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How Much Money Must You Make Before Returning To Nigeria?

Nigerians in Diaspora, this thread is for you. Many of you left Nigeria for various reasons - education, career enhancement, business etc. But the most common reason is the proverbial 'Golden Fleece'.

If you were to attach a target of monetary value to this Golden Fleece, how much will make you return to Nigeria?

How much money must you make before returning to Nigeria?

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35 answers

From the way things are going, hardly will anybody abroad be able to come back after a while. I mean, once you've got a good job abroad, family responsibilities, income, expenses, coming to naija will be a hard sell. Mostly people who are coming back these days are the peeps who just went, studied and left immediately after.

Cost of living is higher in naija, though tax is less.  Jobs are not available, and the credit crunch means the multinationals will slow down on recruitment in general, in the coming year. Outside the multinationals, and the banks, you can hardly get a decent wage anywhere else, or even a relevant job.

As per money, it's not really applicable. Even if your life savings are equivalent to, say, 5m, don't move all your funds back just like that. I want to believe it's not that someone is chasing you from over there. Come first and see how far. Then you really know exactly what you need.

Starting a business in Nigeria is not all that it's cracked up to be. I won't even recommend anyone comes back to start a business without doing some sort of market test or feasibility study, so you can learn how to operate in this environment. Else your funds will just be wasted by smart men who will filch you out of every kobo. If you want to do business here, just stay away from the so-called 'quick wins'. They might destroy you. Also, you need to be wary of family and friends. People still feel people coming from abroad have money.

I would recommend that anybody coming back should not be too quick to burn their bridges. Like tkb said, you need your brain much more than even money. You can decide to take a contract position in yankee, and take some time off and come to naija to see if you can blend in. That is for the very well established abroad. If you are struggling abroad, you can come back home and try for a job, just forget business in the short term.

Most importantly, never ever try to fit Naija into your yankee lifestyle and mindset. Consequences might just be disastrous. There's no system here to rely on to see you through. You may just have to be your own 'system'. But I think overall, for the not-so-encumbered-with-responsibilities, it is worth a try, and once you jettison all stereotypical ideologies, you should cope nicely. Be realistic, don't expect things to be as cut-and-dried as they are in UK or US or Canada, and live each day at a time. It is, after all, our only country.

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in addition to the money, bring ur brains

dont forget it o.

U'll need ur brains more than u need the dough.

As for how much? 25milla will be adequate

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I'll suggest that you have enough money for two houses, two cars, a small or medium size business that'll generate enough income to fund your standard of living plus a nice sum of money in a high yielding account.

Try to plan your resettling over a period of 2 years.(Saving the money takes more than 2 years, me thinks)

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this is the most intelligent answer I've ever get.

in western world don't count how much you made but amount of sence and experience you get, with them you make a Lot of money.

but if you come back with lot of money without experience to run a business you'll be forced to go back maybe this time to look for your pension.

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and by the time you come back, the 10 billion euro will not be needed because almost everyone will have it then, because by then, there will be light everywhere, light as in light, prosperity, peace, growth and power. Please stay where you are.

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I  want to have 10 billion € Euros before i come back to the heart of darkness.

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@ larger_20

You will be surprised when you get to know the number of people with Masters degree and CGPA of over 4.0 compared to 3. which you have.

You all agree it is not easy to save money overseas, therefore, you dont have to wait and count how much money you are able to save before deciding to do something. I have been here four four years, but on my third year here, I have already gotten the sence and wisdom to start a business back home. Therefore, it is not how much you are able to save, it is the amount of sense you are able to gain while sojourning in the white man's country.

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if u dont have money to rigg elections pls dont come yet;maybe 2011 will do

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Yes Seun U are absolutely right, not having a godfather in government.

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If you're not coming with capital - and experience - to start a business, please don't come to Nigeria!

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I dont belive that, you are so myopic in this posting. Many people are making it without having anyone in govt. I guess follow Nairalanders can attest to this.

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6 yrs to study the market (which is quite too much) is so so different from 3 yrs in the business making loss (. . .when not making profits . . . )

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He's got jokes.

Comedian in the house everybody.

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10 million Pounds will do.

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First you say it's wrong to consider eventualities too deeply. Then you say making sure you are well prepared for whatever might want to pose as an obstacle. How are you supposed to make sure you're well prepared, if you don't spend a lot of time working out the details?

I've done work for a few different people over the years. And I'm astounded at the details they present to me. In one case, the guy had been studying the market he was in for 6+ years. By the time I got done building his business for him, he came out as the best of the best, way ahead of his competitors. He has held the top position ever since.

You do have to spend a lot of time studying your market. By so doing, you increase your chances of success dramatically.

