Why does it seem like it's almost impossible to make millions of dollars in Nigeria and Africa at large except you're into politics direct or indirect....

Growing up I've always wanted to make a difference by becoming successful but as the days pass by I'm starting to despair on my dreams, because this country only favours those with connection to politicians unlike in western society were a nobody with a dream can become a somebody.......


The nigerian atmosphere is kinda of a restraint to alot of dreamers like myself..
The other day i read about how one 90 year old regretted ever starting a business in naija because he woke up to hear that the minister of trade has banned the main goods he's producing, isn't that a bummer.

Please guys i need the most honest and straight forward answer to my question.

Do you need government monopolies to make it huge in Nigeria

Mods please front page as this will benefit a lot of wannabe breadwinners

Not true.........go ask 'Gumi' and co

[img]https:///media/3-30-2022/GDyBpU.gif[/img]

NwaNimo1:
Not true.........go ask 'Gumi' and co

[img]https:///media/3-30-2022/GDyBpU.gif[/img]

Still the same thing they are still cashing out because the government chose to let them be that's why they're making out of the kidnapping

Saneesk:

Still the same thing they are still cashing out because the government chose to let them be that's why they're making out of the kidnapping

....jokes aside, opportunities to make money exist almost everywhere in Nigeria.

As long as there is cash in circulation, and problems that need solving there is money to be made!

(Think And Grow Rich)

Saneesk:
Why does it seem like it's almost impossible to make millions of dollars in Nigeria and Africa at large except you're into politics direct or indirect....

Growing up I've always wanted to make a difference by becoming successful but as the days pass by I'm starting to despair on my dreams, because this country only favours those with connection to politicians unlike in western society were a nobody with a dream can become a somebody.......


The nigerian atmosphere is kinda of a restraint to alot of dreamers like myself..
The other day i read about how one 90 year old regretted ever starting a business in naija because he woke up to hear that the minister of trade has banned the main goods he's producing, isn't that a bummer.

Please guys i need the most honest and straight forward answer to my question.

Do you need government monopolies to make it huge in Nigeria

Mods please front page as this will benefit a lot of wannabe breadwinners

Fastest way to become rich and you have a 99.9% chance of getting away with your loot.

Well not necessarily. As pessimistic as I am about Nigeria, you don't need to be connected to be rich. You can also import really scrappy stuff from china and sell to the majority poor population.

You are totally wrong. I know a lot of very rich people that have nothing to do with politics.

https://www.nairaland.com/6390993/dont-relocate-billionaire-nigeria-fantasy

In the above link, I explained how it's difficult and takes a long time to become wealthy in Nigeria. To be a dollar rated millionaire in Nigeria, you have to play the long term game. Apart from tech (like I explained there), other industries have long gestation periods to build wealth. There are opportunities in Nigeria, some of which are foolproof to government policies. In fact, some of the policies favour you without knowing the road to your state government's house or AsoRock. My problem with Nigeria is that it's too unstable and in-fighting here and there can destabilise one's investments. This worsens if one does not have a Plan B. Generally, the insecurity problem is the issue not even the policies (in my opinion).

So, to your question, it's absolutely possible to become rich in Nigeria without knowing any politician. I've met and seen multimillionaires (naira dominated ) who haven't met their state governors physically or have their numbers.

Gerrard59:
https://www.nairaland.com/6390993/dont-relocate-billionaire-nigeria-fantasy

In the above link, I explained how it's difficult and takes a long time to become wealthy in Nigeria. To be a dollar rated millionaire in Nigeria, you have to play the long term game. Apart from tech (like I explained there), other industries have long gestation periods to build wealth. There are opportunities in Nigeria, some of which are foolproof to government policies. In fact, some of the policies favour you without knowing the road to your state government's house or AsoRock. My problem with Nigeria is that it's too unstable and in-fighting here and there can destabilise one's investments. This worsens if one does not have a Plan B. Generally, the insecurity problem is the issue not even the policies (in my opinion).

So, to your question, it's absolutely possible to become rich in Nigeria without knowing any politician. I've met and seen multimillionaires (naira dominated ) who haven't met their state governors physically or have their numbers.

