Looking for a very profitable business to start with 500K in Nigeria and become a multimillionaire in no time? You just found yourself on the right page.
Starting a business in Nigeria is super easy, but knowing what type of business to start could be frustrating, which makes a lot of people ask and seek good answers to the question; what business can I start with 500K?
500 thousand naira is a very good capital for a start up, as there are lots of awesome business ideas for such capital. However, finding out the most in-demand and highly profitable ones could take days if not weeks.
As we all know, time is money, so, to reduce the time spent on brainstorming the best business ideas for yourself is why I decided to come up with this post to show you some of the most lucrative businesses you can start with 500K anywhere in Nigeria whether you’re a student, graduate, or not even educated.
Without further ado, let’s get started!
List of Profitable Businesses to Start with 500K in Nigeria 2023
The most lucrative business ideas that you can start with 500,000 Naira in Nigeria in 2023 include:
1. Real Estate
The gradually developing but currently booming business that most entrepreneurs get into in Nigeria is real estate. With 500K, you can become a property owner where you rent out your apartments for a huge profit.
This business model is very simple as all you need to do is look for a property/apartment currently for sale or rent, get it for yourself, and then rent it out or resell it for profit.
In areas like Lekki in Lagos, you can get an apartment for 500K and rent it out for 600K to 750K, then keep a profit of up to 250K per property. If you do multiple of these deals in a month, you could be making millions.
Related: 35 Lucrative Businesses You Can Start with 50K and Become a Millionaire
2. POS/E-Payment
Now, almost everybody prefers doing simple transactions such as withdrawals and deposits by visiting a POS agent and paying a small fee.
You too can become a POS agent with 500,000 Naira. All you need to do is apply for a POS machine, find a good space where you can start rendering your services either in a small kiosk or under an umbrella with a table, and then you’re good to get started.
In most places in Nigeria, POS services are charged at N100 for every transaction below N10,000, N200 for transactions between N11,000 to N20,000, and so on. That is, for every ten thousand, the charges increase by N100.
If you’re in a busy area, you could be carrying out up to 50 transactions per day where your profit will be N5000 from charges, and also get some commission from the POS machine company.
3. Open a Boutique
Opening a boutique is another lucrative business you can start with 500K in Nigeria.
If you’re living in a busy place such as school areas, you can start a boutique business where you sell modern wear like T-shirts, Jeans, and shoes.
Boutique items are fast selling and come with good profit as you can buy a shirt for N1500, and sell it for N4000 keeping a profit of N3000.
Read Also: Best Businesses to Start with 100,000 Naira
4. Mini Super Market
With 500K, you can open a mini supermarket where you’ll be selling items usually found in supermarkets. These include beverages, drinks, creams, fragrances, bread, etc.
This business is very easy to start as all you need is a big shop with a cool design, then fill the shop with items and start selling.
To get products for your store, you can look for some suppliers/wholesalers, negotiate with them, and get your items at cheap prices.
5. Car Dealership
Another easy business to start with 500K in Nigeria is a car dealership or car trading business. This business is very profitable as you can make a profit of up to 300K per sale.
To start this business, you’ll need to find a fairly used car since your budget can’t buy a new one or Tokunbo. Usually, Nigeria’s fairly used cars do sell for cheap prices directly from their real owners. Once you have the cars, you can do some amendments and resell them for profit.
For example, if you get a fairly used car for N400,000, do some repairs worth N100,000, you can resell it for N650,000 keeping a profit of N150,000. With multiple car flips per month, you could be making millions of Naira.
Check Out: 20 Easy Businesses You Can Start with 300K in Nigeria
6. Sales of Phones
Selling of new and London used phones is another lucrative business anyone can start with a capital of 500K only.
The idea here is to find a phone supplier, negotiate and get trending phones at cheap/wholesale prices, and then resell for a huge profit at retail prices.
This business is very profitable as you can earn up to N10,000 profit per sale. Note that this business is best for people that already know about phones.
7. Sales of Cooking Gas
With almost every household now using cooking gas to do their cooking, there has been an increased demand for cooking gas all over the country.
With that, you can start selling cooking gas even from the front of your house and make good money. With 500K, all you need to start this business is a gas tank, a scale, hose pipe, and a dispenser, then you’re good to go.
