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Businesses You Can Start With N50,000 Capital

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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.

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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.

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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.

READ ALSO: Crude Oil Buyers Should Pay Nigeria In Naira, Not Dollar – Falana

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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.”

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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.

READ ALSO: Probe Missing 149m Barrels Of Crude Oil In 2019 Or Face Legal Action, SERAP Tells Buhari

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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.”

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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.

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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.

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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.

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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.

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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.”

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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.”

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Business

NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

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The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.

It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

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This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

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It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

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Dangote Refinery Reduces Fuel Price

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Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

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The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

READ ALSO:Dangote Refinery Gets New CEO

In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.

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The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.

In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.

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Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

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India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

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According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

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The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

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According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

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On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.

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