Which Business Can ₦1Million Start in Nigeria?

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.

1. 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.

1. 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

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.

1. 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.