20 Profitable Businesses to Start with 20K in Nigeria Online & Offline

  • October 1, 2023

Have you ever wondered if there’s a business you can start with 20K in Nigeria, but ended up with no idea that fits your criteria?

Not having a huge startup fund is the major problem people see about starting a business, but the main problem is the lack of ideas people barely think about.

With as little as 20,000 Naira capital, you can venture into tons of lucrative businesses even as a student, undergraduate, graduate, and even if you’re not educated at all.

Landing on this page, I believe you have your 20k ready, you’re just looking for business ideas to invest in. If that’s the case, just keep reading for this post contains 20 lucrative businesses you can start with 20K anywhere in Nigeria both online and offline.

Without further ado, let’s dive straight in!

The Most Profitable Businesses to Start with 20K in Nigeria

Small scale businesses that you can start with 20k in Nigeria in 2023 include:

1. Pop Corn Business

popcorn business

Irrespective of your location, the first 20K business idea to start in Nigeria as a young entrepreneur is the popcorn business.

This business has been booming for years and will continue because there is always market for things like snacks.

To start with, you can do your research on how to make popcorn at home by watching some tutorials on YouTube or reading some manuals online.

Once your research is done, just take your 20K to find and buy all the materials needed including corn, sugar and etc.

With the tutorials, you should be able to make your first popcorn. Remember packaging and branding plays a major part in the success of a business. So, package your product and advertise it to your neighbours.

You can also take it to schools, banks, and big firms where there are lots of people, so as to quickly get sales. More so, if there’s a free space in your street, you can showcase it to attract passersby.

Read Also: 18 Lucrative Online Businesses to Start with 5,000 Naira as a Student in Nigeria

2. Phone Accessories Business

Do you live in a student or well populated area? Then why not take your N20,000 and invest in phone accessories business?

With a N20,000 capital, you can start a phone accessories business just by looking for accessories wholesalers, negotiating with them and purchasing accessories such as chargers, batteries, earphones, memory cards, phone cases, etc.

Wondering how I knew all these accessories? That’s what I do. I actually started with 15K, and now, my brother is running the business now worth more.

From experience, marketing this type of item is very easy if you’re in a well populated area. All you need to do is showcase your products by holding as much as possible on hand to attract buyers.

3. Selling Men’s Underwear

Another easy business to start with 20K in Nigeria is selling men’s undies.

With N20,000, just find and approach a wholesaler of undies, then shop for varieties of men’s underwear and sell them at retail prices.

The idea is to purchase as much underwear as your money can. These include singlets, pants, shorts, etc.

You can hawk around to market your business if you don’t mind. But if you do mind, advertising them to your neighbours and showcasing your products on street is also a great way to drive sales.

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4. Recharge Card Business

Have you checked our post about some lucrative businesses to start with 10K? Then you’ll find out that 20K is also a great capital for a recharge card business.

With just N20,000 you can start this business by simply approaching a recharge card wholesaler and buying a variety of recharge cards in packs/bulk based on the network and prices.

Depending on your location, you can get about 3 to 10% off when you buy recharge cards at wholesale prices to resell at retail prices. That means N1000 recharge card can be purchased at a wholesale price of N900 to N970, making you a profit of N30 to N100.

That means after selling the whole card purchased with your capital, you will make a total sale of about N21,500, making your profit somewhere around N1200 to N2000.

Read Also: How to Start Recharge Card Printing Business in Nigeria

5. Small Chops Business

Similar to the popcorn business, as long as it is something eatable, be sure you’ll get quick customers and make a good profit in Nigeria regardless of your location.

I believe you’ve once come across those young Igbo guys selling puff puff, Akara, plantain, chin chin, pie, doughnut, etc, right? That’s what the small chops business is all about.

And believe me, there are making a good profit from this business. In one of my posts, I gave an example of a guy that started with just N10,000 and now makes puff puff worth more than N20,000 daily.

If someone can start with 10K, that simply means if you’re among those asking questions like; what business can I start with 20K in Nigeria? you should give this small chops business a try.

All you need is a gas cooker, frying pan, and other necessary ingredients to start making any type of chops you love.

Check Out: 14 Profitable Businesses You Can Start with 10K Online & Offline in Nigeria

6. Bead Jewelry Making

Bead jewelry business

Although we will discuss the best business to start with 20K for students in Nigeria later in this post. But bead making is also an easy to start lucrative business idea for students, and of course non-students.

To start this business, you’ll need to read some bead jewelry making manuals, and possibly watch some tutorials on YouTube.

Once you understand all that is needed and how to make it, just find a place to buy all the materials needed, then start making your bead jewelry such as necklace, and bangles.

