Looking to start a business? A million naira is an ideal capital, however, knowing the type of business to start with 1 million naira in Nigeria could take time as there are tons of them out there.
Generally speaking, if you want to start a business with one million naira, you should be looking at a business that will yield tens of millions of naira in profit within just a short period of time.
That is why I have brought you this post to show you some of the most profitable businesses to start with 1 million naira in Nigeria and become a multi-millionaire in months.
Without wasting time, let’s get started!
List of Businesses You Can Start with 1 Million Naira in Nigeria
The most profitable businesses to start with 1 million Naira in Nigeria in 2023 include:
1. Real Estate
The real estate business is a very profitable business you can start with 1million Naira in Nigeria and make a steady income.
This business involves buying and selling or renting out properties such as houses and shops. If you bought a house for N1m, you can sell it for N1.2m keeping a profit of 200K. More so, you can rent it out and collect rent fees annually and passively.
2. Cooking Gas Business
Sales of cooking gas is another lucrative business to start with 1 million Naira in Nigeria and make a consistent daily income.
This business is very easy to start as all you need is prior knowledge of how to sell gas. Then, get all the necessary materials including gas a tank, scale, hose pipe, and so on, and then start selling gas and making profits.
You can start even in front of your house since the business only requires a little space to start.
3. Open A Restaurant/Eatery
Opening a restaurant where you’ll be selling a variety of local and international foods is another good business idea that requires even less than one million naira to start anywhere in Nigeria.
This business is very profitable and very easy to start as all you need is a good location where you can set up your eatery, then hire some catering to do the cooking.
4. Car Dealership Business
Venturing into car dealing is another massively profitable business to start with 1 million Naira in Nigeria and make good money.
This business involves buying cars at cheap prices, and then selling them for high prices after a few days to make profits. With N1m as capital, you would want to start with fairly used cars in Nigeria as they are cheaper and sells fast.
5. Open a Boutique
Opening a boutique where you sell dresses such as T-shirts, Jeans, Shorts, and even shoes and caps is another easy business to start with 1 million Naira in Nigeria especially if you live in an area where there are lots of youths (school areas).
This business is very profitable and super easy to start as all you need is a well-designed and catchy shop, then fill it with dresses and shoes worth N1m, and you’re good to go.
6. Phone Dealership Business
Selling of phones is one of the fastest selling businesses to start with 1 million Naira anywhere in Nigeria.
With the saturation of Android and iPhones in the GSM market, selling of phones is now more profitable than ever as you can buy a phone for N40,000 and sell it for N55,000 keeping a profit of up to 15K and even more per phone.
To start this business, all you need is a small shop or a kiosk and a show glass to showcase your products. Then find phone wholesalers negotiate and buy a variety of phones to resell at retail prices.
7. Poultry Farming
Did you study Agric, or love rearing animals and you’re still asking what business can I start with 1million Naira in Nigeria? Then start rearing chicken for eggs and beef.
This business model is very profitable and easy to start as a lot of the needed materials to start are readily available in the country.
To start this business, you’ll need prior knowledge of poultry farming, then find a piece of land to build a poultry shelter, and buy some chicks as well as their feed, then start breeding them.
Once they are mature, you’ll start making money from sales of eggs they produce if you breed layers, and make money from sales of the chickens if you breed broilers or other types of poultry birds. Usually, your money should start coming in after 2 to 3 months.
8. Fish Farming
Another farming business you can start with 1million Naira in Nigeria is fish farming. This business is very profitable, as fish is fast-selling livestock.
To start this business, you’ll need to build or rent a pond, buy fingerlings, as well as fish feeds then start breeding them. A kilo of catfish could sell for up to N3000 in Nigeria.
9. Open a Supermarket
Opening a supermarket is another awesome business idea if you have one million naira to start a business in Nigeria.
This business model is fast selling and very profitable as things in supermarkets are more expensive than buying from a regular retail store.
To start this business, you’ll need a very big shop, design and fill it with a variety of items usually found in supermarkets, then start selling.
10. Open a Cyber Cafe
A cyber cafe where you offer computer and internet services is also a very lucrative business to start with 1 million naira in Nigeria especially if you live in a school area.
This business involves rendering services such as photocopy, lamination, printing, data entry, completing online registration for people, checking examination results online, etc. and making money from the charges.
To start this business, you’ll need prior knowledge of computer science. Realistically, less than a million should be enough to start this business as all you need is a shop, set of computers, printers, and photocopiers.
11. POS Business
POS business is a currently booming business that anyone can venture into with just a capital of 1million naira or less and consistently generate daily income.
