I thank you all for the posts and counter posts - all insults are indeed welcome.

The essence of my post was/is to stimulate a discussion/engagement around the issue of investing in Nigeria and not returning to Nigeria - there's a wide difference between both.

As you continue to ruminate over investing in business opportunities in Nigeria, please be reminded that Nigeria's growth and development will largely depend on the growth of cottage industries. While the government in Nigeria has indeed continued to display lack of capacity to initiate enabling policies that can stimulate growth especially in security, electricity and road construction, we can't ignore other noble strides by this government (revised finance act, ease of company registration and tax clearance certificate filings).

Don't be afraid to lose money in investing back in Nigeria - learn from such process and be very prepared next time. I have lost money and gained money. That's business. I learn, plan and invest while hedging my risks - I adopt diversified portfolio investment methods. I create jobs and feed families - that's value addition back in Nigeria. That FDI is important because other businesses also benefit from me - accounting, auditing, lawyers etc.

Elon Musk today sends astronauts to the ISS but we fail to recognise that he had failed multiple times prior to that. We learn from failures and do better in our next attempt. This is no motivation but truth.

As I conclude, I'm reminded of this provocative statement - why tiptoe through life only to arrive safely at death.

wallg123:

You are absolutely correct don’t let anybody tell you otherwise.
Why are Nigerian government officials investing in real estate/ properties/ offshore investment overseas and not in Nigeria?. and at the same time they are asking people to invest in Nigeria....

My elders say “no be everything way eyes see mouth dey talk”

That the foundation of it all... Nigerian politician or officials are not interested investing in Nigeria, so it me and my little money I want to do one chance with

Their investment are abroad, their kids school abroad, once they are sick run abroad, they do their shopping abroad, they eat imported things .... Nigeria only good for looting, owanbe opportunities to show off and let other clap for them and as their burial ground. ..... so how can we be great , when our leaders dont invest in the Nigeria . And we then have a terrible record of voting the wrong people or recycling the very people who been there for years killing our good old country

Chukwuka16:
I thank you all for the posts and counter posts - all insults are indeed welcome.

The essence of my post was/is to stimulate a discussion/engagement around the issue of investing in Nigeria and not returning to Nigeria - there's a wide difference between both.

As you continue to ruminate over investing in business opportunities in Nigeria, please be reminded that Nigeria's growth and development will largely depend on the growth of cottage industries. While the government in Nigeria has indeed continued to display lack of capacity to initiate enabling policies that can stimulate growth especially in security, electricity and road construction, we can't ignore other noble strides by this government (revised finance act, ease of company registration and tax clearance certificate filings).

Don't be afraid to lose money in investing back in Nigeria - learn from such process and be very prepared next time. I have lost money and gained money. That's business. I learn, plan and invest while hedging my risks - I adopt diversified portfolio investment methods. I create jobs and feed families - that's value addition back in Nigeria. That FDI is important because other businesses also benefit from me - accounting, auditing, lawyers etc.

Elon Musk today sends astronauts to the ISS but we fail to recognise that he had failed multiple times prior to that. We learn from failures and do better in our next attempt. This is no motivation but truth.

As I conclude, I'm reminded of this provocative statement - why tiptoe through life only to arrive safely at death.

There’s a saying “If dog bite you once that dog dey craze, but if you allow that same dog bite you again, na u dey craze”......

We all know how hard we work in this country (Uk/Europe/US) before we can get enough funds to think of investing back home in Nigeria.
Before you can even think of investing in Nigeria as a migrant, you must have settled all your bills in here the UK..
So if say for instance someone on minimum wage manage to save 5M Naira to invest in Nigeria and next thing you hear government want demolish or land sellers done change the agreements, would you still be advising people to invest again in the same failed endeavour?..

I’m learning and enjoying the gbas-gbos

wallg123:


There’s a saying “If dog bite you once that dog dey craze, but if you allow that same dog bite you again, na u dey craze”......

We all know how hard we work in this country (Uk/Europe/US) before we can get enough funds to think of investing back home in Nigeria.
Before you can even think of investing in Nigeria as a migrant, you must have settled all your bills in here the UK..
So if say for instance someone on minimum wage manage to save 5M Naira to invest in Nigeria and next thing you hear government want demolish or land sellers done change the agreements, would you still be advising people to invest again in the same failed endeavour?..

