Have the start up capital but no idea on the type of business to start? Well, you’re not alone. This is one major problem that many entrepreneurs face when they are motivated to start a business.
From trading to starting your own company, there are lots of businesses you can start with 2 million naira and above in Nigeria. However, overthinking it may end you up in a business that is not profitable or a business that is too stressful.
To help you brainstorm some of the best businesses to start in Nigeria based on experience and a little bit of research, is why I curated this post to show you some of the easiest and most profitable businesses you can start with 2, 3, 5, 10, and/or 20 million naira in Nigeria and make millions of naira in profits monthly and even weekly.
Without wasting time, let’s get started!
List of Businesses to Start with 2, 3, 10 & 20 million Naira in Nigeria
Profitable businesses that you can start with 2, 3, 10 & 20 million Naira in Nigeria in 2023 include:
1. Real Estate
With 2 million naira and above, the first business you can start and become massively profitable is the real estate business.
This business involves buying and selling or renting out properties such as houses and shops for a profit. This business is very easy and profitable as you can buy a property for N3m, and sell it for N4.5m keeping a profit of N1.5m. More so, you can rent it out and collect renting fee annually and passively.
2. Transport Business
If you’re looking for a business to start with 2, 3, 5, 10, or even 20 million naira in Nigeria and earn daily income, I’d suggest you start a transport business.
This business model is the one where buy a couple of bikes, tricycles, or vehicles, then employ riders/drivers to use them for a daily job and deliver for you at the end of the day.
With as low as N2,000,000, you can get a couple of cars or tricycles to start with, and make a consistent daily income of at least N20,000.
Read Also: Best Businesses to Start with 500K in Nigeria and Make Millions
3. Open a Boutique
A very lucrative business to start with 5 million naira or less in Nigeria and make a massive profit is a boutique business where you sell dresses, shoes, caps, belts, and so on.
This business is very easy to start as all you need is a well-designed and catchy shop and some manikins. Then look for suppliers of different clothing brands such as Gucci, and Louis Vuitton, then purchase items in bulk and start selling.
4. Car Dealership
Car dealership business is a very profitable business you can start with 10 million naira or less in Nigeria and double your capital in just a month.
This business involves importing or buying and selling cars whether brand new, fairly used or tokunbo that are legally imported into the country.
To start this business, all you need is to find and build business relationships with car dealers, and then learn how to import cars from abroad. Also, you can start by buying and reselling fairly used cars especially if your budget is 2 million naira.
Check Out 21 Profitable Businesses to Start with 700K in Nigeria
5. Open a Filling Station
With as little as 2 to 3 million naira, you can venture into the Nigerian oil and gas industry by opening a small filling station and start selling fuel.
To start this business with a small capital like 2 million naira, you’ll need to find and rent a filling station, then look for a petrol distributor and start buying from them in trucks and sell for profit.
6. Open a Gas Plant
Another business you can start with 20 million naira or less in Nigeria is sales of cooking gas. This business sells fast as almost every household now uses a gas cooker to do their cooking.
Before starting this business, you’ll need prior knowledge of how the business works. Then, find a piece of land and build your gas station/plant, and then start selling gas both at retail and wholesale prices for small sellers.
Read Also: How to Start a Cooking Gas Business in Nigeria Legally
7. Open a Bakery
Looking for a lucrative business to start with 5 million naira or less? Why not start baking bread and supply it to retailers?
This business is profitable and very easy to start as all you need is a piece plan to build your bakery, buy and set up all the necessary types of equipment/materials, the hire some bakers to help you bake loaves of bread and sell to retailers.
Don’t Miss: 35 Lucrative Businesses You Can Start with 50K in Nigeria
8. Importation Business
From the importation of cars, mobile devices, dresses, shoes and so on, you can become a big importer and a supplier of imported products with a capital of 10 million naira or less.
This business s very profitable and very easy to start as all you need to do is find and connect with importers of the products you want to start importing, learn how the business work and start on your own.
Another way to start an importation business is ordering items from China via Aliexpress or Alibaba, then have them shipped to Nigeria where you’ll sell them at good prices.
On Alibaba or Aliexpress, you can buy a pair of shoes for N1500 and pay a shipping and clearing fee of N2000, making it a total of N3500, the sell for N7000 in Nigeria keeping a profit of N3500 per pair.
9. Open a Supermarket
Opening a supermarket is another awesome business idea if you have ten million naira or less to start a business in Nigeria.
This business model is fast selling and massively profitable as things in supermarkets are more expensive than buying from a regular retail store.
To start this business, you’ll need a very big shop with a good and catchy design, then fill it with a variety of items usually found in supermarkets and start selling.
10. Open a Jewelry Store
Looking for a very lucrative business to start with 3 million naira in Nigeria and become a multimillionaire in just a few months? Then buy and sell expensive jewellery.
