With inflation breathing down our necks and salaries barely keeping up, many Nigerians are realising that investing is essential, but first, you need a steady income. That’s where side hustles and small businesses come in.
This blog isn’t just about business ideas. It’s about helping you build an income stream that gives you room to save, breathe, and yes, invest in stocks with platforms like the Trove app.
Profitable Businesses you Can Start in Nigeria
Here are 6 lucrative businesses today to increase your income and grow your future.
1. Mini Importation
Mini importation is buying low-cost items from countries like China and reselling them in Nigeria at a profit. It’s one of the easiest ways to flip cash fast.
For instance, someone can buy phone accessories for ₦500 and resell them here in Nigeria for ₦2,500. That’s a ₦2,000 profit on one item. In a country where most 9–5 jobs barely cover the bills, businesses like this offer a real chance to earn more and start building wealth beyond a monthly salary.
With access to platforms like 1688.com or Alibaba, you can import affordable items like phone cases, fashion jewellery, kitchen gadgets, and hair accessories, all in bulk. It doesn’t take millions to get started either. With ₦50,000 to ₦100,000, you’re good to go, and many importers even start with less.
Why it works: Nigerians love affordable trends, and this business runs mostly online, so overhead is low.
2. POS / Mobile Money Business
This is still hot, especially in semi-urban or underserved areas. You can start with a basic POS machine, a small shop (or even a kiosk), and float cash of ₦50,000–₦100,000.
Why it works: Nigerians need cash daily, and banks don’t always deliver.
Earnings potential: ₦1,000–₦5,000 per day, depending on traffic.
3. Online Thrift Store
If you have a good eye for fashion and know how to spot hidden gems, running an online thrift store can be a goldmine. This business is all about curating second-hand or “okrika select” clothes, styling them nicely, and reselling them online for a profit.
You don’t need a physical store, just your phone, good lighting, and some consistency.
4. Freelance Skills (Design, Writing, Marketing)
Freelancing lets you turn your talent into income by offering services to businesses and individuals online. You can find gigs on platforms like Fiverr, Upwork, Toptal, or even by simply marketing yourself on Twitter and LinkedIn. Many freelancers also get clients through referrals and Instagram DMs.
You don’t need capital to start, just your laptop, phone, internet, and consistency.
Some freelancers earn as little as ₦30,000 a month; others rake in over ₦500,000 depending on skill level, client base, and time commitment. And the demand keeps growing, especially as Nigerian and global businesses shift to digital.
5. Food Prep & Home Catering
If you know your way around the kitchen, you can turn it into a money-making venture, with no fancy restaurant needed.
Home catering and food prep businesses are booming, especially in cities where busy professionals don’t have time to cook. You can start with meal preps, small chops, lunch packs for offices, or weekend deliveries. People love convenience, especially when it’s tasty and well-packaged.
Startup needs: Cooking skills, packaging containers, ingredients, and a way to take orders (WhatsApp, Instagram, or a simple website).
6. Social Media Management for Small Brands
Every brand wants to be online, but not every business owner knows how to post, engage, or stay consistent. That’s where you come in as a social media manager.
If you understand how Instagram, Twitter, TikTok, or LinkedIn work and you can create content, spot trends, and use Canva or CapCut, you can manage social pages for small businesses.
Many freelancers charge ₦30,000–₦100,000 per brand each month. You can handle 3–5 clients at once, depending on your workload and time.
7. Tutoring or Online Coaching
You can teach live via Zoom, host weekend classes, or pre-record your lessons and sell them online. You can even run a paid WhatsApp class if that’s easier for you.
Mistakes to Avoid When Starting a Business
Before you jump in, here are a few traps to sidestep:
- Don’t spend all your profit. Create a simple budget that includes “investing” as a fixed line.
- Don’t wait for perfect conditions. Start small. Learn as you go.
- Don’t mix business money with personal spending. Keep it clean.
- Don’t ignore digital tools. Use social media, mobile apps, and even spreadsheets to run smarter.
Conclusion
Starting a business in Nigeria today isn’t just about survival. It’s a gateway to financial freedom. Whether it’s ₦20k from thrift sales or ₦200k from freelance gigs, you can use that income to build real wealth by investing in stocks through Trove.
Remember, you don’t need to be a millionaire. You just need to start. So go ahead, pick a business idea, launch it, and when the profits roll in, let Trove help you grow them.