Or course I can understand the mentality of someone who's going into a business venture as a means of getting out of poverty, as opposed to another fella who's doing it to catapult himself into higher class status. The latter guy is likely to want to be better than the best, where the first just wants to rush in asap.

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That's the spirit man!

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In addition, when you try to over-analyze what the eventualities might bring, thats the beginning of losing confidence and interest in whatsoever you want to do. Get into it but making sure you are well prepared for whatever might want to pose as an obstacle

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When you spend all your time planning for eventualities you have little time to actually start up. Face it -- the more you plan, the more imaginative you become and the more you plan. . .

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Well making sure you are prepared for eventualities is different from trying to be viewing it from the pessisimists point of view and losing hope in the whole system. Well like i can be entitled to my opnion and same thing applies to you!, Thats the way I see it.

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What is negative about making sure you're prepared for eventualities?

The way I see it, if you're already working abroad, and you're bent on going against the tide to return to Nigeria, you might as well load up as much as possible. If things turn out bad, you have a boat load of dough to fall back on. On the other hand, if your plan falls through, and your cash reserve is only good for 6 months, what are you going to do then? Pack your bags and head abroad again?

What I've written earlier is exactly how I'd proceed. I won't pull any dumb stunts where none is required.

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There is nothing like the "right" moment. Planning with plenty of safe-guards means you won't start at all. Start with what you have -- if you wait for a break then you're going to wait forever.

As for not knowing things -- how you're going to run your business will come from hands-on experience. No business-man hasn't lost money or had a little number played on him when he was still green. As a business owner you must be willing to take risks -- that's what scares people off from starting up on their own.

Most people lose almost all they have when they start -- what'll keep you going on is determination.

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Oasis, sorry buddy, you sound so negative!

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Nothing wrong with succeeding that quickly. But there's nothing wrong with having a 3 year cushion, in case things don't go as planned.

The truth is, some business ventures do take a very long time to begin yeilding results.

This is one of the reasons why most things fail in Nigeria. You people don't have vision to put safeguards in place for unexpected situations. Call me paranoid, but I'm right, and you're wrong on this.

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Work in the US and save your money and use it to create solutions jobs in Nigeria later.

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Lotteries? I haven't seen anyone who explicitly set out to win the lottery actually do so.

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i dey wait for the day wey i go win spanish lottery and na so me i go land for naija gbaaaaaa, come build one lab for this our american scientists wey full this forum, naija go better or do i say biafra go better, any way for the main time naija

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that is so wrong, and am sure alot of people would agree with me on that. What kind of business do you wanna do that you'll have to wait 3 yr for profit!! Nigeria is a very profitable market. . . if you have a nice idea, and capital, am sure you'll start making profit way faster, say in the first couple of months. . . it might take 2 to 3 years for you to be a multinational though!

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If you decide to build something before returning home, beware.  There have been cases of people returning home to find nothing, after having sent substantial amounts home for friends/family to build something for them.  My advice is that you wait and purchase or build a house/biz yourself.

As for how much is enough, you have to factor in:

1. Cost of building a house. Whatever estimates you come up with, double/triple it.

2. Same for building a business.  Think of exorbitant govt licencing costs.

3. Bribery money.  You can't escape it.

4. Be prepared for a pack of vultures who invariably are going to be crawling out of the woodwork, claiming to be relatives.  You're going to need to fork over cash, or make enemies real fast.

5. Be prepared that your business wouldn't start making money for the first 3 years.

6. You need to go home with at least a car.  Possibly another car to sell at a profit.

7. Be prepared for the cost of shipping your belongings home, as well as clearing them from the ports.  Clearing your goods could cost you a pretty penny.  Ask people who have gone though it recently.

8. Be prepared for the cost of healthcare.

So, the amount of money you need, would depend on where you choose  to settle in.  Places like Lagos/Abuja will eat you alive.

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That's what I think too. I don't like working for people.

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Why not just aim to start a company and create jobs instead?

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I dont care how much i make becasue money is just a liquidty value. With a masters degree which is another kind of money and a gpa over 3.0 I can command some respect in any nigerian company back home and make even more money while serviing the nation.

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there's not enough money to build me a research lab, lab equipments and provide constant research grants to work with!

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when am done with my studies you cant make a certain amount of money and say you want to go back because the money can still finish back home.

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I don't care how much money I make before returning. I just intend to finish up my studies and return.

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Enough money to enable you own a house when u return there. ENough money to enable to own your own business, and enough money to help your family.

But i think it'll be wise to be here n be building ur house there, also a business, so that when you go permanently, it won't be stressful. You'll already have these things done.

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