Nigeria is a land of vast opportunity, where entrepreneurs can turn relatively small amounts of capital into thriving businesses. With less than ₦2 million, it is possible to establish sustainable ventures that meet daily needs, leverage digital tools, and scale over time. This document explores 20 profitable small businesses across different regions of Nigeria, highlighting training opportunities, partnership strategies, regional contexts, and examples of successful entrepreneurs. While keyword use is minimal, the emphasis is on depth and practical detail to guide aspiring business owners.

POS / Agency Banking

Agency banking is one of the fastest-growing ventures in Nigeria. With the Central Bank encouraging financial inclusion, banks and fintechs rely on local agents to reach communities underserved by ATMs and bank branches. Startup capital can be as low as ₦30,000 for a POS machine plus working float, but with ₦2 million you can operate several outlets at once. Urban centers like Lagos, Abuja, and Kano have strong demand in markets and bus stops, while rural towns depend on POS agents as the only reliable banking access. Training is often provided free by fintech companies like Moniepoint or Opay. Partnerships with microfinance banks further enhance credibility. Over time, this business can expand into bill payments, airtime sales, and even micro-loans.

Thrift Fashion (Okrika)

The Nigerian youth population drives a booming demand for affordable but stylish clothing. Importers of thrift (okrika) clothing sell bales that small traders break down into pieces for resale. With ₦100,000, you can purchase a bale and begin selling on WhatsApp, Instagram, or in university campuses. With ₦2 million, a physical store in Lagos Island, Aba, or Onitsha becomes feasible. Many influencers started reselling thrift items online before growing into fashion brands. Training is minimal—what matters is a keen eye for quality and marketing savvy.

Digital Skills Training Hub

With rising unemployment, digital literacy is increasingly valuable. A small hub can teach graphics, digital marketing, and coding. Renting a small space, purchasing laptops, and hiring part-time trainers can all be done within ₦2 million. Cities like Ibadan, Benin City, and Enugu—with large student populations—are excellent bases. Partnerships with NGOs or donor-funded initiatives can subsidize costs. Graduates of these programs often secure freelance gigs, creating a cycle of employment and skill transfer.

Battery Recharging & Solar Inverter Maintenance

Nigeria’s unstable electricity supply creates steady demand for power alternatives. With basic technical training, you can service solar inverters, recharge batteries, or install small solar kits. Startup costs cover diagnostic tools, batteries, and a modest workshop. Port Harcourt, Abuja, and Jos are strong markets. Training can be acquired from vocational centers for ₦50k–₦200k. Partnerships with hardware importers can reduce equipment costs.

Children’s Haircare & Braiding Studio

Parents often struggle to find salons that cater well to children. A cheerful studio with trained stylists fills this gap. With ₦2 million, you can rent space, furnish with colorful chairs, and purchase hair products. Lagos estates and Abuja suburbs are excellent markets. Partnering with schools or daycare centers can generate steady referrals. Training hairstylists in child care increases trust with parents.

Scented Candles & Home Fragrances

The lifestyle industry is growing, with urban Nigerians appreciating scented candles, diffusers, and home sprays. This business requires raw materials such as wax, wicks, and fragrance oils—usually under ₦500k to start. Marketing online to middle-class buyers in Abuja, Port Harcourt, and Lagos ensures visibility. Workshops on candle-making are available locally for ~₦30k. Partnerships with lifestyle stores and Instagram influencers can help scale sales.

Delivery Services

The e-commerce boom has made logistics indispensable. A small delivery business can begin with one or two motorcycles, a rider app subscription, and branding. With ₦2 million, you can manage several bikes and hire riders. Lagos, Abuja, and Port Harcourt are hotspots. Partnerships with online sellers on Jumia or Konga create steady contracts. Training focuses on rider safety and basic digital tracking.

Used Furniture Refurbishing

Universities and urban migration create a constant churn of furniture demand. Buying second-hand furniture cheaply, refurbishing, and reselling is lucrative. Workshops require carpentry tools, varnish, and space—affordable under ₦2 million. Ibadan, Nsukka, and Benin City are good markets near campuses. Apprenticeships in carpentry cost little but provide vital skills. Partnering with movers or landlords ensures early access to furniture stock.

Garri Processing & Packaging

Garri is a staple in Nigerian diets. Hygienic, branded packaging commands premium pricing in supermarkets. With ₦2 million, you can buy processing equipment and design branded nylon packs. Ondo, Ogun, and Kogi states are strong due to cassava farming. Training is accessible via agricultural cooperatives. Partnerships with distributors or supermarkets enable scaling.

Motorcycle (Okada) Repair Shop

With millions of motorcycles in Nigerian cities, repair services are always in demand. A small shop requires basic tools, a mechanic bench, and parts—easily within ₦500k. Busy areas of Lagos, Kano, and Ibadan are ideal. Apprenticeship training is traditional and often low-cost. Partnerships with commercial riders’ unions increase visibility.