Fill your tank with gas, create a banner and start your business. This business is very profitable and very easy to scale if done properly.
8. Sales of Engine Oil
Engine oil business is one of the most lucrative businesses you can start with 500,000 Naira capital in Nigeria and make a fortune.
This business involves buying cartons and drums of engine oil and selling it at wholesale and retail prices.
This business is very profitable and it can be started alongside spare parts business where you sell motorcycle and/or vehicle spare parts.
9. Block Industry
With the rate at which houses are built in Nigeria both for rental and for living, opening a block industry in a new and developing community is a very lucrative business you can start with 500K right now.
Since it is easier to buy bricks than moulding them, people tend to get their projects completed faster by getting bricks from nearby block industries.
This business is very profitable and can be started with 500,000 Naira or less. However, a little experience is needed before starting.
To start, you’ll need to know how the business works, then find a space in a new area (site), get all the necessary materials needed, and then hire some labourers to get your business going.
Don’t Miss: 18 Profitable 5K Business Ideas You Can Start Right Now
10. Sales of Phone Accessories
Phone accessories such as batteries, chargers, cases, earpiece, and so on sell fast especially when in a big shop.
With 500K, you can open a big shop, fill it with phones and other mobile accessories such as headphones, power banks, selfie sticks, etc. and start selling.
To get started, you’ll need to find mobile accessories suppliers, negotiate and get items at cheap prices. The best place you can get phone accessories at the cheapest prices are Alaba market and Computer village if you live in or near Lagos, NITA market if you live near or in Abuja, Central market Onitsha if you live in Anambra, and other big and popular markets close to your place.
This business will do best if your shop is located in a busy area, such as a market, motor park, or in front of a school (universities, or polytechnics).
Read Also: 30 Lucrative Businesses to Start with 1 million Naira in Nigeria
11. Open a Cosmetics Shop
What business can I start with 500K in Nigeria as a lady?
Opening a cosmetics shop where you’ll sell skin care products such as cream, body oil and tubes, and make up products such as powder, lipstick, eyelashes, and so on, is a very lucrative business to start with 500K for ladies in Nigeria especially.
This business requires a medium size shop and a little knowledge about cosmetics products. Then, you can find a cosmetics supplier/dealers to get those products from in bulk at wholesale prices, and resell for profit in pieces at retail prices.
12. Open a Jewelry Store
Sales of jewelry is one of the best, easiest, and most profitable businesses to start in Nigeria with 500K whether you’re a student, graduate, or not even educated.
With a N500,000 start up capital, you don’t necessarily need a shop to start this business. All you need is to find a supplier, get items such as wristwatches, necklaces, bangles, and so on at retail prices, and then sell at wholesale prices for profit.
13. Sales of Electronics
One of the oldest and most popular businesses that require N500,000 start up capital in Nigeria is sales of electronics.
This business involves selling products such as TV, fan, DVDs, speakers, microphones and so on. It is common among Igbo entrepreneurs and is very profitable.
You’ll need a shop to start this business. To make it thrive, your shop should be located in or close to a market, a motor park, or a student area.
14. Sales of Computer Accessories
If you’re familiar with computers and laptops, or you’re a computer engineering student yet to find a job but have 500K in your pocket, a business that is best for you to start is sales of computer accessories.
This business is just like selling phone accessories, in fact, you can combine both together if your budget can cover the cost.
To start, you’ll need to find computer and accessories suppliers/dealers, and buy items such as chargers, keyboards, mouse, software disks and so on to sell at retail prices.
Related: Online Businesses You Can Start with 20K in Nigeria
15. Rental Service
Another profitable business you can start in Nigeria with 300,000 Naira in Nigeria is a rental service where you’ll rent out canopies, chairs, tables, pots, coolers, and so on to people for events.
This business requires a less physical presence to thrive. It also requires patience, as it is a type of business that pays off in the long run by yielding profits over time.
To start this business, all you need to do is buy some set of canopies, pots, chairs, tables, and all other things that are rented for events.
Networking plays a major role in the success of this business as you’ll need to work and build a good business relationship with event planners in order to consistently get clients.
