37 Easy Businesses You Can Start with 1m Naira in Nigeria
So you are looking for a business you can start with 1M Naira?
Don’t worry, I got you covered. With more than seven years of experience in the Industry, I know a thing or two about business.
Anyone can start a successful business with 1M Naira in Nigeria. There are many hidden business opportunities in Nigeria.
Whether you are looking for an online business or an in-person business, there are many different businesses you can start With 1M Naira in Nigeria.
I will reveal 35 business ideas that you will start with 1M Naira in Nigeria.
Understanding the Nigerian Market
There is a big change happening in the vibrant Nigerian economic sector. Because of the naira’s devaluation, the dollar to naira conversion rate is currently fixed at 1$ – 1350, which presents a constant issue.
This makes keeping track of various charges and business expenses difficult.
Given the current state of the economy, I recommend that you explore one of the ventures I will describe in this article.
Explore the possibilities, keep researching, and set a path driven by devotion and perseverance.
Recall that thriving in the face of difficulties is more critical for business success than simply navigating them.
Check Out: 53 Easy Side Hustles in Nigeria That Pay Big
35 Businesses you can start with 1M Naira in Nigeria
1. Restaurant Business
A fast food restaurant is a great business idea for those looking to start a food and beverage business with 1M Naira in Nigeria.
With the fast-paced lifestyle of Nigerians, fast-food restaurants have become increasingly popular.
To start this business, one must find a suitable location, purchase the necessary equipment, and hire staff.
It is important to offer a variety of menu items to cater to different tastes and preferences.
2. Frozen Food Sales
Frozen food sales is another lucrative food and beverage business idea that can be started with 1M Naira in Nigeria.
Nigerians love convenience, and frozen foods offer just that.
One can start by purchasing frozen foods in bulk from wholesalers and selling them at a profit.
It is important to ensure that the frozen foods are of good quality and stored at the right temperature to maintain their freshness.
3. Fruit Juice Production
Fruit juice production is a business idea that requires a little more investment than the previous two.
However, with 1M Naira, one can start a small-scale fruit juice production business.
The key to success in this business is to offer a variety of fruit juices that are fresh and of good quality.
It is important to source fruits from reliable suppliers and to invest in good quality juicing equipment.
Marketing and branding are also important aspects of this business to attract customers.
4. Boutique Store
A boutique store is a retail shop that specializes in selling fashionable clothing, shoes, and accessories.
With a capital of 1M Naira, an entrepreneur can rent a small shop, buy inventory, and set up a basic website.
To attract customers, the boutique store can offer unique and trendy items, provide excellent customer service, and use social media to promote its products.
Marketing and branding are also important aspects of this business to attract customers.
5. Cosmetics Shop
A cosmetics shop is a retail store that sells beauty products, such as makeup, skincare, and hair care items.
With a capital of 1M Naira, an entrepreneur can rent a small shop, buy inventory, and set up a basic website.
To attract customers, the cosmetics shop can offer high-quality and affordable products, provide expert advice, and use social media to showcase its products.
Marketing and branding are also important aspects of this business to attract customers.
6. Mattress Business
Starting a mattress business with 1 million Naira is lucrative for several reasons.
First, there’s a consistent demand for quality sleep products, and the mattress industry tends to be resilient.
You will maintain reasonable production costs with a strategic approach to sourcing materials and manufacturing.
A diverse product range, including various mattress types and sizes, will attract a broader customer base.
Effective marketing and partnerships with local retailers will help establish your brand.
7. Hairdressing Salon
A hairdressing salon is a beauty establishment that provides haircuts, styling, and colouring services.
With a capital of 1 million Naira, an entrepreneur will rent a small premises, purchase equipment and supplies, and create a simple website.
The hairdressing salon will provide professional and individualized services, employ high-quality materials, and promote its work through social media to attract consumers.
Starting a business in the fashion and beauty industries will be lucrative, but it needs hard work, dedication, and innovation.
Related Post: 35 Excellent Businesses You Can Start with 400k in Nigeria
8. Poultry Farming
Poultry farming is a lucrative business in Nigeria, and it requires a moderate amount of capital to start.
With 1M Naira, one will start a small-scale poultry farm and gradually expand as the business grows.
