Where to Start a Business in Lagos? Market Review of Alaba, Balogun & Computer Village

What is the cheapest most profitable business to start?

Starting a business in Nigeria doesn’t always require huge capital. Some of the cheapest yet highly profitable businesses are those that solve everyday problems or meet recurring demands.

One of the most popular options is food vending. Selling snacks like puff-puff, akara, meat pies, or local delicacies requires minimal startup capital, especially if you start small.

You can operate from a kiosk, roadside stall, or even from home with delivery through WhatsApp or social media. The key advantage is that food is in constant demand, ensuring daily income.

Another affordable and profitable business is phone accessories sales. Items like chargers, phone cases, screen protectors, and earbuds are cheap to source from markets like Computer Village or through mini-importation.

These products sell quickly because smartphones are ubiquitous, and customers often need replacements or upgrades. A small kiosk or online platform can start this business with as little as ₦30,000 to ₦100,000.

Thrift clothing (Okrika) sales is another low-capital, high-return business. Buying second-hand clothes in bulk from wholesalers and reselling them in your neighborhood or online can yield significant profit margins.

Fashion is evergreen, and with strategic marketing using Instagram or TikTok, you can reach a large audience without needing a physical store.

Other options include barbing and hairdressing services. You can start with minimal equipment, offering services from home or in your community. Because these services are routine and in constant demand, profits accumulate daily.

Similarly, POS and mobile money services are cheap to set up if you already have a secure space, a reliable internet connection, and the required registration with financial service providers.

Mini grocery stores or provision shops are also affordable to start, especially in residential areas. You can stock essential items like rice, beans, pasta, frozen foods, drinks, and toiletries. These products sell daily, and profits accumulate steadily.

Finally, home cleaning or laundry services require very little upfront investment—mostly cleaning supplies and advertising to find your first clients. These services appeal to busy professionals and households, ensuring regular patronage.

In summary, the cheapest profitable businesses are those that meet everyday needs: food, fashion, personal care, communication, or essential household goods.

With strategic location choice, consistent service, and smart marketing, even a low-capital business can generate high returns. The focus should be on fast-moving items, repeat customers, and providing value better than competitors.

Which business is 100% profitable?

No business is 100% guaranteed to make a profit without risk because profitability depends on market conditions, management, competition, and customer demand. However, some businesses in Nigeria have historically shown very high returns when approached strategically.

These include food-related businesses, which cater to an essential human need. Small restaurants, street food vending, snacks, and catering services can generate daily income if located in high-traffic areas and offering quality meals.

Another sector that tends to yield high profitability is technology and electronics resale and repair. Smartphones, laptops, and accessories are always in demand.

Entrepreneurs who specialize in phone or laptop repairs, sales of genuine accessories, or refurbished devices can earn substantial profits if they ensure quality service and build trust with customers.

Fashion and clothing can also be very lucrative. Selling fabrics, thrift clothing, or accessories can result in high returns if you understand customer preferences, follow trends, and maintain good supplier relationships. Markets like Balogun or online platforms provide constant customer flow.

Essential service businesses such as barbing, hairdressing, laundry, and POS services are often highly profitable because they address daily consumer needs. The advantage of these businesses is repeat customers, which stabilizes income.

Mini-importation businesses also show strong profit potential. Importing small, high-demand products from China or Dubai for resale in Lagos markets often results in significant returns due to the price gap between wholesale and retail.

While no business is entirely risk-free, ventures that focus on high-demand goods or essential services, low overhead costs, and fast turnover are considered close to “100% profitable” in the Nigerian context when managed effectively. Profitability depends heavily on location, quality, marketing, and customer trust.

How to start a business with RS 50,000?

Starting a business with a small capital like RS 50,000 (approximately ₦200,000–₦250,000 depending on exchange rates) requires careful planning and selection of a low-capital, high-turnover venture.

One option is food vending. With RS 50,000, you can start selling snacks like puff-puff, akara, meat pies, or small local dishes. Investing in a small portable stall or setting up a home kitchen for delivery is sufficient. Using social media for marketing can attract customers without additional cost.

