₦airaland Forum

AmgAmg:
Just wanted to put this out there since I was the one who started everything here in the first place … so it’s only right that I share my final decision on this platform as well.

So after much thought and weighing my options, have finally decided I’m going with the compounding approach to investing, Many might ask why I picked this path, but the main driver, the absolute main reason… is because its low-risk profile.


spoke with an investment manager just last weekend , and he was incredibly confident and persuasive about the benefits of compounding. I’m actually talking about treasury bills / mutual funds / stocks /shares and the likes …

might surprise you, but he showed me some projections & numbers that suggest this approach could potentially grow into over a billion in about 10 years time. Was honestly shocked when he broke down the numbers and showed me the math behind it.

best best part? It’s completely risk-free, or at least significantly less risky than starting a business from scratch. So I won’t have to deal with the stress and uncertainty that usually comes with launching a company.


That being said , I still look forward to collaborating with a few of the people I’ve connected with on here… but the bulk of the capital, around ₦110 million out of ₦150 million, will be going into the compounding side. and The remaining ₦40 million could be used for my other project.

Thanks to everyone and may God bless you’ll

Congratulations on successfully determining your investment path. Compounding is great, and it exponentially increases your wealth over the long term with minimal risk and encourages discipline and patience. If I may ask, how's it going for you?

However, in case you're interested in owning your own stock and investment application for profit directly with licensed NGX providers, I can bring it to reality for you, as my company specializes in that and other fintech solutions.

Season's greetings!

tobby98:
Bro, I would really love to meet up with you and have lucid conversations surrounding this business model or something similar. Do you think 4m can get me an a fully functional app?

Yes, it should. Have you been following my earliest conversation with the original poster to know more about the business?

AmgAmg:
Good evening

really appreciate everything so far … the energy, the communication, and the potential I see in what we have said so far is quite commendable

I noticed you don’t seem to be based in Nigeria, so I’m just thinking about how we could work together long-term.

if i happen to be in Nigeria in the next couple of months , we can definitely meet up and, preferably, just pick up from where things currently are and see how it all naturally progresses

I actually think that could help us connect better and maybe even give us a clearer picture of what direction to take

It's all good. Happy to be of help!

AmgAmg:
I really appreciate you man .
Sorry it took me a while to get back …
just been super busy lately… genuinely would’ve loved to treat you to breakfast or something once I’m back in Nigeria, but since you’re not here, I honestly don’t even know how we’d link up


Anyway, I wanted to pick your brain a bit more. When you talk about ₦5–7 million, were you referring to just getting the MVP (Mv P) off the ground? Like… if everything goes smoothly and I want to scale it up, would I need to invest more money to upgrade the app later? Sure I know will have to , but how much would that cost me ….
Can you walk me through that.. hope you don’t mind


Also, I’ve been thinking … if I do decide to launch, I know for sure I’d need an office space eventually. But here’s the thing:
I’ve never run a corporate setup before, so I’m clueless about the structure.
How many people would I realistically need on the team at the beginning?
What kinds of roles should I be thinking about hiring for
And roughly, how much should I be budgeting for salaries for these roles ?

Sequel to our discussion concerning the hybrid-like features as your MVP, Yes, I stated earlier in my last comment that your budget range is a feasible one, and you can kickstart with a lesser budget, which all depends on your business strategy.

"Like… if everything goes smoothly and I want to scale it up, would I need to invest more money to upgrade the app later? Sure I know will have to , but how much would that cost me …."

To answer this quoted question you asked above, firstly, MVP is an acronym that stands for Minimum Viable Product, which is a core version of a product designed to be released quickly and tested with real users. Minimum Viable Product (MVP) is generally considered the initial version of a product. This implies that as you progress in the business, you upgrade, which definitely will incur more costs. Now, to answer the later part of your question, which you're inquiring about the cost, it all depends on the full product you're looking forward to building, which is in your business plan, which I assumed is the likes of Quidax and the upgraded version of Jeroid, which involves mainly an automated wallet and trading system, and I've explained all these in my previous comments, and I stated that the cost of an automated crypto trading application only costs $20k and more, and you also have to keep the necessary licenses in mind too.

Moving forward, you need a product designer to quickly design the prototype of the MVP and get a developer to do it, and I recommend a web app for it with a simple wallet system, which will have top-up and withdraw, transaction history, and a settings page. The home screens should display the live rates of the various cryptocurrencies you support in naira, along with two action buttons: "buy crypto" and "sell crypto." After the development of the MVP, you advertise and market, and I've shared with you previously on both organic and paid ad methods.

