Hi there,
I only just joined the site some minutes ago and i am well impressed with the site, kudos to the person behind d site.
My question is this, What is the most profitable business to go into in Nigeria considering all the economic (electricity, internet etc) and human factors in place (work force).
I currently reside outside Nigeria d moment but i still manage to speak 2 some few friends of mine and anytime the discussion on business is raised they all tell me same thing, BUYING AND SELLLING.
Is that what majority of people are into now or wot?
If yes, can a number (i.e number of people into buying selling eg 1million or 2million) be given to the number of people buying and selling.
Please, let ur replies keep coming in, every information is vital
Many Thanks as i await your responses.

sunkyg:

Hi there,
I only just joined the site some minutes ago and i am well impressed with the site, kudos to the person behind d site.
My question is this, What is the most profitable business to go into in Nigeria considering all the economic (electricity, internet etc) and human factors in place (work force).
I currently reside outside Nigeria d moment but i still manage to speak 2 some few friends of mine and anytime the discussion on business is raised they all tell me same thing, BUYING AND SELLLING.
Is that what majority of people are into now or wot?


If yes, can a number (i.e number of people into buying selling eg 1million or 2million) be given to the number of people buying and selling.


Please, let your replies keep coming in, every information is vital
Many Thanks as i await your responses.

very confusing statement there. Kindly rephrase.

I want to believe all trade and commerce, and hence all business revolve around buying and selling one thing or another, physical or not.

If you are referring to petty trade, i guess its cos majority find it easy to start and manage, compared to alternatives like manufacturing, transportation and what have you.

Depending on your capital and time constraints, you can find numerous other businesses you can run well in Nigeria.

Afterall, the problems you mentioned are only opportunities in disguise.

yamakuza:

very confusing statement there. Kindly rephrase.

I want to believe all trade and commerce, and hence all business revolve around buying and selling one thing or another, physical or not.

If you are referring to petty trade, i guess its cos majority find it easy to start and manage, compared to alternatives like manufacturing, transportation and what have you.

Depending on your capital and time constraints, you can find numerous other businesses you can run well in Nigeria.

Afterall, the problems you mentioned are only opportunities in disguise.

As simple as that!

thanks yamakuza, I do apologise if my initial blog lost u abit, i shud have elaborated more on wot i meant by 'BUYING AND SELLING', quite a few of friends of mine always insist i send stuffs 2 dem to sell, ranging from electronics, cars and all sorts, they tell me that's what everyone is into now and it makes good profit (according to them). That's what i meant by d phrase buying n selling,
Thanks For the reply Yamakuza, quick question, do you have a rough idea of the number of individuals into the business of 'buying n selling'
Your response will be well appreciated

Like i tried to point out earlier, we are all in the business of buying and selling.

All 160m of us Nigerians minus babies, old people and the indisposed.

Its just a matter of what we are buying and selling.

Are you interested in the number of electronics traders, car traders, clothes traders or even information sellers. Perhaps you want the sum of all?

In an average family of 6, the mother has a store if she is a housewife, or takes clothes and shoes to the office to sell. The father sells land part time or cars on pre order. The children, if they are in uni, sell stuff to their classmates and lecturers.

In Nigeria, trading is the fastest way to augment your income. Everyone is a hustler.

I'd say 80% of those between 15 and 65 are traders in Nigeria.

Of that 80%, probably about 20% stock above 500k worth of goods (your car dealers, importers, diesel ppl, etc).

If you know the number of Nigerians between 15 and 65, lucky you.

I really dont see why the number of people trading is an issue.

You just need to find your niche and stand out from the crowd.

What is it you want to import/export or buy and sell? We might be able to tell you how saturated that market is, even if it is a service you have in mind.

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Say No More Yamakuza, U have being of great help, you just gave me d vital information i needed. You said in an average family of 6, 3 members of the family would have a petty trade (i.e take clothing, electronics etc to office or wherever to sell) as part time work or betterstill to support their income.
So how do these people get to sell their products considering the fact they reach out quite a few number of people, it must be pretty hard knock life?
So, Yamakuza enlighten me more on how this manage to carry out their petty trade since they cannot afford shop fee.

sunkyg:

Say No More Yamakuza, U have being of great help, you just gave me d vital information i needed. You said in an average family of 6, 3 members of the family would have a petty trade (i.e take clothing, electronics etc to office or wherever to sell) as part time work or betterstill to support their income.
So how do these people get to sell their products considering the fact they reach out quite a few number of people, it must be pretty hard knock life?
So, Yamakuza enlighten me more on how this manage to carry out their petty trade since they cannot afford shop fee.

mobile kiosks and referrals, i guess.