This business involves rendering simple financial services such as deposits, withdrawals, and bill payments using a POS machine.
To start this business, all that is needed is a good location, then apply for a POS machine, fund your POS account and start carrying out transactions for people whom you’ll charge a fee for your service.
12. Open a Cosmetics Shop
Opening a cosmetics shop where you’ll be selling beauty products such as creams, tubes, lipsticks, eyebrows, and so on is another good business to start with 1 million naira, especially for ladies.
In Nigeria, cosmetics business is very profitable because beauty products sell fast as a lot of ladies use them in their daily life. To start, all you need is a shop, and suppliers or cosmetics companies where you can get those products at the cheapest price.
13. Open a Mother Care Store
Regardless of the area you live in, a fast-selling business you can venture into with 1 million Naria capital or less in Nigeria is sales of mother care products.
This business involves selling products such as baby’s food, dresses, shoes, creams, oil, pampas, diaper, trolley, dryers, and all other types of items that nursing mother and their baby need.
14. Open a Jewelry Store
Sales of jewelry such as wristwatches, rings, and necklaces is a very profitable business that can be started with 1 million naira anywhere in Nigeria.
To start this business, you’ll need to find importers of jewelry (they are mostly located in Lagos and Kano), build a business relationship with them, and start a legal importation of jewelry together.
Usually, you’ll need other jewelry together so as to reduce the cost of shipping, and clearing. Once your goods arrive, just find a good design and catchy shop to start selling.
15. Open a Bakery
With bread being one of the fastest selling food in Nigeria, starting a bread production business by opening a bakery is another lucrative business you can start with 1 million naira.
To start this business, you’ll need prior knowledge about bread production, or hire bakers who already know about the business. Then, open a bakery and start producing bread to make money.
16. Open a Fitness Center/Gymnasium
A gymnasium could be a great business idea for you if you’re an athlete, or love sport, as you can set it up with 1 million naira or less.
This business model is the one where you become a fitness trainer by providing all the necessary indoor exercise types of equipment for people.
To start this business, all you need is a hall or an empty single building, get a variety of exercise machines and equipment such as treadmills, kettlebells, dumbbells, etc. and start tutoring and training people on how to use them.
Making money as a gym or fitness consultant is very easy as you’ll charge an enrolment fee from people before you start training them. Enrolment in some gyms in Lagos may cost up to N50,000 per month.
17. Transport Business
If you’re asking what business can I start with 1 million naira in Nigeria to make daily income, I’d suggest you start a transport business.
This business model is the one where buy a couple of bikes, tricycles, or vehicles, then employ people to use them for a daily job and deliver for you at the end of the day.
With N1,000,000, you can get three to 5 bikes to start with, or two tricycles. This business is very profitable as you can keep making N10,000 and above daily from just a few bikes, tricycles, or vehicles.
18. Open a Block Industry
Block Industry is a very lucrative business especially if you live in a newly developing area (site), and it can be started with 1 million naira or less.
This business involves moulding different types and sizes of bricks for building. To start this business, all you need is to find a wide piece of land, buy all the needed materials, and then hire some bricklayers who already have the knowledge of brick production to make the blocks for you.
To make this business thrive, you’ll need good networking skills as building a good business relationship with bricklayers and contractors will quickly drive leads.
19. Sales of Building Materials
Selling building materials such as cement, paints, roofing sheets, ceiling and so on is another profitable business anyone can start with N1m in Nigeria.
To start this business, all you need is a big shop, then look for and negotiate with suppliers of all kinds of building materials to get those products at low prices and sell for profits.
20. Sales of Motorcycle Spare Parts
Sales of motorcycle spare parts is another lucrative business to start with 1million naira in Nigeria and make massive profits if done properly.
To start this business, you must make sure that you have knowledge about motorcycles. Then get a shop, find spare part suppliers, and negotiate and purchase all kinds of motorcycle spare parts you could think of including tires, chain, piston and rings, bolt and nuts, plugs, etc.
Getting sales is quite easy, as the location of your shop plays a great part in the success of businesses like this.
21. Printing Press Business
From the printing of banners, flyers, T-shirts, pamphlets, calendars, postal, book covers, and so on, you can start making a lot of money printing merchandises starting with a capital of N1m or less.
To start this business you’ll need a little knowledge about printing, then get a shop and buy varieties of printing machines then you’re good to go.
The biggest sales with massive profits in this business come from big projects like customizing sportswear for schools. Therefore, networking plays a good part in this business as you will need to reach out to schools in your area and offer them your service at a good price.