No, launching an online Minimum Viable Product (MVP) generally does not require a traditional office space. The core focus of an MVP is to test a product concept with a minimal set of features and gather user feedback. This process is largely independent of physical location. Like I mentioned previously, part of your strategy is working with influential folks in the crypto community. You shouldn't worry about how many workers you should employ and their salaries; rather, you should be more concerned about getting STARTED. When the time comes, they're recruiters for that, and you should have a business plan that encompasses all these things, and I've been emphasizing since my earliest response for you to have one.

Moving forward, I'll recommend you start taking action, and like Mark Twain said, and I quote, "The secret of getting ahead is getting started." He also emphasized that "the secret of getting started is breaking your complex, overwhelming tasks into small, manageable tasks, and then starting on the first one." This suggests that the key to making progress is to begin and not get bogged down by the initial complexity of a project.

All the best! I hope this helps.

PS: By God's grace, I should be in Nigeria by next month.

AmgAmg:
So I’ve been thinking a lot since your last message, and honestly, I’m leaning more and more toward building something in the Jeroid-style lane. Something that still offers crypto trading in a simplified, user-focused way.

But there’s something I’m still trying to understand clearly. You mentioned that platforms like Jeroid handle their transactions “manually” through an admin. That part has been on my mind. I came across something recently that said Jeroid handles over 200,000 users in total, which got me thinking …. are you saying that platforms like that don’t hit 5,000 users in volume per day? And even if they do, is it really possible for admins to manually handle that kind of load daily? It just seems like a lot for any team to manage by hand unless there’s some system behind it. Maybe when you say “manual,” it’s more of a hybrid … like there’s still a backend dashboard that requires approval, but not everything is fully automated yet? I’d really appreciate if you could help break that part down better for me.

Also on marketing …. I strongly believe that marketing is really the engine of this whole thing. Like they say, “The market where you shout the loudest is where people gather.” It’s not always about who has the most features or even the best tech …. sometimes, it’s just about who’s shouting with the right voice, in the right market, at the right time. That’s why even the biggest brands keep running ads every single day.

From what I can see in this space, especially crypto and fintech, if your brand doesn’t show up consistently and visibly, it’s almost like you don’t exist. And in a market like Nigeria, where word of mouth spreads fast when something works, I think that’s one area worth investing in. I’m curious to hear your take on this .. especially since you clearly have a good eye for communication.

I really admire your writing style by the way. You break things down in a way that makes complex stuff sound simple. good good writing skills you got there …

As for budget, I’m roughly estimating that ₦5 to ₦7 million might be enough to get a good version off the ground…. something stable enough to operate and grow organically. Of course, these are just preliminary thoughts, and I’m very open to your input on whether that sounds feasible or off the mark.

There are still many questions on my mind, but I also don’t want to overwhelm you all at once. If you’re open to further conversation, I’d really appreciate the the chance to ask a few more questions here and there. Thanks so much for all the help and breakdowns so far. Hopefully when I’m back in Nigeria, we can even connect in person.

Really really appreciate you, man.

First and foremost, I appreciate your understanding of my case scenario involving Quidax and Jeroid, and having thoughtfully read my last comment, you would like to proceed with developing a Jeroid-type application, which is a commendable step.

As regards the crypto exchange backend functionality of how the Jeroid application works that I explained initially, it's more or less a hybrid solution, like you rightly stated, and in the admin dashboard, the admins can view the transaction history and simply tap a button to command instructions, be it approval, decline, or a comment. However, I just realized that the Jeroid application has been upgraded to include a wallet and trading system, which automates their transactions and makes them more similar to a Luno-type application. I'm not based in Nigeria, and I decided to download and sign up on their most recent app using my sibling's Nigerian phone number, and that's how I uncovered their new features.

Nonetheless, you can develop this hybrid application as your MVP to test the market and get feedback from your beta users to build your main product.

In the world of DeFi and fintech, when starting up, influencer marketing and UGC have proven to be very effective and help build credibility, expand reach, and drive engagement by leveraging trusted voices within the crypto community. You can also consider using paid advertising and referral programs. Like I said earlier in my last comment, with the right business plan, you can achieve your marketing goal.