16. Mini Bakery
Bread is one of the most consumed foods in Nigeria, and it is also one of the easy and fast-selling foods in the country.
You can open a mini bakery where you can produce loaves of bread at small scale and sell at wholesale prices. With a N500,000 budget, you’ll need to rent a bakery, then hire some bakers and start making bread.
Alongside bread, you can also bake cakes for wedding and birthday parties, as cakes too are one of the fast-selling event items.
17. Printing Business
From printing of banners, flyers, T-shirts, postal, book covers, and so on, you can start making a lot of money printing merchandise starting with a capital of 500K or less.
To start this business all you need is a little knowledge about printing, then get a shop and buy varieties of printing machines then you’re good to go.
Most money in this business comes from big projects like customizing sportswear for schools. So, when you start, you can reach out to schools in your area and offer them your service at a good price.
18. Open a Salon
If you’re a gifted barber or a hairdresser, you can open a salon and start making money with less than N500,000 capital.
To start, you’ll need a small shop, sets of chairs, glass, and all the required barbing or hairdressing equipment. Also, banners and flyers are required to attract customers.
If you’re a student, you do not even need a shop as you can start by barbing or making hair for people within your campus, and scale to even rendering home service.
19. Open a Betting Shop
In Nigeria, one of the most popular ways people make money is via sports betting such as virtual sports betting, and preach betting.
There are tons of bookmakers looking for agents that could satisfy customers’ needs by opening a betting shop in a small community or a street.
To start this business, you’ll need a medium size shop, sets of computers, and a generator, and you’re good to go. Just visit a bookmaker website, and apply to be an agent.
20. Sales of Building Materials
Sales of Building materials such as cement, ceiling, and roofing materials is another profitable business to start with 500K in Nigeria.
To start this business, you’ll need a big shop, then find and negotiate with suppliers of various building materials, fill your shop with the products and start selling.
This business is best for those living in new and developing areas (sites), where building projects are always going on.
21. Sales of Clothing Materials
With N500,000 you can start buying and selling native clothing materials such as Ankara, Lace, Senator, and so on.
To start this business, you’ll need a shop located on a busy street. Once your shop is ready, take the money left and find clothing material suppliers where you can buy clothes at wholesale prices and resell them at retail prices.
You can find suppliers in Gbagi market if you live in Ibadan, Aba market and central market Onitsha if you live in the southeastern part of the country, and Kano market if you live in the northern part of Nigeria.
Check Out: Million Naira Business Ideas in Nigeria
22. Sales of Shoes
Sales of shoes such as slippers and less expensive designer and fashion shoes is another awesome business idea to start with 500K in Nigeria.
This business is very profitable and a little bit easy as all that is required is a shop and suppliers of shoes that you can sell at retail prices.
Sales of shoes is one of the fastest selling businesses that are easy to scale in Nigeria. Therefore, if you start with slippers, with good management you could venture into selling top quality and expensive shoes that will make you more money.
23. Transport Business
Another old but massively profitable business anyone can start in Nigeria is the transport business where you buy a bunch of bikes, or cars and then find a rider/driver that will deliver for you at the end of the day.
If you’re looking for an easy daily income business you can start with 500K, transport business is definitely a good one to try.
With just a bike, you can be making up to N5000 daily depending on your location. The more bikes or cars you have, the more you’ll earn.
See Also: How to Start Transportation Business and Make Millions
24. Production and Sales of Ice Blocks
Another fast-selling business anybody can start with a capital of 500,000 Naira even from the comfort of their home is the production and sales of ice blocks.
This business is best for those living in an area where there is good electricity as the cost of production is reduced since you only need a freezer, a source of clean water, and nylon for packaging.
However, if you don’t have good electricity, you’ll need a good generator, and the cost of fuel will also be included.
Ice blocks are always in demand for cooling drinks due to the hot weather condition of the country. So, if you’re in a good location, this business is the one that drives consistent sales.
25. Open a Football Viewing Center
Are you a lover of sport and still asking what business can I start with 500K in Nigeria?
Why not open a football viewing centre where you enjoy watching football matches alongside other people and make money?
This business is very profitable in Nigeria as football is the most viewed sport in the country, and most people don’t watch it at home as they prefer to enjoy it with other fans at a viewing station.