Why it is perfect for students is that it can be easily sold to coursemates, schoolmates, or lodge mates, and if you live on campus, be sure to get more sales as friends start using your products.

7. Making Refreshing Drinks

Home made drinks such as zobo are another lucrative business to start especially for those living in the northern part of the country.

So, if you’re living in Kano, Kaduna, Kogi, Abuja, Sokoto, etc, and you’re seeking the answer to the question; what business can I start with 20K in Nigeria, then this is the perfect one for you.

With just N20,000, you can use a little to subscribe and go online and learn how to make zobo. Then use the remaining money to buy all the needed materials to make the zobo.

For the marketing and sales part, all you need to do is to ice and take them to motor parks, or sites where there are workers that usually need chilled and refreshing drinks.

You can also advertise and sell them in your area, and also take some to schools.

Related: 15 Lucrative Businesses You Can Start with 30K as a Student

8. Perfume Oil Business

Fragrances are well known for nice scents. Therefore, you can sell the source of nice and adorable scents to people starting with just N20,000.

To start this business, you’ll need to find a perfume oil wholesaler, negotiate to buy several bottles of fragrance in bundles and wholesale price which should cost less than N20K, purchase as much as your money could buy and start selling.

For the marketing and sales aspect, you can advertise your products on social media or take them to firms like banks, schools, and small offices in your area.

With those advertising channels, you can resell those perfume oils for a good profit. For example, if you buy 30 bottles of perfume oil for N20,000 and sell each for N1000, your total sale will be 30,000. Which means you’ll keep a profit of N10,000.

9. Okrika Business

One of the most common and cheapest, yet fancy business to start to bag in huge profit is the London used clothing (Okrika) business.

I call it a fancy business because if you don’t know, most boutiques nowadays sell first-grade Okrika. All they do to make it different is washing, add nice scents, and packaging it. That’s all, and they’ll be sold like new clothes.

The fun part is that from buying to packaging, N20,000 capital is okay to start this business. All you need to do is find someone who knows about the business, create a business rapport with them, and tell them to link you with Okrika wholesalers.

Once those London used clothing arrives, you can just re-brand and package them well, then find a little space to showcase them and even advertise them to your neighbours.

Another cool thing is that Okrika can also be sold fast without any packaging. This is because that is what most Nigerians use.

10. Native Cloth Selling

Native clothing materials

Apart from Okrika, if clothing is what you like and you’re here searching for what business to start with N20K, I would suggest you give native cloth selling a try.

We all know that foreign wears like T-shirts and Jean trousers require more capital to start, as just one trousers could cost N20,000. But for natives, you can buy 5 yards of 5 different clothes and clothing materials respectively for 20,000 Naira.

Just look for a place where native clothes are cheap, buy varieties of them, then advertise it to your neighbours. If you’re a student, your coursemate, lodge mate and friends are also a good place to start.

More so, don’t forget you can post those products on social media, and if they are very attractive, you definitely would sell all the items within a week.

With a business like this, you should be expecting 20 to 70% ROI. Therefore with a 20,000 Naira investment, you’ll be looking at a profit of up to 14,000.

Related: 35 Awesome Businesses to Start with 100K in Nigeria

11. Selling Second Hand Products

Another lucrative business to start with 20k in Nigeria is selling second-hand items such as generators, small fridges, washing machines, pressing irons, etc.

Starting this business is very easy as all you need to do is take your 20K capital, find second-hand items, then buy and resell them for profit.

If done properly, you can be sure to make up to N10,000 weekly, as you can buy a second-hand generator for 12,000 and resell it for N16,000 and up to 20,000.

12. Selling Spoilt Items

Recently, I bought a spoilt bike for N12,000 from a neighbour with the aim of repairing it. Fortunately, a thought comes into my mind to resell it without even repairing it.

And guess what? In that same spoilt state, I resold it for N20,000, making a profit of N8,000

So, with N20,000 you can find spoilt items such as a generator, fridge, bike, etc, make sure you negotiate and buy it at the cheapest price ever, then locate some trash buyers (Aboki) and resell those items to them.

13. Snail Farming

With a very cheap start up cost, snail farming is becoming popular day by day, and if you have a capital of N20,000, it is really a good business to try.

Before starting this business, keep in mind that it is a business that requires patience, and dedication, because snails could take a year or more to mature and ready to sell.

So, if you love long term stuff like me, just go online and watch some snail farming tutorials, then find a space in your backyard, buy some snails and get started from there.

With proper marketing, this is a business that could give you about 100% ROI.

Related: 19 Legit Apps that Pay for Inviting Friends in Nigeria

14. Tutorial/Lesson Clases

If you happen to be reading this post during any SSCE period, you can conduct a lesson class for students preparing for examinations.

Your 20K capital will just be used to buy some textbooks, past questions booklets, a board and other needed.

