buyer can contact the agent and purchase the items.

After the buyer pays, the agents can remove 10% or 15% of the amount paid and pay the rest into the seller’s account based on an agreement.

This business can be done anywhere as long as you have the following:

  • Active online presence
  • Smartphone
  • Sufficient data and a power bank

If you are very active on social media, this business is for you. 

22. Freelance Content Writing

person writing on a notebook beside macbook
Photo by Judit Peter on Pexels.com

This is a business you can start as long as you have an interest in it. You need to have good writing and research skills and a good command of the English Language to be able to create quality content that will be worth reading.

Content writing comes in different forms: blog posts, video scripts, email marketing content, creative content, etc. As a beginner, you can apply as a content writer on a freelance job board, showcase your skills, and start writing. The more you write, the better you become and the greater your chances of getting more clients.

All you need to start this is a laptop, an internet connection, and an adequate power supply.

How to Start Freelancing in Nigeria: By Real Freelancers

23. Start a Blog

A blog is a frequently updated website where new content is published daily or weekly with the goal of attracting readers and generating income online.

There are two ways you can venture into this business: you can either start your own blog or create content for a blog or company.

The following tips will help you start a profitable blog business:

  • Choose a specific area of interest to blog about. This should typically target a specific audience. 
  • Blog about what you are passionate about
  • Choose a niche with potential for multiple income sources
  •  Your blog should entertain or solve a problem
  • Decide on your blog’s name
  • Acquire a domain name and hosting space for your blog.

Ultimate Guide: How to Start Blogging in Nigeria and Succeed

24. Graphic Design

This simply means creating visual content that strategically passes a message to an audience. Like content writing, it is a skill that can be acquired once you have an interest in it. You can either freelance or offer your services to a company and get paid.

To start a graphic design business, you need to:

  • Get the required skills and your goals
  • Identify your graphic design niche. You can start with middle-paying clients just to build your portfolio and then target high-paying clients as you gain more experience and exposure.
  • Get a business plan.
  • Customise your brand according to your target market.
  • Set your pricing
  • Develop and grow your social media pages.

How To Make Money As a Graphic Designer In Nigeria – 8 Ways

25. Become a Youtuber

YouTube is gradually becoming the 9-5 for a lot of people. Starting a YouTube channel can be very lucrative if you go about it the right way.

Here are the steps to guide you:

  • First of all, do some research and find a profitable YouTube niche.
  • Identify your target audience and ensure they resonate with your content.
  • Create a unique value proposition. This will make you stand out from other YouTube channel owners.
  • Use the right keywords in your video titles, descriptions, and tags, as this can make it easier for people to find your videos on YouTube.
  • Build a list of creative video ideas.
  • Ensure you have quality equipment to shoot your videos.
  • Gradually build your YouTube channel through consistency and creativity.
  • By the time your channel grows, you can incorporate affiliate marketing and get paid to promote products or services in your videos.

How to Make Money on YouTube in Nigeria

26. Affiliate Marketing

This simply involves promoting products and services for a company and getting paid a commission based on sales. That is, when someone buys a product through your affiliate link, you get a percentage of the sale. This is a profitable online business you can start with 100k in Nigeria because you get paid as soon as you make a sale. 

All you need to do is join a company as an affiliate, share your affiliate link on your social media channels, record the transaction once a customer makes payment, confirm with the company, and get paid for a successful sale.

One of the main requirements is a strong social media presence and a flair for marketing and getting the attention of customers to the company’s products. 

How to Start Affiliate Marketing in Nigeria in 8 Easy Steps

Why Does Your Location Matter?

As you might have noticed, location is the most important factor in starting most of these businesses. This is due to the following reasons:

Your business growth

For instance, imagine starting a food-selling business close to a major market in your urban area. This is a disastrous decision because you are likely to encounter low patronage as customers have a variety to choose from.

Ease of accessibility

Out of convenience, if you locate your shop in an area with difficulty gaining access, your sales will most likely be low and you will have fewer customers.

