Mod please help put this to the public a friend want to lend me 650k to repay it back with 1.3miil in 18months which is I'm to be paying 3k daily that's 18k weekly which is 72k monthly he want me to use the money to buy kekenapep which I can ride but I'm thinking to buy bags of food stuff for sale please advice me is the keke lucrative or the food stuff please I'm to start making payment from the first of this new month

Please friends advice a fellow brother between Lagos and Ogun state which of the state will bring more money if I should buy the keke or to start doing food stuff business

Buy the keke bro and drive it yourself, hope the sum will be enough to register with local govt and union? If not ask for additional 20k to do that....God bless your hustle.

Advises:
Please friends advice a fellow brother between Lagos and Ogun state which of the state will bring more money if I should buy the keke or to start doing food stuff business

Don't know much about Ogun state but Lagos is fine, you can never be short of riders.

I have just 3 days to go and I want to repay back the money as promised in 1 and half year time he is just helping me as a friend without any guarantor and I really want to show my appreciation

Go for keke n drive if urself.

As your lord and saviour, i will advice you.

Food Stuffs is a "No no" due to the hight interest rate on the Loan. Though in this business you are assured of a future and High ROI in the long run but sadly, you might spend the first 7 months with low patronage.

But that tricycle will start producing returns almost immediately you buy it. But such business in Nigeria is capable of reorganising and restructuring your personality as you wont even know how you became a Tout.

Secondly, no matter how much you make at the end of the day, you will never live above average.

Thirdly, Drive the tricycle yourself for Maximum Profit.

gasparpisciotta:
Buy the keke bro and drive it yourself, hope the sum will be enough to register with local govt and union? If not ask for additional 20k to do that....God bless your hustle.

yes I'll be the one to drive it but I don't know if the keke is more lucrative than the food stuff thanks so much

The person that gave you such a loan is not a true friend. Infact he is wicked. From my calculations he gave you 650'000 at 5.5% flat rate per month and that is 66%per annum.
With the increasing uncertainty in the Nigeria business environment you may find yourself in the endless circle of debt. Please don't accept such loan for a start up business. That is my one Kobo advice.

truthfulparrot:
The person that gave you such a loan is not a true friend. Infact he is wicked. From my calculations he gave you 650'000 at 5.5% flat rate per month and that is 66%per annum.
With the increasing uncertainty in the Nigeria business environment you may find yourself in the endless circle of debt. Please don't accept such loan for a start up business. That is my one Kobo advice.

best advice u no go fit repay laye.. 3k everyday..lool... ko possible...beta no collect am... shey u no go chop ni and if u get family woo gbagbe

The interest rate is too much...

Advises:
Mod please help put this to the public a friend want to lend me 650k to repay it back with 1.3miil in 18months which is I'm to be paying 3k daily that's 18k weekly which is 72k monthly he want me to use the money to buy kekenapep which I can ride but I'm thinking to buy bags of food stuff for sale please advice me is the keke lucrative or the food stuff please I'm to start making payment from the first of this new month

Bro reject that loan cos you can pay back such wicked interest rate, FYI I'm a business man and I have worked on loans before, it is pretty crappy paying back

Advises:
Mod please help put this to the public a friend want to lend me 650k to repay it back with 1.3miil in 18months which is I'm to be paying 3k daily that's 18k weekly which is 72k monthly he want me to use the money to buy kekenapep which I can ride but I'm thinking to buy bags of food stuff for sale please advice me is the keke lucrative or the food stuff please I'm to start making payment from the first of this new month

Chai!! The interest rate is too high!

There are several Microfinance banks that would have given you with at lower interest rate. Anyway, you have already collected the money. Let's think about the way forward.

Now, choosing between selling food stuffs and buying a Keke depends on a whole lot of factors ranging from the business location, availability of customers, your experience, etc

Must your friend detect for you the business you should do? I think you should not limit your self to only those two businesses. There are other businesses that could yield better than the two you are considering.
You need to widen your choices, do your market survey and make your best decisions based on your findings.