Moving forward in starting up your MVP with the supposed hybrid features as discussed earlier, yes, your budget of 5-7 million naira is a very feasible one, and you can even pull it off with less funding depending on your strategy(ies). Instead of developing a cross-platform application, you can simply develop a web app-based MVP, which is quicker to build and cost-efficient. On the advertising and marketing aspect, if you want to generate leads and real-time paying users organically, you can sign up on other big exchanges to become a vendor and write appealing content to sway them to using your own platform. On the other hand, like I previously mentioned in my earlier comment, you can also reach out to influential folks for partnership and let them help you build your own community.

I hope this helps!

AmgAmg:
Had to re-edit

Like I said, Thanks a lot for your advice… really appreciate from depth of my heart . What you said actually reminded me of a conversation I had recently with someone who’s also in tech but like a rookie. lol . We were discussing the idea of building an exchange and all the moving parts involved. Like you rightly said, starting with an MVP is the smart way to go. Just build something small, test it, see how people respond, and then scale up if it clicks.

But here’s the thing … even though I’m totally on board with the MVP phase, I’ve also been thinking ahead. I like to plan things out as much as possible,

Imagine someone starting to building a house , but in their head they’re already picturing the full duplex. Like what and what it takes to put everything together, they wanna know how much the blocks, roofing, wiring … everything …. would eventually cost. That’s kind of where my mind is.

So yes, I’ll test the waters first. I’ll keep things lean and maybe even use third-party providers for fiat onramp and other integrations. But I still need a sense… even if it’s just a ballpark estimate … of what a full, properly scaled exchange might cost to build and launch. From development to licenses, compliance, hosting infrastructure, security layers, media marketing and all the other stuff that has to be in place for things to run smoothly.

I’m not trying to rush into all that now, but I want to know the road ahead … what I might be getting into if this MVP gains traction and I decide to go all in….


I’ve seen people get stuck midway not because their idea didn’t work, but because they didn’t plan beyond version one. I’m trying not to be that guy.

Hope you get the idea and where I am coming from ….

Thanks again …. would really appreciate your take on this

I'll try my best to explain it explicitly to you here, but I do hope that I don't miss any vital point(s).

Firstly, before I expatiate on the pricing and regulations involved, I want you to understand the concept of what you're building, and the reason simply stems from the initial references you provided here on your earliest post about starting up a crypto exchange platform, which are Quidax and Jeroid. While both have some features in common, they're broadly different! Basically, Quidax is a centralized cryptocurrency exchange, and Jeroid is primarily a fintech or mobile app that offers crypto trading as one of its services, which is manually controlled. Think of "Quidax" as the Binance or Bybit of Africa that has a robust trading system and allows users to buy, sell, and store various cryptocurrencies like Bitcoin and Ethereum, offering features like P2P trading and an OTC desk, including an API for developers, and think of "Jeroid" as your regular WhatsApp crypto vendor you know who built an application to optimize their trading process but still does it manually on their backend regardless. I want to believe you understand now because it's pertinent.

With that being said, the reason for my explanation above is that your choice of references is a bit absurd in that particular context due to the enormous distance between the two of them in terms of pricing and the overall development. It's like comparing a Rolls-Royce La Rose Noire Droptail to a Toyota Corolla.

Moving forward, I believe you should grasp where I'm coming from and, perhaps, where I'm going to. To start with, the establishment of a similar Quidax-type of crypto exchange app in Nigeria is capital intensive. You'll mainly need to do a CAC registration, SEC registration, and intellectual property (IP) registration. The last time I checked, Nigeria’s Securities and Exchange Commission increased the registration fee of platforms offering crypto exchange services, raising it from 30 million naira to 150 million naira. To digress a little, in June 2024, the Nigerian Securities and Exchange Commission introduced the Accelerated Regulatory Incubation Program (ARIP) to manage the activities of these VASPs (Virtual Asset Service Providers). By August 2024, your beloved reference, Quidax, was one of two companies that were granted a license. Aside from the regulatory aspects, developing a Quidax-like application can cost you $20,000 and above unless you want to utilize a white-label solution like PayBitoPro, which is relatively cheaper.

On the other hand, starting up a Jeroid-type of crypto exchange app in Nigeria is a lot cheaper compared to Quidax. Like I mentioned earlier, Jeroid application is basically a mobile app that offers crypto exchange as one of its services, and transactions are manually carried out by its administrators. Unlike Quidax, it doesn't require much regulation, and you can make use of third-party APIs depending on the services you want to offer, like Jeroid does. You may still need a license if you want to accept fiat on your application, and maybe a cooperative license will do, and the cost varies, and you can consult a tech lawyer within your vicinity to learn more and the amount should be less than 250,000 naira. However, you still need to register your company with CAC, which is important. To give a guesstimate on how much it will cost to develop the app in Nigeria, I would say between 800k and 3M, depending on the core features required.

