Are there really businesses you can start with 5K in Nigeria? With today’s digital technology, you can. Once you have the idea, a start up business can be established with little to no money and have the potential to scale.
With the condition of the country, a lot of people have started looking for side hustles they could venture into to expand their income source.
Young people in school too, search for businesses to start with 5K for students in Nigeria just to support themselves financially. All these bring about this post.
In this post, we’ve brought before you some of the most profitable business ideas you can start with 5000 Naira or less right now anywhere in Nigeria.
The cool thing is that this post contains both offline and online businesses you can start with 5K in Nigeria.
Without further ado, let’s get started?
List of Small Businesses to Start with 5K in Nigeria in 2023
The most profitable 5K business ideas in Nigeria in 2023 include:
1. Reselling Spoilt Products
Although not popular, the first business idea we will be looking at in this post is the product reselling business.
With just 5k, you can buy products like spoilt generators, refrigerators, DVDs, etc, and resell them for profit.
Here’s how it works; First of all, make research on how much iron buyers (mostly Aboki) buy spoilt products in your area. Then, get your N5000, start by visiting your neighbours and ask if they have any spoilt products they’ll like to sell.
Negotiate with the seller and buy it at the cheapest price possible (lesser than the outcome of your research), then buy and resell it. According to a friend that’s into this business, the profit margin is usually around 30%. Although, it depends on your negotiation skills.
2. Liquid Soap Production
Liquid soap production is one of the cheapest, easy to start, and fast-selling small businesses that anyone can start.
The cost of detergent has made a lot of people especially food sellers start using liquid soap to wash plates, and this has opened the market for liquid soap makers.
You don’t need any machine to start this business, as what you need to do first is watch some tutorials online on YouTube. Once you understand the production part, just get your 5K and visit a chemical store to shop for those chemicals and follow the manuals to make your own liquid soap.
Once your product is ready, you can start by advertising it to your neighbours and scale from there.
3. Recharge Card Business
Of course, you should know that the most popular business to start with 5K in Nigeria is a recharge card retail business.
Although buying airtime directly from banks is becoming rapidly popular, believe me, there’s still market for the recharge card business especially if you’re in a rural area.
This business can be done in two ways including online and offline.
Starting with the offline recharge card business, just get N3000 to N5000, locate a recharge card wholesaler, then buy the cards in bulk and you’ll be given discounts.
That means you can get N1000 recharge card for somewhere around N900 to N970, and depending on your location, you can make up to N200 profit on 1K recharge card.
The second way you can get this business rolling is to register an Opay or PalmPay account, fund your wallet and look for people who are in need of airtime, then recharge their line, and you’ll earn some cashback for the transaction.
Whether you’re a student or graduate, this business works really well irrespective of your location.
4. Reselling Farm Produce
If there is a Farmer’s market in your area and you’re asking what business can I start with 5k in Nigeria? Then there is a business opportunity for you even if you have less than 5,000 Naira as capital.
With the little you have, you can just go to a Farmer’s market where raw and fresh farm produce is sold at cheap prices by farmers, buy some goods, and resell them for profit.
Here’s how it works; with N2000 to N5000, you can get a stalk of banana, then move it out of the market and sell it for N3000 to N7000.
Banana is a good example, Palm Oil, Pepper, Fruits, and Corn are also some of the farm produce that can be traded for profit.
5. Reselling Used Gadgets
Similar to selling spoilt products, another lucrative business you can start with 5K in Nigeria is selling used gadgets.
We all know that gadgets like old phones and laptops can be flipped for profit, but can you start the business with just N5000?
It seems quite impossible, but here’s how to do it; Find suppliers and sellers who have those items in stock already, then approach them to discuss a marketing opportunity.
Usually, you would want to make the supplier your friend or need to be really convincing, build a business relationship, and show you can be trusted.
Once they have agreed to work with you, get good images of the items, such as mobile phones, laptops, headphones, and other gadgets people like to buy, then post them on Jiji, and/or social media.
You need to look at social media channels such as a Facebook group with thousands of active followers, TikTok, and Instagram, to market this product.
Now, to scale your marketing, you’ll need that N5000 capital to run Facebook ads to target hot buyers that are really in need of such products. Once you get a serious buyer, you’ll receive the money and proceed to the supplier to get the gadget.
Yes, this is just like dropshipping but doesn’t require huge capital like a regular dropshipping business.