Legal norms

Some areas have a lot of legal issues in terms of rent and different types of payment (some of which you won’t even understand), which can eat into your profit. Find out what the law says and which fees are pertinent there before setting up your store.

Availability of basic utilities

Utilities such as water and electricity are very significant not only for the success of the business but also for attracting customers.


The increasing crime rate in Nigeria has made some areas bad for business. Choose a safe and secure area so you have one less thing to worry about.


It doesn’t make much sense to start up a barbing salon close to five or more salons that offer the same service in the same area. Carry out a market survey on business ideas in Nigeria, particularly in your location where they are not rampant.

Also, starting up a business in the three biggest cities in Nigeria—Lagos, Abuja, and Port Harcourt—is totally different from setting up the same business in an eastern state like Enugu.

Competition is bound to be higher in big cities, so you also have to take that into consideration.

How to Ensure the Longevity of Your Business and Generate Profit

  • Make sure your product is solving a problem. In this economy, people go for what they need and not what they want. So, ensure your business is filling a much-needed gap and not an afterthought.
  • Making plans in your head is easy; execution is not. You have to be realistic and understand that challenges are inevitable, especially in the first three months of starting your business. Make sure that the idea you have can be executed. No matter how great you think your idea is, ensure the numbers add up, or it will fail. If it were so straightforward, we would all be entrepreneurs.
  • Research your market thoroughly and know your competition. Make an effort to identify your competition and what they are doing that works and what doesn’t.  With this, you can deliver a great, unique value proposition that no one else is currently offering, which will help you get customers.
  • Not all businesses can be part-time. At the initial stage, you should put in all you have to make sure your business succeeds. Even if it’s supposed to be a source of extra income, it still needs 100% of your attention and dedication.
  • Don’t focus only on highly populated states. As previously mentioned, Lagos, Abuja, and Port Harcourt are the favourite destinations for most people to start their businesses. Although these cities are highly populated, hence having a larger target market, the truth is that you can have a better business in other locations with less competition as well. For instance, the Innoson car manufacturing plant is located in Anambra and is doing very well.
  • Profits will not be immediate. A business needs consistency, hard work, and persistence to make money. This can take months to achieve, but you have to start small when it’s your first time. Don’t keep looking for a business idea that you’ll profit from immediately; it usually doesn’t work that way most of the time. As long as your business or product is in demand and your plan is well structured, profit will be generated.

Final thoughts 💭

These 100k business ideas listed have been painstakingly reviewed in terms of profit generation, how to start and grow them, and not just telling you about them. 

If you are still not sure where to begin, there are other online businesses, like content writing, graphic design, and the rest, that you can start without investing money.

Honestly, the most profitable business for you to start is one you have acquired or already have knowledge of, in which you know how to find a target market, and which you want to spend the rest of your life exploring and working with.

The journey to financial freedom requires patience, consistency, and determination.

100K Business Ideas 2023 FAQs

What kind of business can you start with 100 thousand naira?

The kinds of businesses you can start with 100 thousand naira in Nigeria include POS businesses, sales of fashion accessories, making beaded jewellery, blogging, affiliate marketing, and the rest. 

What business can I start with 100k in Abuja?

Businesses you can start with 100K in Abuja include POS businesses, becoming a real estate agent, selling jewellery, and making beaded jewellery.

Which business can I start with 100k in Lagos?

With 100K in Lagos, you can start a POS business, a recharge card retail business, a laundry business, and sales of jewellery.

What business can I start with 100k in Port Harcourt?

Businesses you can start with 100K in Port Harcourt include phone and other gadget charging, mobile food vendor and delivery service, laundry business, and so on.

What can I do with 100k?

What you can do with 100K in Nigeria includes starting a POS business, selling phone accessories, starting a blog, starting a laundry business, partnering with someone, and starting a graphic design business. 

What is the best way to invest 100k?

You can invest 100k in Nigeria in mutual funds, bonds, or the purchase of a small piece of land that will appreciate with time. You can also rent farmland to start up a groundnut or tomato farming business and gradually scale up. 

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