You are right that a lot of Nigerians in the diaspora have lost money. You know even me had some of my funds (6.4M Naira) trapped by one of these fintech banks all in the name of money laundering and anti-money laundering check. Up till now, I have only been repaid 5.4M Naira. In fact, I have 'dashed' them the balance. That's the cost of doing business in Nigeria. The implication of that delay meant that a new business initiative that was to be started as early as September was only started 1 week ago. That's life. That's business.

With regards to investments, we have to be VERY CAREFUL. If you have 5 million Naira to invest in land, then save an additional 1.5 million Naira to employ STANDARD lawyers and land experts to investigate and carry out due diligence on your land to see if that land is genuine or not. Second, ask questions and put everything in an agreement - that's enforceable. If I have an agreement with an estate that extra costs won't be required, they must be willing to sign that agreement so that it's enforceable tomorrow. Use qualified experts - they are expensive but get the job done. Also, pursue C/O for any land. This is Nigeria. Invest in securing that land so that tomorrow when the government wants to demolish or take over that land, your C/O offers you SECURITY of adequate refunds compared to just ordinary agreement (deed of transfer etc.) and land survey.

SMEs and cottage industries are what will mitigate poverty in Nigeria. There are hundreds of millions of poor people in Nigeria who need means of livelihood. Your FDI and investments back home is what they need to earn a living. The more the FDI the more the growth. Will there be lost investments, yes - hedge them.

Chukwuka16:


You are right that a lot of Nigerians in the diaspora have lost money. You know even me had some of my funds (6.4M Naira) trapped by one of these fintech banks all in the name of money laundering and anti-money laundering check. Up till now, I have only been repaid 5.4M Naira. In fact, I have 'dashed' them the balance. That's the cost of doing business in Nigeria. The implication of that delay meant that a new business initiative that was to be started as early as September was only started 1 week ago. That's life. That's business.

With regards to investments, we have to be VERY CAREFUL. If you have 5 million Naira to invest in land, then save an additional 1.5 million Naira to employ STANDARD lawyers and land experts to investigate and carry out due diligence on your land to see if that land is genuine or not. Second, ask questions and put everything in an agreement - that's enforceable. If I have an agreement with an estate that extra costs won't be required, they must be willing to sign that agreement so that it's enforceable tomorrow. Use qualified experts - they are expensive but get the job done. Also, pursue C/O for any land. This is Nigeria. Invest in securing that land so that tomorrow when the government wants to demolish or take over that land, your C/O offers you SECURITY of adequate refunds compared to just ordinary agreement (deed of transfer etc.) and land survey.

SMEs and cottage industries are what will mitigate poverty in Nigeria. There are hundreds of millions of poor people in Nigeria who need means of livelihood. Your FDI and investments back home is what they need to earn a living. The more the FDI the more the growth. Will there be lost investments, yes - hedge them.

Now you are talking the true true state of affair... look at all the trouble someone has to do to invest .....ahhh who get energy for all this, then Las Las when trying to return the money here it greatly devalued

But kudos to you for sticking and promoting Nigeria . Hopefully one day e go better and we have more positive outlook

E family , should I be worry about my current TB result, I entered the UK in October and went for the latent TB test last week, just received the test result now POSITIVE. I am worried

Chukwuka16:


Sincerely, you are entitled to your opinions but objectively speaking what makes you think that investments in Nigeria at the moment aren't worth it?

If you want sure and safe investments with minimal risks then try the money market funds (MMF) with their low RoI. If you want higher returns then you have to take risks. The problem with investing in Nigeria aside the government's own contribution centres on lack of preparedness on the part of the investor to understand both the political and technical and social and economic implications of society on such investments. It isn't just about putting in money. You've got work to do. You've got to identify the right persons, train them, equip them and empower them and monitor them.

It isn't uncommon for folks to think IT businesses will thrive in Nigeria when they fail to realise that there is low internet penetration among users and low IT knowledge among Nigerians. Imagine someone targeting investing in electric vehicles (EV) chargers in Nigeria because the government is championing renewables while failing to see that the government is very much invested in crude oil for the foreseeable future and folks lack the financial capital to sustain such businesses. As a matter of fact, our inverter batteries have been trapped at the Lagos port for over 4 months now while still incurring costs from financing that project. We aren't sad because we have diversified into other sources to hedge that risk. We know how the system works so we ensure we diversify to derisk risky aspects of our business.

