You’ve saved up 50k and are wondering what business you can start with 50k in Nigeria. Some would say 50k is too little to start a business with, but they’re wrong. There are a couple of businesses you can start with 50k, such as recycling, data reselling and freelance services.

In this post, we’ll highlight the top businesses you can start with 50k in Nigeria and give tips to help you grow your business after starting.

1. Recycling Business

You can make over 200k monthly from recycling. Nigeria has a population of over 200 million people, and while our recycling facilities are developing fast, there’s still a lot of trash disposal on the roads, canals, etc. Starting a recycling business will not only make you money, it’ll also help the environment. 

Starting a recycling business used to be very capital intensive, but with the advancement in technology and recent innovations by Scrapays, you can now start a recycling business that’ll be up and running in less than seven days with less than 50k. All you need to do is follow the steps listed in our “How to start a profitable recycling business in 2024 post:

• Download the scrapays app
• Register as a mini-agent
• Fill out the KYC

2. Data Resale

You may already know someone selling data online. Data selling can be an excellent business to start; you can buy data directly from your phone – each network provider is different, so you need to research the steps it takes to become a data reseller for the various network providers. With 50k startup capital, you can buy 20k MTN, 20K Glo & 10K Airtel and sell them off before buying again. So basically, you’re buying to resell. You can get your first set of customers from your immediate circle of friends and ask for consistent referrals.

3. Freelance Services

Since the COVID-19 pandemic in 2020, there has been a rise in demand for remote workers. Now, companies actively recruit remote workers overseas to complete tasks for them. Suppose you already have remote-compatible skills like writing, designing, proofreading, etc., and a decent computer. In that case, you can invest in getting data and creating accounts on relevant remote sites like Fiverr, Upwork, and Behance and optimize your profile for remote work. You should also optimize your LinkedIn & Twitter profiles for your services.

4. On-Demand Meals

Due to the hustle & bustle of most Nigerian cities, people only have time to cook now – so most buy fast food, which is expensive and can easily be tiring. There is currently a demand for home-cooked meals, and people are looking for vendors that can cook in bulk, so they store and eat in servings. If you enjoy cooking, you can start this business. Put the word out and utilize your existing network for referrals. If your food tastes good and you deliver on time – you’ll get recurring customers and subscribers.

Now you know the general businesses you can start with 50k in Nigeria; they’re two related questions we also get asked often;

What Business Can I Start with 50k as a Student in Nigeria?

Time is a primary concern when choosing a business to do as a student. Because you still need to attend classes, go for practicals, read for tests and exams, do assignments, and do other extracurricular activities.

These are businesses you can do with less than 50k as a student in Nigeria:

1. Photocopy & Printing

Students always need to print something, from course forms to materials, etc. You can start a photocopying and printing business. All you need is to buy a printer online (Jumia or Jiji) or offline, set it up in your hostel, and tell your friends, departmental & faculty mates, or fellowship members that you print and photocopy and also ask them to refer their friends. You can also set up posters at specific locations around campus to create awareness about your business. This business is not time-consuming; you can compile orders and set aside 1-2 hours after lectures to fulfill your orders.

2. Recycling Business

Starting a recycling business as a student is easy. All you need to do is sign in as a mini agent on the scrapays app and tell your friends to bring all their disposable materials to you. You can incentivize them by attaching a reward such as 50 Naira for 150 pet bottles; students will happily gather them for you. This business is not time intensive; you collect the materials and store them until they reach the required quantity, and when they do, you request a takeoff and get paid. 

The only caveat is that you’ll need space to store them before offtake. To learn more, read our post on starting a recycling business.

3. Trade-in-demand Commodities

Students need regular materials: chargers, earphones, bracelets, necklaces, glasses, lip gloss, etc. If you can figure out supply, i.e., how to get these items at lower rates and there’s enough demand in school, then start selling them. Eventually, you can ask your customers to preorder and only deliver what they ordered; that way, your money is not tied down stocking products.

Businesses You Can Start With 50K as a Lady?

All the businesses we listed above are not gender selective – guys and ladies can start and successfully grow them. In addition to those, these are businesses being a lady would make it easier to get customers:

1. Selling Female Clothes & Accessories

If you know fashion, selling ladies’ clothes can be a good business. You’re your model, using what you wear to create awareness for your business. Any time your friend, colleague, or anyone compliments you, you insert into the conversation that you sell clothes. Also, when you’re complimented on your shoes, clothes, jewelry, eyeglasses, etc., advertise your business in your response.

2. Skincare, Perfume & Hairs

As a lady with good skin, you can sell skincare products – there’s a high probability you’ve been asked by your friends in the past what you use on your skin, instead of general responses like “I drink a lot of water” – you can respond with “I use the skincare products I sell.” It’ll be easier to sell your products if they see them work well for you. The same goes for perfume and hair; when you smell good and have lovely hair.

3. Recycling Business

As a lady, you should consider starting a recycling business. We already have lots of ladies as our agents. Starting a recycling business is not time and capital-intensive. It’s easy to start and can be combined with your current job or other businesses. Learn more about how to start a recycling business in Nigeria.

How to Market Your Business to the Right Audience

The purpose of starting a business is to make a profit, so beyond just starting your business with 50k in Nigeria, you also need to get customers and sales. This starts with getting your target audience aware of your products and services. These channels will help you reach your target audience both offline & online.

Offline

• Word-of-Mouth Referrals: As a small business that is starting, word-of-mouth referrals are essential. You need to talk about your business and tell people what you do. Also, ask your friends and family to refer you to people in their network. You can even incentivize them by offering referral rewards, such as a 20% discount on their next service or product per referral.

• Community Engagement: You already belong to one or more communities, such as a church, mosque, Office, PTA, Alumni group, etc. Promote your business in every group you belong to and ask members to spread the word to their other groups.

• Posters & Handbills:  Using Canva, you can design simple handbills and posters and strategically distribute them to your target audience areas. Because you have a limited budget, ensure you’re distributing your materials to highly relevant people.

Online

• Social Media: Social media accounts are free. Create accounts for your business on Instagram and Facebook and grow your social media following by regularly posting trending but relevant hashtags. Social media also gives your business a layer of credibility and makes it easier for your customers to trust.

• Google Business Profile: People search Google daily. Creating and optimizing your Google Business profile increases the probability of potential customers seeing your business when looking for similar services online.

Conclusion

In this post, I’ve highlighted the businesses you can start with 50k in Nigeria, the businesses you can start with 50k as a student, and the businesses you can start with 50k as a Lady. I’ve also discussed how to advertise your business and get customers.

Now that you have the information, taking action and starting a business is essential. I recommend you begin a recycling business as a scrapays agent because:

• You need less than 100k to start.
• We’ll give you the tech, training, and assets you need to start.
• Anyone can do this business, irrespective of skill or experience level.
• Low barrier to entry.
• We offer continuous support, so you’re not alone.
• The recycling business has low risk, and our business development team will help reduce the risk further.
• You can start in less than 7 days.
• Our agents make an average of 200k/Month,

Start your recycling business today by becoming a Scrapays agent.