What Business Can I Start With 5K in Nigeria 2024?

Are you looking for a business to start with ₦5,000? If yes, 5K is quite a little money in Nigeria to start a business, but I will give you top 5 business ideas you can start with as low as 5k to start from before growing up. You will learn everything you need to know about these businesses and how to make your first payment by providing you with an easy step-by-step guide.

As a Nigerian, you need to think out of the box to be financially stable, you need little business ideas that can fetch you a good amount of money if you want to survive in Nigeria.

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What Business Can I Start in Nigeria with 5K?

If you have been thinking of a business in nigerina to start with as little as ₦5,000, here are list of businesses ideas in Nigeria you can start in Nigeria with 5K or Less:

1. Phone Reselling Business

Yes you heard me right, it may sound almost impossible but it’s one business that is making good returns to people who are already in the business. 

You don’t need a lot of capital to start this business, all you need is just a transportation to any phone market around your your state of residence and meet the owner of any big phone shop and let your intentions known to them that you wish to be reseller of their phones, and you will bring customers directly to their shop to buy from them. 

Once they approve your request, you can stand close to their shop and look for customers who came to buy phones, welcome them and ask them what kind of phone they may need, and convince them that the shop you will take them to has the best prince in the whole market. After which they must have followed you to the shop and bought their desired phone. You will get your commission from the phone seller’s shop. Let’s say 1 customer made you ₦3,000, 5 daily customers might bring you a commission of ₦15,000 daily, ₦3000 X 5 = 15,000. 

You can see that this is a good business to start with low capital in Nigeria.

2. Farm Produce

The second business you can start in Nigeria with 5k is buying farm proceeds. With this business, you need to go directly to farm owners that sell crops like ugwu leaf. In Nigeria, almost everyone eats ugwu vegetables. You can locate any agriculture farm close to you and buy from the farmer directly, then take it to market women to sell. You can buy ugwu of 4k from the said farmer, and sell at 5k – 6k to market women. All you have to do is to first go to any foodstuff marketplace to enquire about the price of the said ugwu leaf. When you know the price, you can tell the seller that you can supply them at a discount rate. When the market seller accepts your offer, you can go back to the farmer to buy at a lower price and sell at a price a bit higher than the initial price you bought. Buying ugwu leaf from the farmer at the price of ₦4,000 and selling it to market women at ₦6,000 can fetch you profit of ₦2,000 daily. Imagine selling for 5 market women in a day may fetch you  ₦10, 000 daily, for example, ₦2000 X 5 =10,000 daily profits.

3. Banana and Groundnut

Banana and Groundnut business is one of the lucrative businesses you can start in Nigeria with 5K. This is a business that a very close friend of mine has been doing for over a decade. All you need to do is locate any banana and plantain market close to your area, and go there as early as 6: AM to get the best and fresh bananas. You can even buy unripe ones at a cheaper price and make them ripe in 2 to 3 days, after which you can cut them into segments and place them in a tray pan and put them to display around your home, close to the roadside or in busy market areas. Let’s see you buy unripe bananas at the rate of ₦5,000 and you segment them into pieces of ₦,500 and ₦1,000 with groundnuts selling for ₦100 to ₦200. I’m sure after selling all the bananas, you will be amazed with the profit you will make.

4. Digital Skill

You can learn digital skills like web development (WordPress) or logo making. These are digital skills you can do at home to earn some passive income. In this case I would strongly recommend web development. You can learn web development from https://trainings.billmah.com. Billma.com is a female web developer for quite a while now and has been able to make a fortune out of skill. She can teach you WordPress development for as low as ₦5,000 within a period of 10 days. Yes you heard me right, and she promised to refund you back your money if you don’t build your own website after 10 days of extensive training. 

With the current demands of business owners to own professional websites for their business, I’m sure you will find a lot of people among your friends, street, church/mosque or Facebook who need websites for their business or organization to look more professional. you can collect the contract and show your skills, which you will likely get referrals to others and you will start making passive income with little or no starting capital.

One good thing about these Digital skills is that you don’t have to use your money to buy the tools required, your target client usually pays upfront and you will get the work done and get your percentage. Which is easy and reliable.

5. Internet Data ReSale

This business is one lucrative business you can start in Nigeria with even as low as 2k. In today’s world, it’s hard for mobile phone users to survive a day without surfing the internet with data. This business allows you to buy internet data bundles from several online vendors or from mobile network providers like MTN AIRTEL GLO and 9MOBILE. With these businesses, you don’t need to have all the mobile network SIM cards listed to start, all you have to do is to visit a website to check the prices of all the mobile networks in Nigeria. If these data websites are selling their data at the rate of ₦250 per 1GB, you can choose to resell at the rate of ₦290 or ₦300 per 1GB so that you can beat the price of old data resellers to gain trust for your brand. Then you can create a flyer for your data selling business for as little as ₦1,000 which includes the prices of data on all mobile networks that you wish to sell. You can share your flyers on Facebook, twitter (now “X”), what’s status and other social media platforms. After doing that, see how buyers will request to buy data from you.  With this data reselling business, you don’t even need to have much capital to start it. All you need is your smartphone and Internet to check the price of data from the data vendors’ sites and post to your social media handles, get buyers to pay first, then you buy from the data vendors and send to the buyer. It’s easy and convenient to do anywhere both as a stay at home mom, working individual or even a student.

Conclusion

In conclusion, all the businesses we listed out that you can start with 5k in Nigeria are businesses we or our friends have done or still doing today. Some of the businesses might require even less than ₦5000 naira to start. Everything you need is just determination and perseverance to keep doing it until you finally break even. However, sometimes, starting a business can be frustrating and takes time to grow and makes you think of giving up, but once you have created a brand. But when you start making a living out of it, you will look back and thank yourself for not giving up.