Nigeria has an enormous amount of human capital and wealth domiciled within the country. However, one must be savvy enough to understand social strata, herd thinking and also familiar with the economic reality to really turn profit.

Isn't it strange that mama akara will prefer to collect loan of 30K Naira from LAPO at 10% every 30 days (translating to 120% per annum) than the bank around the corner because of the high barrier to accessing such credit from them (even cheaper at 15% per annum) and also because the banks are blind to the availability of capital that exists outside of TB's, oil coys, Dangote and corporate workers.

Why have all major brands in Nigeria started adopting the sachet method of packaging their products from toothpaste to milk to bournvita to drinks to detergent etc.? Isn't it funny that Emeka will prefer buying 2 satchet toothpaste weekly at 50 Naira each (100 Naira) compared to 1 big tube toothpaste for 300 Naira that can last 5 weeks. If you don't understand this way of thinking, you will be investing in products and services that are way above the reach of the average Nigerians and they are over 120 million.

Why do all mobile networks in Nigeria have options of purchasing recharge cards even as low 100 Naira? Why didn't MTN maintain their stance that per second billing was impossible?

There is a thinking of the peasants (apologies to James Scott of The Moral Economy of the Peasant) and understanding this is key to doing business in Nigeria. Indomie understands this and they have remained in the business. The satchet water guys understand this and have remained in business.

Government policies yes can cause issues especially with recapitulations and poor thinking, but 200 million people must feed at least twice daily - that's your market!

Well said.

Dfazz:
E family , should I be worry about my current TB result, I entered the UK in October and went for the latent TB test last week, just received the test result now POSITIVE. I am worried

Worried as in...? Please book an appointment with your GP asap to start treatment. Surprised they didn't direct you to the appropriate clinic

Or perhaps it's just an indication not really TB? Wait for the medical experts on here abeg or seek advice from your GP

Dfazz:
E family , should I be worry about my current TB result, I entered the UK in October and went for the latent TB test last week, just received the test result now POSITIVE. I am worried

If it is latent TB i do not think you should be worried. Latent TB is when a person is infected with Mycobacterium tuberculosis, but does not have active tuberculosis. As such a person with Latent TB infection doesn’t feel sick & cannot spread TB to others. If it is latent you do not have to stop work/school or take any extra precautions. Pls confer with your doctor about everything first before worrying yourself to death any further.

Prepared all my evidence say las las go reach court as I no wan make this money go!

I sent the company and agency an initial email without the end client. This prompted meetings lol and has now been resolved.

Thanks for everyone who responded . Make I go spend am for somewhere sunny

TrumpsWall:
@all .. . I need professional advice o

Has anyone used small claims or Ombudsman to get money owed?

In a nutshell, I worked with this IT company thru an agency and them dey owe me 2 days + a week notice. It's been 2 months now!
So far I don send 8 emails chasing up and down LOL but no one cares to reply.

A friend suggested ccing the end client as last email and see wetin go happen then take legal action if no positive response. Can there be any legal consequences in doing this?

Cheers

Latent TB are usually inactive but can become active with time. Good news is that it can be treated with 3-6 months course of antibiotics but some factors like age and immunity needs to be consider before prescribing the Ax.

The test result shld have triggered a referral to approximate clinic and also a copy of the letter sent to your GP. If your GP doesn’t get in touch in the next couple of days, you shld call them and book appointment for further test and treatments.

Nothing major to worry about tho

Dfazz:
E family , should I be worry about my current TB result, I entered the UK in October and went for the latent TB test last week, just received the test result now POSITIVE. I am worried

TrumpsWall:
Prepared all my evidence say las las go reach court as I no wan make this money go!

I sent the company and agency an initial email without the end client. This prompted meetings lol and has now been resolved.

Thanks for everyone who responded . Make I go spend am for somewhere sunny

Congrats man, I’m glad you got your reward for your hard work. Welldone

TrumpsWall:
Prepared all my evidence say las las go reach court as I no wan make this money go!

I sent the company and agency an initial email without the end client. This prompted meetings lol and has now been resolved.

