Which Business Can ₦1Million Start in Nigeria?

Finding the right business to start with ₦1 million can feel overwhelming, but with a good plan and smart choices, that money can help you build a strong and lasting business.

Nigeria’s large population, growing middle class, and love for digital tools have opened up many chances to make money in different areas, like food, farming, and tech services.

Below, we’ll look at eight business ideas that really work. For each one, you’ll get a simple breakdown of how to spend your money, how much you could earn, tips for getting customers, and what you’ll need to keep things running smoothly, so you’ll see how ₦1 million can grow into a successful business.

1. Quick-Service Food Cart or Small Bistro

Setting up a quick-service food cart or small bistro offers fast returns and steady demand. For about ₦650,000, you secure a compact kiosk space in a high-foot-traffic area, such as near marketplaces, office complexes, or transit hubs. The breakdown of start-up costs includes:

• Kiosk rent and deposit: ₦200,000 for six months
  
• Equipment (gas cooker, prep table, utensils): ₦250,000
  
• Initial food inventory (two weeks’ supply): ₦200,000

By selling popular meals, such as jollof rice, grilled chicken, and plantain dishes at ₦1,000 per plate, you can easily serve 30–40 customers daily. This generates ₦30,000–₦40,000 in daily revenue. After accounting for ingredient costs, labour (one assistant), and utilities, you can expect a monthly net profit of over ₦400,000.

With consistent quality and localised marketing, flyers, social-media posts, or collaborations with food delivery apps, you can recoup your capital in two months and grow your menu or open a second location by month four.

2. Poultry Starter Farm

A small-scale poultry starter farm offers one of the quickest investment cycles. With ₦850,000, you can raise 500 day-old chicks through to table size within eight weeks. Your cost allocation might look like this:

• Brooder house construction and equipment (heat lamps, feeders): ₦300,000
  
• Chicks, feed, and vaccines: ₦350,000
  
• Operational working capital (labour, utilities): ₦200,000

At an 80% survival rate, selling 400 mature birds at ₦3,500 each yields ₦1.4 million in gross sales. Deducting feed and labour costs, you net around ₦300,000 per cycle. Given the rapid turnaround, you can complete four to six cycles per year, potentially earning ₦1.2–₦1.8 million in annual profits.

Key success factors include biosecurity measures to minimise mortality rates and establishing reliable off-takers such as local markets or restaurant chains.

3. Mobile Phone & Gadget Repairs

As smartphone penetration rises, repair services remain vital. With ₦500,000, you can launch a repair stall equipped with essential tools and spare parts. Cost breakdown:

• Stall rent (six months): ₦200,000
  
• Toolkits (screwdrivers, soldering station, diagnostic software): ₦150,000
  
• Initial spare parts inventory: ₦150,000

Charging ₦10,000 per repair and handling 8–10 devices daily can translate to ₦80,000–₦100,000 in daily revenue. After rent, parts, and a part-time assistant’s wage, monthly net profits can exceed ₦1.5 million.

Growing your reputation through fast service, transparent pricing, and warranty offers helps retain customers and generate referrals. Expanding services, such as accessory sales or software upgrade packages, diversify revenue streams.

4. Laundry & Ironing Service

Busy urban professionals and families increasingly outsource laundry. For ₦500,000, you invest in:

• Semi-automatic washing machine: ₦200,000
  
• Steam iron and press: ₦150,000
  
• Quality detergents and packaging: ₦50,000
  
• Delivery motorcycle: ₦100,000

By charging ₦1,500 per standard load and processing 20 loads per day, you generate ₦30,000 in daily revenue. After fuel, detergent refills, and paying a helper, you net around ₦450,000 monthly.

Offering pick-up and delivery services, subscription packages for corporate clients, and express turnaround options positions you as a premium service provider. Maintaining high hygiene standards and garment care expertise builds trust and drives repeat business.

5. Mini Importation & Online Retail

Mini importation allows entrepreneurs to source high-demand products overseas and sell locally at attractive margins. With ₦800,000, you can import 200 premium earbuds or power banks at $3 landed cost per unit (approx. ₦1,500). Selling each at ₦5,000 via Instagram, WhatsApp, or an e-commerce site yields ₦1 million in sales.

After deducting shipping, customs duties, and digital marketing costs (₦200,000 total), you clear a ₦200,000 profit per cycle. Repeating every six weeks and scaling order size as your customer base grows can turn this into a full-fledged online retail business.

6. Cosmetics Distribution (Beauty Bar)

The beauty market in Nigeria shows robust growth, driven by increasing consumer awareness. Investing ₦700,000 enables you to:

• Rent a small boutique space (deposit + six months’ rent): ₦250,000
  
• Stock proven skincare and haircare lines: ₦350,000
  
• Fund point-of-sale displays and local influencer promotions: ₦100,000

An average transaction value of ₦7,000 and 30 transactions a day bring in ₦210,000 in daily sales. After restocking and boutique overhead, monthly net profits can reach ₦600,000.

Positioning your beauty bar as a premium destination, through engaging in-store experiences, loyalty programs, and partnership events, fosters customer loyalty and drives higher lifetime value.

7. Mobile Car Wash & Detailing

A mobile car wash service caters to busy professionals who value convenience. For ₦500,000, you invest in:

• High-pressure washer unit: ₦200,000
  
• Professional-grade cleaning chemicals and accessories: ₦150,000
  
• Branded canopy, signage, and service kits: ₦150,000

Charging ₦5,000 per wash and servicing 10 cars daily delivers ₦50,000 in revenue. After fuel, cleaning supplies, and transport costs (approx. ₦15,000/day), you net ₦25,000 daily,or about ₦750,000 monthly.

Adding premium services like waxing, upholstery cleaning, or engine bay detailing boosts average transaction values and differentiates your brand.

8. Dry Cleaning & Alteration Service

Professional attire remains in high demand among working Nigerians. A ₦900,000 setup covers:

• Industrial steam press: ₦400,000
  
• Sewing and alteration machines: ₦150,000
  
• Garment-cleaning detergents and supplies: ₦50,000
  
• Shop rent and deposit (six months): ₦300,000

At a rate of ₦1,500 per suit and handling 20 suits daily, revenue reaches ₦30,000. After utilities and a tailor’s wage, you clear approximately ₦550,000 monthly.

Offering same-day service, fabric care advice, and corporate partnerships ensures consistent order flow and premium pricing.

Keys to Scaling and Sustaining Growth

Market Research: Conduct door-to-door surveys or online polls to refine your offering and pricing.

Effective Marketing: Combine digital channels (social media ads, WhatsApp blasts) with traditional flyers or local radio spots.

Operational Efficiency: Track expenses meticulously and optimise workflows—batch cooking, scheduled pickups, or just-in-time inventory.

Customer Engagement: Solicit feedback, implement loyalty programs, and reward referrals to build a base of repeat clients.

Reinvestment Strategy: Allocate a portion of profits to expand inventory, upgrade equipment, or open additional outlets.