6. Okrika Business
I believe we all know what Okrika means (Used Clothes). It is no doubt that many Nigerians wear and prefer Okrika to used clothes. After all, it can not be easily differentiated from new clothes when mixed together.
With just N5000 capital, you can buy 10 to 20 London used clothes and shoes and start a small business even without a shop.
This business is common in populated areas like Lagos, especially beside rail tracks, and busy markets. However, with new methods of marketing, you don’t need to go that far in this business, as you can make it even easier by selling your stuff in your neighborhood.
Branding is everything. The success of your business depends on you.
7. Fast Food Business
If you’re a good cook, you can start a fast food business such as preparing noodles and frying puff puff with just N5000 capital.
We all know that people tend to visit fast food joints more than restaurants. Therefore, no matter where you live, this business can succeed.
A fast food business is very easy and cheap to start even if you don’t have the idea before. All you need to do is watch some tutorials and read some manuals, and you’re good to go.
Half a carton of Indomie Noodles is okay to start with as you’ll need other things like frying pan, oil, and pepper, which the remaining money will cover.
This business can be launched anywhere, even in front of your house. However, if you want to make more sales from start, just find a busy area like a motor park, or a well-populated mechanic shop and start there.
If you can’t find one, you can also seek for space from an already established local restaurant in your area.
8. Selling Fruits
Another 5K business idea in Nigeria is fruit selling, which I believe is self-explanatory.
To get the business started, all you just need to do is go to a Farmer’s market in your area and purchase a variety of fruits worth N5000.
Since there is increased demand for healthy products, be sure this business will be a success if you do it the right way by not just selling as you buy them. Instead, prepare a fruit salad, package and sell them in a modernized way.
You can take your fruit salad to motor parks, hospitals, and firms like banks to sell them once the packaging is okay.
Read Also: How to Start Fruit Salad Business in Nigeria
9. Drinks and Pure Water Business
When thinking about what business to start with 5K in Nigeria, I believe selling drinks and water would pop up in your mind.
Of course, this is the most popular business that is very cheap and easy to start. The pure water business is a great way to make money in Nigeria as you can get up to a 100% profit margin.
Adding drinks is a plus as people especially labourers tend to consume soft drinks even more than water because it is more refreshing.
Although this business is popularly known as a traffic business, it is not necessary you do yours that way. You can buy your goods, ice them, and find a space in front of where you live to start with.
Read Also: How to Make Money on TikTok in Nigeria
10. Laundry Services
Rendering a laundry service is another great way to start making money with just a capital of N5000.
If you’re living in an area where you have good electricity, you can start a laundry business where you’ll wash and/or iron clothes for people and charge them for your service.
This seems like something you can just start for free, but remember you need some materials such as detergent and pressing iron. Yes, that’s where your 5K comes into play.
While washing machine makes laundry service easier, a lot of people still prefer to wash clothes with their hands. So, you can start from there and scale.
Related: How to Make Money with the Opay App
Online Businesses You can Start with 5K in Nigeria
What online business to start with 5K in Nigeria?
I would say that blogging is the first profitable online business you can start with 5000 Naira in Nigeria.
With the way the internet keeps growing, a lot of people prefer to see information online as it is easy and fast. So, you can just leverage that opportunity to start a blog and post things that you like the most.
All you just need to do with that N5000 is to buy a domain name, and you can get started by launching your site with Blogger.
Starting a blog is very easy, but it is more fun when you blog about the things you like. Therefore some examples of a blog you can start include health, business, food, tutorials, and news blog.
Once you’ve picked your preferred niche and launched your site, you can start making money from your blog by monetizing it with Adsense, or Ezoic.
More so, you can sign up for some affiliate programs and promote them on your site to earn commissions.
With all that, you can start a blog with just 5K, and make a living from it, as you can earn up to ₦1 million yearly from a simple website.
Are you completely free and asking what business can I start with 5k in Nigeria? Another online business you can start with 5K in Nigeria is freelancing.
Freelancing simple means rendering a service such as writing, graphic designing, photo and video editing, voice-over, website design, etc for money.
If you have any of those skills, you can sign up for Freelancing websites like Fiverr, Freelancer, PeoplePerHour, and Upwork where there are tons of buyers that are willing to pay for your service.
As a freelancer, you can get paid up to N100,000 and above per order. Therefore it is a very lucrative business if you don’t mind trading your time for money.
Back to your 5K, you can invest the money in ads to promote your service so that you can quickly get sales. Or use the N5000 to invest in data to read, watch, and learn more about the service you want to render online.