You can start a football viewing centre business by getting a big shop/hall in a very business area, filling it with benches, getting a couple of wide screen TV, a generator, and a cable (DSTV), then start watching football for money and for fun.
26. Open a Gaming Shop
A gaming shop where people come to play video games such as FIFA, GTA, and so on is another cool business you can start with 500K or less in Nigeria.
To start this business, you’ll need a small shop, a generator, sets of TVs, a pad and a game player such as PlayStation (PS) and/or Xbox.
If your gaming centre is located in student areas, you could be making up to N5000 per day especially when you do phone charging alongside the gaming business.
27. Open Food Stuff Shop
Foodstuff is another fast-selling business that comes with a lot of profit and can be started anywhere in Nigeria.
500K is just a perfect capital for this business as you’ll get a shop and also fill it with a variety of foodstuff such as beverages, rice, garri, and so on.
Finding suppliers for foodstuff is very easy as there are lots of big food stuff shops that sell at wholesale prices, get your items from them and sell at retail prices.
Read Also: How to Start Foodstuffs Business in Nigeria
28. Production and Sales of Oven Dried Fish
If you live in riverside areas such as Lokoja, Niger State, Benue State and so on and you’re asking what business can I start with 500K in Nigeria? Then try producing, packaging and selling oven-dried fish.
This business is very easy to start, as all you need is to get those fish, buy an oven and packaging materials. Once your dried fish is ready, you can package and start selling them.
Social media is the best place to start marketing your products as there are more people looking for well-packaged dried fish other than the ones on the roadside.
If you don’t live in a riverside area, you can also start this business, just that the cost of production will be high as you’ll be buying fish from fish farmers.
29. Poultry Farming
Poultry farming is an old form of making money in Nigeria and till now, it is still very profitable as an investment of 500K could yield a profit of up to 3 million Naira in just 12 months.
This business involves rearing chickens for egg production or for meat to make money. The best poultry farming you can start with 500K is breeding layers, as you’ll make money from their eggs and also sell them as meat if you wish. Broilers too yield good profit.
To start this business, all you need to do is find a space to build a shelter for the birds, get the chicks, buy their feeds and start rearing them until maturity, then sell them or their products for profit.
30. Cassava Farming
If you love farming and you’re able to raise a N500,000 start up fund, there may not really be a need to ask, what business can I start with 500K in Nigeria?
There are tons of farmland ready to be leased and cultivated. You can just start cassava farming on those lands and make money after harvest.
With 500K, you can rent and cultivate up to 10 acres of cassava farm, where you could make a profit of up to a 1.5million Naira after 12 months.
31. Laundry Business
You can use your 500K capital to buy a good washing machine and start rendering laundry services from home anywhere in Nigeria.
This business is very lucrative as you can charge premium prices of N1000 and above per cloth washed and ironed. In places like Lekki in Lagos, dry cleaners charge up to N3000 per cloth.
32. Become a Recharge Card Distributor
Printing recharge cards is another profitable business that you can start with 500,000 Naira in Nigeria if you have good networking and marketing skills.
The idea here is to sell recharge cards in bulk at wholesale prices to retailers and make money.
To start this business, you’ll need to find a big recharge card printing company, negotiate to become a distributor, then get varieties of recharge in bulk at the cheapest prices and distribute at higher prices for retailers.
Learn More: How to Start Recharge Card Printing Business in Nigeria
33. Open a Bookshop
A bookshop is a business that can yield a lot of profit over time with just a capital of 500K.
Opening a bookshop is quite easy, all you need to do is find book-producing companies, buy varieties of books in bulk and resell them in pieces.
34. Open a School
One popular business that many unemployed graduates get into in Nigeria is teaching.
Since the cost of some private schools, even nursery and primary schools is overwhelming, many parents look for cheaper schools that offer more value.
You can rent a whole house filled with single rooms and start a nursery and primary school in your area if it is learning-friendly.
This business only requires a couple of teachers and desks, and you’re good to go. Just print some flyers, and banners to start attracting students.
35. Snail Farming
Snail farming is a very lucrative business especially now that snails are being exported out of the country.