Please what's your take on akinwunmi adesina of afdb saying Africa's next billionaires will come from the agricultural sector

Saneesk:


Please what's your take on akinwunmi adesina of afdb saying Africa's next billionaires will come from the agricultural sector

He's just talking as a way to encourage people go into agriculture or view agriculture as a business not something to past-time. To become a billionaire with investments in agribusinesses is going to take a LONG LONG TIME. Judging from Forbes list and major food exporting countries, very few made their wealth via agribusinesses. Although, some diversified into other sectors, but very few became billionaires through agriculture. And again, it took time (check the link I posted).

If you're going into agribusiness, you have to do it for the long game and most importantly, process your produce into finished products (that's where the wealth comes from not just mere crops or livestock). If you're into piggery, aim to be Africa's Smithfield or Wilmar if it's palm oil or Fonterra if it's dairy or JBS if it's beef. There's money o but na 30+ years (esp for crops) something. As an instance, FarmCrowdy (an agritech startup) purchased Best Foods L&P, one of Nigeria's foremost beef processors, that has been in operation for 16 years (as at the year of acquisition) for less than N500M naira (a wild guess) but PayStack was purchased by Stripe for $200M. However, Best Foods has been in existence way before PayStack. Or Integrated Dairies that was founded in 2003 but started production and distribution during the 2010s. The same also applies to Cargill and Google where the latter is way bigger than the former.

Saneesk:
Why does it seem like it's almost impossible to make millions of dollars in Nigeria and Africa at large except you're into politics direct or indirect....

Growing up I've always wanted to make a difference by becoming successful but as the days pass by I'm starting to despair on my dreams, because this country only favours those with connection to politicians unlike in western society were a nobody with a dream can become a somebody.......


The nigerian atmosphere is kinda of a restraint to alot of dreamers like myself..
The other day i read about how one 90 year old regretted ever starting a business in naija because he woke up to hear that the minister of trade has banned the main goods he's producing, isn't that a bummer.

Please guys i need the most honest and straight forward answer to my question.

Do you need government monopolies to make it huge in Nigeria

Mods please front page as this will benefit a lot of wannabe breadwinners

You mean like Wizkid, Burna Boy, Leo Stan Ekeh, Cosmas Maduka, Iyinoluwa Aboyeji and so on and so forth?

Gerrard59:


He's just talking as a way to encourage people go into agriculture or view agriculture as a business not something to past-time. To become a billionaire with investments in agribusinesses is going to take a LONG LONG TIME. Judging from Forbes list and major food exporting countries, very few made their wealth via agribusinesses. Although, some diversified into other sectors, but very few became billionaires through agriculture. And again, it took time (check the link I posted).

If you're going into agribusiness, you have to do it for the long game and most importantly, process your produce into finished products (that's where the wealth comes from not just mere crops or livestock). If you're into piggery, aim to be Africa's Smithfield or Wilmar if it's palm oil or Fonterra if it's dairy or JBS if it's beef. There's money o but na 30+ years (esp for crops) something. As an instance, FarmCrowdy (an agritech startup) purchased Best Foods L&P, one of Nigeria's foremost beef processors, that has been in operation for 16 years (as at the year of acquisition) for less than N500M naira (a wild guess) but PayStack was purchased by Stripe for $200M. However, Best Foods has been in existence way before PayStack. Or Integrated Dairies that was founded in 2003 but started production and distribution during the 2010s. The same also applies to Cargill and Google where the latter is way bigger than the former.

Bruh i think we should talk more through whatsapp zero 8 zero 6 nine eleven 2595

Gerrard59:


He's just talking as a way to encourage people go into agriculture or view agriculture as a business not something to past-time. To become a billionaire with investments in agribusinesses is going to take a LONG LONG TIME. Judging from Forbes list and major food exporting countries, very few made their wealth via agribusinesses. Although, some diversified into other sectors, but very few became billionaires through agriculture. And again, it took time (check the link I posted).

If you're going into agribusiness, you have to do it for the long game and most importantly, process your produce into finished products (that's where the wealth comes from not just mere crops or livestock). If you're into piggery, aim to be Africa's Smithfield or Wilmar if it's palm oil or Fonterra if it's dairy or JBS if it's beef. There's money o but na 30+ years (esp for crops) something. As an instance, FarmCrowdy (an agritech startup) purchased Best Foods L&P, one of Nigeria's foremost beef processors, that has been in operation for 16 years (as at the year of acquisition) for less than N500M naira (a wild guess) but PayStack was purchased by Stripe for $200M. However, Best Foods has been in existence way before PayStack. Or Integrated Dairies that was founded in 2003 but started production and distribution during the 2010s. The same also applies to Cargill and Google where the latter is way bigger than the former.

