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Miniso:
Please guys i need your advice i intend fixing a certain amount of money on fixed deposit but i found out that banks interest rate are very very low while microfinance banks interest rates like renmoney are manageably higher, i intend fixing in a microfinance bank due to its higher interest rate unlike commercial banks but i am afraid i might loose my money in a microfinance bank considering commercial banks are more safer. please kindly advice based on experiences

Go for a commercial bank if you want to fix a sizeable chunk of your money.

They are better regulated and are therefore safer

Kobicove:


Go for a commercial bank if you want to fix a sizeable chunk of your money.

They are better regulated and are therefore safer

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Miniso:
Please guys i need your advice i intend fixing a certain amount of money on fixed deposit but i found out that banks interest rate are very very low while microfinance banks interest rates like renmoney are manageably higher, i intend fixing in a microfinance bank due to its higher interest rate unlike commercial banks but i am afraid i might loose my money in a microfinance bank considering commercial banks are more safer. please kindly advice based on experiences

@OP u can also fix it in foreign banks with stronger currency rates and get a better and more value when converted to naira after withdrawals...Naira doesn't look like it'll compete with any of £-$-€ in 5 yrs from now.
My candid advice.

Best Regards

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There are several businesses you can start and run profitably in Nigeria. Below are four that readily comes to mind:

1. Rice Milling: One of the best businesses one can venture into in Nigeria today is parboiled rice production (Rice Milling).

Nigerians currently consume over 5 million metric tons, which is equivalent to over 100 million 50Kg bags of rice annually. With the current population growth rate of Nigeria, the consumption of rice is estimated to reach about 35 million metric tons (700 million 50Kg bags) by the year 2050.

There is high demand for rice in Nigeria. With a population of over 180 million people and an estimated national population growth rate of 5.7% per annum ,an average economic growth rate of 3.5% per annum in the past five {5} years, Nigeria has a large and growing market for rice.

As it stands, the current producers of good quality rice in the country cannot even meet up to 50% of the current demand. This is the reason why the market is flooded with poorly produced and low quality rice.

New entrants into the rice milling industry that can produce good quality parboiled rice will have an evergreen market waiting to be sold to.

2. Drinking Water Production: Another good business that does very well in Nigeria is drinking water production (Bottled water and Sachet Water).


The growth of the middle class in Africa in general, and Nigeria to be specific, has led to a need for hygienically produced and well packaged food products like bottled water.

The market for packaged water is high and cut across all parts of the country. With a population of over one hundred and eighty million (180,000,000) people, and an estimated national population growth is 5.7% per annum, Nigeria has a large and sustainable market for packaged water.

3. Poultry Farming: Poultry farming is yet another business that gives good returns on investment.


Poultry farming has risen to become one of the most lucrative businesses in Nigeria today. This aspect of livestock farming, if set-up and managed properly, provides legitimate continuous income for entrepreneurs within a short period of time. There are over 160 million consumers in Nigeria and over one billion in Africa. This provides a large, growing and sustainable market for poultry farmers in Nigeria, and Africa in general.

4. Pounded Yam Flour Production: Pounded yam flour is another product that you can chose the invest in its production.


Pounded yam is a popular delicacy produced from boiled yam tubers, and is consumed by many people across Africa. However, a lot of people, especially the middle class find it difficult to prepare pounded yam the traditional way which involves boiling yam, pounding it in a mortar using a piston, until it becomes a succulent dough.

The growth of the middle class in Africa in general, and Nigeria to be specific, has led to a need for hygienically processed, easy to prepare and well packaged food products like yam flour.

You can read more about these businesses via the links below:

1. Rice Milling Business In Nigeria


2. Bottled Water Production In Nigeria

3. Starting A Poultry Farming Business In Nigeria

4.
Pounded Yam flour production in nigeria


Wishing you all the best in your quest.