It is not simple to start a business in Nigeria, however. People have the perception that you must have a lot of money before you can establish and that is not necessarily the case. One still can start small with only 50 dollars, that is, approximately N70,000 to N75,000 according to the exchange rate, and expand later on. I would like to discuss 5 businesses that anyone including myself can start in Nigeria with a start-up capital of fifty dollars. These are viable companies that are already being conducted by those around us, and it does not involve massive capital.
The first one that I am going to mention is the Food selling business. In Nigeria, food will never fail to sell as everybody has to eat on a daily basis. One can begin with a small selling food business with 50 dollars, e.g. the sale of noodles, akara, puff-puff, or even pap and beans cake in the morning. A large number of busy Nigerians purchase food as they head to work or even after the work.
The case in point is that a small frying pan, gas cylinder or charcoal stove, and ingredients to begin making frying puff-puff or akara can be purchased with only N10,000 or N20,000. The remaining can be spent on purchasing a table, oil and flour. One can begin very small starting at the front of his/her house or even by the roadside and the customers will still come since food is always demanded.
This business can be considered too small, but it has potential. I have witnessed individuals who began by selling akara in a small corner, and now they have a large restaurant. The most important thing is that it should be regular and serve delicious food.
The second one that I would like to note is selling phone accessories. Virtually everyone in Nigeria now has a phone, and people require to charge their phones, have ear pieces, screen covers and covers. A lot of individuals break their chargers and require urgent replacements.
A person can use 50 dollars to visit Computer Village in Lagos, Alaba Market, and even place an online order in large quantities and sell it around the community. The advantage of this business is that you do not have to have a large shop in the beginning. You may also exhibit the products in mini-gallery or even carry them in a backpack and relocate.
This kind of business may expand a lot rapidly since now phones have become a part and parcel of our life. Had it been only 50 dollars, I would have given this business a serious thought as it is not hard to start and the margin of profit is high.
The third one which I would like to discuss is farming. One of the areas in Nigeria that is yet to fully exploit opportunities is farming. It is possible to begin small poultry farming with a start capital of about 10 to 15 chicks even when you have a start up capital of $50. In Nigeria, a one-day chicken does not cost much. You are able to purchase feed in little amounts and begin to raise them in a tiny cage or corner in your compound.
It takes approximately 6 to 8 weeks to start selling the chickens or even eggs in case you have the layer. The advantage of poultry is that it is able to mature gradually. You can start with 10 birds today and grow to 50 or 100 birds in the future and make profit.
Naturally, such a business requires attention and patience since animals will die unless they are taken care of. However, poultry is a rather good beginning with low capital, especially with a person interested in farming.
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Selling printed recharge cards or carrying out POS services is another easy business that one can start with $50. It is the fourth one I will like to discuss. The Nigerians are ever purchasing airtime and data. Although a large number of people recharge as directly as possible and through their bank, millions of recharge card purchasers still exist.
Bulk recharge card pins can be purchased online with 50 dollars and printed to sell. You can as well start a POS business in front of your house or at a busy junction using part of the money. Use of POS is now ubiquitous among Nigerians by virtue of unreliability of banks and ATMs.
This business needs trust whereby individuals need to have confidence in you that you are not going to cheat them. Consistency and good treatment of customers will result in the customer always returning to you.
Lastly, you can get a small business with soap or liquid detergent with only 50 dollars. The Nigerians wash daily with soap and bathe and wash products, and most of the household would buy local products that are cheap.
You can easily learn how to make liquid soap, bar soap or detergent by visiting many training centers or even free videos on You Tube. Raw materials are not costly and one can begin producing small quantities at home.
You may pack the soap in bottles or nylons and sell to neighbors, shops or even to churches and schools. When the product is a good and cheap one, people will not stop buying. I have observed individuals starting with a meager amount of money in this queue and by now they have big brands.
You can start a business in Nigeria with as little as 50 dollars on the condition of being very ambitious and innovative. There are hundreds of opportunities in selling food, selling phone accessories, small poultry, recharge card/printing business and soap production just to mention but a few. The greatest thing is not to wait before you have big capital before starting.
In my opinion, even the minor step we make today may turn out to be massive tomorrow. As a Nigerian man, I understand that the problems are real, the power supply is not true, the rent is not true, and even the policies of the government. However, I also understand that business can grow in size provided I begin small and continue with it.
One can use it to start something instead of throwing money away carelessly. It may seem to be too small initially, but through hard work it can become a source of a constant income. Nigeria is a country of hustle and individuals who make bold moves even with minimal capital can work out.