How Much Do You Need to Start Akara Business in Nigeria

Nigeria’s First Lady, Oluremi Tinubu’s advice to women to consider small-scale businesses such as selling akara, roasted corn and kuli-kuli, has continued to generate nationwide reactions.

A video of the First Lady posted online showed her urging people to consider such small-scale businesses because they require little capital to start.

What began as a simple piece of advice from the First Lady has grown into one of the country’s most talked-about conversations on entrepreneurship, poverty and economic survival.

While distributing grants under the Renewed Hope Initiative, the First Lady encouraged vulnerable women to consider investing in small businesses such as selling akara (bean cakes), roasted corn or kuli-kuli. Her message was straightforward: with determination and modest capital, thousands of women could create sustainable livelihoods for themselves instead of waiting endlessly for formal employment.

The remarks immediately ignited nationwide debate.

Across social media platforms, radio programmes and public forums, Nigerians expressed sharply different opinions. To some, the suggestion reflected the realities of Nigeria’s informal economy, where millions of families have survived for decades through petty trading and small food businesses. Others argued that soaring inflation, rising food prices and declining purchasing power have fundamentally changed the economics of such enterprises, making them far more expensive than many people assume.

Beyond the arguments over akara and roasted corn lay a deeper national conversation. Can small businesses still provide a realistic escape from unemployment? Has inflation pushed even the simplest enterprises beyond the reach of ordinary Nigerians? And how much money does someone actually need to start one today?

Pinnacle Daily takes a look at the real cost of starting an akara or roasted corn business and whether these ventures remain practical pathways to financial independence.

Our investigation involved a market survey of current commodity prices, interviews with business experts and an assessment of startup requirements for two of Nigeria’s oldest and most resilient roadside businesses.

The findings reveal that although inflation has significantly increased startup costs compared with previous years, akara and roasted corn remain among the country’s most accessible businesses for aspiring entrepreneurs, particularly those who already own basic household cooking equipment.

A Nation Divided Over One Business Idea

The First Lady’s remarks exposed two contrasting schools of thought on Nigeria’s economic realities.

Critics argued that describing akara and roasted corn as low-capital businesses no longer reflects present-day market conditions. They pointed to the rising prices of beans, vegetable oil, cooking gas, charcoal and transportation, saying inflation has dramatically increased both startup and operating costs.

Some economic commentators also expressed concern that encouraging large numbers of people to enter the same informal food sector could oversaturate the market at a time when many households are already cutting back on discretionary spending because of reduced purchasing power.

Others maintained that while micro-enterprises remain important, Nigeria’s long-term economic transformation requires greater investment in manufacturing, technology, commercial agriculture and industrial development capable of creating large-scale employment opportunities.

Supporters, however, viewed the First Lady’s comments differently.

They argued that the Renewed Hope Initiative is specifically designed as a social intervention for vulnerable women rather than a national economic blueprint. In their view, businesses such as akara, roasted corn and kuli-kuli were merely practical examples of enterprises that require relatively modest capital, basic skills, and can generate income almost immediately.

Supporters further noted that the grants being distributed are non-repayable, making them significantly different from commercial loans that often burden first-time entrepreneurs with interest repayments before their businesses become profitable.

Many also emphasised that Nigeria’s informal food sector has historically supported millions of households, helping parents finance their children’s education, build homes and gradually expand into larger businesses.

Looking Beyond the Headlines

As discussions intensified, former Senator and human rights activist Shehu Sani urged Nigerians to view the controversy within a broader context.

According to him, public assessment of the First Lady should not be limited to a single statement about akara businesses but should also take into account her wider humanitarian interventions over the years.

Sani noted that Senator Oluremi Tinubu has supported initiatives ranging from fundraising for the National Library to assistance for nursing schools, cancer research, tuberculosis eradication programmes, tertiary education, widows and orphans of fallen soldiers, victims of communal and terrorist attacks in Plateau and Borno states, elderly citizens, artists and victims of tanker explosions.