Another low-capital business is selling phone accessories. You can buy items such as chargers, phone cases, screen protectors, and earbuds in bulk from local suppliers or mini-importation and resell them online or in your community. The products move fast, and profits accumulate quickly.

Thrift clothing sales is another option. RS 50,000 can purchase a small batch of second-hand clothes or shoes for resale. Using online marketplaces or social media, you can reach buyers without the need for a physical shop.

Small service-oriented businesses like laundry, home cleaning, or barbing services are also possible. With minimal equipment and effective advertising, you can begin operations and generate daily income.

Mini-provision shops selling essentials like rice, beans, pasta, drinks, and toiletries in your neighborhood can also be started with this budget. Focus on fast-moving items that customers buy regularly.

The key to starting with RS 50,000 is choosing a business with low overhead, high demand, and quick turnover, while leveraging social media and word-of-mouth to reach customers. Starting small, testing the market, and gradually reinvesting profits ensures growth and sustainability.

Which business is best for beginners?

For beginners in Nigeria, the best businesses are those that require minimal experience, low capital, and high demand. One of the top choices is food vending or catering. Selling snacks, street food, or small meals allows beginners to start simple, learn customer preferences, and gradually scale operations.

Phone accessory sales is another beginner-friendly option. Products like phone cases, chargers, and screen protectors are easy to understand, have high demand, and require little technical skill. Beginners can combine online and offline sales to maximize reach.

Thrift clothing sales is ideal for beginners because it involves simple sourcing and resale. No formal training is required, and profits can be reinvested as the business grows. Social media marketing can help beginners attract customers without a physical store.

Service-based businesses like barbing, hairdressing, laundry, or cleaning are beginner-friendly because they can be started from home or a small rented space. Customers are easy to reach, and income is often immediate.

Beginners can also explore POS services, mini-provision stores, and small-scale delivery services, all of which are low-risk and provide daily income.

The most important factors for beginners are choosing a business with high demand, starting small, learning the ropes, and reinvesting profits. Starting simple and scaling gradually allows beginners to gain experience, reduce risk, and achieve sustainable growth.

What business can 30k start?

With just 30,000 naira, you can start small, fast-moving businesses that provide daily income. One option is snack vending. Small portions of puff-puff, akara, meat pies, or buns can be prepared and sold in busy areas, schools, or offices. With low production cost, profits accumulate daily.

Phone accessory sales is also possible with 30k. You can buy chargers, phone cases, earphones, or screen protectors in small quantities from wholesale markets like Computer Village and resell at a profit.

Thrift clothing resale is another option. You can buy a small batch of second-hand clothes or shoes and sell to friends, neighbors, or online. Platforms like Instagram, TikTok, and WhatsApp make marketing free and simple.

Other options include hair braiding or barbing services if you have the skills, or mini-provision sales of high-demand items like noodles, sachet drinks, or toiletries.

The key is to focus on low-cost, high-demand products that turn over quickly. Starting small, keeping expenses minimal, and reinvesting your profits is the fastest way to grow from a 30k capital.

Which business is best for daily income?

The best businesses for daily income are those that cater to essential needs and fast-moving goods or services. Food businesses top the list because people consume meals and snacks daily.

Small restaurants, street food stalls, snack vending, and delivery kitchens are excellent examples. For instance, selling puff-puff, akara, fried plantains, or local dishes in high-traffic areas guarantees daily revenue, as customers frequently purchase these items.

Another business with consistent daily income is phone accessory sales. Items like chargers, earphones, phone cases, and screen protectors are in constant demand. Selling from your home, local kiosk, or online via WhatsApp, Instagram, or TikTok ensures a steady cash flow.

Similarly, refurbished phones, laptops, and tech repair services can generate daily income, particularly in technology hubs like Computer Village or Alaba International Market.

Provision and grocery stores also provide regular revenue. Selling essentials such as rice, beans, noodles, frozen foods, beverages, and toiletries attracts daily shoppers. For maximum turnover, stocking fast-moving items and locating the store in a residential area ensures repeat business.

