Ten business you can start with 500k in nigeria


When it comes to mini businesses in the country, average or the middle class Nigerians  aim towards raising capitals between the figures of 500k to a million naira. Considering the level of inflation and devaluation of currency in the country presently, 500k would definitely not build you a house or even buy you your dream car but with 500k, you can start-up a business that would yield so much profit and at the same time, you should understand that business success requires time and consistency so be ready to put in so much patience. Expecting your 500k initial capital to yield 6 million naira overnight is quite unrealistic.


You should be ready to be a major ‘calculated- risk taker’ with proper ‘customer’s requirements’ understanding. Renting an office space, employing multiple sales reps and personnel or even inflating your personal lifestyle just after making little profit would in no time run your business down.

For anyone willing or even ready to startup a business and you are undecided and unsure of where to put your 500k then this article is for you:



Mini Importation business; is one of the Ten business you can start with 500k in Nigeria, most domestic appliances,

mobile phones, gadgets and other accessories, wears, kitchen

utensils and so on were brought into the country by merchants or

vendors who are properly registered to own the mini importation

business. Goods of diverse sort will be brought in at very cheap

rates, shipped into the country and then sold at very fair prices.

You could either choose to set up a physical walk in store or you

carve an online presence for yourself and begin to make profits.


HAIR SALON (male/female or unisex): “looking good is good

business” , “You attract what you look like” are quotes that

extensively show that people would spend money to look good

and an  essential Part of that is either getting a very nice haircut

or a beautifully and neatly made hairstyle. Women sometimes pay

as much as 25,000 naira to style their hair and some haircut

could go for as high as 7000 naira. 500k is enough to start a

proper salon as what is needed basically is skill, a very good

location, electricity supply and a very nice and serene salon.


Car washing business:  few equipment, unending water supply

preferably a well with an in-built pumping machine, good

drainage system and  a very visible and motorable location are

all you’ll need to start a car washing business. Cars, trucks,

motorcycles, vans, tricycles, rugs and so on are taken to car

washes for proper clean up. People who can afford your services

are willing to pay for it and catering to a major need of so many

people would fetch you daily bread.


FOOD CANTEEN & MINI BAR BUSINESS: food is a necessity

and every single day people must eat food at every given point in

time. So many people are either too busy or too lazy to make

their meals and for some, the battle that comes with picking a

meal is why they resort to buying food. With 500k you can get a

good location with so many people(students preferably) that

provides your business with proper visibility and you’re sure of

making your capital in no time. Adding a mini-bar by the side is

like putting that much needed icing on the cake as that will

attract more people.


Sports betting center: have you ever walked into a bet shop on

a match day between the hours of 11am till 4pm? And have you

observed the quantity of papers on the  floor? Each paper

represents money spent by individuals ranging from 100 naira to

as much as you can actually afford to stake. Even though it’s a

game of luck and chance and your predictions are only flawless

until the ref blows the stating whistle, people still do not mind as

they are willing to stake money on daily basis with hopes of

making money back. This is a niche that sells very fast and with

the said capital, profits would never stop. This business venture

requires very minimal risk as you are only an agent and payment

of winning slips is purely not your duty.  Some monitors and

C.P.U’s, data subscription and a Television are all you actually

need to start as you can choose to expand with time.


  1. FARMING: piggery, fishery, Snailry and even crop farming or even being a farm produce merchant will help you raise enough profit from your initial start-up capital. Seeing how food consumption is a major part of human existence you are sure to make money daily.


SALES OF WIGS: after an extensive research, information gathered is that

that 90% girls between the ages of 19-25 own at least one wig

and they all still covet owning at least five different kinds. Prices

of wigs ranges from 15k to as much as a million naira. With 500k,

a physical store, online presence, adequate visibility and fame

among the females you’re sure of making cool money from selling



  1. PRINTING AND PUBLICATION:  is among the Ten business you can start with 500k in nigeria even though this is a generation that practically does not appreciate reading or even buying physical copy books, yet we are given more than enough reasons to flip through publications and even buy branded items for different reasons. At the right location (students centered preferably) you can make money and along the line add other services such as cyber café, results checking, exams registration and photocopying of materials.


  1. THRIFT STORE BUSINESS: due to the economic situation on ground, a whole lot of people can no longer afford to buy brand new wears and majority are resorting to grades of previously owned wears famously called ‘OKRIKA’ in Pidgin English . Wears ranging from shoes to bags, under-wears, cardigans, jeans, dresses e.t.c brought  into the country in different grades and as a thrift store owner, you get to pick the very clean ones and just like every other business, location matters a whole lot.


  1. BLOCK MAKING BUSINESS: this is one of the Ten business you can start with 500k in nigeria and it is   is a self-explanatory business as people would always have to build or fix structures and concrete blocks are unignorably in the entire process, with few equipment, human labor and a large space than you can initially lease, you can venture into this business.