I, believe these are the major points you should know and the likes of the hosting infrastructure, security layers, media marketing and all the other stuff like you rightly mentioned on your comment are all negotiable items and with the right business plan, you can achieve all of this with some few millions of naira.

I hope this helps!

AmgAmg:
Good morning everyone

Pls Lately, I’ve been thinking a lot about building a crypto exchange… something similar to likes of Jeroid or Quidax.

Honestly, it’s just an idea for now, but it keeps coming back. I keep imagining what it would feel like to create a platform that makes crypto more accessible locally, especially in places where people need easier options.

Not only that … I want to create something where transactions work at the speed of light.
I mean ridiculously quick speed .
I feel like that’s the only real way to stand out and beat the competition: to have hypersonic-speed transactions that people can actually rely on.

But I’ve also had a bunch of doubts in mind.

I’ve been asking myself questions like:

Where do I even start from for someone entirely new to the crypto space?

Also, is this something I can actually pull off and is it worth it in the long run?

And probably the most important question: how much would this actually cost me, money-wise?

And more importantly … as I said earlier … Is the juice worth the squeeze in the end ?








Please, I don’t want to get into an endless money pit.

I know for a fact that it’s easy to get overwhelmed.

So I figured I’d just ask instead .

If you’ve been in this space … maybe you’ve worked on a crypto product, built a platform, or just know how these things come together … I’d really appreciate your thoughts & opinions

I’m open to learning, open to being corrected, and open to any advice you think might help

Thanks in advance 🙏

As both an entrepreneur and a software engineer who has built several fintech products, I will recommend you have a business plan and figure out your USP (Unique Selling Proposition) first, which you've rightly done, which is the transaction speed you mentioned, and perhaps there are also some others. Moving forward, you need to register the company and, most importantly, stay in compliance with the necessary authorities and this will ease your partnership with other service providers when you want to integrate their API on your platform. Coming from a business angle and to save your resources (time and money), you may want to quickly run an MVP and validate your idea before building and in that case, you can build an online brand with a simple landing page to get clients and get them to join your waitlist and see how this goes and you can also reach out to influential folks in the crypto community for a repost. So, depending on how this goes, you can build and launch.

With that being said, its an idea that's feasible due to the several pain problems involved in this part of the world most especially the delay and you can also partner with a reliable onramp provider which will allow users to convert their fiat into crypto.

I hope this helps!

Kindly drop contact

Kindly drop your contact

Please I want to know more.

Kindly reach out to me via the number on my profile on whatsapp

Libraman01:
A bungalow of four(4) masters bedroom in a serene and fast developing environment in Isihor, Benin City.

Property is sited on a 100 x 100ft.
Price:14M (Negotiable)

Call #: 09131648999
NOTE: *This is my land, not an Agent.*

OP, I live in Benin, try and reevaluate the price again because it's too expensive. You will find similar houses for sale in Jiji for less than 10M.
However, I do have an advertising agency and I can help you bring potential buyers If you're evaluating the property again and reducing the price. If agreed, kindly send me your WhatsApp number.

mcameo:
A mobile phone engineer is required in Ajah, lekki, should be a diligent, honest and a professional.

Call 07011680871

.

Personally, I don't think you really do need investors because its an illegal business for you unless you want to partner with the security agencies involved. On the other hand, you can make the product available on web and mobile devices and run ads and allow users use it for free or you can introduce a one time payment fee for users to download and use the software and you can generate revenues from there and also monetize the platform.
As regards your connection with the policeman, I will advise you to cut ties with him because he can implicate and arrest you.

YoudeyVexme:
I just sold my generator for 55k, around 9:30am this morning. after depositing in account..I said let me withdraw the 5k ontop to my sporty bet account. immediately I did, I saw a live game of table tennis of 1.85 odd.. and staked all on it.
not up to 25 seconds I lost the game.. because they were in the deciding set already.
.I deposited again this time 10k to make back the lost 5k... leaving 40k.. but I was wrong.
I would decide to stake 1k but as soon as I see the live games, it will look as if one spirit is holding my hand to stake the whole money in the account just to have an higher winning... and that's how I staked the whole 10k on table tennis live game.

that's how I finally deposited all the money...I sold my generator to settle a debt of 33k...debt I didn't pay... money I don't have... generator is already with new owner.


