Whether as active income, side hustle or daily income, 700,000 naira is a very good capital to start a business in Nigeria regardless of your state, town, or local government area.
However, one major problem that people have after raising their start up funds, is business ideas. And that makes people ask what business can I start with 700K in Nigeria?
If you’re one of them, then you’ve landed on the right page where I’ll be showing you some super easy and profitable business ideas that can be started with 700K capital or less and become a multi-millionaire in no time.
Without further ado, let’s get started!
Lucrative Businesses to Start with 700K in Nigeria
The best 700K Businesses Ideas in Nigeria in 2023 include:
1. Real Estate
The first and one of the most profitable businesses to start with 700K in Nigeria right now is the real estate business.
This business involves buying and selling or renting out properties at high prices. Making money with this business is very simple as you can make money from the profit of properties sold, or make ongoing money from renting fees you receive from tenants.
This business is very profitable in places like Lagos, Abuja and Port-Harcourt, or VIP areas anywhere you live in the country. You can buy an apartment for N700,000 and resell it for 1 million naira keeping a profit of N300,000. Or get an apartment on lease for 150K, and rent it out for 200K.
2. POS/E-Payment Business
A very easy business you can start with 700K in Nigeria is a POS and E-payment business where you get paid a small fee (charges) to make deposits, withdrawals, and other simply financial transactions for people.
Due to the population in banks and ATMs nowadays, people prefer using POS to waiting in the long queue for hours. So, you can start this business anywhere even in front of a bank (Lol).
To start this business, all you need to do is to apply for and get a POS machine, find a small kiosk or a table and umbrella in a small space to start with, and then start completing financial transactions for people.
If your shop is located in a very busy area like a marketplace or motor park, you could be making up to N10,000 daily profit as a POS agent.
Learn More: How to Become a POS Agent Easily in Nigeria
3. Cooking Gas Business
The increase in the usage of gas for cooking has brought another good business opportunity that anybody can start with 700k or less and start generating daily income.
The gas business is very profitable and easy to start as all you need is a gas tank, hose pipe, dispenser, scale and other necessary materials to get started.
4. Block Industry
Block moulders make good money from the sales of bricks to people, therefore making it another good business to start with 700K in Nigeria regardless of your location.
This business only requires some bricklayers who already have knowledge about the block industry. Once you hire them and get all the needed types of equipment, you can start moulding different types of bricks for sale.
For this business to thrive, you’ll need to liaise and create business relationships with bricklayers and contractors so that they’ll recommend you whenever they have a job.
5. Sales of Phones
Regardless of where you live in Nigeria, phone selling is one of the fastest selling businesses that comes with huge profits.
This business can be started with 700,000 Naira or less. All you need to do is find phone suppliers, negotiate and buy a variety of phones in bulk, and then resell them in pieces at retail prices.
Finding a small shop or a kiosk, and a show glass where you can showcase your products is an ideal place you can start.
A less stressful and highly profitable business to start with 700K in Nigeria is a car dealership or car trading business. With this business, make a profit of up to 300K per sale.
To start, you’ll need to find fairly used or abroad used cars (Tokunbo) negotiate with the owner/seller, buy them and make some amendments if necessary, and then resell them for profit.
For example, if you get a fairly used car for N500,000, and did some repairs worth N100,000, you can resell it for N750,000 keeping a profit of N150,000. With multiple cars flips every month, you could be making millions of Naira in no time.
7. Open a Super Market
With N700,000 capital, you can open a supermarket where you’ll be selling all kinds of stuff that people usually shop at supermarkets and start making money.
This business only requires a big shop, and a stock of varieties of products that people can shop for, then you’re good to go.
8. Open a Boutique
With the love for materialistic things especially fancy clothes and shoes in Nigeria, opening a boutique could be a way to benefit from this trend.
If you’re living in a busy place such as a school area, you can start a boutique business where you sell modern wear like T-shirts, Jeans, and shoes.
Boutique items are fast selling and come with good profit as you can buy a shirt for N1500, and sell it for N3500 keeping a profit of N2000.
9. Open a Cosmetics Shop
Opening a cosmetics shop could also make you a lot of profit with just a capital of 700,000 naira.
This business is very lucrative and easy to start. It involves selling skincare products such as creams, body oil, tubes and so on, and make up products such as lipsticks, powder, eyelashes, etc.
With a big shop located in a busy area and a good supplier of all types of beauty and cosmetics products, you can start this business and make a living.
10. Open a Mother Care Store
Whether you’re living in a GRA, estate, or even in the ghetto, and you’re asking what business can I start with 700K in Nigeria, opening a mother care shop could be a perfect answer.
Mothers’ care business involves selling baby products such as trolleys, baskets, boxes, diapers, pampas, baby’s food, baby clothes, baby shoes, and so on.
