How to make money in Nigeria

Posted by Felix Okoli on Wednesday October 26, 2011 17:24:37:

Being able to make money is what a lot of Nigerians would want as it could help them a long way. The poor could become rich and the rich can become richer if they make more money.

Money is something that has become a necessity in Nigeria today and it seems that everyone is competing to get it. Money never satisfies and different categories of people make money in different ways and forms. Some work harder to make little money while some work less and earn more. In our world today, it seems that the people who work less earn more and those who work most earn less. Most poor people tend to hate rich people because they feel that they are the cause of their problems but the truth is that anyone who is poor or lacking money is actually responsible for it. Your world is what you make it and you can make money in Nigeria, if you really wanted to.

One question you should be asking is "how do people make money in Nigeria"?
My answer to that would be that they do so because the understand the Nigerian factor and by that I mean they understand what factors are inherent in Nigeria, making it what she is today.

Here are several things that can be categorized as the Nigerian factor:
- Millions of People: Nigeria has people
- Natural resources: Such as crude oil, agriculture
- Growing capitalist economy
- Poor Infrastructure
- Religion: Very religious
- Ethnic Diversity
- Hot weather
- and lots more

Note: The above factors are things we can work with as a business

In order to be able to make money in Nigeria:
- You need to understand the Nigerian factor
- You need to have a reasonable business plan
- You need to market your product or service

If for instance, you are seeking for political office, you need to know the people you are dealing with, what pissed them off and what lures them closer. As a business man, you need to be able to provide an item that people are mostly in need of, even if they didn't know they need it. Most times, the products that brings the best profit in Nigeria are the ones you invent or anticipate yourself and gives you a bit of monopoly. So make millions with your innovations while you can.

How to make money in Nigeria
- Understand the Nigerian environment
- Identify a product or service you can provide
- Try to dominate your market
- Better incorporate your business if you are thinking long term
- Offer you item to a wider market. Make use of the internet if you can
- Make use of bank accounts to receive large payments.
- Find ways to reduce your price while at the same time capturing the market
- Be honest. It takes a little mistrust to ruin your business