So you're suggesting i work on becoming a politician and scale through to become a billionaire....... Lol

Saneesk:




So you're suggesting i work on becoming a politician and scale through to become a billionaire....... Lol

Cause it's seems like the easiest and only way in this present naija

Saneesk:




So you're suggesting i work on becoming a politician and scale through to become a billionaire....... Lol

Just get ready to join a cult and become a wizard that will be doing different rituals.

Saneesk:
Why does it seem like it's almost impossible to make millions of dollars in Nigeria and Africa at large except you're into politics direct or indirect....

Growing up I've always wanted to make a difference by becoming successful but as the days pass by I'm starting to despair on my dreams, because this country only favours those with connection to politicians unlike in western society were a nobody with a dream can become a somebody.......


The nigerian atmosphere is kinda of a restraint to alot of dreamers like myself..
The other day i read about how one 90 year old regretted ever starting a business in naija because he woke up to hear that the minister of trade has banned the main goods he's producing, isn't that a bummer.

Please guys i need the most honest and straight forward answer to my question.

Do you need government monopolies to make it huge in Nigeria

Mods please front page as this will benefit a lot of wannabe breadwinners

Because we are not ready to take risks by forming strategic partnerships, you have the money I have the ideas let's work together and money will flow in, few years down the line we bring in more partners that's how wealth are created.

naptu2:


You mean like Wizkid, Burna Boy, Leo Stan Ekeh, Cosmas Maduka, Iyinoluwa Aboyeji and so on and so forth?

Wizkid and Burna Boy are entertainers not everybody can be that, but in terms of entrepreneurship most times the individual with the ideas maybe different from the one with the financial capacity.
In Nigeria I have figured we don't generally like working together most especially when it comes to investing in others.

HomoSapienSapie:


Wizkid and Burna Boy are entertainers not everybody can be that, but in terms of entrepreneurship most times the individual with the ideas maybe different from the one with the financial capacity.
In Nigeria I have figured we don't generally like working together most especially when it comes to investing in others.

Not everybody can get succeed in every kind of business, but entertainment is a business and it shows that becoming rich in Nigeria is not only through politics. You didn't address the other people I mentioned, Cosmas Maduka, Leo Stan Ekeh, Iyin Aboyeji and co (there are also many others that became wealthy without being involved in politics).

Meanwhile, most businessmen all over the world lobby governments in one way or another. It doesn't only happen in Nigeria.

Gerrard59:


He's just talking as a way to encourage people go into agriculture or view agriculture as a business not something to past-time. To become a billionaire with investments in agribusinesses is going to take a LONG LONG TIME. Judging from Forbes list and major food exporting countries, very few made their wealth via agribusinesses. Although, some diversified into other sectors, but very few became billionaires through agriculture. And again, it took time (check the link I posted).

If you're going into agribusiness, you have to do it for the long game and most importantly, process your produce into finished products (that's where the wealth comes from not just mere crops or livestock). If you're into piggery, aim to be Africa's Smithfield or Wilmar if it's palm oil or Fonterra if it's dairy or JBS if it's beef. There's money o but na 30+ years (esp for crops) something. As an instance, FarmCrowdy (an agritech startup) purchased Best Foods L&P, one of Nigeria's foremost beef processors, that has been in operation for 16 years (as at the year of acquisition) for less than N500M naira (a wild guess) but PayStack was purchased by Stripe for $200M. However, Best Foods has been in existence way before PayStack. Or Integrated Dairies that was founded in 2003 but started production and distribution during the 2010s. The same also applies to Cargill and Google where the latter is way bigger than the former.

Intelligent Man.

naptu2:


Not everybody can get succeed in every kind of business, but entertainment is a business and it shows that becoming rich in Nigeria is not only through politics. You didn't address the other people I mentioned, Cosmas Maduka, Leo Stan Ekeh, Iyin Aboyeji and co (there are also many others that became wealthy without being involved in politics).