“The record of the First Lady as one who raised billions for the moribund National Library on her birthday, financially supported nursing schools, cancer research, tuberculosis eradication, tertiary education, widows and orphans of fallen soldiers, victims of communal and terrorist violence in Plateau and Borno states, the elderly across the states, artists and even victims of tanker explosions should ideally be assessed and appreciated beyond the akara comment,” he said.

The former lawmaker’s intervention shifted attention from the politics surrounding the remarks to the broader issue of economic empowerment.

Regardless of differing opinions, one fact remained unchanged: millions of Nigerians continue to search for practical, affordable ways to earn a living.

That raised an important question.

If someone decided today to take the First Lady’s advice, how much money would they actually need to start an akara or roasted corn business?

To answer that question, Pinnacle Daily investigated the current market realities.

Pinnacle Daily Investigation: The Real Cost of Starting an Akara Business in Nigeria

For many Nigerians inspired by the ongoing conversation around micro-enterprises, the biggest question is not whether akara or roasted corn can generate income, but whether they are still affordable to start.

Our survey findings show that while inflation has pushed up the cost of virtually every ingredient, the businesses remain among the least expensive enterprises to enter, especially for aspiring entrepreneurs who already own basic cooking equipment.

Starting an Akara Business: What ₦35,000 Can Buy

Market survey shows that an entrepreneur who already owns a gas cylinder, burner, frying pot and other household utensils would require approximately ₦34,000 to ₦35,000 to purchase the essential ingredients needed for production.

The current market breakdown shows:

Item	Current Price
Oloyin beans (1 paint bucket)	₦4,500
Drum beans (1 paint bucket)	₦4,000
Onion (1kg)	₦1,000
Fresh pepper (1kg)	₦5,000
Shombo (1kg)	₦5,000
Tatashe (1kg)	₦5,000
Vegetable oil (1 litre)	₦5,000–₦6,000
Grinding	₦1,500
Salt, seasoning and spices	₦3,000

Estimated ingredient cost: ₦34,000–₦35,000

This estimate excludes cooking gas, transportation and equipment because many first-time entrepreneurs can significantly reduce costs by using household utensils they already own.

Business advisers say this approach enables aspiring entrepreneurs to channel virtually all available funds into ingredients rather than expensive equipment.

Start From Home to Reduce Expenses

One lesson that emerged repeatedly during Pinnacle Daily’s investigation is that location does not necessarily require a rented shop.

Many successful akara sellers began by frying directly outside their homes, using existing household gas cylinders, cooking stoves and deep frying pots before gradually expanding their operations.

Doing so eliminates one of the biggest challenges facing new entrepreneurs high startup costs.

Instead of borrowing money to purchase equipment, beginners can focus on building a loyal customer base while reinvesting profits into expanding the business.

Don’t Sell Akara Alone

Experienced traders say another common mistake among new entrants is selling akara as a standalone product.

Customers buying breakfast rarely purchase only bean cakes.

Many successful vendors increase their earnings by offering complementary products such as pap (ogi), custard and freshly baked bread.

Instead of earning from one item, they provide complete breakfast packages, increasing the average amount spent by each customer without significantly increasing operating costs.

Business experts say this simple strategy can substantially improve daily turnover while encouraging repeat patronage.

Location Can Determine Success

Choosing the right location is just as important as raising startup capital.

Roadside food vendors who operate in areas with heavy human traffic generally record higher patronage than those in quieter neighbourhoods.

Among the most profitable locations are, Busy bus stops, Major road junctions, School gates, Markets, Office districts

Timing also plays a crucial role. Successful akara sellers typically begin frying by 5:30 a.m., ensuring that workers, students, commercial drivers and traders can buy breakfast before starting their daily activities.

According to experienced operators, the first few hours of the morning often account for the largest share of daily sales.

Roasted Corn: Another Business Within Reach

Like akara, roasted corn has remained one of Nigeria’s most accessible roadside businesses.