13. Create and Sell E-books
Have you heard about KDP? Yes, Amazon kindle direct publishing. It is one of the best ways to create and sell your E-book online.
But first, how does the E-book business model work?
If you have an idea that you know will be useful to others, you can just curate your idea in an E-book, then publish it online for people that need it.
In most cases, you need nothing to start this business, but if you want to scale it for more conversion, you will need a little money to create a website or a sales funnel where your product will be launched.
More so, you can list your E-book for free on platforms such as Amazon, Ebookit, Gumroad, etc, and use your N5K to run ads to drive targeted traffic to your product.
14. Affiliate Marketing
Affiliate marketing is another business you can start online with 5K and scale.
This business model is very easy, as all you need to do is recommend someone else’s products to people who really need them, and when they make a purchase, you’ll earn a commission.
This business model is popularly known as a referral program in Nigeria. With this business, you can earn up to N100,000 and above every month if you do it the right way.
To start this business, all you need to do is find and sign up for a referral program, then promote your affiliate link on your blog, or run an ad for the affiliate products with N5000.
15. Become a YouTuber
If you’re comfortable on camera, becoming a YouTuber is a very lucrative 5K business idea for you.
Yes, YouTube is free to start, but you need a camera which you can get a second-hand one for N5000 or less.
This business model is very lucrative, as there’s not much investment needed, but the ROI is very high. However, it is not a get-rich-quick scheme.
First of all, you’ll need to do research and pick a niche you would like to start with such as comedy, lifestyle vlog, business, etc. After that, you’ll need to keep creating engaging videos consistently, and when you get 1k subscribers and 4000 watch hours, you can apply for the YouTube partnership program where Google will pay based on ad RPM.
Businesses to Start with 5K as a Student in Nigeria in 2023
16. Making Bead/Jewelry
Are you looking for a business to start with 5K for students? I have mentioned a lot of them above, but this is a more flexible 5K business idea for students in Nigeria.
To start with, you’ll need to watch some tutorials on YouTube on how to make beads, then proceed to buy the material needed which shouldn’t be more than 5000 Naira.
Once your material is ready, find time to make some bead jewelries such as necklaces, and bangles, then take it to school to advertise and sell it to your friends, coursemates, and schoolmates.
17. Data and Airtime Reselling
The bead jewelry making business mostly works well for female students, but this data reselling business works perfectly for both males and females.
This business model is one of the easiest to start as a student because you’ll always have customers within your school, campus, and among friends.
There are tons of platforms online that sell data for a cheap price, therefore all you need to do is research and sign up for a trustworthy one, fund your account, then start buying data from them and resell to other people.
Depending on the network, you can purchase 1GB of browsing data for around N200, and you just need to resell it for N250 or N300 to make a profit of up to N100.
Check Out: How to make money on the PalmPay App
18. Online POS Business
Lastly, starting an online POS service is the newest and one of the most profitable online businesses to start with N5000 for students in Nigeria.
The most popular form of POS business is to apply for a POS machine from banks, but with the advancement in technology, and application of new techniques, you can render deposit and withdrawal services right from your phone.
All you just need is to download the PalmPartner app, sign up, fund your account with 2000 to 3000 and start by making deposits and withdrawals for friends who need less than N3000 and charge them N100 for the transaction.
For every transaction you make, you’ll also earn rewards from PalmPay which you can withdraw at the end of the week.
5K Business Idea – FAQs
What kind of business can I start with 5k in Nigeria?
With 5k, you can start the following businesses, data reselling, sales of Okrika, bead making, pure water business, liquid soap production and sales, and recharge card business.
What online business can I start with 5k in Nigeria?
Online businesses you can start with 5k in Nigeria include blogging, freelancing, affiliate marketing, vlogging on YouTube, and publishing E-books for sale.
What business can I start with 5k as a student?
As a student, businesses you can start with 5k include making and sales of bead jewelry, production, and sales of liquid soap, data reselling, blogging, freelancing, and affiliate marketing.
What business can I start with 5000 Naira in Nigeria?
The most lucrative and fast-selling business you can start with 5000 Naira in Nigeria is the production and sales of liquid soap. The best online business you can start with 5000 Naira is blogging.
Looking at it one by one, you’ll find out that the businesses to start with N5000 in Nigeria are less stressful and profitable. Each business is a great fit for word of mouth marketing and generating business through referrals. Also, remember that when you start a low-investment business, the work you put into it will dictate what you get out of it.