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MT
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I have been living abroad for a quite a while and I'm now planning to relocate to Nigeria to start something off.
How much do u think I will need to save before leaving abroad to make my would-be buisness triumph in Nigeria?.
Frank and serious contributions please
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MT
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 I'm scared!
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ijogbon (m)
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@MT
don't mind them abeg!!!
I was in Nigeria for 8mths last year just doing exactly that kind of research.
Fo me I think what I will need is N5 million.
1 million for a good car.
1 million for rent for 2 years.
1 million to invest in a fish pond.
2 million for my corporate business.
Everybody is different. Some people just need N2 million, some don't even need anything (since they have all this things I mentioned already.)
List the things you will be needing in naij and come here for people to put figures to the list for you.
Thats how to know how much you will be needing.
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Panadol (m)
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What of books and tuition for the children? Atleast N10m.
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trustboy
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Ijogbon,
I advise you not to relocate to nigeria because you have either N2M or N5M to invest. I know that the amount of capital you require will depend on a number of factors like what you already have on ground and what type of business you intend to do. You have to be advised however to do your homework properly. A lot of people had relocated only to find themselves running back after few months.
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MT
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@ trustboy
I really want u to know that a lot of people that have run back abroad after relocating to Nigeria might get their strategy wrong.
When u r in Nigeria, u need to relate to the people like a Nigerian, not like european or american. Some people still want to do things
that they can't afford all in the name of impressing or oppressing people in Nigeria, thereby wasting their funds unnecessarily.
Nigeria is not that bad as a country. We need to see the positive side rather than the negative. Most of the people abroad are not really better off
than the people in Nigeria. Forget about the facts that they ask u for phones, money etc, u need to go to Nigeria to be able to realise how far people abroad have gone behind. Majority are really slaving it out here abroad but fortunately for them those in NIGERIA never know the kind of hardships they are passing through.
I believe that with the right strategy, belief and GOD, one can easily get it right in Nigeria
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jomi
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Hi
Just let you know that you are not the only one in that situation. I live abroad and I have been away for many years as yourself. The first steps to start venturing into is to visit regularly and do stuff like shop yourself, i.e. in the local market, do not shy away from hagging in the market and test grounds on many issues and believe me there are some geninue good people out there and there are others who feel that because you live abroad your are bringing money back in bucket loads.
To answer your question, you cannot begin to put a price on your relocation. It also depends on what you intend to do in terms of business when you get back home. I have been in the relocation process for three years. I started by putting my children in boarding school and then I visit regularly to try the way of life but if you need us to share ideas, let me know and we can talk.
Jomi
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easimoni (m)
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@ Poster, I relocated to naija in 03 and fortunately, I had my company paying for most of my relocation needs. It's a very expensive project but mostly depends on your needs and taste. For instance; If you choose to live in the Lekki-Ajah axis, rent is ~1.5M p.a, maindland is half the price. You have to pay 2 years upfront. A toks car is N1-2M, but as an "away" guy, you'D prob need an "ochara" (4give me if I spelled it wrong) N3.5 - 5M Are you married, with kids, shipping personal effects home? I agree with Panadol, if you are independent, N10M is probably a good number. If you have family that can help break you in. Then it's much lower. between, have you done NYSC?  |
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BIGBOYLARY (m)
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@ mt It all boils down to your taste and fashion to be honest with you u don't need all that 10m or 5m to relocate even in abroad or UK were am based its not easy to get such amount of money just like that u know it. But all depends on you first and foremost. i was in Nigeria in Dec last year and i stay 4 4 months and all the fair and all the saying Na lie my brother u can come and see things 4 Ur self. once u have a good stocks broker u have account with couples with Ur money, leave out lekki or ajah axis 4 now wit Ur biz and trading of stock, starts wit small car i bet u from ikeja or magodo u will land in LEKKI within a year, trust ourself, THERE IS NO PLACE LIKE HOME  . |
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MT
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@ bigboylay & Jomi,
You seem to flow with my tide.