This business is very easy to start as you can even find a space in your backyard and build a snail shelter if the space is big enough. Once you have their shelter ready, just find and buy small African giant snails that are good for breeding, get their feed and start rearing them.
After a year, your snails will be mature and ready to sell. You can sell them locally or find exporters to sell them to.
36. Groundnut Farming
Groundnut farming is a business you can start with 500K in Nigeria and get a return of up to 3 million Naira after just 90 to 100 days.
This farming business requires less work from you as you can get your groundnut farm cultivated and even harvested mechanically.
To start a groundnut farming business with N500,000, you’ll need about 7 acres of land, plough it, and plant your crop. With good management, your groundnut should be ready for harvest and sale after 3 months.
37. Timber Business
Timber business is another profitable business to start with 500,000 Naira in Nigeria. This business involves buying and reselling timber products such as wood, and planks.
To start this business, you’ll need to connect with people in sawmills as that is the best place you can start from.
38. Corn Farming
We all know that the farming business is very lucrative, but corn farming especially is more profitable as there’s high demand for corn both locally in the markets and by big companies too.
With 500K, just get some acres of land, plough it, and plant your corn. With good management, your corn should be ready for harvest and sale after 3 months, and you can make up to 100% ROI and even more.
39. Vegetable Farming
Farming vegetables is another good business anyone can start with a capital of just N500,000 or less anywhere in Nigeria.
Since vegetables are one of the most used food items in the country, getting sales once your farm products are ready to sell is very easy. You can take them to market and quickly get sales, or connect with restaurants and fast food joints.
Some of the most profitable vegetables you can grow to make a huge profit include okra, tomato, cucumber, cabbage, jute mallow (ewedu/ayoyo), etc.
40. Become a Uber Driver
Are you a good driver, or do you want a side hustle that generates daily income where you just need to start with 500K? Then, become an uber driver.
If you can raise 500K, then use it to get a good-looking, fairly used car, download the uber app, register as a driver, and then start getting orders and making money.
This business model is very easy as all you need to do is take people from one place to another and get paid a lot. One cool thing about this business is that you only work when you feel like it.
So, if you’re looking for a side hustle to start with 500K in Nigeria, try uber driving.
Read Also: How to Become an Uber Driver in Nigeria
41. Open a Restaurant
A restaurant business is also a very good business you can start in Nigeria with 500K or less, especially if you’re a good cook.
This business requires a hygienic and good-looking location to start. Once you have the perfect location just prepare varieties of food, then put a banner out to attract customers.
All that including rent can be set up for less than N500,000. Since food is very essential, a restaurant is a fast-selling business that yields quick profit and pays off its capital over time.
42. Open a Bar
Just like a restaurant, a bar is a very profitable business Anton can start with 500K or less in Nigeria.
This business involves selling drinks and assorted in a cool joint. To start this business, all you need is a good small building with a large compound and you’re good to go.
43. Supply Soft Drinks
Supplying soft this is a lucrative business that involves buying all sorts of soft drinks at cheap prices and then selling them at wholesale prices for retailers.
Probably in every town in Nigeria, there is at least one Coca-Cola drink distributor which you can get your soft drinks from. Then find a small truck/tricycle truck, hawk those soft drinks around and sell them at wholesale prices to retailers.
Related: How to Start a Profitable Soft Drinks Business in Nigeria
44. Production and Sales of Livestock Feed
Another trending business you can start with 500K in Nigeria is livestock feed production. This business is very profitable as a lot of people now practice livestock production even from home.
To start this business, first of all, you’ll need to learn how to make those feeds by enrolling in training for a week or two. Then, buy all the necessary materials needed and start producing livestock feeds.
To get customers, you just need to print some banners to market your business, and over time people will start knowing your business, and you can scale.
45. Sales of Motorcycle Spare Parts
Sales of motorcycle spare parts is another lucrative business that requires at least a capital of 500K to get started.
To start this business, you must make sure that you have knowledge about motorcycles. Then get a shop, find a spare part wholesaler, and negotiate and purchase all motorcycle spare parts you could think of.
Getting sales is quite easy, as the location of your shop plays a great part in the success of businesses like this.
46. Sales of Kitchen Utensils
If you’re looking for a super easy business to start with 500K in Nigeria, why not start a kitchen utensils business? This business involves selling varieties of kitchen utensils such as pots, knives, whistling kettles, place racks, plates, and so on.