I had to use the only 100 naira on me to get this for breakfast After contemplating about killing myself.

because I didn't know when I cried I'm tired of this life

I can never make it life.

it's better I end it.
I'm not here to ask you for money keep your money you need it, BECAUSE if I see anything it's same way I will go play to get my 55k back..this isn't the first time.

it's better I end my life here and now
it's clear I can never make it in life

Hey bro, i know exactly how you feel right now because i have been there. Cry or rant if you want, to let all the pains out. Its only a matter of time and you will be fine. Betting or Gambling can never make you rich or give you any form of financial freedom. Apart from the money you lose, you also lost time. So i will advise you to learn a skill preferably an online skill or get a job if you're currently idle to utilize and make good use of your time and with time, you'll forget about betting.

luvlyADESUWA:
Introduction:
I am a young Nigerian youth living in Edo state, I sometimes write business proposals for people. I have a client who told me to give him a business plan of any good, genuine, practicable and profitable business and I will also set it up and manage it for him in the first three months and I will be paid for the entire job, I don't mind sharing the pay with anyone that could suggest a very good business to me. I will be more excited if I can get someone in Benin city that can join me practically. (Certainly, i will pay)


Good day my Business Gurus.
Please, I want good ideas on any genuine and profitable Business that 5 Million Naira can set up here in Nigeria.
Offline Business is what I mean, I don't want any online Businesses at all. Many Nairalanders and myself have been victims of online Businesses (Vintage and his crew) here on Nairaland.

My business suggestions that you can startup with 5M in Benin city are:

You can startup a bakery. In the Isiohor/oluku area in benin city, there are only very few bakeries and the area has a population of thousands of inhabitants and hundreds of shops. You can as well startup yours after doing a market research in your area and employ professional bakers and do your own unique style of baking the bread and do home delivery and you can add ice cream and as well digitalize it to ease the business for you.

You can also open a grocery shop to sell farm produce only. You will do your research and buy best selling farm produces in benin city from places in Nigeria where you can get it very cheap. You can as well digitalize it for a larger audience with a well packaged branding and start making sales.

You can also open outlets in any hot selling landmarks(Most especially markets places) and start up a standard and corporate thrift contribution company, commonly called "Ajo" or "Esusu" or "Olidara". You will employ professional marketers/workers whom will be well dressed in branded wears and they will go about the area or market and convince business men/women to start saving in your company and you will offer them different savings packages and they will definitely be turn up as i have personally not seen any corporate Ajo company in Nigeria.

Lastly, you can use the investment funds to purchase 2 cars and start a car rental company where you can be getting up to 25k weekly per car.

redcross:
Hello house.

I am an investor based in Oman ,please is Shortlet Apartments Business lucrative in Nigeria ,I plan to site it in Benin City ,Edo state. Should I lease a Building,buy or Rent the Building.

Thanks ,I await your response.

My email is mannyedk@gmaildotcom

[quote author=redcross post=110242167][/quote]Okay. My mail is mannyedk@gmaildotcom

redcross:
Hello house.

I am an investor based in Oman ,please is Shortlet Apartments Business lucrative in Nigeria ,I plan to site it in Benin City ,Edo state. Should I lease a Building,buy or Rent the Building.

Thanks ,I await your response.

It is lucrative and Benin city is a nice location for it too considering its still yet untapped in that region and the state is also rapidly growing in the Nigeria economy.

Although, you can actually offer all the services (lease,buy,rent etc) but if you’re looking at starting up with one option first, then you should consider lease and rentals.

However, there is also a lot to consider prior to furnishing and advertising in benin city.

What can you offer in your apartments that would be better than a hotel or another rental apartment in Benin city?

I suggest you make this post on the business section for more views.


However, I own a digital marketing agency in benin city and if you need market research and other digital marketing services to get the audience you need, kindly mail me.

Mickeey:
okay, i have been in the business for over a year now, at first it was all going smoothly but this year things started slowing down i can go a whole day without anybody coming to my office am really at lost i pay almost 2million naira at the mall my office is located, dear Nairalanders what other business can i add to make customers patronize me. Any business at all

Startup a food delivery business, employ sales managers to get the database of all the restaurants in your city, design banners for advertisements and paste in junctions in your city and watch the sales come and greatly upscale your logistics company in a whole.

