Top 10 Businesses You Can Start with 1 Million Naira in Nigeria

Given Nigeria’s enormous population (over 200 million people) and rising economy, starting a business here offers several opportunities. However, starting a business in Nigeria can be challenging, especially when it comes to funding. But with 1 million naira, you can establish a profitable venture when you read through the top 10 businesses you can start with 1 million naira in Nigeria.

Being your own boss has never been more fun. However, enthusiasm isn’t enough to launch a successful firm; you also need a strategy and capital.  Good news if your capital is close to one million Naira!

In this post, we will go into ten realistic businesses you can start with one million naira in Nigeria that would provide good profits.

Also see:

What Business Can I Start With 1 Million In Nigeria?

Below are the top 10 businesses you can start with 1 million naira in Nigeria, considering the country’s economic landscape and market demand.

#1. Food Processing and Packaging

In Nigeria, the food processing business is booming. The rising need for quick and easy meals is an excellent opportunity to launch a successful snack, fruit juice, or packaged Food Company.

Product Selection: Choose popular products like snacks, plantain chips, fruit juice, and sandwiches.

Packaging: Invest in high-quality, air-tight packaging to ensure product freshness and extended shelf life.

Marketing and Distribution: Focus on local markets, grocery stores, and supermarkets to sell your products.

#2. Laundry and Dry Cleaning Services

Those who live in cities rely heavily on laundry and dry cleaning services. If you have one million Naira, you can start a laundry service, buy some good machines, iron, washing materials and pay shop rent.

You may even start offering pickup and delivery to bring in additional clients.

All you need to excel in this laundry business is a good location, if you live close to student areas it may be perfect, if not, ensure you locate the business in a busy location and there is constant power supply to some level in the area, else you may plan to provide your power source like generator.

#3. POS and Mobile Money Agency

POS (Point of Sale) and mobile money services are in high demand, and the Central Bank of Nigeria (CBN) has been working to expand access to financial services so that more people may participate.

If you have one million naira, you will be able to set up a point-of-sale terminal and provide services such as cash withdrawal, money transfer, and payment of bills.

All you need to do in this POS business is to have a good location, preferably areas with less banks, and busy areas like closed to market or higher institutions.

Another good location for POS business are developing areas where there are no presence of banks.

With a million naira you can rent a shop or construct a kiosk, get a good POS machine from reliable fintech companies like MoniePoint, Opay, Palmpay etc and have some spare cash to do your business.

#4. Food Business (Restaurant or Catering)

Another business that can be started with one million naira in Nigeria is the food or restaurant business.

Everyone needs to eat no matter where you live or who you are.  The demand for food keeps increasing as many Nigerians are busy working and hardly have time to be in the kitchen to cook. 

You may set it up as a physical or mobile restaurant where you take the food in carts or vehicles to meet your customers.

The secret of this food business is to maintain standard cooking and affordability with high sense of hygiene, trust me, your customers will always come back.

#5. Sales of Building Materials:

With continuous construction projects everywhere, there is a consistent demand for cement, ceilings, roofing materials, and other building supplies.

With a capital of 1,000,000 Naira, selling building materials is a profitable business that you can start. You will only start small and grow the business with time.

Pay attention to areas that are now undergoing development and building projects, particularly the outskirts of the state

#6. Sales of Cooking Gas

The sale of cooking gas, also known as Liquefied Petroleum Gas (LPG), presents a promising business opportunity in Nigeria.

 Here’s a breakdown of what you need to know about opening a cooking gas business in Nigeria with one million naira.

Market Potential of Cooking Gas Business

Nigeria’s steady rise in LPG use is due to more people moving to cities, more people being born, and a move toward better cooking fuels.

This trend points to a good market for gas stores.

Location and Customer Base: Developing areas and areas far from gas stations is usually the best place to start the cooking gas business.

Gas cylinders are heavy and no one wants to go that far to gas stations to have them refilled, so people generally patronize mini-gas refilling stores near them.

Infrastructure and Equipment: You will have to invest in gas cylinders and measurement scales, hoses, etc.

Competition: Look at how the other gas businesses in the area are doing. Who are the other gas stations, and how will you set yourself apart?

Growth Potential: Think about how the business could grow by adding new services or getting more customers.

#7. Event Decoration Business

Nigerians love to party, which makes event decorating a good business idea for those who have N1,000,000 to buy basic tools and materials to start up.

Decorative Items: Buy things like tablecloths, chair covers, candles, and fake flowers that are necessary.

Network and market your business: Make connections with event planners, wedding vendors, and party places to get clients.

Make a portfolio: Make an online portfolio of your past event designs and work.

Tips for Success:

Keep Up with Trends: To give your clients a choice of styles, keep up with the newest event design trends.

Offer Customization: Give customers the chance to change the decorations to suit their tastes.

Great Customer Service: Make sure that the things are set up and taken down on time, and give great customer service.

#8. Mobile Phone and Accessories Shop:

With one million Naira, here’s how you can open a store in Nigeria that sells cell phones and accessories:

Capital Breakdown (assuming 1 million Naira capital)

Expense

Rent: 200,000         

Inventory:   500,000         

Furniture and Fixtures:  100,000         

Licenses and Permits:     50,000           

Marketing:  100,000         

Operational Costs:           50,000           

Total: 1,000,000      100%

Pick a place with a lot of foot traffic and good exposure. The best places to go are malls, markets, and places with lots of young people. Talk to the landlord about a fair rent that fits your budget.

Consider value-added services: Explore offering additional services like phone repairs or screen replacements to generate extra revenue and attract more customers.

#9. Beauty and Personal Care Services

A beauty and personal care service business in Nigeria can get off the ground with one million Naira (₦1,000,000).

It’s better to focus on a few popular services than to try to give everything. Find out what the latest beauty trends are in your area and pick services that you’re good at. You could get a barbershop, wigs or weaves, a facial, manicures or pedicures, or a makeup shop.

Set aside money for the necessary tools based on the services you’ve chosen. For example, this could include barber chairs, manicure and pedicure sets, facial steamers, makeup brushes, and good skin care items.

#10. Fashion Design and Tailoring

One million naira can be a good starting point for a fashion design and tailoring business in Nigeria.

Plan how you will spend your one million naira capital for basic tools like a sewing machine, mannequins, fabric scissors, measure tape, and so on usually cost, as well as the cost of buying fabric for the first time, marketing materials like business cards and a social media account, and rent.

Don’t try to do everything at once. Begin with a focused range of services, like alterations and tailoring existing garments, or creating simple, well-made designs with readily available fabrics.

Look at how good you are in your current design and tailoring skills.. To get better at what you do and learn new skills, you might want to take short classes, workshops, or online tutorials.

Conclusion

Starting a business in Nigeria with 1 million Naira requires careful planning, research, and a strong entrepreneurial spirit.  The top 10 businesses you can start with 1 million naira in Nigeria ideas presented here offer a starting point, but remember, success depends on your dedication, execution, and ability to adapt to market demands