Top 10 Profitable Businesses You Can Start with 10 Million Naira in Nigeria -

If you want to start a business in Nigeria, you must first decide what kind of business you want to run, so this list of top 10 profitable businesses you can start with 10 million naira in Nigeria was made for that reason.

Following through on an idea that could grow into a business worth millions of naira is the next step.

With so many options for businesses out there, choosing the right venture to go into with N10,000,000 capital can be daunting.

In this article explores 10 profitable business ideas you can launch in Nigeria with a 10 million naira investment, considering factors like market demand, scalability, and return on investment (ROI).

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

Table of Contents

What Business Can I Start With 10 Million In Nigeria?

Nigeria’s economy is full of opportunities for people who want to start their own businesses.

If you have a capital of ten million Naira, several profitable business ideas can make you a lot of money.

Let’s look at the 10 best options:

#1. Mobile Phones and Accessories Business

10 million naira is a good starting point for a mobile phone and accessories business in Nigeria. Phone and accessories selling business is buying mobile phones and accessories at wholesale from manufacturers, distributors, or authorized dealers, to resell for profit.

This industry is particularly lucrative in Nigeria due to the constant demand for new phones, especially among young Nigerians.

You will either have to get a good location with high traffic or you create a marketing strategies online.

Sell high demand and affordable brands like Tecno, Infinix, Itel, Oraimo accessories etc for a start until you grow to some level before you can start selling more expensive products like Samsung, iphone and others.

#2. POS Agency Business

As a result of the demand for agency banking by Fintech businesses, the Point of Sale (POS) agency industry in Nigeria has experienced tremendous expansion in recent years.

It is possible for you to make commissions on a daily basis as a point-of-sale agent, ranging from 10,000 to 30,000 Naira, depending on where you are located.

It is not necessary to have a significant amount of funds in order to launch this business; all you need to do is establish a connection with a sales representative from a company such as Moniepoint, Opay, or Palmpay.

You will need a good location with a lot of traffic, preferably closed to markets or business areas for you to make high returns in POS business.

Another location that pays well in POS business is developing areas where there are no banks nearby, people often rely on POS service for their day to day transactions.

#3. Agribusiness

Agricultural business is one of the top 10 profitable businesses you can start with 10 Million in Nigeria, there are different options of agribusiness to choose from, ensure you do not enter so many all at once, choose a niche, and invest in your chosen area.

Popular Agribusiness Options you can invest in with 10 million naira are:

Poultry Farming (Broilers or Layers): Relatively low startup cost, high demand, and quick returns. This requires a moderate startup cost and offers a quick turnaround time. Chickens, turkeys, and ducks are all viable options.
Fish Farming: Can be done in small ponds or tanks, with good profit margins. This high-profit venture requires investment in ponds, aeration systems, and fingerlings. The secret of this business is to ensure you can manufacture your fish feed using locally source ingredients like blood meal, else you will spend all your profits feeding fishes as fish feed is now becoming too expensive.
Vegetable Farming (Greenhouses optional): Quick turnaround time, focus on high-value vegetables. Choose high-value crops like tomatoes, peppers, or leafy greens suited to your region’s climate.
Snail Farming: Low maintenance, gaining popularity, good market potential.

Tips to be successful in Agribusiness:

Develop a Business Plan: Make a business plan that includes your goals, tactics, cost estimates, and marketing plan. This will help you get money if you need it.
Get training and a mentor: Talk to farmers with more experience, agricultural extension workers, or NGOs that work with farmers to get advice.
Register your company: Making your business official will make it easier to get loans and enter new markets.
Explore Government Initiatives: Check out what the government is doing. Nigeria has many programs that help farmers. Look into grants and assistance that are out there.

#4. Food and Beverage Business:

When it comes to demand, the food and beverage business is constantly high. The establishment of a bakery, a restaurant, or a fast food outlet can make for a very profitable business.

Both a decent location and a high-quality service are essential to achieving success in this sector.

The fast food restaurant business is ever ripe with opportunity, yet bad management can put it out of business.

It is important to have excellent managerial abilities if you want to start this business.

#5. Fashion Boutique or Tailoring Services

With 10 million naira, you can start a fashion boutique or tailoring business in Nigeria.

Nigeria’s fashion business is highly vibrant and keeps growing. It can be profitable to start a clothing line or boutique.

You can get a big share of the market if you have good items and good branding.