Thanks for everyone who responded . Make I go spend am for somewhere sunny

Good to hear it all sorted

In the voice of my people.... oya come share the money give us

Okay

DisGuy:


Worried as in...? Please book an appointment with your GP asap to start treatment. Surprised they didn't direct you to the appropriate clinic

Or perhaps it's just an indication not really TB? Wait for the medical experts on here abeg or seek advice from your GP

Alright

omopapa:
Latent TB are usually inactive but can become active with time. Good news is that it can be treated with 3-6 months course of antibiotics but some factors like age and immunity needs to be consider before prescribing the Ax.

The test result shld have triggered a referral to approximate clinic and also a copy of the letter sent to your GP. If your GP doesn’t get in touch in the next couple of days, you shld call them and book appointment for further test and treatments.

Nothing major to worry about tho

wallg123:


This is not an attack but a debate!

You have you points which you’ve gathered from ur experiences and information available to you, however they still remain your opinion. It doest make them right or better said it’s not a general opinion. If Nigeria was so full of potential or so forthcoming, why haven’t you returned back?...
Tell me where I history have you seen people looting libraries ? In the 2012 London riots was the British library or any other library you know looted? In the just so recent BLM movements/ protest did you see any part of the world were library was looted ? Looting or no looting libraries is not a Nigerian problem. The essence of looting and vandalism is to make a statement to either a government or particular body.

Lastly the people saying investing in Nigeria is extremely risky must have done so themselves and have arrived at the conclusion....

It’s not an attack it’s a debate

Lol me I’m here wondering. My boss in Nigeria had sustained his business for 15 years before Buhari came in. He won a contract to supply vehicles to the National Assembly while I was still with him, only for us to wake up one morning and hear that there’s been import bans on vehicles.. and that’s how fight with customs, insurance and whatnot started. Man lost his money. Maybe mans should have packaged the vehicles in satchet to make profit.

I remember one other project I had where we had international investors coming to visit, only to hear that that Kaduna road had started becoming insecure (that was 2017). The investors cancelled on us. Maybe we should packaged them in satchet too.

Chukwuka16:


Sincerely, you are entitled to your opinions but objectively speaking what makes you think that investments in Nigeria at the moment aren't worth it?

If you want sure and safe investments with minimal risks then try the money market funds (MMF) with their low RoI. If you want higher returns then you have to take risks. The problem with investing in Nigeria aside the government's own contribution centres on lack of preparedness on the part of the investor to understand both the political and technical and social and economic implications of society on such investments. It isn't just about putting in money. You've got work to do. You've got to identify the right persons, train them, equip them and empower them and monitor them.
!

You can’t do business in an environment that doesn’t enable you to do business. The Nigerian govt makes it extremely hard to do legit business. Too hard. It’s unfair to collect order for hair from 10 of your clients at 20000 each, only to find out that the exchange rate has gone up, what do you do? Do you ask them for more money or run at a loss?

Then there’s the one where you want to go to your farm in Kaduna to check your fish, and that’s how men will kidnap you and ask for 10M to release you.

Wait is it the one that after buying land in Abuja from the FHA o, you will now hear that someone else owns the land and then you spend the next 5 years in court.

My friend started an agric business, that’s how his boys packed all his chickens and eggs one weekend. My uncle got a fish farm, that’s how one day he started complaining that fish feed had gotten too expensive and closed the business. My best-friends hair business, na fight I carry myself go fight for her money from all the people owing her— babe like me, chai! Right now she’s packing up that she no sell again.

You say one could give loans to akara sellers? Them never carry your money run before, change name on top- how do you want to track them?

Nigeria has harsh business policies and poor security.

If you’ve been lucky that you have family you trust or probably strong connect in government to protect you, mate, congrats but don’t mislead people ok.

The chances of succeeding (not sustaining/not managing, I mean succeeding) in business in Nigeria is 3:10. And that’s if you’re ready to keep some authorities in your pocket.

Nigeria is the only place that I’ve done PESTLE on and written “by God’s grace” as my recommendation.

@erico2k2 this message is for you too.

LagosismyHome:


N1MILLION in 2010 was about $5.5k, today it is $2k.

Something to Think deeply about .... while promoting nigeria investment.