All you need to start this business is a shop and a supplier of all these products, and then you’re good to go.
47. Sales of Plastics
Selling plastics like bowls, plates, coolers, waste bins, baskets, balls, etc is another profitable business to start with 500,000 in Nigeria by anyone at anywhere.
A small shop is a must for this business, then get the shop filled with plastic products which you can get at wholesale prices from distributors in big markets in your area. Then, resell in retail prices for profits.
48. Goat Farming
Are you a lover of farm animals and looking for an answer to the question; what business can I start with 500K in Nigeria? Goat farming is a very profitable one for you.
With a small space in your compound, you can start rearing goats for milk and beef production to make money.
All you need a 500K capital for is to get the animals, build them a shelter, buy their feeds, get a veterinary doctor, and that’s all. With proper management, you could start seeing profits in your first year.
49. Pig Farming
Pig farming is another lucrative business you can start with N500,000 in Nigeria and make a fortune even in the first 12 months.
Pigs are always in demand both locally and internationally, therefore breeding pigs is very profitable and sells fast. All you need is a shelter, the animals, their feeds, and a veterinary doctor for proper care.
50. Fish Farming
Another in-demand livestock farming business in Nigeria that requires 500K or less to start is fish farming.
To start this business, you’ll need prior knowledge about fish farming, either by studying fisheries at school or enrolling in a fish farming training program.
Once you know about the business, just get a small piece of land, build a pond, fill it with fingerlings (small fish), feed them and that’s all. After a few months, your fish should be mature and ready to sell.
51. Open a Car Wash
With the mechanised ways of wash cars now, opening a car wash is a business that drives a lot of customers and profit if done properly.
With 500K, you can find and rent a space on the shoulder of a road, build a car wash and start using modern types of equipment such as a pressure washer to start washing cars and making money.
In most areas in Lagos, cars are washed for up to N3000. If you get just 5 clients per day, you can be making a daily income of up to N15,000.
52. Palm Oil Business
If you usually cook using palm oil, you’ll notice palm oil is just like bitcoin that goes down in price for a specific time and rise back up after some time.
With this, you can start buying and storing palm oils when the price is low, and resell them for profits when the price appreciates.
To start this business, you’ll need to find and build relationships with people already in the business in order to know when to buy and when to sell.
Another strategy to use in this business is to buy palm oil in bulk from the southern part of the country, and then move them to the northern part of the country to sell.
Palm oil is well produced in the southern part of Nigeria and you can get them at cheap prices, whereas the prices are extremely high in the northern part due to fewer palm trees, making the product more expensive.
See Also: How to Start Palm Oil Business and Make ₦1million+
53. Honey Business
With the scarcity of good and original honey in many parts of the country, venturing into the honey business is a very good business to start right now as the business remains untapped.
To start this business, you’ll need to find and buy honey from honey farmers/apiarists (people that extract honey from beehives). You can get gallons of honey from them at cheap prices and then resell them at higher prices for good profits.
This business is very profitable as you can buy a gallon of honey for N30,000 and resell it for N50,000 keeping a profit of N20,000.
54. Cocoa Business
One old business that still makes people lots of money in Nigeria is the cocoa business. If you’re in the southwestern part of the country and still asking what type of business can I start with 500K, just try buying and selling cocoa.
Since cocoa is used for the production of bournvita, Milo, nestle and other chocolate production, cocoa seeds are always in demand at high prices as a kilo could sell for N500 and above.
This business generates huge profits and it is very easy to start. All you need is to buy bags of cocoa seed from farmers at cheap prices, and then sell them to big buyers (usually exporters) at higher prices.
Learn More: Step by Step Guide to Starting Cocoa Business in Nigeria
55. Resell Fairly Used Items
Fairly used products such as cars, tricycles and bikes sell for huge profits when a little repair is made.
In Nigeria, you can get a fairly used car for as low as N450,000 do some repairs with N50,000, and resell it for N600,000 to N700,000 keeping a profit of up to N200,000.
A lot of young people are doing this business now, and it’s currently making millions for those that know about it.
