Hmmn

Buhari government is waiting to destroy any businesses that springs up in Nigeria, so long as it isn't cattle rearing.

If it's crop farming, the Fulanis cattle rearers will be sent to destroy the crops and the security forces on standby the defend them should you protest.

If it's IT, the government will be waiting to tax you to inexistence or creating policies that will frustrate you.

If it is something like Facebook, Twitter or Nairaland that you plan to start, the government will muzzle you and you will not have freedom of expression on your platform.

If it's a business that competes with the likes and products of Dangote, forget it. It's reserved for cronyists already.

If it's factory, well the power supply will frustrate you. Perhaps you then rely on power generator, one day the government can wake up and decided to place ban on generator purchase or solar panels importation. Then you will be stuck on how to power your factory. Meanwhile it can decide to give waiver to people like Dangote et al to import and use the same generator you have been banned from using.

If it's entertainment, then maybe you can have some shot. But then the government has already tried/shown us the format they may employ to destroy that too if and when they are able to achieve their fulanization agenda. So called "Kannywood" is well under supervision of the Hisbah.

Remember Gokada, the bike hailing platform, yeah Nigeria happened to that too.

Even if you ignore all those and go ahead to obtain bank loan to start your business, hmmm, Nigeria may happen. The interest rate may double the night the bank approves your loan and you have to pay.

Whatever you do, there seems to be a Nigerian politician already attached to it like a monitoring spirit waiting for a way to kill it.

As it is today, starting a business in Nigeria may be easy for those that got their money the "easy come" way - the thieving politicians, the g boys, kidnappers, military generals that loot monies meant for soldiers and weapons acquisition - in which case they have nothing much to lose it the money then follows the "easy go" way.

So what d'you have in mind then?

imagine going to a bank for a loan to push your startup and your told you can only be given a loan if you make a monthly turn over of 10million naira.... oga bank if I made 10mil monthly I'd open a bank...

Mehnnnn, never u take loan for a start up. No matter what

Beautiful topic.

with 10 million me self i go open a bank

No one has an answer.

Work and save

sulexrio:
Pleas mail me and let me understand your start up! If is already in development, I can discuss further with you.

If you do technology business (defense) I have an offer.

As a Start-Up, I believe you are not yet de-risked so you need your Seed Funding from Venture Capitalists of Angel Investors nature, alternatively, you can register with any Business Incubator or Accelerators to navigate your growth curves and get your prototypes perfected for Second round of capitalization for productions and probably tertiary round in order to scale your solution(s) or products. All depends on how far your investors want to go with you, I prefer you dive with the dolphins instead of swimming with the sharks.

Savvy?

LivingADream:
I have a question for nairalanders.

How can a Nigerian business startup who doesn't have financially strong friends and family to turn to, raise fund for a business idea?

I have been struggling to raise some money to invest in a business idea without any success yet.

Thank you for your honest and helpful answers.

PS;

No substantial savings and no collaterals.

Meet any political office holder from your community, most of them are looking for were to invest

LivingADream:
I have a question for nairalanders.

How can a Nigerian business startup who doesn't have financially strong friends and family to turn to, raise fund for a business idea?

I have been struggling to raise some money to invest in a business idea without any success yet.

Thank you for your honest and helpful answers.

PS;

No substantial savings and no collaterals.

What most people don't know is that there are thousands of people who want to invest funds but do not have time or the operational capability to run businesses. Such people look for ideas that they can fund.
My advise, learn to pitch your solution, learn the effective techniques of delivering elevator speeches. You will get investors.

the best way to raise capital for self without help is to work for it at least to some extent because even if someone wants to help you the person might want to ask you what you have in hand.
most of us were like this with our confusion not knowing where to start until we started somewhere. Not that all we want have been accomplished but looking back, things are not the same as before. But you most summon courage to hit the street because it is military

work and do weekly or monthly contribution or loan
but loan is not advisable because the business may not stand until six months
go out bro and hustle oo and be very very discipline or let me say determine

Start small and grow

1. Nobody is going to give you money for an idea.
2. Ideas are saturated, execution is what matters.
3. Save money to fund your business ideas.
4. Build up your business to be profitable and investors will come.
5. Keep accounting records, this will help investors for valuation.
6. Nobody, nobody, fund an idea, investors only fund real business.
7. Stop looking for fund, it wont come.
8. Start excuting today.
9. When you are a real business with revenue, you will be the one selecting investors.
10. Some investors are thieves, they want to steal your business in exchange for cash and hand folding photoshot for entrepreneurship magazine.

