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Nairaland Forum / Nairaland / General / Politics / Why Is Becoming Rich In Nigeria Only Through Politics (967 Views)
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Why Is Becoming Rich In Nigeria Only Through Politics by Nobody: 11:11pm On May 08, 2022 |
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 |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by NwaNimo1(m): 11:16pm On May 08, 2022 |
1 Like |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by Nobody: 11:23pm On May 08, 2022 |
NwaNimo1: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 |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by NwaNimo1(m): 11:30pm On May 08, 2022 |
Saneesk: ....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) 2 Likes 1 Share |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by swaggerjack: 11:32pm On May 08, 2022 |
Saneesk: Fastest way to become rich and you have a 99.9% chance of getting away with your loot.
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Re: Why Is Becoming Rich In Nigeria Only Through Politics by tensazangetsu20(m): 11:32pm On May 08, 2022 |
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. 3 Likes 1 Share |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by Stricker321: 12:02am On May 09, 2022 |
You are totally wrong. I know a lot of very rich people that have nothing to do with politics. 1 Like 2 Shares |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by Gerrard59(m): 12:12am On May 09, 2022 |
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. 2 Likes |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by Nobody: 1:34am On May 09, 2022 |
Gerrard59: Please what's your take on akinwunmi adesina of afdb saying Africa's next billionaires will come from the agricultural sector |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by Gerrard59(m): 2:37am On May 09, 2022 |
Saneesk: 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. 4 Likes 2 Shares |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by naptu2: 2:47am On May 09, 2022 |
Saneesk: You mean like Wizkid, Burna Boy, Leo Stan Ekeh, Cosmas Maduka, Iyinoluwa Aboyeji and so on and so forth? |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by Nobody: 5:32am On May 09, 2022 |
Gerrard59: Bruh i think we should talk more through whatsapp zero 8 zero 6 nine eleven 2595 |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by Nobody: 5:42am On May 09, 2022 |
Gerrard59: So you're suggesting i work on becoming a politician and scale through to become a billionaire....... Lol |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by Nobody: 5:42am On May 09, 2022 |
Saneesk: Cause it's seems like the easiest and only way in this present naija |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by swaggerjack: 5:44am On May 09, 2022 |
Saneesk:Just get ready to join a cult and become a wizard that will be doing different rituals. 1 Like
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Re: Why Is Becoming Rich In Nigeria Only Through Politics by HomoSapienSapie: 5:47am On May 09, 2022 |
Saneesk: 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. |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by HomoSapienSapie: 5:54am On May 09, 2022 |
naptu2: 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. 1 Like |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by naptu2: 6:10am On May 09, 2022 |
HomoSapienSapie: 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. 2 Likes 1 Share |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by Buckeyemedia1: 6:33am On May 09, 2022 |
Gerrard59:Intelligent Man. |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by HomoSapienSapie: 6:48am On May 09, 2022 |
naptu2: 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. |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by Nigerialabalaba: 6:52am On May 09, 2022 |
Saneesk: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 |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by BRATISLAVA: 6:59am On May 09, 2022 |
tensazangetsu20: Lol. But in another thread you said there are such few Nigerians with a million naira in their accounts? That all Nigerians are poor. |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by tensazangetsu20(m): 7:04am On May 09, 2022 |
BRATISLAVA: 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. |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by naptu2: 7:04am On May 09, 2022 |
HomoSapienSapie: 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: 1 Like
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Re: Why Is Becoming Rich In Nigeria Only Through Politics by ivolt: 7:15am On May 09, 2022 |
False claim. |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by HomoSapienSapie: 8:05am On May 09, 2022 |
naptu2: 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? |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by BRATISLAVA: 2:58pm On May 09, 2022 |
tensazangetsu20: 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. |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by tensazangetsu20(m): 3:21pm On May 09, 2022 |
BRATISLAVA: 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. 5 Likes 1 Share |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by Ikinternational: 3:43pm On May 09, 2022 |
tensazangetsu20: 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 |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by mrvitalis(m): 3:59pm On May 09, 2022 |
Saneesk:There is no Igbo village that a politician is the richest man none Speak for your people |
Re: Why Is Becoming Rich In Nigeria Only Through Politics by Nobody: 4:41pm On May 09, 2022 |
@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. |
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