This hasn't even factored in stress, wahala , instability ... we are just talking value of money .
So even if I doubled that 1 millon money to 2 million, it just back to my initial investment in terms of foreign currency as we are based abroad. Now how many investment in naija return 100% back

Hmm my dear, just last week I was analysing an investment in Nigeria. After all my calculations I was wondering why The effort was too high. I then changed the country to America and gbam just like that, I needed half the effort to make 15% more than what Nigeria was giving me.

I just hissed!

Lol

... but jokes apart.

Oga Chukwuka16 it seems you are the one that I have been looking for; my dear, sweet, lovely, handsome Chukwuka16

I have been looking for who will invest money in the Nigerian branch of my business. I need fearless men like you to give me money, so that I can utilise the abundant human capital wey dey nyafu nyafu for Naija.

You are the only one for me. I can see it in your eyes!

Just say yes and we can move into the DMs.

Mr Chukwuka16 is making a very valid point regarding investing in Nigeria but its all paper point as well as paper profit i.e on paper only. It's nothing practically feasible/easy. Lets not forget he is a PHD holder so he is mostly talking based on research and not 100% practical. He is mostly talking about what he read in Finance. In Nigeria, the more you look the less you see. The system itself is set to destroy how much capital you think you have that can buffer any unforeseen risk. Na person weh loose money know how much him lose. I know how much i lost.

Aphrodite007:


You can’t do business in an environment that doesn’t enable you to do business. The Nigerian govt makes it extremely hard to do legit business. Too hard. It’s unfair to collect order for hair from 10 of your clients at 20000 each, only to find out that the exchange rate has gone up, what do you do? Do you ask them for more money or run at a loss?

Then there’s the one where you want to go to your farm in Kaduna to check your fish, and that’s how men will kidnap you and ask for 10M to release you.

Wait is it the one that after buying land in Abuja from the FHA o, you will now hear that someone else owns the land and then you spend the next 5 years in court.

My friend started an agric business, that’s how his boys packed all his chickens and eggs one weekend. My uncle got a fish farm, that’s how one day he started complaining that fish feed had gotten too expensive and closed the business. My best-friends hair business, na fight I carry myself go fight for her money from all the people owing her— babe like me, chai! Right now she’s packing up that she no sell again.

You say one could give loans to akara sellers? Them never carry your money run before, change name on top- how do you want to track them?

Nigeria has harsh business policies and poor security.

If you’ve been lucky that you have family you trust or probably strong connect in government to protect you, mate, congrats but don’t mislead people ok.

The chances of succeeding (not sustaining/not managing, I mean succeeding) in business in Nigeria is 3:10. And that’s if you’re ready to keep some authorities in your pocket.

P.S: I’m a business analyst. Nigeria is the only place that I’ve done PESTLE on and written “by God’s grace” as my recommendation.

@erico2k2 this message is for you too.

there is someone owing me money too o. how much for your services? we will share the money 50-50. No win no fee

Aphrodite007:


Lol me I’m here wondering. My boss in Nigeria had sustained his business for 15 years before Buhari came in. He won a contract to supply vehicles to the National Assembly while I was still with him, only for us to wake up one morning and hear that there’s been import bans on vehicles.. and that’s how fight with customs, insurance and whatnot started. Man lost his money. Maybe mans should have packaged the vehicles in satchet to make profit.

I remember one other project I had where we had international investors coming to visit, only to hear that that Kaduna road had started becoming insecure (that was 2017). The investors cancelled on us. Maybe we should packaged them in satchet too.

Aphrodite007:


You can’t do business in an environment that doesn’t enable you to do business. The Nigerian govt makes it extremely hard to do legit business. Too hard. It’s unfair to collect order for hair from 10 of your clients at 20000 each, only to find out that the exchange rate has gone up, what do you do? Do you ask them for more money or run at a loss?

Then there’s the one where you want to go to your farm in Kaduna to check your fish, and that’s how men will kidnap you and ask for 10M to release you.

Wait is it the one that after buying land in Abuja from the FHA o, you will now hear that someone else owns the land and then you spend the next 5 years in court.

My friend started an agric business, that’s how his boys packed all his chickens and eggs one weekend. My uncle got a fish farm, that’s how one day he started complaining that fish feed had gotten too expensive and closed the business. My best-friends hair business, na fight I carry myself go fight for her money from all the people owing her— babe like me, chai! Right now she’s packing up that she no sell again.