The capital will be used to purchase day-old chicks, feed, vaccines, and other necessary equipment.
It is essential to ensure that the poultry farm is located in a suitable area with adequate water supply and a good road network.
9. Fish Farming
Fish farming is another profitable venture that can be started with 1M Naira in Nigeria.
With this amount, one can set up a small-scale fish farm and purchase fingerlings, feed, and equipment.
The location of the fish farm is crucial, and it should be in an area with a good water source and adequate drainage system.
Fish farming is done in earthen ponds and concrete or plastic tanks.
10. Tricycle Spare Parts
Starting a tricycle spare parts business with 1 million Naira is a promising venture due to the growing demand for tricycles (keke) as a popular means of transportation in many areas.
You can offer essential spare parts with proper market research, strategic sourcing, and effective inventory management, ensuring a consistent customer base.
The relatively low initial investment allows for competitive pricing, attracting both individual users and repair shops.
Also, a focus on customer service and building relationships with suppliers can contribute to long-term success.
11. Snail Rearing
Snail rearing is a low capital business that can be started with 1M Naira in Nigeria.
The capital can be used to construct a snailery, purchase snail eggs or snails, and feed.
Snails are easy to rear, and they do not require much attention. Snail rearing is one of the best businesses in Nigeria.
The snailery should be located in a cool and shaded area with adequate ventilation.
12. Computer Sales and Repairs
Starting a computer sales and repairs business can be profitable with a capital of 1M Naira in Nigeria.
This business involves selling new and used computers, laptops, and accessories and repairing and maintaining them.
To succeed in this business, it is important to have a good knowledge of computer hardware and software and provide excellent customer service.
Building relationships with suppliers and manufacturers can also help in getting good deals and discounts on products.
13. Mobile Phone Accessories
The mobile phone industry is rapidly growing in Nigeria, creating a demand for accessories such as phone cases, chargers, earphones, and screen protectors.
With a capital of 1M Naira, one can start a mobile phone accessory business and tap into this growing market.
To succeed in this business, keeping up with the latest trends and offering a wide range of products to cater to different customer needs is important.
Good customer service and strategic location can also help attract and retain customers.
14. Software Development Services
Software development is a profitable business in Nigeria that may be launched with a capital of one million naira.
This includes creating software programs, websites, and mobile apps for clients.
You must be familiar with programming languages and software development technologies to flourish in this profession.
Having strong project management abilities and communicating effectively with clients is also necessary to address their needs.
15. Private Tutoring
Private tutoring is a lucrative business that requires little capital to start.
With a budget of 1M Naira, one can start a private tutoring business and offer academic support to students of different levels.
The business owner can choose to specialize in a particular subject or offer general academic support.
The demand for private tutoring services is high in Nigeria, and the business can be operated from home or rented office space.
16. Vocational Training Center
A vocational training center is another viable business idea that can be started with 1M Naira.
The center will offer training in different vocational skills such as fashion design, catering, hairdressing, and computer repairs.
The business owner can partner with industry experts to offer quality training to students.
The vocational training center can also provide job placement services to its graduates, increasing its reputation and attracting more clients.
17. Educational Materials Sales
Nigeria’s demand for educational materials such as textbooks, stationery, and school uniforms is high.
With a budget of 1M Naira, one can start a business that sells educational materials to schools and students.
The business owner can source the materials from wholesalers or manufacturers and sell them at a profit.
The business can be operated online or from a physical store, and the owner can use social media to market the products.
18. Fitness Center
A fitness center is a great business idea for those who are passionate about health and fitness.
With a budget of 1M Naira, one can rent a space and equip it with basic gym equipment such as treadmills, weights, and exercise bikes.
The fitness center can offer services such as personal training, group fitness classes, and gym memberships.
The business can be operated online or from a physical store, and the owner can use social media to market the products
19. Health Food Store
In recent years, Nigeria has had a surge of interest in healthy eating and lifestyle.
A health food store can meet this demand by providing organic, natural, and nutritious food selections.
With a budget of 1 million naira, you can rent a modest room and supply it with various healthy foods like whole grains, fresh fruits and vegetables, and vitamins.
The store can also provide nutritional guidance and consultation services.