This business requires just a small shop to start. All you need to do after getting a shop is find a mother care supplier, then buy products at cheap prices and resell them for profit.
11. Become a Driver
A new 700K business idea came 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 fairly used car worth N700,000, 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 allows you to work anytime you like. If you already have a job and still asking what business can I start with 700K in Nigeria, I think this one could be a good idea.
Read More: How to Start Uber Business in Nigeria
12. Sales of Native Clothing Materials
Another profitable business to start in Nigeria especially if you’re a lady is the native clothing materials business.
This business is very profitable and involves buying native clothing materials in packs from big suppliers at wholesale prices and selling in yards at retail prices.
Why this business is so lucrative is that with just a contract of big event clothes, you can make hundreds of thousands if not millions in pure profits.
13. Sales of Building Materials
Sales of building materials such as cement, tiles, roofing sheet, ceiling, and so on is another profitable business anyone can start with 700K anywhere in Nigeria.
To start this business, you need a big shop, then find distributors of all varieties of building materials, buy in bulk at wholesale prices and resell in pieces at retail prices.
14. Sales of Electronics
A very profitable business to start with 700K in Nigeria especially if you’re an Igbo guy is opening an electronic shop where you’ll be selling items such as TV, DVD, Fan, Speaker, 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.
15. Transport Business
Another old but massively profitable business anyone can start in Nigeria is the transport business where you buy a bunch of bikes or cars and then find riders/drivers that will deliver for you at the end of the day.
If you’re looking for an easy daily income business you can start with 500K, transport business is definitely a good one to try.
With just a bike, you can be making up to N5000 daily depending on your location. The more bikes or cars you have, the more you’ll earn.
16. Livestock Production
Another lucrative business to start with 700K in Nigeria is the breeding of livestock such as goats, pigs, snail farming, poultry farming, fish farming and so on.
To start this business, all you need is a space to build a shelter for whichever livestock you want to breed, get them, feed and take care of them properly until maturity. Once they are well matured, you can sell them for profit.
With a budget of 700,000 Naira, I would suggest you go for poultry, fish or pig farming as they are the most profitable.
17. Food Crop Production
One of the oldest occupations in Nigeria is food crop farming and it is still popular and profitable till now, and can be started with 700K capital or less.
This business involves farming food crops such as corn, cassava, groundnut, rice, potato, yam, beans, and so on to make money in Nigeria.
You’ll need some acres of land, as well as decide on the type of crop you want to grow to start this business. For people living in southwestern part of the country, cassava and corn are very profitable, in the northern part, beans is an ideal food crop to farm, while yam is ideal in southeastern part of Nigeria.
Online Businesses to Start with 700k in Nigeria in 2023
18. Forex Trading
Looking for an online business to start with 700K in Nigeria to make millions of naira in just a short period of time? Forex trading could be a good one to try.
This business model involves buying and selling of foreign currencies to make profits. Whether you buy or sell, as long as your bias is correct, you’ll keep earning money.
19. Mini Importation
Mini importation business is a relatively new business idea you can start with 700K or less in Nigeria and make life-changing money in a few months if done properly.
This business model involves buying items such as jewelry, accessories, dresses and so on from China via Aliexpress or Alibaba, then selling them for massive profits in Nigeria.
This business is very profitable as you can purchase a bag for N1000 on Alibaba, ship it to Nigeria pay the clearing fee which could make the cost of the item a total of N2500, then sell it for N5000 and keep a profit of N2500.
You see how lucrative this business model is, just imagine how much profit you could generate from 700K capital.
20. Affiliate Marketing
Affiliate marketing is a very easy online business anyone can start with 700K or less in Nigeria and make quick and easy money from home.
This business involves recommending someone else’s products/services to other people, and getting paid whenever they make a purchase using your affiliate link.
To start this business, all you need to do is find and sign up for a good affiliate program, get your affiliate link and promote it using online ads, and then making money anytime someone buys the product via your referral link.
Are you looking for an online business that pays in dollars in Nigeria? Then try dropservicing.
This business involves reselling other people’s services to clients for premium prices.
It works in a way where you find a hot in demand service, create a website for it, promote the service from your website online and start getting orders.
Once you have a sale, you just need to take a part of the money to find and pay professionals that will do the job, once the job is done and submitted, you can keep the money left as profit.
Starting a business in Nigeria is very easy and will also bring more money to your pocket as a lot of start ups thrive in the country if done properly.
However, to make the most out of your capital, knowing the most profitable business to start with 700K in Nigeria is ideal as this will speed your way to success.
I have done my part in bringing you some of the most lucrative businesses to start with 700K in Nigeria. Now is your turn to put any of your choices to work.