56. Open a Barbeque & Shawarma Joint
A cool business that anyone can start in Nigeria with 500K is the barbeque and shawarma business.
Both barbeque and shawarma are well consumed by Nigerians, as they are in form of snacks and fast food.
You can start this business by first learning about it, then find a space in a busy area close to a hotel, supermarket, or restaurant and open a small joint where you serve barbeque and shawarma.
57. Open an Agro Store
Opening an Agro shop where you sell livestock feed, herbicides, fertilizers, livestock vaccines, and so on, is a very lucrative business you can start with 500,000 Naira anywhere in Nigeria.
To start this business, what is required includes a shop, then finding suppliers of Agro products, buying at wholesale price and reselling at retail prices.
This business will succeed anywhere, but to quickly drive lots of sales, it is ideal your shop is located at a place close to farms.
58. Sales of Hair Extensions
Sales of hair extensions is another lucrative business idea you can start with 500K in Nigeria, and scale.
This business usually works well when you import those hair extensions. The cool thing is that N500,000 capital is more than enough to get started.
To start this business, you’ll need to find and connect with other sellers as they usually come together to shoulder the cost of importation, as well as the clearing fee.
Once your product arrives in Nigeria, you can start by marketing it to friends and close ones. To make this business thrive, you’ll need to have social media pages where you can post your products, and possibly run paid ads to get customers fast.
Related: How to Start Exportation Business in Nigeria and Make Millions
59. Open a Mother Care Store
Whether you’re living in a GRA, estate, or even in the ghetto, a very profitable business you can start with 500K is sales of mother care products such as pampas, diapers, baby’s food, etc.
This business requires just a small shop to start. All you need to do after getting a shop is find a mother care supplier, then buy products at cheap prices and resell them for profit.
60. Become a Dispatch Rider
Becoming a dispatch rider is another business you can start with less than 500K in Nigeria, all you need to do is buy a bike, find cook-on-demand restaurants, apply to be a dispatch rider, and start your business.
More so, you can also register on some riders’ platforms, get your bike and start delivering products to people’s houses to make money.
61. Open a Cyber Cafe/Computer Center
If you studied computer science or you have a lot of knowledge about computers and still asking what business to start with 500K, just find a small shop, get a couple of computers and laptops, a printer, scanner, and a generator, and start a cyber cafe business.
This business involves data entry, printing, scanning, online registrations, and so on.
62. Become a DJ
If you love entertainment and you’re you’ve been searching for answers to the question; what business can I start with 500K in Nigeria, why not become a DJ?
This business only requires a set of speakers, microphones, a tape mixer, and a laptop to start. Getting clients for this business is very easy as all you need to do is connect and build good business relationships with event planners, and you’ll get calls when they have jobs.
ONLINE BUSINESSES TO START WITH 500K IN NIGERIA
63. Forex Trading
Looking for an online business to start with 500K and become a millionaire fast? Forex trading should perfectly answer your question.
Forex simply means foreign exchange, so trading involves buying and selling foreign currencies to make a huge profit.
With N500,000, you can register on reliable broker platforms such as OctaFX, ZM, and ICmarkets, trade with them and start making money online.
64. Mini Importation
Mini importation is another trending online business you can start 500K in Nigeria, and make millions.
This business model is one where you order products from China via Aliexpress and Alibaba, and get your items shipped to Nigeria where you can then sell them for profit.
This business is very profitable because items are very cheap in China. For example, you can buy a wristwatch worth N4000 plus a clearing and forwarding fee from China, then sell it for N7000 to N10,000 in Nigeria keeping a profit of up to N5000.
65. Dropshipping
Looking for an online business that pays you in dollars? Then start dropshipping.
Dropshipping is just like mini importation. But with dropshipping, you don’t need to see or touch the item as everything can from ordering to delivery is done online.
Just like mini importation, all you need to d in this business model I order products from China via Aliexpress or Alibaba, then have them shipped directly to the buyer.
Dropshipping can be done worldwide. That means to start, you’ll need to create an e-commerce website where you’ll list your products and start getting sales.
With dropshipping, sales the beat sales usually come from the US, so you’ll need to run ads in order to get customers.