20. Pharmacy
A pharmacy is another profitable business idea in the health and wellness industry.
With a budget of 1M Naira, one can rent a space and stock it with essential drugs and medical supplies.
The pharmacy can also offer consultation services and sell over-the-counter drugs.
Starting a business in the health and wellness industry requires knowledge, dedication, and passion.
With the right business plan and execution, one can build a successful business that helps people live healthier lives.
21. Gaming Lounge
Starting a gaming lounge is a profitable business idea for those who are passionate about gaming.
With 1M Naira, one can set up a gaming lounge with a few gaming consoles, comfortable chairs, and a good internet connection.
The business will generate revenue by charging hourly rates for the use of the gaming consoles.
To attract more customers, one can organize gaming tournaments and offer prizes to the winners.
Marketing the gaming lounge through social media platforms and word of mouth can also help increase the customer base.
22. Event Planning
Event planning is a lucrative business idea that requires creativity and good organizational skills.
With 1M Naira, one can start an event planning business specialising in organizing events such as weddings, corporate events, and birthday parties.
To succeed in this business, one must have good networking skills and build relationships with vendors such as caterers, decorators, and photographers.
Offering competitive pricing and exceptional customer service can also help attract more clients.
23. Photography Services
Starting a photography business is an excellent idea for those with a passion for photography.
With 1M Naira, one can invest in a good camera, lighting equipment, and other necessary accessories.
To attract clients, one can offer photography services for events such as weddings, birthdays, and corporate events.
One can also offer portrait photography services and sell prints to clients.
Marketing the business through social media platforms and building a portfolio can help attract more clients.
24. Delivery Services
Starting a delivery service is a lucrative business idea that requires minimal capital investment.
With just 1M Naira, one can start a delivery service and cater to the needs of local businesses and individuals.
To start a delivery service, one needs to have a reliable means of transportation, such as a motorcycle or a small van.
It is also important to have a strong network of contacts, including local businesses and individuals who require delivery services.
25. Consulting Firm
Starting a consulting firm is a great business idea for those with experience in a particular industry.
With 1M Naira, one can start a consulting firm that specializes in providing expert advice to businesses in various industries.
The firm can offer services such as business strategy, marketing, human resources, and financial management, among others.
To succeed in this business, one needs to have excellent communication and analytical skills, as well as the ability to identify and solve problems.
Also See: 9 Key Steps to Conduct Market Research in Nigeria
26. Accounting Services
Starting an accounting firm is another excellent low-investment business idea.
With 1 million naira, you can start a small accounting service that offers bookkeeping, tax preparation, and financial consulting to individuals and small enterprises.
To succeed in this firm, you must be a qualified accountant or lead a team of certified accountants.
Building a client base also requires a thorough awareness of tax rules and regulations and exceptional communication skills.
27. Vegetable Farming
Starting a vegetable farming business with 1M Naira Naira is viable due to low initial investment, steady demand for fresh produce, and quick harvest cycles.
Vegetables are essential in diets, ensuring a consistent market. The relatively small size of a vegetable farm allows for cost-effective operations.
With proper planning and efficient farming practices, you can achieve a quick turnaround on your investment.
Focusing on high-demand vegetables or niche markets can enhance profitability.
28. Pig Farming
Pig farming is a lucrative venture with a 1M Naira naira budget. Pigs reproduce quickly, yielding a high return on investment.
With proper management, a small-scale pig farm can grow rapidly. Pigs are efficient feed converters, requiring relatively low input costs.
Pork is in constant demand, ensuring a steady market. Diversifying into pork processing can further increase profitability.
The initial capital allows for infrastructure setup, quality breeding stock, and essential equipment.
29. Barbing Saloon
Starting a barbing salon with 1M Naira Naira is advantageous due to its low entry cost, steady demand, and quick returns.
With a modest investment, you can secure a location, purchase essential equipment, and cover initial expenses.
The grooming industry is resilient; people consistently seek haircuts, making it a stable business.
Moreover, the scalability of services allows for potential growth and diversification.
Building a loyal customer base can lead to repeat business, fostering long-term sustainability.
30. Palm Oil Production
For several reasons, starting a barbing salon with 1M Naira naira is a wise investment.