This business involves buying jewelry such as wristwatches, necklaces, rings, and so on for cheap prices and reselling for high prices. Since jewelry especially when made in gold are silver are commodities that are high in value and appreciate over time, you can buy a necklace for 50K and sell it for 70K.
To start this business, you’ll need to build a business relationship with jewelry importers as they usually come together to shoulder the cost of shipping and clearing.
11. Become a Cement Distributor
With 20 million naira or less, you can register and become a distributor of cement such as Dangote, Elephant, and BUA cement.
This business is very profitable as you can make a profit of up to 1 million naira per truck. To start, all you need to do is register as a distributor, pay and get a truck of cement, and then supply it to retailers at cheap prices.
Read Also: Profitable Businesses to Start with 300K in Nigeria
12. Become a Soft Drinks Distributor
Just like the distribution of cement another wholesale business, you can start with as little as 3 million naira in Nigeria is the supply of soft drinks as a distributor.
This business is very profitable and super easy to start as all you need is a big shop that could contain trucks of soft drinks, then register to become a distributor in soft drink companies such as Coca Cola, and Smoov then gets a truck of soft drinks and supply to retailers at cheap prices.
13. Livestock Farming
Looking for an easy business to start with 5 million naira or less in Nigeria and make millions in profit within a few months, then start livestock production business.
Livestock production is a business model where you practice poultry farming, fish farming, snail farming, pig farming, goat farming, cattle farming, and so on, then sell their products such as eggs and milk to make money.
This business is very profitable as there are lots of livestock feed available in Nigeria especially when you practice goat or cattle farming. More so, apart from their products, you can also sell them for good profit when they are mature and could make you good profits.
14. Block/Bricks Industry
Block Industry is a very lucrative business especially if you live in a newly developing area (site), and it can be started with 2 million naira or less.
This business involves moulding different types and sizes of bricks for building. To start, all you need is to find a wide piece of land, buy all the needed materials, and then hire some bricklayers who already have the knowledge of bricks production to make the blocks for you, then sell for profit.
To make this business thrive, you’ll need good networking skills as building a good business relationship with bricklayers and building contractors will quickly drive leads.
Check Out: Online and Offline Businesses You can start with 200K in Nigeria
15. E-commerce Business
Looking for an online business to start with 2, 3, 4, 5, 10, and/or 20 million naira in Nigeria, with the rate at which the internet keeps advancing in Nigeria, I would suggest you try the e-commerce business model.
This business involves selling items online and making money. To start this business, you’ll need to build an e-commerce store/website, then list your items, and drive traffic so as to make sales.
A good example of an e-commerce business in Nigeria is Jumia. This company generate thousands of sales daily and make a good profit as people order different things such as dresses, mobile devices, household utensil, etc.
Related: How to Start Selling on Jumia in Nigeria and Make Money
Million Naira Business Ideas – FAQs
What business can I start with 2 million in Nigeria?
Businesses you can start with 2 million naira in Nigeria include real estate business, transport business, opening a boutique, livestock farming, etc.
What business can I start with 3 million in Nigeria?
Businesses you can start with 3 million naira in Nigeria include mini importation, real estate business, transport business, opening a boutique, livestock production, block industry, etc.
What business can I start with 4 million in Nigeria?
Businesses you can start with 4 million naira in Nigeria include real estate, car dealerships, importation, transport business, opening a jewelry store, opening a supermarket, etc.
What business can I start with 5 million in Nigeria?
Businesses you can start with 5 million naira in Nigeria include e-commerce, opening a jewelry store, transport business, opening a supermarket, car dealership, importation business, etc.
What business can I start with 7 million in Nigeria?
Businesses you can start with 7 million naira in Nigeria include e-commerce, real estate, car dealership, transport business, sales of jewelry, opening a supermarket, opening a gas plant, opening a filling station, becoming a cement distributor, and so on.
What business can I start with 10 million in Nigeria?
Businesses you can start with 10 million naira in Nigeria include car dealership, e-commerce, sales of jewelry, real estate, opening a gas plant, transport business, opening a filling station, opening a supermarket, becoming a cement distributor, becoming a soft drinks distributor, etc.
What business can I start with 15 million in Nigeria?
Businesses you can start with 15 million in Nigeria include opening a gas plant, real estate, car dealership, importation business, e-commerce, becoming cement distributor, becoming soft drink distributor, and so on.
What business can I start with 20 million in Nigeria?
Businesses you can start with 20 million naira in Nigeria include car dealership, e-commerce, real estate, becoming a cement distributor, transport business, and so on.
What business can I start with 30 million in Nigeria?
Businesses you can start with 30 million naira in Nigeria include real estate, car dealership, transport business, e-commerce, cement distribution, etc.
Conclusion:
Getting ideas for a start up plays just a little part, putting the idea into work is the real deal. With this post, I believe your brain is now filled with awesome business ideas that you can start with anything from 2 million naira and up to 30 million naira.