66. Blogging
Are you a young entrepreneur, or you’re in school and asking what online business can I start with 500K in Nigeria as a student? Blogging is one of the easiest online businesses anyone can start.
This business involves creating a website to share ideas and information online and get paid via ads placement on your blog, affiliate marketing, and so on.
Starting a blog requires far less than 500K, therefore, with 500,000 Naira, you can start multiple blogs and start sharing information to earn more.
67. Affiliate Marketing
Affiliate marketing is another profitable online business you can start with 500,000 Naira in Nigeria and start making money from day one.
This business model involves recommending someone else’s product or service to other people and getting paid a commission.
To start, you’ll need to find and sign up for some affiliate programs, get your affiliate link, promote it via online ads, and get paid whenever someone purchases the product through your referral link.
68. Digital Marketing
If you understand how social media and the internet work for business, and you can also run ads that convert online, starting a digital marketing agency is a good business to start with 500K online.
This business involves finding clients that want and need to grow their business and leverage the internet. Offer them your service for a premium price, get paid and start helping them grow via the internet using social media, and other online resources.
With N500,000, you don’t even need to do the digital marketing job all by yourself, as you can hire professionals in every aspect to get jobs done for clients more efficiently.
If done properly, you can start getting big companies in Nigeria that would pay up to a N5million naira for your services.
69. Become a YouTuber
Looking for a business to start from home with 500K in Nigeria? Then create a YouTube channel and start posting content.
YouTube business is a video version of the blogging business because it involves sharing ideas and information online on your channel and getting paid via ads that display on your video once your channel is ready for YouTube partner monetization.
Realistically, YouTube doesn’t require a penny to start. However, if you want to quickly start making money from your content, you’ll need to invest in a good camera, microphone, video editing, software, and most importantly ads that will quickly bring you views and subscribers.
70. Own a Mobile App
Are you still asking what type of online business can I start with 500K from home in Nigeria? Why not create an app and launch it on Play Store and App Store?
Creating a mobile app is very profitable and it is an untapped online business you can start right from the comfort of your room.
If you’re a programmer, creating a Mobile App is very easy as all you need to do is code the app yourself, and then launch it online. However, if you don’t know how to code, you can use your 500K to hire a good programmer on Fiverr, have them create the app and launch it online.
To make money from your mobile app, all you need to do is to monetize it via ad networks such as Google Admob.
500K Business Ideas – FAQs
What business can I start with 500k in Port Harcourt?
Businesses you can start with 500K in Port Harcourt include opening a boutique, sales of cooking gas, POS business, mini importation, opening a bar, palm oil business, and car dealership business.
What is the best business to start with 500 thousand naira?
The best business to start with 500K in Nigeria and make a good profit is the car dealership business, as you can buy a car for 450K, make some amendments for 50K, and sell it for 700K keeping a profit of 200K. This business can be done over and over and over again.
What business can I start with 500k in Lagos?
Businesses you can start in with 500K in Lagos include real estate business, car dealership business, cocoa business, opening a car wash, opening a boutique, becoming a driver, becoming a DJ, transport business, and so on.
What business can I start with 500k in Abuja?
Businesses you can start with 500K in Abuja include opening a boutique, POS business, sales of cooking gas, transport business, becoming a driver, real estate business, and so on.
Which online business can I start with 500K in Nigeria?
Online businesses you can start with 500K in Nigeria include forex trading, mini importation, blogging, dropshipping, affiliate marketing, and starting a digital marketing agency.
What daily income business can I start with 500k in Nigeria?
Daily income businesses you can start with 500K in Nigeria include transport business, driving, opening a restaurant, and opening a bar.
Conclusion:
The most difficult step in starting a business is knowing and picking the best business type that suits you and of course profitable. With this post containing some of the most lucrative businesses to start with 500K, I believe your brain is now filled with the best business ideas for you.
I have done my part in curating this post, now it’s your turn to implement and put into work any of your choices from this list of the best 500K business ideas you just read.
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Content not so rich
Imagine saying own a mobile app. What does the app solve?
And who goes to a cyber-cafe?
So excited, thank you so much
I moved to owerri newly…. am looking forward to start a new business for myself…. but am totally confused on what to buy and sell that moves faster with a good returns….. I need help please…..
I need to learn how to do business
Thanks