The initial capital covers essential equipment, rent, and basic decor.
Barbing services have a consistent demand, ensuring a steady flow of customers.
Proper marketing and quality service can build customer loyalty, leading to repeat business.
The business has relatively low overhead costs, making it financially viable.
31. Boxers Business
Starting a Boxers business with 1 million naira might be profitable due to minimal startup expenses and great demand for economical clothes.
Boxers are vital commodities that maintain steady demand. You can keep your prices competitive by carefully sourcing and managing costs.
Customers can be attracted via a targeted marketing strategy, such as offering unique designs.
Creating an online presence helps broaden your reach. Efficient inventory management and customer service will encourage repeat business.
32. Pos Business
Starting a Point of Sale (POS) business with 1M Naira naira can be lucrative due to rising demand for electronic payment services.
With this budget, you can acquire POS machines, cover initial operational expenses, and build partnerships with local businesses.
The growing trend towards cashless transactions in Nigeria enhances the potential for increased customer traffic.
Offering services like bill payments and airtime top-ups can diversify income streams.
33. Shawarma Store
Starting a Shawarma store with 1M Naira naira can be lucrative due to its popularity and relatively low startup costs.
Shawarma is a widely loved fast food, offering a diverse menu with customizable options.
The initial investment can cover equipment, ingredients, and a small space. With strategic location and marketing, you can attract a steady customer base.
The profit margins in the food industry, especially with fast and affordable options like Shawarma, can be promising.
Efficient operations and quality service can help your business thrive, making it a viable and potentially profitable choice.
34. Blogging
Blogging is a cost-effective business to start with 1M Naira naira as it requires minimal initial investment in domain registration, hosting, and basic design.
Content creation is the primary focus, allowing for low overhead costs.
With a niche-focused approach, targeted content can attract a specific audience, potentially leading to partnerships, sponsored posts, and affiliate marketing opportunities.
The digital nature of blogging provides flexibility and scalability. Investing in quality content and SEO strategies can drive organic traffic, increasing revenue over time.
35. E-commerce
Starting an e-commerce business with 1M Naira naira allows for a cost-effective entry into the market.
With low overhead, you can invest in product sourcing, website development, and marketing.
E-commerce offers a wide customer reach, enabling you to target a broader audience. The scalability allows for growth as profits increase.
Leveraging social media and digital marketing can enhance visibility without significant costs.
The convenience of online shopping attracts consumers, fostering customer retention.
Efficient inventory management and dropshipping models can optimise resources.
36. Egg-Supply
Starting an egg supply business with 1M Naira Naira is advantageous due to low overhead costs.
You can purchase chicks, feed, and basic equipment establishing a small-scale poultry operation.
Eggs are a staple in diets, ensuring consistent demand. The business has a relatively short production cycle, providing a quicker return on investment.
With proper management, you can gradually scale up, reinvesting profits.
The versatility of eggs in various industries like food and cosmetics offers potential diversification.
37. Car oil Business
Starting a car battery business with 1 million Naira can be profitable due to the consistent demand for automotive batteries.
As more vehicles hit the roads, the need for reliable batteries grows. Offering quality products, competitive pricing, and excellent customer service can build a loyal customer base.
Diversifying into related products like battery accessories or providing services like battery testing and maintenance can enhance revenue streams.
The automotive industry’s growth and increasing awareness of sustainable practices make investing in this sector promising, with the potential for scalability and long-term success.
Bottom Line
Launching a business with 1 million naira requires strategic allocation of funds.
Opt for cost-effective ventures.
Prioritise essential expenses and gradually reinvest profits for expansion.
Diligent financial management and dedication can turn this initial investment into a thriving venture.
Remember, success often stems from prudent decision-making and continuous adaptation in the dynamic business environment.
Here’s a list of articles I’ve written that may be able to help you find other ways to start businesses in Nigeria:
- 10 Secrets to Start a Keke Spare Parts Business in Nigeria
- How to start a provision store business in Nigeria
- How to Start a Jollof Rice Business in Nigeria
- How to Start a Shawarma Business in Nigeria
- How to Start a Cyber Cafe Business in Nigeria: A Comprehensive Guide
- Snail Farming in Nigeria: The Ultimate Guide
