Business

Businesses You Can Start With N50,000 Capital

Published

2 years ago

May 16, 2023

Nigeria boasts of about 41 million micro-businesses and 73,000 small and medium businesses, a survey by the Small and Medium Enterprises Development Agency of Nigeria has shown.

This shows that an average Nigerian is an entrepreneur in one way or the other, and this is because of the unpleasant risk to financial stability, due to poverty, lack of education and insecurity. Regardless, many Nigerians have forged ahead to build a lasting legacy of financial freedom for the generation yet unborn.

However, when individuals are tasked with the gospel of creating passive income, or secondary income source, the usual tilt towards lack of funds as an excuse has shortchanged individuals from breaking the shackles of meagre salaries and financial limitations.

Despite, arguments and reports fueled by the high cost of energy and epileptic power supply, personal finance experts have led conversations on the need to embrace multiple streams of income. While this might sound like a fairytale, it is possible to expand your income base. Of course, by taking baby steps and starting with one business at a time.

Pressed for funds to start? Here are a few small businesses to start with N50,000 and above despite the harsh economic climes of the nation.

Point of Sale business

Point of Sales service is considered as one of the most lucrative side hustles to adopt. Even though, some Nigerians have fully invested their capital and rely on it for primary income, it is still an effective way to earn some extra cash on the side.

A full-time PoS operator, Taiwo John operating along Lotto, Ofada bus stop told The PUNCH that, “Although the startup capital to venture into PoS business full time will cost about N250,000, if you are doing it as a side hustle with N50,000 to N150,000, you can start. If you are getting two terminals, you will need like N50,000, that’s about N25,000 each.”

According to him, for starters, consistency will play a big role in determining the success of the business.

“This business is about trust, so after getting your accessories for about N25,000 you need to get cash to run the business and make sure you are always available when customers need you. Above all John, states that as a business owner, “you must pay attention to your profit rather than just making sales.”

The Point of Sale business has rapidly spread through the rural areas as it is quite easy to start.

In fact, according to the National Bureau of Statistics, the number of registered PoS operators has grown over the years. In January, due to the cashless policy, Point of Sales transactions grew to N807.16bn which signified a 40.69 per cent year-on-year increase from the N573.72bn transactions that were done in January 2022. This is a clear indicator that the PoS business is lucrative and there is a demand for the service.

Perfume business

The perfume oil business is another venture to go into. According to a perfume oil wholesaler living in Ketu, “Anyone can start a perfume oil business with as low as N11,000. I started mine about four years ago with just N24,000 and later I reinvested about N34,000 into the business. At the time, I was a retailer but now I am a wholesaler,” Tomisin Oke told The PUNCH.

Speaking on the profit margin recorded on the initial investment, she says that newbies can “Expect to make about 60 per cent to 40 per cent depending on the sales, but your gain cannot be less than 50 per cent half the time.”

Based on findings by The PUNCH, there are numerous wholesale distributor groups for oil perfume business owners.

Reaching out to one of the groups, a distributor explains that oil perfume retailers can start with capital as little as, “N11,000, 15,000 or N21,000. The N15,000 pack comes with 40 bottles of 3ml oils and you can sell for N500 per each. You can sell the 6ml for N800 to N1000 per each. And you can also do the payment on delivery.”

A survey report by Fortune Business Insight revealed that in 2020, the global perfume market was worth $29.8bn. This is largely driven by the demand for cosmetics and beauty. Even better is the fact that this business can be run from home without stress.

Thrifts clothes

The thrift clothing business otherwise known as “Okrika”(second-hand clothes) is considered as one business that favours small capital to start.

Patronised by a majority of Nigerians, this business is considered lucrative and quite easy to manage, all thanks to its affordability for the average Nigerian.

Speaking with thrift vendors, our correspondent gathered that there are major factors to consider before taking a deep dive but the business needs a little capital of N20,000 to N50,000 or more depending on the buyer’s pocket.

A wholesale thrift business owner in Ikorodu, Jackson Anadi, tells our correspondent that individuals can begin with N20,000.

He says, “If you have like N20,000 cash, you can start, but then it depends on your area. You look at your area what is really needed? Do you have more children, do you think the parents of these children will buy? Or do you have more young girls or ladies?

“Are they stylish? Do you think they would buy it? These are basic things to put into consideration. You have to take note of what is needed at a particular time, and after that, you can decide to sell.”

Another thrift operator in Osogbo, Aminah Abdulrauf, tells our correspondent that before venturing into selling thrift clothes, individuals must understand the customer’s needs and gauge the environment where sales will take place.

According to her, “If you are a newbie in this business, if you are selling to a community that has a high-class breed of residents, understand that they would prefer wares that are neat and high quality.

“So if you take clearance wears to them because they are cheaper to buy and sell, they may not buy.

“If your plan is to sell to students, then go for items like ladies’ tops, bum shorts and bralettes, or maybe nightwear. If you have more money to spare, you can add jeans to the mix. With N50,000 you can also invest in first-grade or neat clearance for that.”

Abdulrauf advises that for newbies, “Buy a small quantity first and then when the demand grows, you can then restock more of items that sold fast.”

Business

NNPCL Raises Fuel Price

Published

2 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

2 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

2 weeks ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.