You say one could give loans to akara sellers? Them never carry your money run before, change name on top- how do you want to track them?

Nigeria has harsh business policies and poor security.

If you’ve been lucky that you have family you trust or probably strong connect in government to protect you, mate, congrats but don’t mislead people ok.

The chances of succeeding (not sustaining/not managing, I mean succeeding) in business in Nigeria is 3:10. And that’s if you’re ready to keep some authorities in your pocket.

P.S: I’m a business analyst. Nigeria is the only place that I’ve done PESTLE on and written “by God’s grace” as my recommendation.

@erico2k2 this message is for you too.

Im going to disappoint you, I have been doing business in Nigeria since 2002.The problem with Nigerians is they invest in where they think the money is not what the are passionate and have a clue about.
You go and buy land of N5m and you cant spend N50k to do due diligence.
You open a fish farm and you have never ever done fishery or worked in one B4
Talking about trusted family and friends if you remember, Im always talking about the Nigerian way. Not everyone is cut out to do business, some people are destined to be workers and you can't force that. whether one has govt connection is irrelevant as I said b4, you got to do things the Nigerian way to survive your investment, now this takes a little bit of time to learn,I took 2 years out of the Uk to stay in Nigerian and study how it really works and I have friends who did same.
PS you do not have to buy land in ABJ, Im sure there are N500k lands not too far from you!I know a person who had 10 plot along NTA road in PH, it was worth roughly N500k 2004 , they were worth N12M each when he sold them

deept:


there is someone owing me money too o. how much for your services? we will share the money 50-50. No win no fee

Me too go need your services oh. ... land wey I reluctantly buy since 2010 dey court since .... me sef done tire leave am.... but now I get hope say help is at hand

LagosismyHome:


N1MILLION in 2010 was about $5.5k, today it is $2k.

Something to Think deeply about .... while promoting nigeria investment.

This hasn't even factored in stress, wahala , instability ... we are just talking value of money .
So even if I doubled that 1 millon money to 2 million, it just back to my initial investment in terms of foreign currency as we are based abroad. Now how many investment in naija return 100% back

Talking about stress, there is stress everywhere even the stress in the UK and US can frustrate you and pack you back in Nigeria, some have killed their wives or husband due to stress here.
how many businesses of the world does the investor live to see 100% ROI? it's scarce, let's be realistic.
You used one word there based abroad this is true, Don't 4got some of us have the mentality of I work abroad but live in Nigeria sort of attitude.I see myself as that this is why my job these days contracts.I think and reckon I have lived in the Uk long enough to know for sure you truly do not own anything here even though you are mortgage-free,Im a strong believer of a person who sits down and thinks of what they could do that no one is doing to make money.By this I mean being dynamic and quick to change with the tide but still stay relivant.

LoL. You guys/ladies are very funny.

Yeah, let’s get this right – first, business is a risk. That’s fact.

Second, let’s not get too sentimental so that we can be objective. Nigeria never banned car imports, she banned importation of cars through the land borders. Cars still came in through Lagos but now the right rates had to be paid. That threw many businesses who were cheating the system off track.

It has also become imperative to highlight what erico2k2 earlier alluded to. Most Nigerians need to learn how to do business.

For instance, I’m not God and do not know the future, however, when I invoice customers, I ensure that my costing can accommodate FX fluctuations as well as inflation. That’s in Nigeria. The UK is simpler – cost and VAT.

Take business A which installs and runs solar inverters for SMEs. We own all the installations (panels, batteries, chargers etc.) and are only paid a fixed amount for a length of time – usually 3-4 years (renewable). When coming up with monthly costs, we ensured that our capital, labour, admin & profit costs where all lumped together and multiplied by inflation over the contract duration. Another thing we incorporated was to ensure that by month 18, we were cash flow positive (CPI benchmarked). That was our safe way of hedging losses. We have had hiccups along the way but overall, we are cool.

Nobody says you should package cars as sachet water. What we are suggesting is know your business environment and don’t be afraid to cost goods and services appropriately. Why should the ban of cars import through land borders bother your oga if he was legally importing the right age of cars through Lagos port and paying the right dues?