One needs a small & humble beginning. Even if i have a high taste and fashion sense, must i be riding a 2M naira worth of car, even when i know that my financial situation can't support, all in the name that i just come from abroad. All these mentality of feeling more superior more than the people back home needs to be thrown away if we really need to make a headway in Nigeria.
please more people should contribute
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debosky (m)
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since you are interested in running a business the 10million figure is not outlandish, even without the 2m car and all that
600,000 for an ok 3 bedroom flat on the mainland (2 years)
400,000 for furnishings
800,000 for an ok tokunbo car
2million to rent your business location (if you don't intend to work from home)
2million for running costs, licensing, registration, advertising etc for the business to take off (more or less, depending on the type of venture)
1million for contingencies, unexpected, miscellaneous
that comes to around 8m, depending on whether you have a wife and kids, you need to consider education costs and additional living expenses too.
living well isn't cheap in Nigeria, you need to do a lot of things for yourself and plan properly so you don't get stuck in a bad situation unexpectedly
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trustboy
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MT,
You totally misunderstood my post. I did not mention anywhere that Nigeria is not a good place to invest. All i said was that you get your strategy right so that you do not end up running back after relocating to nigeria. I am a strong believer in the Nigerian economy, i said it in one of my earlier post that there are lots of opportunities in nigeria. If this was not the case, i would not have invested close to N30m in naija.
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otokx (m)
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@MT, please relocate to Port Harcourt - its a very organized city with 2 airports for easy movement.
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MT
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@trustboy, you have my unreserved apology @ottoxy, is PH no more part of niger delta. I beg i no wan end up in the creek |
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Ndipe (m)
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MT, when last did you visit Nigeria? I don't think that 2 million Naira can get you a new car, unless you are willing to ride in a tokunbo car, and take it to the mechanic for 'fix-up' constantly.
For me, if possible, it would have to be 40 million Naira minimum. So, even if things do not go according to my plan, like setting a biz, or joining the workforce, then, my annual yield accumulated from investments can cater to my needs as well as some family members of mine.
P:S If one were to invest that 40 million Naira, is it feasible to expect a 20-30 percent yield?
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iceman75 (m)
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MT, relocating to Naija is not easy but it's nice because theres no place like home.
Estimating how much you need truely depends on where u want to live, how u want to live and what sort of business u want to do.
I'll advise that u first visit for yourself and do all the feasibility study so u could have an idea how things really are.
(i) consider the business u want to do and how much u'll need.
(ii) Before u relocate fully, try and invest 1 or 2million preferably in the stock market, if u're lucky and u invest in a good company, that amount might double before u move in. (bare in mind that the NSE is not a money doubling scheme so u have to really find a good company to invest in)
(iii) rent for 2 years ' 1million, more if u want to stay in highbrow places'
(iv) u'll need to furnish the house and remember the power situation, guy u go need generator!!.
(v) u'll also need some cash to hold on to for daily needs and contingencies.
If u still have means of going abroad and coming back, that will be a 'blessing' so when things get a bit rough u can go away for a short while, try and raise hard currency, send them back home to cool the roughness.
We are in the same boat, i'm preparing to go back to Naija too.
Goodluck to you, Thanks everybody!!!!!!!!!!!!!
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gr8frank
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1stly, i really appreciate d fact that u want 2 come back home and do something,that's what we pray 4,that our brs in diaspora would come and help develop our land and economy, that as it may, we av 2 be wise in doing this. U've bn quite exposed 2 a few things out dere,that u know might nt possibly b in ur Country or that is, but aint 2 functional,u cud through ur family or consultants do a gd survey on this areas,as 2 what govt policies covers it?what legal regn u would b needg?what would it cost u?etc.Dere r even Coys that cud help u manage ur funds,while u still plan and do all ur surveys while u r here.howeva ur choice,remember it is nt following the crowd that really counts but what u r really passionate about n adds great value 2 ur Nation.If u really need free consultancy on this, even in our stockmkt i.e stocktrading,u cud call: +2348058832887 or +2340863330999 or email me:frank.eriki@wealthzoneltd.com for more info.