For your business consultation and how to get the multi vendor food delivery platform for your business, WhatsApp +2349085034704

GHOSTMODEBIZA:
Please friends
Who can recommend a good place i can learn programming in Benin city.
Thanks

I'm in benin and my office as well at Edo hub.
Kindly whatsapp +2349085034704

myike2:
Hello Nairalanders…

So I’m looking for a good way/means of investing up to N1m. I currently don’t live in Nigeria (though I still have family and friends there, so keep in mind I won’t be able to manage a business there in person), and I’ve been looking for the best investment to do with N1m.”

I send money home every month, so I thought it would be best if I can have an investment in Naija that could generate maybe N300k to N400k monthly, so that I don’t have to send money home anymore. The N1m for investment/business is flexible, that means I could do past the N1m if necessary. I need only solid suggestions please.

Mods please do justice to this.

Sincerely its only a business you can startup that can generate your proposed ROI monthly on the long run. I doubt any legitimate investment firm offers such an enormous ROI per month even a year in most cases.
As regards the business, how do you intend to manage the business from Canada? Only you? or do you intend to hire a personal manager or call on a family member to help you manage the business?
If it's the former (Only you), then I will suggest you opt in for online businesses idea only while if you have trusted persons onboard in Nigeria to help you manage the business, then you can choose to startup an offline business.
Moreover, my business ideas for you are:

Importation of cheap Canadia quality used Phones, laptops and Accessories: You will have to do your research in Canada to know the places where you can get cheap and quality used Phones, laptops and accessories and sell them here at a higher rate. You can automate the whole process by having an inventory system and online portal and track every sales and delivery by developing a web application for it, increasing the business security for you in Canada. This will be very profitable due to the dollar to naira ratio currently.

Online Lending Business: Not withstanding the fact that Nigerians are heavy debtors, the online loan industry is still booming and new loan companies are emerging daily and as a matter of a fact by Nigerians in Diaspora and the chinese investors. The strength and security of your funds in this business is determined by the functions you implement on the application. All what you have to do is create a web application, integrate it with some purchased banking API and automate the savings of the loan applicants bank cards for repayment in case they default and you're good to go, Moreover, you will have to register the business and get someone to get court order for you so you will have high limit amount in any payment processor you intend to use in the disbursal of the loan. You can personally monitor all the whole process wherever you are in the world.

Starting up a Sneaker Shop: You can do your research in Canada and get cheap and quality sneaker and open a Sneaker shop here in Nigeria. Hence, most of the youths are now into cyber crimes and all what they do is fashion and car likewise the ladies, you will definitely make lots of sales.

Middleman Car Dealing Business: This is somewhat a side business idea and you aren't spending a dime. It simply requires you looking for cheap and flashy, quality and unique brands of cars in Canada and create a repository of car lovers in Nigeria and market it to them, hopefully, you will get a buyer. You can also create a web application for it and pay marketers and you will definitely make sales. Once any potential buyer shows interest, you start the delivery as soon as possible!

NOTE: These are ideas you can startup, manage and control yourself from the Canada and it may take time for you to start generating your intended ROI.

Moreover, if you're looking for a way to make your intended ROI in the shortest period of time, you have to learn and acquire the skill.
This are my personal and current hot online business skill you can learn:

(i) Domaining

(ii) Affiliate marketing - you can purchase Toyin Omotoso's book

(iii) buying and selling of USDT on Binance

Best regards.

ernyseji:
I am interested

whatsapp 0.9.0.8.5.0.3.4.7.0.4

starstunna1313:
Can I call you over the phone

Sure, you can

Biafraaa:
Dear fellow nairalanders please i need your opinion and advise. what Business can you advice someone with 1milion naira cash to start or invest in. i'm currently out of idea. the more i think about a business to start, after some calculations the money won't be enough to start up the business. please kindly throw in your opinions.