Lets say an aunt just returns from China with several containers. She has 5 sisters, but we'll consider one.

Mumsy takes bags, clothes and shoes to work and shows her colleagues. Whatever can fit in the boot. The rest, she keeps at home.

If they dont like those samples, they can visit at home, or she takes new samples to the office next day.

3 of her coworkers buy, and then 9 of their friends, and so on.

Popsy goes to work and announces a car just came in. Laptops too.

The kids in college pick whatever they can stuff into a box and go.

Whatever cant be moved around stays at home or in storage. Once a buyer is found, pickup is arranged.

The sales and distribution network spans the extended family system and friends.

^ Lolz. Spambot caught that.

Like i pointed out earlier, only a small percentage stock goods in high volume.

High volume traders rent a shop, put people there, and still peddle as i described.

I dont think your cousins expect you to send 3 containers at once. Maybe a car this month, 6 laptops next month, and so on.

Most people stock on pre order basis nowadays anyway, or simply bring in items they can use themselves if no one buys.

What makes that distribution model work is credit. Buy now, pay later. Sometimes in 2 or 3 instalments.

Na, i'm not a petty trader, lolz.

cool, yamakuza, am yet to be convinced your not into any form of trading, be it part-time or full time. No one outside the the trading union should know as much as you do expect that person trades, so whats your story, do you trade (as in petty trade), lol,

Moving on swiftly, personally, I'm of the opinion that stocking one's good(s) in car boot is abit of a hassle and giving my goods to a third party reduces my profit margin and also lengthens sales time (i.e time it takes for item to be sold). Its just a lil perceptive of mine, it might not apply to the general populace.

I wouldn't mind paying as little as N500 to a third party to help get rid of my product with the goods gotten rid of in time and at the right price. Having said this, i don't know the actual value of N500 but I'm hoping its not too much of a cost.

So quick questions yamakuza, how many people do you think would think in the same way as me and pay the N500 fee to a third party to help them sell their product, or what will be reluctant rate be i.e percentage of total people in petty trade that would object to it and stick to the traditional form of going from work place to work place with good in the back boot.

I await your response Yamakuza.

N.B Many Thanks for the responses, they have been very helpful, you have being my superstar on the site.

sunkyg:

cool, yamakuza, am yet to be convinced your not into any form of trading, be it part-time or full time. No one outside the the trading union should know as much as you do except that person trades, so whats your story, do you trade (as in petty trade), lol,

Like i pointed out earlier, WE ALL trade in Nigeria. Lolz!

I'm still waiting for others to correct my assertions anywayz.

Moving on swiftly, personally, I'm of  the opinion that stocking one's good(s) in car boot is abit of a hassle and giving my goods to a third party reduces my profit margin and also lengthens sales time (i.e time it takes for item to be sold). Its just a lil perceptive of mine, it might not apply to the general populace.

It depends on where you are and the nature of the goods.

If you plan on sending goods to your folks to sell, you let them know the time limit, and they tell you what can move in that time frame and in what quantity.

How they achieve that (distribution/sales model) should not be your headache as long as they remit funds when due.

I wouldn't mind paying as little as N500 to a third party  to help get rid of my product with the goods gotten rid of in time and at the right price. Having said this, i don't know the actual value of N500 but I'm hoping its not too much of a cost.

Depends on the actual unit value of the goods. Most people make up to 50% - 200% or more on markup so your N500 might not count unless the goods cost less than N2k each.

So quick questions yamakuza, how many people do you think would think in the same way as me and pay the N500 fee to a third party to help them sell their product,

Commission based salesmen?

Its a popular practice but u'll need an office to run that from. Its a full time job 4u there.

or what will be reluctant rate be i.e percentage of total people in petty trade that would object to it and stick to the traditional form of going from work place to work place with good in the back boot.

I await your response Yamakuza.

The family scenario i painted earlier is just one of several possible.

Most people try different options and keep adapting till they find what works.

Remember i said mobile kiosks and referrals? Some pay that N500 to get referrals. Others offer it as a discount on multiple purchases.

So, the closest answer to your question is: no one would object; they'd just apply it in different forms.