Artisanal Soap & Skincare Products

Nigerians increasingly prefer organic products. Shea butter, coconut oil, and aloe vera are abundant local ingredients. Soap-making kits and training programs are available for ~₦50k. With ₦2 million, production can scale to supply supermarkets. Kano and Lagos are hubs for raw materials. Partnerships with spa owners and beauty shops expand sales channels.

Appliance Repair & Refurbishing

Import restrictions make new appliances costly. Repairing used items like TVs, fridges, or microwaves is a growing business. Startup requires diagnostic tools, soldering kits, and rented workspace. Training may cost ₦100k in a vocational school. Urban centers across Nigeria need these services. Partnerships with scrap dealers ensure a steady supply of broken items for refurbishing.

Liquid Soap Production

Liquid soap is a low-cost but high-demand product. Schools, salons, and households use it daily. Raw materials cost under ₦50k, making it accessible for small startups. Training is often free via community workshops. With branding, distribution to local stores becomes possible. This business is suitable across all Nigerian cities.

Wig Making & Revamping

The beauty industry thrives in Nigeria. Wig making is a skill-based business where ₦50k–₦100k covers training, mannequin heads, and starter materials. Lagos and Port Harcourt are high-demand areas. Social media marketing is essential. Partnering with hair vendors ensures access to quality raw hair. Over time, a wig brand can evolve into a full beauty line.

Foodstuff Resale

Bulk purchasing of rice, beans, and yam for resale is a straightforward business. Capital of ~₦100k is enough to begin, while ₦2 million allows warehouse operations. Enugu, Ibadan, and Jos markets are strong. Partnerships with farmers or wholesalers reduce costs. Demand is universal, ensuring consistent turnover.

Gift Curation Services

Corporate gifting and personal events sustain a growing gift box industry. Capital under ₦200k covers packaging, items, and branding. Lagos and Abuja corporates are primary clients. Social media marketing is crucial. Partnerships with vendors (chocolates, wine, souvenirs) diversify options. Training in event management can add value.

Catering & Snacks

Nigerian snacks like puff-puff, chin-chin, and zobo are ever in demand. Small-scale production can begin at home with ~₦50k, while ₦2 million covers industrial fryers and delivery logistics. Schools, offices, and events are steady clients. Lagos and Port Harcourt are excellent markets. Partnering with event planners and schools ensures recurring orders.

Laundry & Ironing Services

Urban professionals often outsource laundry. With ~₦70k, you can buy an industrial iron and detergents. ₦2 million covers washing machines and generators. Student areas like Nsukka and Ibadan are strong markets. Partnerships with hostels and estates provide bulk clients. Training is minimal—reliability is the key skill.

Car Wash Business

Car ownership is rising across Nigeria. A car wash requires water, a pressure pump, and labor. Startup is under ₦200k, though ₦2 million enables detailing services and lounges. Lagos, Abuja, and Uyo are prime cities. Partnering with fuel stations offers space and visibility. Staff training on customer service is critical.

Phone Charging Booth

With power shortages, people need phone charging services in markets and transport hubs. Startup is minimal—extension cords, signage, and a booth. Strong in rural areas and campuses. ₦2 million could scale this into a mini cybercafé with printing and browsing services. Partnerships with small shop owners help co-locate booths cheaply.

Examples of Entrepreneurs & Founders

Tuteria: A tutoring platform co-founded by Godwin Benson and Abiola Oyeniyi connects tutors to learners across Nigeria. Started in 2015 with modest investment and scaling via commissions.

PiggyVest: Founded from a simple tweet by Joshua Chibueze, PiggyVest digitised the traditional savings box—kolo—with scale and trust. These illustrate how service-based businesses requiring low capital can grow into national brands.

Regional Focus: Where to Launch

Lagos & Abuja: High urban demand—ideal for POS services, digital hubs, fashion resale, delivery, and salons.

Port Harcourt: Strong market for catering/snacks, appliance repair, children’s haircare.

Ibadan, Enugu, Benin City: Excellent for foodstuff resale, laundry, thrift fashion, and furniture refurbishing.

Rural areas (Ondo, Kogi, Kaduna): Perfect for garri processing, soap-making, and motorcycle repair due to farming and transport needs.

Training and Skills Development Costs

• Soap-making or skincare: ₦10k–₦50k
  • Wig-making: ₦50k–₦100k
  • Digital skills bootcamps: ₦500k upwards
  • Mechanic apprenticeship: Minimal fees, tools extra
  • POS agent training: Free onboarding via fintech providers
  • Catering workshops: ₦20k–₦100k
  These costs are estimates and depend on region and provider.

Partnership & Scaling Ideas

Small businesses thrive with partnerships. Collaborating with fintechs like Moniepoint or Opay grants access to networks. Working with wholesalers reduces raw material costs for resale businesses. Influencer marketing boosts beauty and gift services. Community ties—such as schools, churches, and estates—create steady clients. Transport unions, event planners, and supermarkets are all valuable partners depending on the business.