My business suggestions for you that can you startup with 1M are:
You can startup a fintech platform and be earning hugely as most banks are overcrowded these period due to covid 19 guidelines and many persons are embracing the fintech space in Nigeria.
Although, I don't know your current location, however, Food is constantly essential. You can rent a shop and startup a restaurant, do some billboard advert and can as well digitalize it by creating a website and/or app where people can order and get the food delivered at their doorstep.
You can as well open a bakery. Here in my area, there is only one bakery and the area has a population of thousands of inhabitants and hundreds of shops. You can as well startup yours after doing a market research in your area and employ professional bakers and do your own unique style of baking the bread and do home delivery and you can add ice cream and as well digitalize it to ease the business for you. You can also open a grocery shop to sell farm produce only. You will do your research and buy your farm produces from places in Nigeria where you can get it very cheap. You can as well digitalize for larger audience with a well packaged branding and start making sales.
Your capital is also a good one for starting up an online lending business with very low risk having an automated web application for the business and getting your desired return on investment monthly.
You can also startup a food processing business and start with frozen food production. You can also start a private refinery business by starting up a kerosene depot. it's in high demand these period we are.
Importation is also a good one, you can start with importation of phones. Create an online platform for it to create more awareness, then rent an office and you're good to go.
Lastly, you can also open outlets in any hot selling landmarks(Most especially markets places) in your area and start up a standard and corporate thrift contribution company, commonly called "Ajo" or "Esusu" You will employ professional marketers/workers whom will be well dressed in branded wears and they will go about the area or market and convince business men/women to start saving in your company and you will offer them different savings packages and they will definitely be turn up as i have personally not seen any corporate Ajo company in Nigeria!.

As regards investment, there are several investment platforms like piggvest, branch and carbon etc, but they all offer low interest rate but your investment funds may be well secured, so if you're looking for pocket money, you can invest in any of this platform but if you're looking to earn a substantial interest rate monthly, you can invest in tech startups. If you're interested in investing in fintech and/or edtech application, you can buzz me on 0.9.0.8.5.0.3.4.7.0.4

If you need more business ideas, brainstorming section, market research and business development, kindly contact me.

Best regards.

starstunna1313:
The last idea, I have few questions which are :
1. Where does it (gas) come from?
2. How is it being sold?
3. Any licenses ?
4. How long can it be stored in held?

Firstly, it depends whether you want to startup the business either on a large or small scale. Howbeit, there are several suppliers you can buy from either in bulk for cheaper rate from oil gas and firm like Nipco or at retail price from several suppliers.

If you want to startup cooking gas business in Nigeria on large scale (wholesaler), getting a land for this business is very important. According to the requirements of the Department of Petrol Resources (DPR), the land you want to situate your gas plant must be at least 15 metres away from any building containing flammable materials. Make sure not to site your land close to residential building, filling stations, etc. this is in accordance with the DPR, so that you will be passed fit to commence the business.

The capital needed to startup this business on a large scale is about 10M - 15M. Your capital should cover the necessary equipment and materials needed to commence your cooking gas business so that the Department of Petroleum Resources (DPR) can access them and possibly grant you the license to commence your business.

So to answer your 3rd question accordingly, there is a license if you intend to startup the business on a large scale. In order to get licensed by the DPR to commence your gas cooking on a large scale, you will need to put everything in place first including registering your business with CAC. Thereafter, you approach the DPR to get a copy of the terms and conditions by which the DPR issues their operational license or you visit their website online so as to get the necessary details if you don not want to visit there in person.

That said, in order to get the DPR to license you to operate your cooking gas business in Nigeria, you will be required to get the permits listed below:

- Police Report
- Fire Planning Approval
- Town Planning Permit
- State Land and Physical Permit
- Department of Petroleum Resources License

NB: You can visit the Department of Petroleum Resources to know the steps on how to get various permits needed.

I will also advice you to get insurance for your cooking gas business.

As regards your 2nd question how its being sold, cooking gas is always sold it in terms of its mass. The major factor determining the volume of the cooking gas is its pressure and temperature.

As regards your last question, it can be stored for a very long time.

starstunna1313:
Good morning my fellow Nlanders… Please I have 18 million Naira which I mapped out for business investment. But I want to first of all invest 10-15 million Naira first and keep the remaining 3 million aside. But my major challenge now is which business or “lucrative” business I can invest in. Bearing in mind that I’m also leaving the country in a month time, I’m 31 and this is my first time of trying to venture in a business with such amount.
Please I need suggestions and advice.

Thanks in anticipation.

MOD: please push to front page

Hence you intend to leave Nigeria permanently and will only visit here occasionally to see your mum, my best advise for you is to invest in an online business. However, can you be more explicit if you want to startup a business or invest the said funds in any legitimate company?
If it is the former, you can startup an online business as i earlier said. The beauty of starting up an online business is that you can easily manage it anywhere you are even if your target market is Nigeria.
My best selling online business ideas suggestions for you which are also easy to manage include:

- Online Lending Business: Not withstanding the fact that Nigerians are heavy debtors, the online loan industry is still booming and new loan companies are emerging daily. The strength and security of your funds in this business is determined by the functions you implement on the application. All what you have to do is create a web application, integrate it with some purchased banking API and automate the savings of the loan applicants bank cards for repayment, so once any borrower defaults, you can easily automatically debit the borrower. Moreover, you will have to register the business and get a lending license so you will have higher limit amount in any payment gateway you intend to use in the disbursal of the loan. You can personally monitor all the whole process wherever you are in the world. As a matter of fact, it seems chineese now has more loan applications than the ones owned by Nigerians! I believe they saw something in that space in Nigeria.