N.B Many Thanks for the responses, they have been very helpful, you have being my superstar on the site.

We thank God.

You are yet to mention the goods you have in mind, and if you'll be on ground.

That would help to hit the nail on the head.

Awwww, Yamakuza, i cannot thank you enough, you do not have an idea of much your answers have helped me. You are God sent, lol,

In response to your question, my mind is yet to be made up on good(s) i wanna concentrate on. I have got quite a few products in mind ranging from clothings to electronics but am still in the process of my feasibility study to help make my mind up (if u get me).

Yamakuza, Your responses are quite swift, I'll take it that the internet connection in Nigeria is reliable then. I mean, you replies come within a 24hr time frame or less considering the fact that the site is quite a large one and you reply at anytime (I'm assuming you have an internet connected laptop/PC @ home). Pardon me if i have jumped into conclusion too quick, but in your opinion give me an estimated number to these questions please;
* How reliable is the internet connection?
* How many people have got basic internet knowledge (as in check/send emails, fill on-line forms)?
* How many households have got the internet connection?
* If not many households, How popular are cyber cafes?
* Finally, How often do people use the internet, by it @ home, work, cafe, friend's etc?

These are decision making questions, lol, hope my wahala isn't much o!!!

Again yamakuza, your replywould be very much helpful, I'm yet to find a vocabulary to justify you help, you have being wonderful.

N.B Remember, i don't expect you to know the exact numbers, a rough idea would do but still, try to make your answers as close to exact as they can.
Many thanks

Just out of curiosity, what sex are you, male/female??

sunkyg:

Awwww, Yamakuza, i cannot thank you enough, you do not have an idea of much your answers have helped me. You are God sent, lol,

lolz.

We thank God.

In response to your question, my mind is yet to be made up on good(s) i wanna concentrate on. I have got quite a few products in mind ranging from clothings to electronics but am still in the process of my feasibility study to help make my mind up (if u get me).

Your family or sales network will determine that, i guess.

Yamakuza, Your responses are quite swift, I'll take it that the internet connection in Nigeria is reliable then. I mean, your replies come within a 24hr time frame or less considering the fact that the site is quite a large one and you reply at anytime (I'm assuming you have an internet connected laptop/PC @ home).

It gets better and cheaper every day year.

Pardon me if i have jumped into conclusion too quick, but in your opinion give me an estimated number to these questions please;
* How reliable is the internet connection?

Many threads in the Computer section on that.

I'd give 90% pass mark for reliability.

* How many people have got basic internet knowledge (as in check/send emails, fill on-line forms)?

In Lagos and other western states, i'd say from JSS3 upwards.

Cant say same for northern (lecturers maybe) and eastern regions (university students upwards).

Considering educated people btwn 15 and 65, lets say 50m (half of mobile phone users)

* How many households have got the internet connection?

mobile internet - 90% of those living in major cities, 40% in rural areas

broadband - 40% in major cities

* If not many households, How popular are cyber cafes?

used to be very popular. Now a dying tradition (due to power, police, security and competition issues).
Many threads on that.

* Finally, How often do people use the internet, be it @ home, work, cafe, friend's etc?

daily.

Those who have it at work - 4 to 8 hrs daily

Those not working - 2 to 4 hrs daily

Yet again You have managed to impress me, Yamakuza, Just to be sure before i carry on with the information i have gathered, How many people do you think you have spoken for in your replies, i don't wanna base my information on single person response.

And before you reply to my earlier asked question, you might wanna take a look @ our past blogs and review your answers b4 you give me a figure.
Thanks

sunkyg:

Yet again You have managed to impress me, Yamakuza, Just to be sure before i carry on with the information i have gathered, How many people do you think you have spoken for in your replies, i don't wanna base my information on single person response.

I guess its safe to assume that the over 500 people who read these posts agree with me to a large extent, since they are yet to fault any of my guestimates.

I sincerely welcome their additions, subtractions and multiplications.

Everyone, PLEASE CRITIQUE.

Thanks!

@sukyg, Yamakuza is definetely right, we are all hustlers here, what our govt cant do for us, we do ourselves, all ur fears about lack of infrastructure and all dat, is another window of opportunity, those problems are general. not peculiar to any sector or area but we still get by,

about the internet access stuff, u wont beleive it, when i'm not online on the system, my phone is activated sharp sharp. we no be bush mo for here o.lolz

^ no be me sign up o!

Lolz!

Thanks for chipping in anywayz.