Stop wasting your time. Ideas are useless, they are just theories execution is what brings funding.

LivingADream:
I have a question for nairalanders.

How can a Nigerian business startup who doesn't have financially strong friends and family to turn to, raise fund for a business idea?

I have been struggling to raise some money to invest in a business idea without any success yet.

Thank you for your honest and helpful answers.

PS;

No substantial savings and no collaterals.

Nigeria is not a place for such. Even if you come across anyone that is capable of helping. They will only steal thr idea for themselves. Dont be deterred sha. Just keep trying. You might get lucky. But in my experiences, they boycott me once they saw the potential in the business.

Top 12 websites in Nigeria that offer quick loans to small businesses and individuals without collateral in Nigeria.

1. GROFIN

2. SMEDAN

3. LYDIA.CO

4. AELLA-CREDIT

5. ZEDVANCE

6. PAYLATER

7. KIAKIA.CO

8. ONE-FI

9. C24

10. QUICKCHECK

11. SPECTA

12. FAST CREDIT

tutudesz:
Forget Nigeria Banks O!! Once requested for a loan of N10 million to upgrade my business to stage 2, only for the loan officer to request for collateral worth N100 million
Look for investors online, but sign agreement 1st before discussing your ideas with anyone.

lolz. like say if u get 100m, u for ask 10m

There are organizations both local and international that provide grant for those who want to start a business.
You can research on that.

tutudesz:
Forget Nigeria Banks O!! Once requested for a loan of N10 million to upgrade my business to stage 2, only for the loan officer to request for collateral worth N100 million
Look for investors online, but sign agreement 1st before discussing your ideas with anyone.

Do you have an example of such investors?

Sell any available property, I no sey make you sell your papa house o.

I have asked same question several times too..

Just how?

My Ev project has been hanging for sometimes now all thanks to lack of funds

Government and financial institutions are not even helping matters as well

Raise some savings and start.

wallay77:
That question needs answer.. facing same problem here...been outta school since 2018,no job in sight no capital to start business...man no won do Yahoo

Waiting man wan do like this

richmond500:
lolz. like say if u get 100m, u for ask 10m

Abi

Brunosamel:
Is quite hard to get one unless you well connected or from rich family members,

My advice work your ass off, save enough and start your business

If you are trust worthy you can use OPM to start your business.... Currently I'm using other people money to trade cryptocurrency distribute there profit by the month....

How do you do that successfully?

Shikena:

Do you have an example of such investors?

Political Office holders in your community, politicans dey always get free money one side Na so I cry follow my house of assembly member O!

merits:
piggy bank can help.

Like saving bah?

Wow, okay I'm in a similar situation and how I intend to raise capital is by trying to get a job, work for several months, save and invest the salary at the same time, I'm not married so I'm not worried about family, except my mother and father, my siblings should be able to take care of themselves...
So as I was saying, if the investment go wrong, which I'm sure wouldn't (crypto) the savings can never go wrong, it might lose value slightly because of the fluctuation of the Naira but it can never disappear provided I'd put it to use in few years...
My ideas are superb, na money remain and I know God will remember me

Ayo13945:
Top 12 websites in Nigeria that offer quick loans to small businesses and individuals without collateral in Nigeria.

1. GROFIN

2. SMEDAN

3. LYDIA.CO

4. AELLA-CREDIT

5. ZEDVANCE

6. PAYLATER

7. KIAKIA.CO

8. ONE-FI

9. C24

10. QUICKCHECK

11. SPECTA

12. FAST CREDIT

Specta is right there. Valid. But nothing comes free. You will still need to start your idea first with your own money (whichever way you can)...then find a way of building up your account statement.