Meanwhile, most businessmen all over the world lobby governments in one way or another. It doesn't only happen in Nigeria.

The Businessmen you mentioned are the few exceptions, I am being general.
As a people, a nation there is a general distrust that makes us shy away from investing in ourselves.

About government lobbying it happens mostly with all ready established businesses.
But what about stateups? People with ideas but no financial capacity nor necessary government connection.
"Angel investors with idealists" built most first world countries today not really the government.

Saneesk:
Why does it seem like it's almost impossible to make millions of dollars in Nigeria and Africa at large except you're into politics direct or indirect....

Growing up I've always wanted to make a difference by becoming successful but as the days pass by I'm starting to despair on my dreams, because this country only favours those with connection to politicians unlike in western society were a nobody with a dream can become a somebody.......


The nigerian atmosphere is kinda of a restraint to alot of dreamers like myself..
The other day i read about how one 90 year old regretted ever starting a business in naija because he woke up to hear that the minister of trade has banned the main goods he's producing, isn't that a bummer.

Please guys i need the most honest and straight forward answer to my question.

Do you need government monopolies to make it huge in Nigeria

Mods please front page as this will benefit a lot of wannabe breadwinners

lazy yoot, most of the plenty plenty wealthy Nigerias no dey for politics. Na ur idleness and waste of time for nairaland politics section dey confuse u. Go work if u no won suffer for Nigeria. shiorr

tensazangetsu20:
Well not necessarily. As pessimistic as I am about Nigeria, you don't need to be connected to be rich. You can also import really scrappy stuff from china and sell to the majority poor population.

Lol.

But in another thread you said there are such few Nigerians with a million naira in their accounts? That all Nigerians are poor.

BRATISLAVA:


Lol.

But in another thread you said there are such few Nigerians with a million naira in their accounts? That all Nigerians are poor.

Yeah according to cbn, 99.4 percent of Nigerian bank accounts contain less than 500k

https://www.vanguardngr.com/2021/10/just-in-99-4-of-bank-accounts-contain-less-than-n500000-ndic/amp/. Nigeria is a poverty stricken shithole that's why it's so hard to make money. The number of dollar millionaires in Nigeria is around 12000 for 200 million. That's too low.

HomoSapienSapie:


The Businessmen you mentioned are the few exceptions, I am being general.
As a people, a nation there is a general distrust that makes us shy away from investing in ourselves.

About government lobbying it happens mostly with all ready established businesses.
But what about stateups? People with ideas but no financial capacity nor necessary government connection.
"Angel investors with idealists" built most first world countries today not really the government.

1) First you said that becoming rich in Nigeria is only through politics. Then I give you names of well known people that have become rich without getting involved in politics and you at first dismissed some of them because they are entertainers, then you dismissively say that the rest are exceptions. It seems that you are wrong when you claim that you can only be rich in Nigeria through politics and you'll just keep shifting the goalpost by dismissing anyone that does not fit your narrative. Very many people have become wealthy in Nigeria without government intervention and the number is more than those that had government intervention. That's the fact.


2) You are also incorrect when you claim that people are not investing in people. Go and read Cosmas Maduka's story and find out how people invested in him. Also read about his problems with Ifeanyi Ubah and learn how he invested in others. Go and read about how Iyinoluwa Aboyeji is investing in others.


Of course, not everybody is successful in business, but just as some people are failing, others are also succeeding.


By the way, it is not only established companies that lobby governments in the developed world. Small businesses also band together as cooperatives and lobby governments for subsidies and so on and so forth. Go and find out what farmers in the European Union did in the 1990s.

Finally (this is going to be my last post on this matter because it seems as if you are typing from personal experience and not the general experience) I always find it interesting when people post opposite views, so I'm going to show you the posts of someone whose views are the opposite of yours.

naptu2:
I am posting this because of something that seriously annoys me.

In the late 1980s and early 1990s I became aware of the way that American and European governments vigorously defend and promote private companies in their countries. They do this so that the companies will become profitable, pay taxes and employ people.

For example, in the 1990s campaigners complained about the subsidies that were paid to European farmers which made their agricultural products cheaper. It's almost 30 years now, so I can't remember the exact figures, but they said something like the subsidies paid on one cow in Europe was more than what farmers in Africa got for 30 cows.