- Crypto Exchange Business
Nigeria was ranked some months ago as world's second-largest bitcoin trader but every transaction is done from sites domicile abroad. Nigerians in Diaspora can tap into this huge potential to provide a trusted exchange for Nigeria on Bitcoin and other virtual currencies.
This business is practically online. That gives you the advantage to operate it from your based abroad.
You can also save some of the funds in dollars you can fully control or buy and sell USDT rather than investing with piggvest with a very low ROI.

- eCommerce Business
The current eCommerce business in Nigeria needs more investors. The Nigerian market is in dire need of quality and trusted products. Nigerians in Diaspora have access to these foreign goods that would sell in Nigeria.
There’s a huge market for demand for quality products. You can create an eCommerce DropShipping store to sell anything from overseas, from diapers, soap, creams, etc. All you need is to offer it in bulk purchase to make the offer what the shipping cost. Then, you arrange local delivery partnership.
If this is done better it will be a huge market for basic foreign goods.

- LPG Gas Plant Refill Business
If you are looking to get into a multimillion naira investment with guaranteed success in Nigeria, here’s one you can do now. Nigeria has huge untapped potential for cooking gas. Its even recently most persons start using it due to the hike of kerosene.
You can entrust the business to your mum or anyone to manage it for you. Since the business deals with specific volume and measurements, you can control gas supply from your based, while monitoring daily sales lodgments through your online banking.





For your business consultation, business planning, market research, data analysis and programming, kindly contact me via the number on my signature

Reality11:
I'll appreciate if you can recommend a digital skill that can enable me work or earn doing remote work.

Please it shouldn't be very saturated.

It should be something I can learn from watching YouTube videos, buying course on udemy or any source etc.

Firstly, what are you currently doing to enable us suggest a digital skill that fits into your category?
However since you don't want a saturated one, you can either learn graphics design, affiliate marketing or copywriting.
They all have free and paid resources online.

AIIyIic:
Thanks for this.
I really don't mean it has to be instant?
I'm actually very interested in buying and selling of USDT?

Can you please shed some light?

Nothing much to say here. However, It involves buying and selling for profits. You can start by leveraging on social media crypto groups for maximum productivity for you to earn well, thereafter, you can now create a website for it and probably venture fully into crypto trading, do adverts and get more sales!

AIIyIic:
Thanks for this.
I really don't mean it has to be instant?
I'm actually very interested in buying and selling of USDT?

Can you please shed some light?

Nothing much to say here. However, It involves buying and selling for profits. You can start by leveraging on social media crypto groups for maximum productivity for you to earn well, thereafter, you can now create a website for it, do adverts and get more sales!

AIIyIic:
Hello guys, I would love to know what online business can generate an income of 400,000# and above monthly.
The basic characteristics of such business are :

1) It should be reproducible (I.e Something you can teach someone and the person would be making a minimum of 400k/ month if the person follows the steps given)

2) Starting capital shouldn't be more than 500k

3) No Forex or Binary.. ( Maybe crypto - but with strong assurance/guarantee.)



If you do any online business with such characteristics and you're willing to show your previous earning records and and also willing to tutor me until I start getting results, please reply or send a dm.


I'll pay up to 200k for such training.

Thanks

Nigerians and greed are like 5 & 6!
Yes, there are legit online business that generates 400k and more monthly and i'm involve in some of them but the truth is it takes Effort
+ Frequency + Persistence to gets deals done. In essence what i'm trying to say its possible but as a starter, your monthly target may not be frequently met.
Its worthy to note that most online business that can generate your targeted monthly return on investment involves hard work and may take some time for you to acquire these set of skills.

However, i recommend this following online businesses for you which can generate your targeted ROI and i do them as well:

(i) Domaining

(ii) Affiliate marketing - you can purchase Toyin Omotoso's book

(iii) buying and selling of USDT on Binance

PS: There are all easy to learn and implement and can generate your targeted roi as i'm personally involved.