What can you do in Nigeria to gain a fortune? What kind of business is beneficial for Nigerian entrepreneurs? Read more to find out!
With the economy recession, young Nigerians have no option rather than to create jobs by themselves. Therefore, they also need to understand that no one can pay you more than yourself. It`s a clear statement which should be followed by all Nigerian entrepreneurs. If you consider how to gain fortune out of the business on Nigerian soil, you should understand that it will not be easy. Try to read books about business first and understand that the best way in running the business is never to surrender. For Nigeria, one of the most popular forms of making money out of business are next:
The internet is your main source of money now, and there is no other choice to make more money than in this sector. Nevertheless, if you don`t have abilities to work in the internet sector and E-commerce, you can always learn how to do the business in this sector. Why don`t you hire a mentor for your future business? Even if you don`t have necessary skills, remember, that you need to figure out how to create connections within the internet market. You may try to work as a mediator between people and make money out of it. It`s not an easy way, and there will be ups and downs, but only the fittest can survive in this kind of market.
The building industry is booming in Nigeria. Therefore, people always in need of the material to satisfy their desires in building. Why you can`t be the guy who can connect construction materials with builders? On the initial level of development, your business would need a lot of investments so that you could keep up the competition. The materials are better sold from local dealers, and they can provide you a discount if you pay for many items at once. Nevertheless, if you are not sure of your potential, but still desire to get into this business, try to work for somebody in this sphere to see the inside of the business first hand.
To become a real estate agent, you would need to understand human needs. Nigeria is in the economic recession. Therefore, the gap between poor and wealthy grows deeper, but it does not mean that there is no fish in the sea. The newly erased upper-middle class of Nigeria always desire to buy a house rather rent it. Therefore, why shouldn`t you be the one who sells them a house? It also requires some investments on the initial level, but in business, if you invest nothing – you gain nothing. Real estate agents can have more than double profit out of every sold house.
In this sphere of business, you would need excellent management skills not to sink your newly created Hotel business. The competition is very high in the hotel business, but they still exist and provide an enormous amount of revenue to their owners. Nevertheless, it does not mean that you would get clients upon opening your hotel. You would need something special to become one of the attractive places on the high competition market. You may try to use some new technologies in the marketing to promote your business. Hotels can`t live without initial investments.
Gas and Oil
Nigeria is the biggest exporter of oil and gas in Africa. The competition on the market is pretty high, but the variety of choices for the oil industry is also pretty high. You can run a gas station and benefit from that. Moreover, if you manage to run it on the decent level, there is a pretty chance that you can become a millionaire in no time. Although, this type of business also requires initial investments. Moreover, the connections in this sphere are a critical part of business. You can never run a gas station without someone who could back you up.
Unfortunately, Nigeria does not have enough supplies of rice for its population, but you can gain from this situation. You may try to organize some rice farming. Although, it requires a tremendous amount of strength to maintain and open this business. Nevertheless, you can always rent the land for rice farming instead of buying it. There also companies in Nigeria which can provide you help in rice farming. This help does not limit by the piece of advice, but sometimes it’s a real financial investment. Therefore, be prepared to hard labor and a magnificent amount of investment.
That can be quite a variant for you. It`s a low-cost business, which generates a tremendous amount of money. This business requires some snails and right conditions for their breeding. Nevertheless, some knowledge in their biology is needed. Although, they are not whimsy regarding food and conditions. The demands for snails have risen sharply for the last few years. This mean that you can benefit from their rearing. Nevertheless, for colossal revenues, you would need patient and knowledge of people. You would need to find a buyer for this good, and try to sell the snails.
If you have skills in scavenging items, and you have feelings that you can work with cloth, then the second-hand market is for you. Europeans send thousands of kilograms of cloth to the stock market of Africa, East Europe, Asia, Latin America. You can surely buy from your local distributor few kilograms of the cloth. The low-income citizens of Nigeria may gladly buy European cloth from you. If you buy one sack of clothes for $100, you will defiantly have the benefit of ever 20% of it. By the way, be ready that 5-10% of the cloth in the sack is not suitable for trade for various of reasons. Nobody said that it would be easy, and the initial revenue will not be high, but in time it can become quite a fortune.
Food is everything that people need to survive, and the most popular food is chicken. Therefore, try to organize the breeding of birds in your local area. The initial amount of birds should be no less than 1000 units to be profitable and conduct the business. Nevertheless, try to get finance from the government and present it a social project. If you don`t have enough amount of birds, try to organize the local community to create some business organization where all could take share. You should be responsible for the business you create.
The transport industry is a mess in Nigeria. Nevertheless, it`s still quite a profitable branch for developing your own business. Still, it also needs investments and connections. Moreover, you would need to hire professional drivers and create routes through the city to collect maxim passengers from point A to point B with minimum time between these two pints. The local authorities may help you with establishing this kind of business, as they have an interest in making the traffic within less jammer within city limits. Still, be ready for hard labor.