@ tutu lolz, many thankz 4 d lil contribution, as little as it seems, it sure goes a long way, yamkuza ur yet 2 tell me wot sex u'r so i get confused wen i wanna address u, lol, just 2 be on d rite lane, i would like you all to confirm these few bits:

* Internet Connection In Nigeria is 90% reliable
* Up 2 40% (about 30 million) of the general populace are internet literate and Use the internet on a daily Basis
* Petty Trading is the most common form of hustle in the country
* Small/individual businesses wouldn't mind paying as little as N500 commission to help get their goods marketed/sold
* Internet has become very popular such that if one is not connected @ home, there's always a cyber cafe round the corner to use


Could you please confirm my above information is right and if wrong please feel free 2 do some editing n send back,
House pls chip in your answers, opinions, criticisms and what not.
A million Thanks

^ hmmn. I see the Big Picture.

Will leave others to contribute.

All da best!

@yamakuza, well done. You have done a great job. @sunkyg, what I want to add is "life is not mathematics" but if you try and move with caution you will succeed. My people will say " a ki gbe'le mo eni ogun o pa" i.e. you don't stay at home to know who will die/survive the war. My advice is START small. You may lose money before you get perfect but if you persist you will succeed. Business is very good in Nigeria but you need courage. The time is now if you have the resources launch out. I wish you the very best.

@yamakuza, well done. You have done a great job. @sunkyg, what I want to add is "life is not mathematics" but if you try and move with caution you will succeed. My people will say " a ki gbe'le mo eni ogun o pa" i.e. you don't stay at home to know who will die/survive the war. My advice is START small. You may lose money before you get perfect but if you persist you will succeed. Business is very good in Nigeria but you need courage. The time is now if you have the resources launch out. I wish you the very best.

@ Yamakuza wot big picture do u see, I did mention in my earlier blog dat im a graduate of BIT (Business Information Technology), My questions are part of a project my colleques and i are working on to help determine how IT has help shaped business around the world.
You answers shows that people would go as far as learning to become an IT literate as long as it will help promote their businesses, also the primary purpose of use the internet for millions of people is to check their mails.
Its just a project we working dished out to us as part of my masters course work.
So i would like you to answer my questions pls
N.B Our communication will be printed as eveidence that i have actually carried out the survey. so pls, dnt backout now
Thanks

^ lolz. U dey take me do research? Automatic F9.

You'll get better and factual results from Google anyday.

All da best!

@sunkyg, na school research u de do abi business u wan do?/ i no get u again o, mynwyl yamakuza, u suppose charge consultancy infact lecture fee sef,

abi ooo!

Anyway sha, make we help am finish wetin we start.

Ma own be say i no fit submit Nairaland data for MSc project.

Abi NL don dey rub shoulders with Wikipaedia and Google dem?

lol, U both would be surprised @ how far lil info goes, like d saying goes 'every little helps', We gathering info from around d world, nairaland happens to be d site we using for Nigeria,

^ una no dey send container again?

sunkyg:

@ Yamakuza wot big picture do u see,

You cant see it? Hmmmn.

I did mention in my earlier blog dat im a graduate of BIT (Business Information Technology),

Nopes

My questions are part of a project my colleques and i are working on to help determine how IT has help shaped business around the world.
You answers shows that people would go as far as learning to become an IT literate as long as it will help promote their businesses,

Not really true in Nigeria.

also the primary purpose of use the internet for millions of people is to check their mails.

In Nigeria, the Internet growth i described has been fueled by Social Networks as Dating tools. With capital D.

sunkyg:
i would like you all to confirm these few bits:

* Internet Connection In Nigeria is 90% reliable

1. Yes

* Up 2 40% (about 30 million) of the general populace are internet literate and Use the internet on a daily Basis

2. Yes

* Petty Trading is the most common form of hustle in the country

3. Yes

* Small/individual businesses wouldn't mind paying as little as N500 commission to help get their goods marketed/sold

4. Yes

* Internet has become very popular such that if one is not connected @ home, there's always a cyber cafe round the corner to use

5. Yes

Could you please confirm my above information is right and if wrong please feel free 2 do some editing n send back

Done!

STOjo:
sunkyg, what I want to add is "life is not mathematics" but if you try and move with caution you will succeed. My people will say " a ki gbe'le mo eni ogun o pa" i.e. you don't stay at home to know who will die/survive the war.

Thank you!

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