Here are 60 BUSINESSES YOU CAN CONSIDER IN THE NIGERIAN ENVIRONMENT.

Please also see 10 MOST IMPORTANT QUESTIONS EVERY ENTREPRENEUR MUST ADDRESS TO SUCCEED.

Good luck.

Advises:
Mod please help put this to the public a friend want to lend me 650k to repay it back with 1.3miil in 18months which is I'm to be paying 3k daily that's 18k weekly which is 72k monthly he want me to use the money to buy kekenapep which I can ride but I'm thinking to buy bags of food stuff for sale please advice me is the keke lucrative or the food stuff please I'm to start making payment from the first of this new month

that your friend is a wicked friend.....pls dont accept the loan the interest is too mussg over 100%......use your brain

truthfulparrot:
The person that gave you such a loan is not a true friend. Infact he is wicked. From my calculations he gave you 650'000 at 5.5% flat rate per month and that is 66%per annum.
With the increasing uncertainty in the Nigeria business environment you may find yourself in the endless circle of debt. Please don't accept such loan for a start up business. That is my one Kobo advice.

Bros when you try to get a loan from any bank in Nigeria..Thats when you will know that you must bring something they will hold onto (incase halfway you are not able to meet the terms) before you are giving.

You can not just walk into a bank and get a loan today tomorrow without processes. Most times civil servants that intends to get loan are first of all as to bring their salary to the bank that is lending the money if it wasn't there before to avoid stories that touch.

This kind of loan benefits those that already have an existing business and are sure of what there are going into. Some times people would invest all they have to import goods and when the goods come in, it would be held by customs. The easiest way of getting money to clear it is with a loan like this. Also sometimes a business man may see an opportunity to make some quick cash but don't have what it take at that moment..infact some will even accept to pay as high as 10% for a month. People give out car on higher purchase too.

That said, op you are to carefully check and see if you can be able to pay back that money before you put yourself in that situation. I am saying this because you seem not to have any experience on the two things you have in mind to with the money when you collect it. So I will advise that for the keys you should ;

* Try and do a feasibility studies to know the average amount a keke rider get daily in the area you intend to ride..

* Be sure that if you minus money for fuelling the keke, servicing the keke and average feeding for yourself. You can get the 3k to give him and at least have a little to keep for yourself too.

* Be sure that you can subdue your pride and go into such kind of venture since you already know how to ride..

* Be sure that you have a safe place to park over the night when you are not riding. etc.

For the food business, if you must do it you will have to go and understudy someone that is already into it for at least between one to three months. At least if you are dedicated and hard working enough the person might show you the techniques in the business since you will not need him to settle you at the end of the day.

In all be sure you think through very well before collection g that money..

Is food business more lucrative than keke business? Hard working keke riders often pay off their debts from what I've heard from transportation investors. But it's harder now due to the quantity of keke riders in the business.

If you must make it in keke business, you have to ride it yourself. No stories. Leasing out a vehicle is a bad business in Nigeria, except you are a "big ruthless man. "

I'm still trying to learn more on food business. Can anyone tell me about Semolina and Oil business?

Granted,it is difficult to get loan at lower interest rate from financial institutions in Nigeria, but I always advice my clients to be weary of any loan that is more than 30% per annum that is about 2.5% per month. From my over 18 years experience in diverse financial institutions in Nigeria, I have seen lot of people enter into vicious circle of debt because they failed to profile the risks involved in their business venture s and how to mitigate against them. The returns on investment for transport business is very erratic and unpredictable and the risk of failure is obviously higher for the OP who has no previous experience in transport business. I am very sure the OP is not even thinking of doing comprehensive insurance on the Tricycle. The political and policy inconsistencies is another risk factor that can bring the business down. The bottom line is that I don't advice my client to go for high interest loan for startup business expecially if they don't have previous experience in such business.



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