Getting students is very easy as you can start with the ones in your street and charge them anything from N100 upward. 

15. Dry Cleaning/Laundry Business

Another business to start with N20,000 in Nigeria is a laundry business, which when done properly, could make you huge profits.

To start with, you will need a washing machine, pressing iron, starch and any other materials you may think of. Then, go to hotels and ask to render a laundry service.

You can also print flyers and banners to advertise your business, so as to attract more customers.

See Also: How to Start a Laundry Business and Make 600K Monthly

16. Become a Home Service Stylist


Are you a skilled barber or a female stylist and still asking what business to start with 20K in Nigeria? Why not monetize your skill in a modernized way by offering home services.

Very easy to start, as all you need is to use your N20,000 to buy the needed materials, print some flyers and banners, then pay a small Influencer to advertise your business, and for sure you’ll get clients.

One thing about this business is that customers are always loyal, as your clients will keep calling you probably every week, or bi-weekly if you give them a good first impression.

More so, with just 5 clients, you can break even. That is make your money back as home services stylists usually charge from N2,500 to N10,000 per client.

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Online Businesses to Start with 20k in Nigeria in 2023

17. Start A Blog

Are you among those seeking answers to the question; what online business can I start with 20K in Nigeria as a student, and graduate?

Why not just start a blog where you share your ideas and earn money?

Yes, with N20,000, you can start a blog and in a year, you can earn N100,000 above if done the right way.

All you just need to get started is a domain name, and a host to launch your site. So, take your capital to buy a cheap domain name, and cheap hosting service, then create content and publish.

Once your site is live and also has some content published, you can apply for ad networks like Adsense ad Ezoic Access Now to monetize your blog with ads and start making money.

18. Trade Forex

If you are looking for a business to invest your 20K in for quick profit, then you should try forex.

Forex trading simply means buying and selling currency to make a huge profit. The profit margin while trading forex is insanely high, as you can turn N20K into N200K in just a month if you master forex.

Although very risky, Forex trading can be started with a capital of N20,000 only, if you use the right brokers such as OctaFX, Exness, and/or ZM.

Keep in mind that over 90% of traders lose money in the forex market, so if you don’t know how to trade, you may lose all your N20,000 in just 1 hour.

Therefore it is advisable you learn for months if not years before starting.

19. Buy & Resell Social Media Pages

Looking for a business to start with 20K for students in Nigeria? Then start flipping social media pages.

The idea here is very simple, as all that is needed to be done is to look for and purchase a Facebook group, page or Instagram theme page that is Nigeria based, then resell it for a good profit.

This strategy often works with Facebook pages and groups. You can join some Nigerian Facebook groups (bloggers groups) and easily find users who want to sell Facebook pages and groups for cheap prices.

Just contact the user and negotiate based on your budget. Once you successfully purchase the page, you can keep and grow it for a week or two, and then sell it for profit.

20. Digital Marketing

Digital marketing is also a great way to make money online with an investment of just 20K. 

With the internet, businesses can now reach new customers and make their marketing more effective. However, there are still not many internet marketing experts in the country.

Therefore, with just a smartphone a data connection, probably with a little graphic designing and most importantly digital marketing skills, you can approach small businesses and offer to help them market their products online.

This can be started by just creating a Facebook, and Instagram page for your clients and helping them create and post content consistently.

Since you already have digital marketing skills, you can run ads to get clients and even showcase your skill on your social media pages by posting about your business to attract customers.

Listing your digital marketing gig on freelance websites like Fiverr, Upwork, Freelancer, PeoplePerHour, etc, to get hot buyers.

Check Out: Top 25 Real Online Businesses for Students in Nigeria

20K Business Ideas – FAQs

What type of business can I start with 20K?

With 20K, the businesses you can start include popcorn business, sales of phone accessories, recharge card business, snail farming, sales of native clothing materials, etc.

What can I do with 20K?

You can buy and resell used items, start a recharge card business, start a small scale snail farming business, invest in the forex market, start a blog, make popcorn for sale, and also make bead jewelry for sale.

How can I invest 20K?

You can invest 20K in the forex market in Nigeria, and with good forex knowledge, you can get back 10 times your investment within 30 days.

What online business can I start with 20K in Nigeria?

Online businesses you can start with 20K in Nigeria include freelancing, blogging, forex trading, affiliate marketing, and digital marketing.

What business can I start with 20k as a student?

As a student, businesses you can start with 20K include making bead jewelry for sale, popcorn production and sales, data reselling business, and perfume oil business.


If you have the money to start a business, I believe the list of businesses you can start with 20K in Nigeria provided for you in this post should fill your head with profitable business ideas.

Keep in mind that those business ideas are useful only when you put them to work. So take action now.