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Nairaland Forum / Nairaland / General / Travel / If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? (34685 Views)
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Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by bdon123(m): 12:26am On Aug 22, 2023 |
Wodu89:U are asking for investors.anybody wey follow nairaland person go do business is asking for premium tears 5 Likes |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Olumighty123(m): 12:31am On Aug 22, 2023 |
Wickedfacts: Baba abeg employ me for your ministry Ooo biko. |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Luckysbab: 1:00am On Aug 22, 2023 |
Zonefree: Might be a gambler |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Wodu89: 2:33am On Aug 22, 2023 |
bdon123: Here they come. Nuisance. 1 Like |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Wodu89: 2:34am On Aug 22, 2023 |
online4business: Here they come. I don't have your time.continue Nigeria is evil nothing works. Good luck with your thoughts 1 Like |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Wodu89: 2:34am On Aug 22, 2023 |
MarketDispatch: True |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Gerrard59(m): 3:17am On Aug 22, 2023 |
To be fair, one can make money in Nigeria. After all, amidst the economic crises, there are thriving businesses in the country. So, it is not all doom. Wodu89 mentioned garri processing, which is fine. With additional capital and expertise, that can be replaced with a cassava flour factory, which has an enormous demand considering the price of wheat has soared since the war in Ukraine. With further capital and skilled expertise, it can be upgraded or replaced with an ethanol factory which uses cassava as raw material. Some of the issues we have with entrepreneurship are long-term capital and stability/ security. 10 Likes 1 Share |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Gerrard59(m): 3:32am On Aug 22, 2023 |
jesmond3945: That is normal. I don't understand the desire for a strong naira most Nigerians have. A strong naira is only feasible with a small population. But as it is, we don't need a strong naira. That will skew investments negatively and increase unemployment because there would be no need/usefulness for foreign investors to set up factories in Nigeria and export. Factories are what Nigeria need. The USD is stronger than most currencies in their home countries. So? Do you know that nigeria is so dollarized that happenings outside the country affects it more than what happens inside? How is Nigeria so dollarized when the legal tender is naira? Nigeria is not Ecuador or Namibia, where the Rand is also a legal tender. Let me give you example. In uk, you can never bring any currency other than the pounds, if you do you would pay heavy price for it. That is the UK's personal problem. Also, it is apples to oranges as the UK is a global economy, and the Pound is acceptable globally. I thi k the govt did something like that but the black market in nigeria killed everything. Largely because we don't export as much as we import. Also because the exchange rate has not been completely liberalised. The more restrictions on the exchange rate, the greater the need for black marketers. Additionally, the naira to dollar exchanged is affected by interest rates in the US. The Japanese Yen and South Korean Won have devalued within the past year due to the fluctuating interest rate in the US. To show an example of how a weak currency aids export, check Japan. GDP grew more than 5% because there was an increase in exports and high inward tourist activities. The weak yen makes Japanese goods to be cheaper in the global market, thus, ensuring Japanese companies sell their products and repatriate their earnings back to the country. Nigeria does not need a strong naira. It does more harm than good. Do you know if i send money to nigeria you only receive dollars then the bank will now buy the dollars from you and give you naira. Is this not stupidity? Is this not killing the naira? How can you do business in such a climate That depends on the medium you sent it. People send money, and their receivers obtain it in USD and go to Aboki for a better value. This is why the exchange rate has to be liberalised to make black marketers unattractive. 1 Like 1 Share |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Gerrard59(m): 3:36am On Aug 22, 2023 |
To diasporans, the best way to make your money, considering you are investing dollars or pounds, is into sectors or businesses which are export-oriented. In this way, your revenues are generated in dollars. To me, the real estate business most people plough their money generates losses because never has there been a time when the naira appreciated against the dollar. Investing in real estate should be for those who generate their earnings in naira. Alternatively, it only makes sense if you intend relocating to Nigeria to settle for life. 3 Likes 1 Share |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by tiwasiaife(m): 5:31am On Aug 22, 2023 |
Wodu89: Apart from POS every other business will not succeed in this Tinubu era. Na who get money dey go joint drink and eat fish. Unless there is something like another MMM and people start seeing money without looking at government. This period someone will come to ur joint drink coca cola for 7hours and watch the whole EPl matches. In fact if u fail to subscribe to DSTV u won't see customers again. Where is money to recharge 12 Likes 2 Shares |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by bdon123(m): 5:33am On Aug 22, 2023 |
Wodu89:Call it watever.This is a faceless forum,therefore giving money to someone u met here is a nono.I have lost money patronising a fake digital gallery guy here on nairaland. 3 Likes |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Wodu89: 5:41am On Aug 22, 2023 |
bdon123: I don't curse people. I'll just avoid you. |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Karleb(m): 6:06am On Aug 22, 2023 |
Wodu89: Bros, you said Seyi is using tax from okada and maruwa to pay teacher's salary? So what about the monthly allocation the state receives from FG? Where does that one goes? Abeg educate me o because that claim is outrageous! Business dey sweet when you dey run am for mouth sha. I pray to all who are involved that Nigeria will not happen to your business plans!🙏 1 Like |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by flokii: 6:09am On Aug 22, 2023 |
