Businesses To Start With 1 Million Naira in Nigeria

What Business Can I Start With 1 Million Naira

The future belongs to those who creates jobs and not job seekers. Entrepreneurship drives economies and is very vital to growth of any nation.

Businesses To Start With 1 Million Naira

Starting a business in Nigeria is becoming the only major and reliable way out of poverty and economic success.

The country is faced with massive unemployment and corruption. These defects has left many Nigerian youths who wants to survive economically with option of reinvoking entrepreneurial spirit in them.

Starting a business is Nigeria is an exciting challenge.First and foremost, the country has the market for growth and viability of businesses.

On the other hand, the Nigeria lacked provision of adequate social and basic amenities that is needed for growth and development of businesses like good roads, electricity and good credit facilities.

Notwithstanding, determined entrepreneurs has been able to start businesses in Nigeria and build empires out of them.

In this post, we will be discussing about starting business in Nigeria with 1 million naira. In otherwords, this article will answer the questions of what business can i start with one million naira in Nigeria.

What Business Can one million naira do in Nigeria. This is very simply smd tricky question. Now lets find out businesses one million naira can start in Nigeria.

Starting Business in Nigeria with One Million Naira

Investing one million naira in business in Nigeria is a good idea with huge potential.

As a result of economic downturns and recession, the value of naira has depreciated as such 1 million naira in today’s Nigeria cannot be considered a huge amount for starting business.

Nevertheless, if one million naira is well invested in a viable business in Nigeria, it can be a spark to something big. What are the businesses 1 million naira can do in Nigeria.

This is the gap this article will close. In starting a business, ideas is as important as capital.

If one million naira capital is invested into good business ideas it will grow and yield good return but vice versa when same capital is invested in unfeasible and non-viable business ideas.

This tells how important it is to do a feasibility study and have an articulate business ideas before putting in capital into the business. Below are business ideas that 1 million naira can start in Nigeria.

Restaurant

Opening and running a restaurant is one oflucrative businesses 1 million naira can start in Nigeria.

No matter how bad and hard the country is, people must eat. Some of the major factors people consider while choosing a restaurant for meals is: How tasty is the food and hygiene of the environment.

One million maynot be enough to set up an ultra-modern restaurants but, the amount can present a good take off capital.

Having the restaurant sited in work places, markets or schools is a good idea. The return on investment on restaurant is very good.

With 1,000,000 capital basic logistics needed for starting restaurant business like renting an apartment, getting cooking utensils, eating table and chairs and other cooking equipments can be procured.

Indeed, starting a restaurant business with one million naira is right step in right direction.

Sale of Clothes & Wears

Investing 1 million naira in sales of clothes and other wears is a good business idea in Nigeria. One of the basic needs of man is clothes.

No matter how bad the county is, people will not go naked. Setting up a boutique can be done with one million naira.

The boutique should target low and average income earners. In other words, your pricing and clothes in shop should be for common man in the street and not for politicians, celebrities and the rich.

One million is enough capital to kick start sale of clothes or boutique business in Nigeria.

Phone Accessories

One of the fastest growing business sector in the world is the mobile phone industry. Investing in this industry is a good step and money well spent.

The industry is growing daily with the invention of communication and mobile gadgets ear buds, Bluetooth car chargers etc.

This business can be started with 1 million naira in Nigeria. Starting the phone accessories business in Nigeria in a less competitive but populated environment will present good potential.

Some dealers reveled that sometimes in phone accessories business, 100% profit can be made on an item.

Bakery

If you are a good trained baker and chef, with capital of one million naira, you can do great things.

Baked foods like cakes, bons, chin chin, meat pie, doughnut etc is highly patronized and consumed in Nigeria.

Most big baking houses today started with a humble capital. One million naira can get good baking oven and baking materials needed by a baker to take off his or her baking business.

If your products are good and tasty, I guarantee you will be overwhelmed by demand. People eat these baked foods on daily basis at markets, schools and work places.

It is a business one million naira can start in Nigeria.

Poultry Farming

Another good and lucrative business 1 million naira can start in Nigeria is Poultry farming.

The most consumed white meat in Nigeria is chicken and it is highly patronized by restaurants, hotels and individual buyers.

The most popular and rared poultry bird in Nigeria is broiler and layers birds.

These chickens can be rared for 3 months and sold at good and juicy prices.

It is very lucrative and capital of one million naira can take care of 200 chickens and their feeding for 3 months.

It is important to note that this farming is very risky and all necessary care must be taken to avoid loss or deaths of the chickens.

Reacharge Cards Printing

This another lucrative business 1,000,000 can start off on Nigeria. Most Nigerian still gets their recharge voucher on paper.

These are the people this business will target. Some of the logistics needed to start Reacharge card printing business is a computer system, printer and paper sheet.

Also internet facility will also be needed for the business. You will also need to procure the e-pin of the network you intend to print their recharge cards.

Fish Farming

Fish Farming has grown very popular in recent times as a result of high consumption of fresh fish in Nigeria.

Investing in fishing farming is very good and lucrative. It is highly patronized in Nigeria especially in Eastern Nigeria.

It is a business 1 million can take care of in Nigeria.

Palm Oil Sales

Palm oil sales is another good business that capital of one million can back in Nigeria.

Not all parts of Nigeria is blessed with palm trees. However, most parts of Nigeria and beyond need and makes use of this indispensable edible.

Merchants get this product from high palm oil producing areas in Nigeria like Delta State in a very cheap prices and get them across Northern Nigeria and western Nigeria and sell them at prices with good profits.

Sale of Pet Soft Drinks

Plastic soft drinks like coca cola, Bigi, Pepsi, RC soft drinks are some heavily consumed in Nigeria.

One million naira can be used to start sale of these drinks as wholesaler. More still, it is a fast moving business and highly patronized in Nigeria.

It is a business that 1 million can start that is lucrative in Nigeria.

Supermarket

Supermarket can be opened with a capital of 1 million naira. Not many people are aware that supermarket business is highly profitable and lucrative.

Caution should be taken when starting supermarket business as less competitive areas with good population should be targeted.

It is suicidal setting up supermarket next to shoprite or Spar. It should be aimed as bring basic articles closer to the people.

It is one of the lucrative and profitable businesses the 1 million naira can start in Nigeria.

Pharmaceutical Shop

Starting up a pharmaceutical shop is a good and lucrative business in Nigeria. It can be start in a very humble way and it’s potentials will still be there.

A good plan on starting pharmaceutical shop with a capital of 1 million naira is a good business in Nigeria.

However, the pharmaceutical shop will have to be backed by a professional pharmacist whose certification will always stand in for the pharmacy shop.

It is a good business in the sense that people get drugs for their health not minding the price.

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The Author

Emmanuel Igwenagu

Igwenagu Emmanuel is the founder of Nigerian Informer. He holds B.A, M.Sc in Mass Communication. He is a Communication researcher and 112 emergency help line dispatcher.

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