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MT
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@everybody Thanks for all the contributions so far, but to the people that are suggesting 40 million naira plus, how do u think raising this kind of money abroad is feasible except taking a loan, peddling drugs etc. If that is the real case, then most of our people abroad wont be able to start something off in naija, as the u all know that to save money abroad is quite hard!  |
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jomi
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I am really catching your drift and anyone else who is on the same wave length. I know generally people back home in our beloved country has various notions about people who live abroad and now let's have a more interesting conversation.
I know for a fact that you cannot just relocate without having done a proper feasibility study and that includes going to Nigeria fairly regularly. Secondly, not everyone who lives abroad have a lot of money even though some people have been away for quite a while. Therefore my line of thought is to look at grassroot level on more viable businesses. When you talk about million/s being invested in stock market not everyone is able to go that way or able to afford it.
So if you guys are looking out for your bros and sis away from home can you post great ideas on 'soft' businesses or services that the nigerian based people do not have. To date we hear of fish farming, pig farming, buying of stocks etc is this all you can honestly advise us on?
Jomi
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jomi
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I am really catching your drift and anyone else who is on the same wave length. I know generally people back home in our beloved country has various notions about people who live abroad and now let's have a more interesting conversation.
I know for a fact that you cannot just relocate without having done a proper feasibility study and that includes going to Nigeria fairly regularly. Secondly, not everyone who lives abroad have a lot of money even though some people have been away for quite a while. Therefore my line of thought is to look at grassroot level on more viable businesses. When you talk about million/s being invested in stock market not everyone is able to go that way or able to afford it.
So if you guys are looking out for your bros and sis away from home can you post great ideas on 'soft' businesses or services that the nigerian based people do not have. To date we hear of fish farming, pig farming, buying of stocks etc is this all you can honestly advise us on?
Jomi
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MT
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@ jomi,
I feel u . I hope we will get some valuable response
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hbrednic
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me thinks this is a double edged sword question.
if u are a millioman,then come back with millions and join the upper class,
but if u are a pennyllonaire,well ajegunle dey.
nobody here knows your worth,so we can't really give a near smart advice
just cut ur coat according to your size.there is room for everybody.
if you are a professional and very very good at what you do,u can come with nothing and get a job.
it all depends on you and your pocket.
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dollyp1cute (f)
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@ Poster, between, have you done NYSC? What if you finished your university in 1995 and did not do NYSC will you be able to get a job. |
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Seun (m)
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Don't come to Nigeria to "get a job". Come to Nigeria to create jobs. Otherwise, just visit as a tourist. Thanks.
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dollyp1cute (f)
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Don't come to Nigeria to "get a job". Come to Nigeria to create jobs. Otherwise, just visit as a tourist. Thanks.
Seun na fight  . Anyway I am coming to Nigeria to get a job, if you like wait for me at the port and refuse me entry  Don't mind him, tourist ko holiday maker ni |
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Ezinwannem
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as for moi, once I get ma Masters, am heading to Naija, datz like in 5 years to come, hmm, I visit every year/other year so am pretty much in touch with dere,
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hbrednic
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@seun don't be afraid.nigeria is still very much in need of nigerian experts abroad. me thinks the gov. have to lure them back with big big insentives,so one coming back just like that on his own is a blessing to naija. u mean nigerians abroad can come to creat a job, but can't come to get one |
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PapaBrowne (m)
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Nice question, Nice answers.
The amount you'll need would depend largely on the lifestyle you'D want to live and the nature of business you'D want to operate.
Actually, you can come back to naija with 500,000, but you should be ready to live like the average civil servant nigerian.
Take a house somewhere simple, enter public transport, have a very "unattractive" working space, and bear with NEPA.
Don't expect much on ROI (return on investment).
However, I'D advise you visit Nigeria for about three months, get a perfect understanding of the business environment before launching out, because if you fail, you'D hate that you came back.
Sincerely, on the average, most of the amounts stated here are true. All would depend on the lifestyle u'D want 2 lead.
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redsun (m)
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What you need in nigeria is just knowledge,some times people have money they don't know,it's like a rich fool,as good as nothing.The greatest wealth is understanding.Set a goal then go for it.
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na wah for your advice 