I also remember the way that the US Government fought the Japanese to ensure that US automobiles and other technological products were not killed off by the extremely efficient and popular Japanese products in the 1980s. The US Government also fought the Chinese to ensure greater access for US goods in China and, just as with Japan, to ensure that the Chinese were not artificially keeping the value of their currency low in order to promote exports.

In more recent times, we all remember the bail out plans that the US Government had for American airlines after 9/11 and the funds given to the US auto industry during the Obama era.


I remember that the US president regularly took business leaders on overseas trips with him, so that they could sign trade deals with their counterparts in the host country and I was happy when President Babangida took people like Chief Sonny Odogwu and Chief Gabriel Igbinedion on one of his overseas trips in the late '80s or early '90s (that was the first time that I ever saw a Nigerian president do that).

However, unfortunately, anytime that the Nigerian Government attempts to provide similar aid to Nigerian businesses, it is met with criticisms and complaints from Nigerians who claim that government must not get involved in private businesses. The claim that governments in the West do not get involved in private businesses or assist them, but I know that what they are saying is complete nonsense. For example, we have had clashes between herders and crop farmers for generations. One of the reasons for this is because the government has often provided assistance to crop farmers, but it has almost never provided similar assistance to herders. The government has made a lot of proposals to change this situation and ensure that herders can establish ranches, but some strange people claim that government should not get involved in private businesses. They do not know what they are talking about.

Similarly, the Dangote Group is one of the major companies that has helped us increase domestic production and exports of goods. Governments all over the world provide assistance to such companies for the reasons that I stated above (to create jobs, increase taxes and boost the economy), but there is always an uproar anytime the government attempts to provide similar assistance to the company and this is mainly by people who claim that the government must not get involved with private companies.


Yet these same people hail foreign governments when they help foreign companies. Can you imagine that?

False claim.

naptu2:


1) First you said that becoming rich in Nigeria is only through politics. Then I give you names of well known people that have become rich without getting involved in politics and you at first dismissed some of them because they are entertainers, then you dismissively say that the rest are exceptions. It seems that you are wrong when you claim that you can only be rich in Nigeria through politics and you'll just keep shifting the goalpost by dismissing anyone that does not fit your narrative. Very many people have become wealthy in Nigeria without government intervention and the number is more than those that had government intervention. That's the fact.


2) You are also incorrect when you claim that people are not investing in people. Go and read Cosmas Maduka's story and find out how people invested in him. Also read about his problems with Ifeanyi Ubah and learn how he invested in others. Go and read about how Iyinoluwa Aboyeji is investing in others.


Of course, not everybody is successful in business, but just as some people are failing, others are also succeeding.


By the way, it is not only established companies that lobby governments in the developed world. Small businesses also band together as cooperatives and lobby governments for subsidies and so on and so forth. Go and find out what farmers in the European Union did in the 1990s.

Finally (this is going to be my last post on this matter because it seems as if you are typing from personal experience and not the general experience) I always find it interesting when people post opposite views, so I'm going to show you the posts of someone whose views are the opposite of yours.

Okay you got me, am talking from a personal point of view, I personally is an idealist with a business plan.
I have the backing of the government but I needed to raise a certain amount of money on my own to first kick-start the business which as proved difficult.

And I believe lots of Nigerians are in my boat, so am sorry if you found my post offensive.

Quick question sir, will you be willing to invest in an idealist?

tensazangetsu20:


Yeah according to cbn, 99.4 percent of Nigerian bank accounts contain less than 500k

https://www.vanguardngr.com/2021/10/just-in-99-4-of-bank-accounts-contain-less-than-n500000-ndic/amp/. Nigeria is a poverty stricken shithole that's why it's so hard to make money. The number of dollar millionaires in Nigeria is around 12000 for 200 million. That's too low.

According to you, what is that statistic?

The number of dollar millionaires in America isn't exactly that high, because even as the people who mint the dollars, who are living in the ultimate first world heaven of Nigerians, it still takes a lot to get there. It isn't available to everyone there. It has nothing to do with Nigeria.

People have been making good money in Nigeria—and the rest of Africa—since the 70s to 80s. You probably haven't met them. Or you don't want to believe they exist.

