Top 13 Small Business Startup Ideas in Nigeria 2023

Apart from curbing unemployment, starting a business could lead to financial freedom. But starting is always a challenge. Many Nigerians have little or no capital to start a business. Worse still, they have no idea of a lucrative business to start.

If you have saved 100k or thereabout, and you are looking for the best profitable business idea in 2023, then you’ll find many options in this article.

1. Snail Farming

The first untapped business in Nigeria on this list is snail farming. This business is a relatively new agribusiness that makes a lot of money. Snails are easy to breed, as it requires little investment since their feed can be sourced locally.

The cool thing about this business is that Nigerian (Giant Africa) snails are in high demand in the global market. That means snails can be sold within Nigeria or exported abroad where they can be sold at higher prices.

Although it may take time for snails to reach the stage of consumption, the profit from this business is massive. A medium size snail could cost anything from 700 Naira and above in most parts of the country.

2. Mini Importation/Exportation

Mini importation is one of the most profitable new business ideas in Nigeria that can be started right from home. Just like dropshipping, it involves buying products from suppliers. However, instead of shipping the products to the buyer, you’ll have them shipped to you here in Nigeria and sell them offline or online.

With mini importation, you can buy products for extremely cheap prices from China, have them shipped to Nigeria and sell them for a good profit. This business is very profitable as you can buy a pair of shoes for N1000 from China and sell it for N3000 Naira in Nigeria.

With the current war going on between Russia and Ukraine, the price of importation and exportation just went up the roof with people finding it very difficult accessing things from their various native lands.

You may think there isn’t much to export in Nigeria, but you would be wrong. Shipping materials are one of Africa’s most profitable foreign trades.

Exporting raw goods to other nations, such as cocoa, green vegetables, vegetable oil, yam, cassava, palm oil, or crude oil, is sure to make you wealthy. These commodities are in high demand outside the country.

3. Palm oil retailing business

If you would not see this business as dirty, it is indeed one of the best businesses to start in Nigeria with 100k.

Palm oil has always been one of the most valuable food items in all Nigerian homes.

Unknown to many, this business is one of the most profitable in Nigeria today.

You can make a 400% profit from selling stored palm oil when it’s in season. But you need to be able to buy when it is in supply and know the exact time to resell.

“I started this business close to 16 years ago. When I started it, I discovered, it was a very good business, it was better than all the businesses I had tried my hands on earlier. In good seasons, you can make 3 times the price or more. It is the business that I used to sponsor three of my children in the higher institution”.

What you need to start this business

Your hundred thousand naira or more to purchase your first 3-5 25-littles bottles of palm oil. The more money you are able to invest, the better.

You need to know some households or a small market where you can sell your palm oil once it time to sell.

Alertness and knowledge as to when it is the right time to buy and resell.

4. Catering services

You can start your low-cost catering services with your kitchen cooking equipment. You only have to spend little money on the few things you might need that you do not have. Offer your services to events, meetings, individuals, birthdays, and other several occasions, which can be done as cook and delivery services.

So you can see you don’t need a physical space to start. In the beginning, try out with friends and families; as your business expands, you can increase your offers and buy more cooking equipment like food trucks, delivery bikes, or commercial kitchens.

5.Cleaning services

If you used to clean apartments or offices for a daily wage and are good at it, why wouldn’t you start your own business? All you need is staff to work for you or with you and cleaning products. Thus, you can offer cleaning services for office spaces, houses, and apartments. This service doesn’t come cheap these days.

Many homes and businesses will need your services, so you can start alone, and as your business grows, you can employ people to assist you with a heavy workload.

Here are a few cleaning tools you might need to kickstart

1. Sponge

2. Microfibre cloths

3. Cleaning detergent

4. Bucket

5. Mop, dustpan, and broom

6. Spray bottle

7. Scrub brush

6. Pharmaceutical wholesales business

Next to feeding, people care about their health. People of all ages need to take one medication or the other at certain times.