A market survey conducted by Pinnacle Daily found that a bag containing approximately 80 fresh cobs of corn currently sells for about ₦35,000.

For entrepreneurs who already own a roasting stand, grill or wire mesh, charcoal drum and basic roasting tools, this represents the principal startup investment.

Additional working expenses include, Charcoal or firewood — ₦2,000–₦5,000, Wrapping materials — ₦500–₦1,000 Salt (optional) — ₦500–₦1,000

This brings the recommended startup working capital to between ₦38,000 and ₦42,000, excluding equipment.

Why Roasted Corn Remains Popular

Unlike many food businesses that require multiple ingredients and lengthy preparation, roasted corn is relatively simple to prepare.

The business requires fewer raw materials, less preparation time and lower operational complexity.

Demand also tends to rise during the corn harvest season, when fresh produce becomes widely available across the country.

Many vendors further increase earnings by selling roasted pears (ube), coconut and bottled water alongside roasted corn, creating additional income streams from the same customer base.

Although neither akara nor roasted corn guarantees instant wealth, Pinnacle Daily’s investigation shows that they remain among the most affordable businesses for Nigerians seeking to start small and grow steadily.

Can These Small Businesses Still Change Lives? Experts Weigh In

While the debate over the First Lady’s remarks continues, business experts say the more important conversation should be about how Nigerians can build sustainable livelihoods from small enterprises, particularly at a time when formal employment opportunities remain limited.

For Hafiz Bakare, a business consultant and former bank chief executive, businesses such as akara, roasted corn and kuli-kuli should neither be dismissed as insignificant nor exaggerated as complete solutions to Nigeria’s economic challenges.

Bakare described the businesses as practical entry points into entrepreneurship, especially for vulnerable women and low-income households seeking immediate sources of income.

According to him, much of the public debate has overlooked the specific audience the First Lady was addressing.

“The Renewed Hope Initiative is primarily targeted at vulnerable women, widows and other disadvantaged groups. It was never presented as a comprehensive solution to Nigeria’s unemployment challenge or an economic blueprint for every Nigerian,” he explained.

Bakare said many critics interpreted the examples of akara, roasted corn and kuli-kuli too literally, whereas they were intended to illustrate the type of businesses that require relatively modest capital, basic skills and can begin generating income almost immediately.

Why Grants Matter More Than Loans

One aspect of the initiative that deserves greater attention, Bakare noted, is that beneficiaries receive grants rather than loans.

For first-time entrepreneurs, he said, this can make a significant difference.

Unlike commercial loans, grants do not come with repayment obligations or interest charges, allowing beneficiaries to concentrate on building their businesses instead of worrying about debt.

“In today’s economy, access to non-repayable capital gives small entrepreneurs room to stabilise their businesses before thinking about expansion. It reduces financial pressure during the critical early stages when many businesses struggle to survive,” he said.

According to him, this approach offers vulnerable households a safer pathway into entrepreneurship than borrowing from informal lenders or high-interest microfinance institutions.

The Enduring Strength of Nigeria’s Informal Economy

Bakare believes one reason businesses such as akara and roasted corn have survived for generations is their ability to generate cash daily.

Unlike ventures that may require months before yielding returns, roadside food businesses provide immediate turnover because customers pay at the point of purchase.

That steady cash flow, he said, enables operators to restock regularly, meet household expenses and gradually build working capital.

He noted that many successful Nigerian entrepreneurs did not begin with large factories or major investments.

Instead, they started with modest trading activities, expanded gradually and reinvested their profits over time.

“Across Nigeria, countless professionals, business owners and even corporate executives were raised by parents whose livelihoods came from petty trading and local food businesses. These enterprises have educated children, built homes and lifted families out of poverty.”

Success Depends on Strategy, Not Just Capital

According to Expert, startup capital alone does not determine whether a business succeeds.

He identified location, product quality, customer service and financial discipline as equally important factors.