How do you bill customers for hair without understanding FX fluctuations, FX availability and even customs/fines/levies. I moved capital from the UK to invest in Nigeria and my worst-case scenario planning is 1000 Naira/£1. I have 2 dependant fees to pay here in the UK and Nigeria supplies their fees. I can’t afford that here in the UK.

Fish farming – LoL. Permit me to quote from the Bible. For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? Lest haply, after he hath laid the foundation, and is not able to finish it, all that behold it begin to mock him.

I also have a large catfish farm and it cost me millions monthly feeding them. Just within 2 weeks, 2mm fish feed (Blue Crown) has jumped from 6500 Naira to 7800 Naira to 8400 Naira per bag (15kg). That’s a huge differential on a monthly basis. I did not start the journey without considering all these. They form part of my planning. What’s the range I can survive and that’s what determines my stocking. I will start producing my feeds next year God willing (to cut down on feed cost). However, the current farmer-herder conflict means that raw materials (groundnut, corn, soyabeans, garri etc.) may be expensive. I have to start thinking and calculating the cost-benefit for their bulk purchase early next year versus other months of the year and continuing jejely with Olam fish feeds.

I am not speaking theoretically as opined by Ace2013. Yeah, I have a PhD but that’s even in CS. Today, my spare time is spent understanding how the majority of Nigerians think and looking at how to extract something from them by offering them value (meeting some needs). In fact, my greatest barrier to being an entrepreneur has been my education. I’m not an armchair investor. We dey ground dey find money.

I do not invest for people. Even me dey find startup with potential to put money inside. Just take time to understand what need you want to meet, learn thoroughly about it, get dirty and carefully invest in a diversified way to hedge losses. Take losses as learning curves and build momentum from them. At least I now know that my business accounts won’t EVER be open with fintech banks in Nigeria – that was a 1 million Naira lesson. If it isn’t main street banks, forget it.

deept:


there is someone owing me money too o. how much for your services? we will share the money 50-50. No win no fee

Hahahaha!

erico2k2:

Im going to disappoint you, I have been doing business in Nigeria since 2002.The problem with Nigerians is they invest in where they think the money is not what the are passionate and have a clue about.
You go and buy land of N5m and you cant spend N50k to do due diligence.
You open a fish farm and you have never ever done fishery or worked in one B4
Talking about trusted family and friends if you remember, Im always talking about the Nigerian way. Not everyone is cut out to do business, some people are destined to be workers and you can't force that. whether one has govt connection is irrelevant as I said b4, you got to do things the Nigerian way to survive your investment, now this takes a little bit of time to learn,I took 2 years out of the Uk to stay in Nigerian and study how it really works and I have friends who did same.
PS you do not have to buy land in ABJ, Im sure there are N500k lands not too far from you!I know a person who had 10 plot along NTA road in PH, it was worth roughly N500k 2004 , they were worth N12M each when he sold them

No you didn’t disappoint me. If I’ll be honest, you blew my mind. You had great points about people investing in things they aren’t passionate about. That’s true, but this shouldn’t always be the case all the time, when doing business. Dangote I’m sure was not passionate about cement, he just saw/inherited the opportunity.

Besides I’m impressed you’ve done business for that long in Nigeria. Congrats. Finally, You seem unperturbed by the exchange rate, so I’m cool- I can’t cry more than the bereaved.

Aphrodite007:


No you didn’t disappoint me. If I’ll be honest, you blew my mind. You had great points about people investing in things they aren’t passionate about. That’s true, but this shouldn’t always be the case all the time, when doing business. Dangote I’m sure was not passionate about cement, he just saw/inherited the opportunity.

Besides I’m impressed you’ve done business for that long in Nigeria. Congrats. Finally, You seem unperturbed by the exchange rate, so I’m cool- I can’t cry more than the bereaved.

Thanks for ur honesty, U see wen I landed this Uk I was a young man in 2000, one guy my aunt friend came and was dancing after getting his red P after 16 years @ 2000.he was saying he was relocating the next year, I thought he was mad, I could not understand why on earth the guy was happy to go home. It was when I took 2 years out of the Uk to live in Nigeria I understood! where there is a population there is business. As per Dangote, check his history very well, he has trade experience in cement and commodities cos his lineage were traders as such