This makes the pharmaceutical business one of the most lucrative businesses in Nigeria in 2023.

The most profitable aspect of the pharmaceutical business manufacturing. But considering that starting that line requires millions of money, you can play at the level where you supply to pharmacies and patient medicine store.

There are some fast-moving drugs like antimalarial drugs, painkillers, antibiotics, etc. These are very good pharmaceutical items to start with.

The profit margin could sometimes double, depending on how well you are able to get good prices from distributors or manufacturers.

What you need to start a Pharmaceutical supply business

Your N00k capital or more
Ability to look for pharmaceutical stores and market them effective to become one of their suppliers
Little knowledge of the business terrain and fastest-moving pharmaceutical brands/products.

6. POS business

This is another guaranteed good business you can invest with your 100k in Nigeria right now.

Mobile banking makes life easier for millions of Nigeria who find it uneasy to use physical banks due to the stress associated with it.

If you get your location right, you can make up to 10,000 naira in profit in day without incurring any expenses.

For example, you can make up to 200 naira on a 10,000 withdrawal. Some even withdraw far more with the mobile money.

Now imagine that you make 50 of such transactions of N200 in a day, that’s 10k per day which is 300,000k per month.

That’s by far more than what an average 9-5 employer earns in Nigeria.

What you need to start this businessTo start a POS business, you will need to go to any bank of your choice and request POS, and they will tell you the requirement. Then, with as little as N30,000, you can begin your POS business.
You need to register with a mobile money company in order to get your terminal (POS machine). You need to provide basic information about you such as your email address, ID card, phone number, etc. to register.

What you need to start POS business in Nigeria:You’ll pay a certain cost for the terminal, usually around 30k or less.
You will need to set up a location. A residential area or market is preferable. Make sure a bank is not near your location.
Get a small wooden kiosk or an umbrella and pay for rent for the space if it’s not yours. Your rent should not be more than 5k-10k a month max.

7. Perfume oil business

One of the cheap business ideas to start in Nigeria is perfume business. With as little as N5000, you can start a perfume business. Buy in small quantities from wholesalers and resell to customers. Do proper research about the products you will be getting since someone else is producing them. Do market research to ensure that your potential customers will be interested in the products or fragrances.

Consider dealing with a reliable supplier who will supply the best perfumes to you at the best price.

8. Interior Décor

Millions of houses are built in Nigeria every year that would need to be decorated. Apartments get rented out and tenants have to beautify their spaces.

This makes interior décor a business of all seasons and one of the best businesses to start with 100k in Nigeria.

Although some people start with as much as a million naira or more, but you can start on a very small scale with your 100k or more.

You can rent a small space with that amount and look for a distributor or manufacturer who can give you some products while you pay them once you are able to make sales. Better still, save up to 300k and get some good cash-me-down.

What you need for this business

Knowledge of the trade
Your capital
A small space to display goods and potential customer base

9. Event planning

Every day in Nigeria, people always have one event or the other, especially during the weekends and festive periods. Therefore, starting an event planning business will make lots of money. Event planning business is another unsaturated and untapped business in Nigeria. This business involves finding people who have events, then helping them plan it by suggesting and finding the best location, mc, rental service, etc.

You need to have a passion for organizing and coordinating events to offer your services to businesses and individuals for events such as weddings, birthday parties, and corporate events. Since it’s a low-cost business idea, start by planning small events for your friends and family.

And as your business grows, you can invest in equipment such as tents, tables, and chairs. But for now, stick with rental services. You can become an event planner at no cost, as all you need is to know in-depth what event planners do, and offer the service. There are lots of professional event planners who you can learn from before getting started.

Untapped businesses could make you a lot of money in Nigeria, as there are usually businesses with high demands. If you looking to start one, I believe this post has enlightened you more by providing 25 of the best ones you can venture into in Nigeria.

As always, if there is anything I didn’t touch on in this post, feel free to let me know in the comment session.


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