22. Soft Drink Wholesale
Supplying soft drinks such as Coke, Fanta, 7up, and so on in creates and wholesale prices is another profitable business you can start with 1 million naira in Nigeria regardless of your location.
To start this business, you’ll need to find and buy soft drinks in bulk from a soft drink depot at cheap prices, then start selling in your shop, or supply to retailers in their shop using a small truck.
23. Open an Agro Store
Opening an Agro shop where you sell livestock feed, herbicides, fertilizers, livestock vaccines, and so on, is a very lucrative business to start with 1 million naira anywhere in Nigeria.
To start this business, what is required includes a shop, then finding suppliers of all kinds of Agro products, negotiating and buying in wholesale prices and then reselling in retail prices.
This business will succeed anywhere, but to quickly drive lots of sales, it is ideal your shop is located at a place close to farms.
24. Sales of Lubricants
Sales of lubricants such as engine oil in drums and cartons is another good business you can start with 1 million naira in Nigeria and earn massive profits.
To start this business, you’ll need a big shop, then find distributors of all kinds of lubricants, negotiate and buy at cheap prices, and then sell in bulk at wholesale prices or pieces at retail prices.
This business needs a good location to thrive. An ideal spot for this business could be a place close to a mechanics shop.
25. Sales of Electronics
Are you an Igbo guy asking what business can I start with 1million naira in Nigeria? The ideal business idea for you is opening an electronic shop where you’ll be selling items such as TV, DVD, Fan, speakers, Microphone, etc.
This business is popular among the Igbo people, and it makes a lot of profit. To start, all you need is a big shop and a supplier of electronics whom you can buy from at wholesale prices and resell at retail prices
26. Become a Driver
Looking for a new and easy business idea you can start with 1 million naira? with the introduction of online taxi companies such as uber, bolt, and Taxify in Nigeria, you can now drive people from one place to another and get paid premium prices.
To start, all you need to do is buy a car worth N1m or less, register on any of the online taxi companies, and then start making money when you complete an order.
The cool thing about this business is that it can be started as a side hustle, as you can work anytime you like. If you already have a job and still asking what business can I start with 1 million naira in Nigeria, I’d suggest you start this business on the side.
27. Forex Trading
Asking yourself what online business can I start with 1 million naira in Nigeria and make a massive profit daily, why not try trading forex?
This business model involves buying and selling foreign currencies to make money. Whether you buy or sell, as long as your bias is correct, you’ll keep earning money.
All you need to get started is to learn and know how to trade, sign up for a broker, and then start trading and making money online.
28. Importation Business
A booming online business you can start with 1 million naira or less right now in Nigeria is the importation of products such as dresses, shoes, phone cases, jewelry, and so on from China via Aliexpress or Alibaba website.
Items are very cheap in China as you can buy a good-looking shoe for N800 on Alibaba, sort shipping and clearing fee for N1200, and sell the shoe for N5000 in Nigeria keeping a profit of N3000.
Looking for an online business that pays you in dollars? Then start dropshipping.
Dropshipping is just like the importation business. But with dropshipping, you don’t have to see or touch the item as everything from ordering to delivery is done online.
To start this business, all you need to do is order products from China via Aliexpress or Alibaba, then have them shipped directly to the buyer.
Dropshipping can be done worldwide. That means to start, you’ll need to create an e-commerce website where you’ll list your products and start getting sales.
With dropshipping, the best sales usually come from the US, so you’ll need to run ads in order to get customers.
30. Affiliate Marketing
Still, asking what online business can I start with N1m in Nigeria? Then start affiliate marketing.
This business is very profitable and super easy to start as all you need to do is find a good product, recommend it to people via online advertisements, then you’ll get paid a commission when then people you recommend the products or services to make a purchase.
To start this business, all you need to do is find and sign up for an affiliate program, get your referral link, then promote it to get buyers.
1 Million Naira Business Ideas – FAQs
How can I invest 1 million naira?
You can invest 1 million naira in the real estate or forex market to make a huge profit over time.
What kind of business can I do with 1million naira?
Businesses you can do with 1million naira include real estate, POS business, transport business, opening an eatery, opening a boutique, opening a supermarket, sales of building materials, etc.
What is the best business to start with one million naira?
The best business to start with one million naira is the real estate business, as it is an easy business that could life changing lifetime income.
Both online and offline, there are tons of business ideas that can be started with 1 million naira or less, but picking the most profitable one could take time as chancing are you may try more than one before getting the best one for you.
Only reading this article and understanding all the business ideas listed can’t make you money. So, don’t just read, take action now by starting any one of your choices.