Nigerians are devising different means of survival as the unemployment rate spikes and many people’s economic conditions worsen. They are turning to small businesses that need little or no capital to start in Nigeria.
According to Statista, in 2021, the unemployment rate in Nigeria was 32.5%. This is projected to increase to 33% by 2022. And with the current high inflation and the continuous naira cash against the dollar, experts believe the figure might look worse by the end of the year.
Here are some businesses you can start in Nigeria with as little as N100,000.
This is one of the businesses you can start with less than one hundred naira in Nigeria. No matter how bad the economy is, people will eat, so there will always be a high demand for food. However, the catering business is broad – you must narrow down your target audience, their purchasing power and make decisions accordingly.
The safest and cheapest way to start with a budget of N100,000 is to go to business areas not so far from you, visit the offices there and have an arrangement with some of them to cook breakfast or lunch for their staff. Even if you get one or two yeses, that’s a good start.
Depending on the company’s staff strength, cook a variety of food and take it to these offices. This way, you don’t have to worry about how you will sell out your food. You already have a market you’re serving.
Another way is made-to-order food delivery. People are increasingly choosing to order their foods online versus walking into a restaurant to eat. That’s why Jumia and Konga’s food delivery is in high demand.
Since you’re starting small, print fliers and share them in your neighbourhood, then follow it up with word-of-mouth marketing. Cook a sizable variety of meals, make it possible for people to order via Whatsapp and deliver to them within minutes in a well-packaged takeaway container.
The key to success in this business is to make your food a taste never to be forgotten and package it in such a way that it advertises itself.
You do not need to have a huge capital to start this business as it is not capital intensive. All you need is access to water, a washing machine (optional), big bowls to wash and one or two pressing irons.
One of the advantages of this business is that you do not need to rent a space. You can do everything from your home.
Since people are always busy and tired from their hectic day, you will surely get a return on your investment. Just ensure you deliver a top-notch service and keep to your delivery time promise so that your customers will return and promote referrals.
Point of sale (P.O.S.) Service
With at least N100,000, you can start your P.O.S. business. Here, you serve as the bridge between customers and banks. You act as an external bank agent with fiat to carry out mobile transactions such as credit, cash withdrawals and transfers.
One of the essential steps to start is to find a bank that supports external agents. Once you acquire it, deposit your capital into the assigned account, and you are ready for business. Since financial transactions are an essential part of business, locate your business where people will need to withdraw and save money. Also, ensure that there are no banks within your proximity.
Data reselling business
According to a 2021 report from the Nigerian Communication Commission (N.C.C.), Nigerians use more than 80,000 terabytes of data monthly.
This will continue to increase due to rapid technological development in Nigeria and Africa. All you need do is buy the data in bulk from virtual top-up (V.T.U.) platforms and telecommunication companies at a reasonably low price and resell it to data users at a reasonable profit margin.
Though this requires you to acquire the skill first, it is not capital intensive to start. Find someone you can serve as an apprentice and learn.
Once you’ve acquired the skill, you are ready to start. Get a small space, or you can share with someone. Some tools you will also need are clippers, aftershave creams, hair dye, disinfectant, brushes, powder, etc.