An entrepreneur operating beside a busy motor park or school gate, he explained, is likely to attract more customers than someone selling the same product in an area with little pedestrian traffic.

He also advised entrepreneurs to maintain consistent quality, saying customers quickly identify vendors whose products are fresh, tasty and hygienically prepared.

“People may buy once out of curiosity, but they return because of quality,” he said.

Think Beyond One Product

Bakare encouraged aspiring entrepreneurs to avoid relying on a single source of income.

An akara seller, for example, can increase earnings by adding pap (ogi), custard, bread or beverages.

Similarly, roasted corn vendors can expand their offerings by selling coconut, roasted pear (ube) or bottled water.

These additions require relatively small investments but can significantly increase the average value of each customer’s purchase.

Another mistake common among new entrepreneurs, Bakare observed, is spending business income too quickly.

He advised operators to separate business finances from personal expenses and consistently reinvest part of their profits.

“Every successful business starts small. Growth comes from discipline, not from how much money you begin with,” he said.

A Business Is Only the Beginning

Bakare stressed that while roadside food businesses remain viable entry points into entrepreneurship, they should also be viewed as stepping stones to larger ambitions.

Many restaurant owners, caterers and food processing entrepreneurs, he noted, began with small roadside operations before gradually expanding into larger enterprises.

“The goal should not simply be to remain an akara seller forever,” he said. “The goal should be to build something that grows over time.”

His advice reflects a broader lesson emerging from Pinnacle Daily’s investigation.

Although inflation has increased startup costs, entrepreneurship remains accessible to Nigerians willing to start modestly, manage their finances wisely and grow patiently.

The size of the initial investment may open the door, but long-term success depends on consistency, innovation and the determination to keep building.

Beyond Akara and Corn: Other Businesses Nigerians Can Start With Less Than ₦50,000

One of the strongest lessons emerging from the nationwide conversation is that entrepreneurship is not limited to selling akara, roasted corn or kuli-kuli. Across Nigeria, thousands of successful small businesses continue to operate with relatively modest startup capital, providing daily income for students, unemployed graduates, artisans, stay-at-home parents and retirees.

Business experts say the biggest misconception about entrepreneurship is that millions of naira are needed before starting. In reality, many thriving businesses began with less than ₦50,000, growing gradually through consistency, customer satisfaction and reinvestment of profits.

For aspiring entrepreneurs searching for affordable opportunities, several businesses remain within reach.

Liquid Soap and Detergent Production

Liquid soap production remains one of the most affordable manufacturing businesses in Nigeria. With a startup capital of between ₦7,000 and ₦10,000, an entrepreneur can purchase the chemicals, bottles and basic materials required to produce the first batch.

Demand remains strong because households, restaurants, schools, offices and hotels use liquid soap daily for washing dishes, clothes and cleaning surfaces. With proper branding and consistent quality, many small producers gradually expand into supplying supermarkets, hotels and institutions.

Snacks and Small Chops Business

Nigeria’s love for snacks continues to make this one of the country’s most reliable small businesses. Products such as chin-chin, puff-puff, doughnuts, buns, meat pies, samosas and spring rolls enjoy steady demand at schools, offices, churches, parties and social events.

Depending on the scale of operation, entrepreneurs can start with between ₦10,000 and ₦20,000. Many operators begin by supplying neighbours and nearby offices before expanding to event catering and wholesale production.

Hair Braiding and Wig Revamping

For individuals with hairstyling skills, this business requires more talent than capital. With about ₦15,000 to ₦25,000, an entrepreneur can purchase basic combs, attachments, hair products and styling accessories.

The increasing popularity of wig restoration and revamping has also created new opportunities. Many women now prefer restoring old wigs instead of purchasing new ones, creating a steady market for skilled hairdressers.

Airtime and Data Reselling

With increasing internet usage across Nigeria, airtime and data vending has become a fast-growing digital business. Entrepreneurs can start with as little as ₦5,000 to ₦10,000, using mobile applications to sell airtime, internet data bundles, electricity tokens and cable television subscriptions.