Service-oriented businesses, including barbing, hairdressing, laundry, and cleaning services, are other strong options. These services often have repeat clients, guaranteeing daily income. People pay for grooming, laundry, and cleaning services consistently, especially in urban areas.

POS services and mobile money operations are simple, high-turnover ventures that yield daily profits. They are especially profitable in areas with high population density or low banking access.

To maximize daily income, entrepreneurs should focus on high-demand products, repeat customer needs, and convenient locations. Combining physical presence with social media marketing can further increase customer base and frequency of sales.

Can I run a successful business from my phone?

Yes, running a successful business from a phone is entirely possible, especially with internet access and social media platforms. Many small businesses in Nigeria operate primarily online, using WhatsApp, Instagram, Facebook, TikTok, and even X (Twitter) to reach customers.

Examples include phone accessory sales, thrift clothing resale, beauty product sales, and small-scale catering services.

Using your phone, you can market products, communicate with suppliers, accept orders, and manage customer inquiries without needing a physical store.

Online payment systems, bank transfers, and mobile wallets make financial transactions easy and safe. Many entrepreneurs also use apps for logistics and delivery, allowing them to expand sales beyond their immediate location.

Service businesses such as freelance tutoring, virtual assistant work, graphic design, and social media management can also be entirely managed via phone. Even micro businesses like airtime recharge, POS services, and mini-importation can be coordinated using mobile devices.

Success requires organization, consistent communication, product quality, and strong online marketing skills. Scheduling posts, using social media ads, and providing prompt customer service are crucial for building a reputation and generating steady income.

What business is least likely to fail?

Businesses least likely to fail are those that address essential, recurring needs, have low overhead costs, and cater to high-demand markets.

Food businesses, for example, rarely fail because people eat daily. Whether it’s street food, snacks, or small restaurants, demand remains constant regardless of economic conditions.

Phone accessory sales and tech repair services are also resilient, as gadgets are widely used and need maintenance regularly. Similarly, provision stores and mini-marts that sell rice, beans, noodles, and other essentials rarely fail because people constantly purchase these items.

Service-oriented businesses such as barbing, hairdressing, laundry, and cleaning services are durable because they rely on repeat customers, and expenses are manageable.

Success in minimizing failure also depends on researching the market, managing cash flow, choosing the right location, building customer trust, and diversifying products or services. Businesses that solve real, everyday problems with consistent quality are least likely to fail.

Which business can I start with a little amount?

With a small amount of capital, it’s wise to focus on fast-moving, essential goods or services. Examples include food vending, selling snacks or small meals like puff-puff, akara, or buns. These require minimal equipment and generate daily revenue.

Another option is phone accessories, including chargers, phone cases, earbuds, and screen protectors, which are inexpensive to purchase and sell quickly. Thrift clothing resale is also viable with small capital; you can buy a single bundle and sell items individually.

Service-based micro-businesses such as hair braiding, barbing, laundry, or cleaning services can also be started with very little money. Items like cleaning supplies or hair tools are affordable, and income can start almost immediately.

The key is choosing a business with minimal overhead, high demand, and fast turnover, while gradually reinvesting profits to grow the venture.

What is the best investment for 50K?

With ₦50,000, the best investment is in small-scale businesses that offer fast returns and low risk. One strong option is phone accessory resale, where you can purchase chargers, cases, and screen protectors in bulk and resell them online or in your neighborhood.

Thrift clothing resale is another smart investment. You can buy a bundle of second-hand clothes and sell items individually for higher profit. Social media platforms help reach buyers without extra costs.

Food vending is also feasible. Snacks, buns, akara, or small meals can be prepared with ₦50,000 and sold in high-traffic areas. Fast turnover ensures quick recoupment and profit.

Other options include POS services, beauty products resale, or small homemade product sales like soaps or hair products. The focus should be on high-demand, everyday products that can generate daily income.

The principle behind investing ₦50,000 is to start with a small, manageable business, reinvest profits, and scale gradually while monitoring demand and trends.