The CBN statistics are for those who have a lot of belief in a country that doesn't even know its own true population.

BRATISLAVA:


According to you, what is that statistic?

The number of dollar millionaires in America isn't exactly that high, because even as the people who mint the dollars, who are living in the ultimate first world heaven of Nigerians, it still takes a lot to get there. It isn't available to everyone there. It has nothing to do with Nigeria.

People have been making good money in Nigeria—and the rest of Africa—since the 70s to 80s. You probably haven't met them. Or you don't want to believe they exist.

The CBN statistics are for those who have a lot of belief in a country that doesn't even know its own true population.

There are 21 million dollar millionaires in America. Around 10 percent of the population. For Nigeria its less than 1 percent. The richest black people in the world live in America. Statistically, you have a higher chance of making it as a black man in America than Nigeria but that doesnt mean people havent made it here. I am just referring to the statistics.

tensazangetsu20:


Yeah according to cbn, 99.4 percent of Nigerian bank accounts contain less than 500k

https://www.vanguardngr.com/2021/10/just-in-99-4-of-bank-accounts-contain-less-than-n500000-ndic/amp/. Nigeria is a poverty stricken shithole that's why it's so hard to make money. The number of dollar millionaires in Nigeria is around 12000 for 200 million. That's too low.

Millionaire status is based on Networth.
Not on having a million in cash stashed

There is certainly more than 12k Nigerians that are millionaires

The SE alone accounts for the 12k

Saneesk:
Why does it seem like it's almost impossible to make millions of dollars in Nigeria and Africa at large except you're into politics direct or indirect....

Growing up I've always wanted to make a difference by becoming successful but as the days pass by I'm starting to despair on my dreams, because this country only favours those with connection to politicians unlike in western society were a nobody with a dream can become a somebody.......


The nigerian atmosphere is kinda of a restraint to alot of dreamers like myself..
The other day i read about how one 90 year old regretted ever starting a business in naija because he woke up to hear that the minister of trade has banned the main goods he's producing, isn't that a bummer.

Please guys i need the most honest and straight forward answer to my question.

Do you need government monopolies to make it huge in Nigeria

Mods please front page as this will benefit a lot of wannabe breadwinners

There is no Igbo village that a politician is the richest man none

Speak for your people

@naptu Your thoughts on this

Elon Musk explains why his daughter can’t marry a poor man.



A few years ago there was a conference in the United States on investment and finance.



One of the speakers was Elon Musk and during the question and answer session, he was asked a question that had everyone laughing.



If he, the richest man in the world, could accept that his daughter marry a poor or modest man.



His answer can change something in everyone.



Elon Musk - First of all, understand that

Wealth does not mean having a fat bank account. Wealth is primarily the ability to create wealth.



*Example:* Someone who wins the lottery or gambling. Even if he wins 100 millions is not a rich man: He is a poor man with a lot of money. That's the reason why 90% of the lottery millionaires become poor again after 5 years.



You also have rich people who have no money.



*Example:* Most entrepreneurs.

THEY are already on the road to wealth even though they have no money, because they are developing their financial intelligence and that is wealth.



*How are the rich and the poor different?*



To put it simply: The rich may die to become rich, while the poor may kill to become rich.



*If you see a young person who decides to train, to learn new things, who tries to improve himself constantly, know that he/she is a rich person.*



If you see a young person who thinks that the problem is the state, and who thinks that the rich are all thieves and who criticizes constantly, know that he is a poor person.



The rich are convinced that they just need information and training to take off, the poor think that others must give them money to take off.



In conclusion, when I say that my daughter will not marry a poor man, I am not talking about money. *I'm talking about the ability to create wealth in that man.*



Excuse me for saying this, but most criminals are poor people. When they are in front of money, they lose their mind, that's why they rob, steal etc... For them it is a grace because they don't know how they could earn money by themselves.



One day, the guard of a bank found a bag full of money, he took the bag and went to give it to the bank manager.



People called this man an idiot, but in reality this man was just a rich man who had no money.



One year later, the bank offered him a job as a receptionist, 3 years later he was a customer manager and 10 years later he manages the regional management of this bank, he manages hundreds of employees and his annual bonus exceeds the amount he could have stolen.



Wealth is first of all a state of mind.