Do a market study to find out who your target audience is and what they like, then create a unique value offer that sets your boutique apart from others in the same field.
Use social media and e-commerce sites to build a strong online profile.
Keep up with dress trends and change with what customers want.
With 10 million naira, you can open a successful clothing store or sewing service in Nigeria

Boutique: Open a boutique that sells trendy clothing, shoes, and accessories. Focus on a specific target audience.
Tailoring Services: Offer custom tailoring and alteration services, catering to individuals who prefer a personalized fit.

#6. Event Planning and Management

Using ten million Naira, you can launch a business that specializes in project management and event planning.

It is always in demand for weddings, business events, and parties to be scheduled. If you want to attract customers, you should put money into marketing, networking, and establishing a solid portfolio.

#7. Startup Loan service

Having a capital of ten million naira, you might launch a loan company for small business owners experiencing gridlock attempting to get loans from banks and other financial organizations.

Many startups are hardly qualified for loans given the severe load requirements set by these financial institutions.

Being a startup loan service company allows you to give young companies short-term loans with far less constraints.

#8. Dry Cleaning Business

Ten Million Naira is a great amount of money to start a dry cleaning business in Nigeria—ten million naira will get you a shop with all the equipment you need and some extra space.

Business Plan: Create a comprehensive business plan outlining your target market, unique selling proposition (USP), marketing strategy, financial projections, and staffing needs.

Location: Choose a high-visibility location with convenient access for customers. Consider renting a space initially to test the market before committing to a long-term lease.

Equipment and Supplies:

Dry Cleaning Machine: It is recommended that you invest in a dry cleaning machine that is of high quality and has a large capacity in order to accommodate future expansion.
Support Equipment: Dryers, steamers, irons, sorting tables, and garment racks are all necessary pieces of equipment.
Cleaning Supplies: Stock up on eco-friendly detergents, stain removers, and fabric softeners suitable for various garments.

#9. Unisex beauty salon

Another excellent business to invest in is a regular unisex beauty parlor. The nicest part about this business is that you don’t have to have any special skills or understanding in the beauty industry, all you need to do is obtain the required equipment, and staff up with individuals who are both experienced and competent in providing the services.

Your function would mostly be that of a supervisor.

#10. Transportation And Logistics Business

The transportation and logistics industry is broad and with N10,000,000 you can go into some popular niches in the transportation sector such as delivery service using bikes which is popular known as rider, you can also go into taxi service but getting good drivers is the key to success in this kind of business.

Here are some options to consider if you have 10 million naira to invest in transportation

Trucking: Haul goods between cities or regions. Decide on the size of vehicles (pickups, vans, trailers) based on the cargo you’ll handle.

Delivery Services: Focus on last-mile deliveries within a city or area. Motorbikes or small vans would be suitable here.

Logistics Management: Partner with existing transport companies to manage their logistics, including warehousing and shipment tracking.

Operations Setup:

Location: Select a location that is beneficial to your business and provides easy access to main roads and potential customers.
Vehicles: You should look for automobiles that are well-maintained and fuel-efficient, and that are ideal for the niche that you have chosen. To begin, you might want to think about purchasing used automobiles to keep your spending under control.
Staff: Hire reliable drivers, dispatchers, and administrative personnel if needed.

Which Type Of Business Is Most Profitable In Nigeria?

Even though we can’t categorically say what the most profitable business in Nigeria is, we can make suggestions for the most contenders of business to be regarded as the most profitable in Nigeria.

The reasons it’s hard to pick just one business as the most profitable are:

Competition: A business that makes a lot of money today might be full of competition tomorrow.

Location: A business that does well in Lagos might not do as well in other parts of the country.

Individual Skills: Your personal strengths and knowledge can affect how well you do in a business.

However, the following top contenders regarding business that have the profit potential in Nigeria:

Agriculture:

Nigeria is very good at farming, and more and more people want food that is grown in the country. You could look into developing cash crops, raising animals, or preparing food from farms.

Food and Drink:

Nigerians love to eat, so there’s always a need for bakers, restaurants, fast food chains, and catering services.

Digital Marketing:

When companies go online, they need more help with things like SEO, social media marketing, and writing content.

E-commerce:

More and more people are shopping online, so you could make your own e-commerce platform or use one that’s already out there.

Renewable energy:

People are becoming more interested in sustainability, so there is a growing market for installing solar panels and selling products that go with them.

Conclusion: Top 10 Profitable Businesses You Can Start with 10 Million Naira in Nigeria

With 10 million Naira, you can start a lot of profitable businesses in Nigeria. You can start from researching further about these top 10 profitable businesses you can start with 10 million naira in Nigeria

To be successful, you’ll need to do market research, carefully plan your business, and have a solid business strategy.

With the right resources and knowledge, you can make any of these businesses grow.

Author
Recent Posts

ogapriceadmin

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