10 Cheapest Business To Start With 50k In Nigeria [2024]

What business can I start with 50k in Nigeria? There are lots of businesses you can start with N50,000 that can give you steady profits.

Even as a student or graduate, you can save 50,000 naira to start up any of these businesses which I will be showing you here.

Few years ago my poor father traveled to Kano from Anambra state to buy Yams, and groundnut with 50k he was able to make over 60k profits when he removed the capital which is N50,000, and transport.

His business strategy is not only good rather he understands the market trend and he follows it up, how?

There is a particular market in Anambra state where individuals from different cities usually come to buy yam, but, there is a shortage of yam then, he picked up the idea of traveling to the north to import the yam and groundnut which buyers are already available.

However, am not only going to show you lucrative business you can easily start in Nigeria with 50k, rather business that can give you double of your capital as profit.


What business can I start with 50k in Nigeria?

Below are some of the offline and online business you can start with 50k either from the comfort of your home, in school campus as a students, in Alaba market in Lagos, In Aba market or in Ibadan.

Business To Start With 50k In Nigeria

This business can turn any poor guy or lady into rich man or woman. Many people close to me has tried this businesses and they made a lot of cash, can yours be different?

How will you feel when you made your first 1 million naira from any of these businesses? Earning 5k to 10k daily from this business is 100% possible and achievable.

Getting started.


1. Phone charging business

The first profitable business you can start with N50,000 on our list is phone charging business. It is a business which is easy to start and easy to maintain.

The 50k is just to get all the necessary things that you can use to set up the business, like; charges and suckes. It is always advisable to start this kind of business in semi-urban or rural area where NEPA light is not constant.

You can earn between 5k to 10k daily from this business. The best business you can add to this business is selling of phone accessories which will help you to earn more money.

To boost your daily income, you can use six month to learn phone repairing, adding it to your phone charging and accessories business will help triple your earning, you can even make that 50k in less than 2 weeks.


2. POS business

Apart from the fact that this business is very lucrative, it is one of the top common businesses in Nigeria you may do in Nigeria.

With 50k you can make 2k daily from this business. I know a pretty girl close to me that started POS business with 35k and today she has made up to 500k from the business.

It is true that many individuals are now doing it, but you will make more money if you understand the business and build customer base.

This business is very good to start up in rural areas or places without bank or far away from banks.

People will always need cash for local translations even if they are going to be paying for things they buy using cards, they can’t pay women in our local daily market with card or transfer too.

Staying in a busy place close to main road will help you earn more, but do not forget that security is very important in this business and you do not need to joke with it.

And you do not need to forget the risk in POS business even do you start it with 50k, you can actually lose your money if you are not careful.


3. Home service hairstylist/barber

I usually recommend this home service business to students that do not have a shop but, they have the skill, instead of allowing sapa to always deal with them, the best option is always to look for means of generating urgent 1k daily.

With 50k capital you can easily buy basic tools like; clipper, comb, brush and other things for barber, you do not actually need sit as your customer may always provide that.

Your chance of you to be making 5 to 7k daily profit is 98% if you have many customers that are always patronizing you, and that can’t just happen if you are not offering quality services to your customers.

In fact, you may be earning more than those that have a shop if you are good at what you do.


4. Start a video content creation

If you are looking for online business to start with 50k in Nigeria, video content creation should be your number one. This business does not require much capital and with N50,000 you can buy basic tools.

You already have your smartphone, you can always use your phone t shot the video and publish on YouTube and when you meet up with YouTube requirements you will monetize your contents.

Just like youtube, you can also monetize your Facebook, tiktok and Instagram account by publishing high quality videos that your users will like.

But before you get started in video creation, you need to choose a niche which you have passion for and focus on, build your audience and your earning will boost.

Earning 100k and above monthly us possible with video content creation online.


5. Cassava farming

The most common food in Nigeria is garri, it is a food that anyone can easily afford or prepare without breaking the bank. Starting a cassava business with 50k in Nigeria will help you earn more cash in return.

As someone in rural area either you already have a land or you are renting one, with 50k you can farm a large portion.

My grandfather was one of the richest cassava farmer in our village before he left the earth, but the amount he do make from the sales of garri is always surprising as you will get 10 times of your investment in return.

The cassava the you planted during raining season after like a year, when you harvest it you will be surprise at your profits.

A basin of garri currently is N5,000, what if you have like 100 basin it will be N500,000 and if you use N50,000 to cultivate the cassava you may even earn more than that.


6. Cooking gas business

1kg of cooking gass is now 850 and am currently using 6kg which means for me to refill my gas I need to spend N5,100. As the seller you may not be buying it that same rate before you are a reseller and you will be buying in large quantities.

They may be giving it to you at the rate of 650 or 700 and you may be selling 800 or 850 since you are buying in larger quantity your gain will be much.

Making at least 5k daily profit from this business is possible if you are serious about it and you understand the business.

Note: never do this type of business beside people’s homes, as it is never advisable.

Rent a shop separate from peoples home, or shop that may be making use of fire for instance, never do this business beside; tailor, iron weather and more.


7. Small-scale poultry farming

This is the best time to start poultry farming and if you have up to N50,000 and you are looking for lucrative business to start with 50k in Nigeria starting a small scale poultry farming will actually be one the best options.

If you use up to 50k to start poultry farming business you can make up to 500k profit in return.

December and new year is coming and if you can use 50k to buy chicks and keep from now till exams period when people will be rushing it, you will make a lot of profits.

A little chick that you bought at the rate of 100 per one may be resell at the rate of 6k to 7k per one during December or new year period.

Majority of people do buy poultry birds during festive period and within this time you can recover all you have loosed.


8. Soap production

If you know how to produce soap you can make a lot of money from this business. It is one of the high demand business to start with 50k in Nigeria, as a lady or student or housewife this business is the best you can start with just N50,000.

You can decide to learn how to produce anytime of soap on YouTube for free, or attend physical class and within one week you will become an expert in any time of soap production.

One you know different chemicals that you can mix to form any soap you are good to go, you will see people buying both liquid soap for washing and any other type of soaps from you.

As a student you can advertise this business to your course mates and around the campus. The good thing is that you can still continue with this business and expand it once you graduate from school.


9. Groundnut farming

Ground nut will soon become costly again, if you can look for a small land and cultivate it now making close to 1 million naira will not be a difficult thing.

Buying ground nut for planting with N50,000 the gain you will make will not be less than N500,000. It is always cheap when it comes out newly but later it will become scare which will cause the price to triple.

If you can’t farm, you may decide to use your 50k to buy the ground nut when it’s cheap and store till she the price go high you can then resell it and make your gain.


10. Food vendor business

Either in rural areas or in urban areas the most profitable business to start with 50k in Nigeria is food vendor. Majorly in urban area majority of people prefer to buy food outside and eat than eating at home.

They see cooking food as waste of time, and they will prefer to patronize a good food vendor to avoid waste of time. Men mostly do this and office workers who are rushing to work.

If you start this business with 50k at least 4 to 5k profit is sure everyday. Your gain will determine how sweet your food is. If your food taste good you will not only attract quality customers that pays but you will earn more.



I have been able to show you different lucrative business you can start with 50k in Nigeria and things you need to know about these businesses.

Starting the business may not actually be a problem rather your ability to give out the value that people need matters a lot.

However, 50k is not too small to start a business as you may keep reinvesting your profits into the business until you turn it to bigger one.

Which of these businesses which I mentioned above did you want to start with 50k or did you have any other business in mind?

Kindly let me know your thoughts using the comment section below.

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