The business requires little physical infrastructure and can be operated entirely with a smartphone, making it attractive to students and young entrepreneurs seeking flexible income.

Thrift Clothing (Okrika) Business

Nigeria’s thriving second-hand clothing market continues to offer strong business opportunities. With startup capital ranging from ₦15,000 to ₦30,000, entrepreneurs can purchase quality thrift clothing from major markets, wash, iron and package them attractively before reselling through social media platforms or local markets.

Affordable fashion remains in high demand, especially among students and young professionals seeking quality clothing at lower prices.

Tutoring and Home Lessons

For graduates, teachers and professionals with strong academic backgrounds, tutoring requires almost no financial investment.

Individuals who are knowledgeable in Mathematics, English Language, Physics, Chemistry or other examination subjects can offer home lessons to pupils preparing for WAEC, NECO, JAMB and other examinations.

Apart from transportation and teaching materials, the business requires little capital and offers flexible working hours with attractive earning potential.

Digital Product Creation

The digital economy has opened new opportunities for creative entrepreneurs.

People with writing, graphic design or digital marketing skills can create and sell products such as e-books, planners, journals, templates, online courses and educational materials.

The business often requires little more than a smartphone or laptop, internet access and creativity. Once created, digital products can generate repeated income without additional production costs.

Affiliate Marketing

Affiliate marketing has become increasingly popular among young Nigerians because it requires little or no startup capital.

Rather than producing their own goods, affiliate marketers promote products or services for companies and earn commissions on successful sales. Marketing is commonly done through WhatsApp, Facebook, Instagram, TikTok and other social media platforms.

For individuals with strong communication and digital marketing skills, affiliate marketing offers an opportunity to earn income without maintaining inventory.

Mini Importation Business

Entrepreneurs with between ₦30,000 and ₦50,000 can venture into mini importation by sourcing affordable products such as phone accessories, fashion jewellery, beauty products, watches and household items from international suppliers before reselling them locally.

The business has gained popularity because many imported consumer goods continue to enjoy strong demand in Nigerian markets, particularly when sold through social media platforms.

Phone Charging Business

In communities experiencing irregular electricity supply, phone charging remains a surprisingly profitable enterprise.

With startup capital of about ₦30,000 to ₦40,000, an entrepreneur can purchase a small generator, extension sockets and charging accessories to provide affordable charging services to residents.

Although simple, the business addresses a daily need and can generate steady income in densely populated communities.

Despite Nigeria’s economic challenges, these businesses demonstrate that entrepreneurship does not always begin with huge financial investments.

Whether producing liquid soap, selling thrift clothes, vending airtime, roasting corn, frying akara or offering home lessons, success depends less on the amount of startup capital and more on consistency, customer service, prudent financial management and the willingness to grow steadily.

Business experts advise aspiring entrepreneurs to start with what they can afford, keep proper financial records, reinvest a significant portion of their profits and focus on delivering quality products or services. Over time, many of today’s seemingly small ventures have the potential to grow into sustainable enterprises that create employment and improve household incomes.

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Beyond the heated social media debate, Pinnacle Daily’s investigation found that businesses such as akara and roasted corn remain among the most affordable entry points into entrepreneurship despite rising inflation.

An aspiring entrepreneur who already owns basic cooking equipment can begin an akara business with about ₦34,000 to ₦35,000 worth of ingredients, while a roasted corn business requires roughly ₦38,000 to ₦42,000 in working capital if the essential roasting equipment is already available.

Ultimately, the debate sparked by First Lady Senator Oluremi Tinubu’s remarks may subside, but one reality remains: every successful enterprise begins somewhere. While inflation has undoubtedly raised the cost of doing business, it has not eliminated the opportunities available to determined entrepreneurs.

For thousands of Nigerians searching for a way to earn an honest living, the journey into business may not begin with millions of naira. Sometimes, it starts with a modest investment, the courage to take the first step and the discipline to build steadily from there.