Japa to go and do what? If I have that amount, I'll start a clothing line like adire, ankara and similar native wears.. I can even get a fashion designer to be sewing them for export to other countries. I'll look for something that tells the Nigerian story and start a business venture with it.. No be everybody wan go live inside cold or be living with fear of racists attack. 9 Likes |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by nkemjacob2(m): 6:15am On Aug 22, 2023 |
Styluss:there are alot of businesses just find the one u are passionate with which you can thrive on |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Rickmann: 7:07am On Aug 22, 2023 |
Wodu89: E no easy as you dey run ur mouth o 1 Like |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Wodu89: 7:34am On Aug 22, 2023 |
Karleb: Smiles. Please yourself. Gotta work |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by jesmond3945: 7:36am On Aug 22, 2023 |
Gerrard59:not true. Then i better keep my money to myself, if the reason for investing in nigeria is to earn dollars. Afterall I am earning dollars so why put it in Nigeria in order to earn the same dollars with all the uncertainties of export market. This is why our currency is dying. We need need to promote our currency, thats the only way for it to achieve value. |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Gerrard59(m): 7:46am On Aug 22, 2023 |
jesmond3945: Or you invest it in the stock market wherever you live. However, a stock market is not a business enterprise compared to a factory. Alternatively, you start a business wherever you live. But if starting businesses in foreign lands is something Nigerian diasporans are good at, they should be rubbing shoulders with Indian and Pakistani billionaires in the UK. After all, there are almost a quarter of a million Nigerians residing in the UK. In my opinion, the brain of a first-generation Nigerian migrant, especially the one who migrated as an adult, is not suited for entrepreneurship in developed countries. if the reason for investing in nigeria is to earn dollars. Afterall I am earning dollars so why put it in Nigeria in order to earn the same dollars with all the uncertainties of export market. Your money goes further, and you own an enterprise. Alternatively, do the aforementioned. This is why our currency is dying. We need need to promote our currency, thats the only way for it to achieve value But that is exactly the opposite you are advocating for. The only way for the naira to be strong (which is not good anyway) is for Nigeria as a country to export more goods, valued added, to the global market. Merely promoting the naira does not add value to it, exporting goods to other countries, getting paid in dollars and converting and spending it in Nigeria makes the naira to be strong. Again, Nigeria does not need a strong naira. We are not Switzerland nor Singapore. 2 Likes |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by YourBestWriter: 8:02am On Aug 22, 2023 |
With that money, I am moving to Canada asap. My problem is not only about the bad state of Nigeria, but also the wickedness of Nigerians. I believe 80% of Nigerians are wicked. Can't imagine raising a child among these barbarians. 8 Likes |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by YourBestWriter: 8:06am On Aug 22, 2023 |
Bimpe29: There is nothing like a better naija, neither will there be a better naija. This country's case is settled. 3 Likes |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by bdon123(m): 8:41am On Aug 22, 2023 |
Wodu89:Why will u curse me,hav i cursed u? |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by soccerlite: 8:56am On Aug 22, 2023 |
Wickedfacts: I strongly curse you 1 Like |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Wickedfacts: 9:02am On Aug 22, 2023 |
soccerlite: I strongly curse your entire family. Wretched bastard. |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by sammyonal: 9:22am On Aug 22, 2023 |
ednut1:boss, no mind all this mofos, nah whine them dey whine people for here just hear what's in there mind. I dey tell person for this platform say no be every body sabi this business, he dey tell me say shey me I no get OT for business ni, imagine talk. People wey there business crumbled no get OT for business abi? |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by deltateam: 10:05am On Aug 22, 2023 |
nkemjacob2: 6 million is not enough unless you want to suffer. You people think there's money on the road to pick. |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by TheOldGods: 10:47am On Aug 22, 2023 |
Wodu89:people funny, pos centres, viewing centres, People shaa have poverty my mindset. 1 Like |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Wodu89: 10:51am On Aug 22, 2023 |
TheOldGods: And that's why you invest in big businesses and cry for low patronage till you close up Go to Chinese websites from Alibaba to Ali express. It's low priced products that sell the most. Nigerians and condemnation behavior. I've lived from Abuja to finesse areas on the island. What I do to make money isn't my person. Now get lost 4 Likes |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Styluss: 10:52am On Aug 22, 2023 |
None bro, I'm in a fix, thinking of buying a car for my bro to start Uber and give me returns nkemjacob2: |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by Styluss: 10:53am On Aug 22, 2023 |
He lives in Abuja nkemjacob2: |
Re: If You Had ₦6M, Would You Japa Or Open A Business In Nigeria? by TheOldGods: 11:08am On Aug 22, 2023 |
Wodu89:lol. Low priced business sell most in China, what's the cost of living in China?what's Thier minimum wage? When people are crying to enter bus fares that was increased with just 100 naira extra, people are trekking and you're here talking. You think business is to look for cheap products and sell, lol. Ask yourselves why popular brands are living Nigeria to open business in Ghana. How many homes in Nigeria eat chicken every Sunday or even chicken every week, I'm sure you hardly do that. Try buying full chicken every week and eat first |
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