Financial Literacy
10 businesses that can make you rich in Nigeria
Published
3 years agoon

Want to make money in Nigeria? Be a rich man, legitimately? Then there are businesses you can do which this article highlights.
To make money in Nigeria, you have to study the economy and what thrives in it. You can’t possibly sell winter jackets and expect to get returns from it, our weather is not inclined in that way. That said, this review basically points out ventures that work in Nigeria and that are safe and reliable to delve into;
E-commerce
Customers are crucial in business and apart from this being a very promising venture, it is a sure section that guarantees you billions of customers. Working with an already established company would better help you understand how things work here before going on to start yours.
Construction materials
Infrastructure will forever be needed be it housing, hospitals, schools, etc. that is to say that there will always be a demand for building materials. The Dangote Group is well known for their innovation in this aspect. Though it requires a substantial capital but there is also a continued assurance of you being in business all year-long.
Real Estate
Land will always appreciate and people are making money in it especially in Lagos. Most people don’t even rent homes now, they buy them. This is a lucrative business to put investment into. If you want to be successful here like Warren Buffett, you need to know that it is expensive and line up your financing.
Oil and Gas
What most Nigerians don’t know is that we are one of the biggest producers and exporters of oil in Africa and the world. Most people have started running petrol stations across the country, distributing diesel and kerosene in large quantities. This also requires a lot of capital, but it will keep you in business and make you millions for a very long time. I personally know someone who started a small petrol station in Kaduna last year and it has only gotten better ever since.
Rice Farming
One of the visions we are driving at in Nigeria is food security. Though it is sometimes hard labor to cultivate and also capital-intensive, you are definitely going to remain in business. For example, Rice is a staple crop in Nigeria with high demand across the country. Sadly we still have to import this product from countries like Thailand even when we have the means to do it. Invest in this
Hotel Business
The hotel business is highly competitive, granted, but it is another goldmine waiting to be tapped. As usual, you will need capital but what would keep you in the game is excellent management skills.
Snail Rearing
Now to a low-cost business; snail. They are also low maintenance and don’t require a lot of food. Not many people are into this business, so that’s an edge for you especially as the demand is rising.
Poultry farming
Poultry farming will put you in business all year-long turning your capital into millions. Even if you don’t start with many birds, you can always start with a few hundred work your way up from there. This guarantees millions if you are religious about it.
Trade in Second-Hand items
Simply, fairly used products or tokunbo trade. A fraction of Nigerians would rather purchase fairly used products in order to save money be it electronics, cars, clothes. This may not guarantee you millions in the beginning but there is a method to everything. In markets all over the country, second-hand items are moving fast. The Jiji website is also known for its safe trade of products and services.
Transport Sector
You need management skills to venture profitably into this business. Transport companies make millions of money from it every day. Also, you will need a good amount of initial capital. There is always business for road transportation in Nigeria and companies like ABC and God Is Good transport amongst many others, have found a niche here.
Most businesses require capital. Even if you don’t have enough to start, investors are all over the place looking for places to put their money. As long as you can put in the right effort and consistency, you are on your way to making millions.
Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience.Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.


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Personal Finance
5C’s of creditworthiness: What lenders, Investors look for in a business plan
Business owners need to be aware of the criteria lenders and investors use when evaluating the creditworthiness of entrepreneurs seeking financing.

Published
3 days agoon
February 28, 2021
Banks usually are not a new venture’s sole source of capital because a bank’s return is limited by the interest rate it negotiates, but its risk could be the entire amount of the loan if the new business fails. Once a business is operational and has an established financial track record, banks become a regular source of financing.
For this reason, the small business owner needs to be aware of the criteria lenders and investors use when evaluating the creditworthiness of entrepreneurs seeking financing.
Will the business that an entrepreneur actually creates look exactly like the company described in the business plan? Of course, not.
The real value in preparing a business plan is not so much in the finished document itself but in the process it goes through – a process in which the entrepreneur learns how to compete successfully in the marketplace. In addition, a solid plan is essential to raising the capital needed to start a business; lenders and investors demand it.
Lenders and investors refer to these criteria as the five C’s of credit.
READ: 5 ways to raise funding for your business
1. Capital: A small business must have a stable income base before any lender is willing to grant a loan. Otherwise, the lender would not be making, in effect, a capital investment in the business. Most banks refuse to make loans that are capital investment because the potential for return on the investment is limited strictly on the interest on the loan, and the potential loss would probably exceed the reward. In addition, the most common reasons that banks give for rejecting small business loan applications are undercapitalization or too much debt. Banks expect a small company to have an equity base investment by the owner(s) that will help support the venture during times of financial strain, which are common during the start-up and growth phases of a business. Lenders and investors see capital as a risk-sharing strategy with entrepreneurs.
2. Capacity: A synonym for capital is cash flow. Lenders and investors must be convinced of the firm’s ability to meet its regular financial obligation and to repay loans, and that takes cash. More small businesses fail from lack of cash than from lack of profit. It is possible for a company to be showing a profit and still have no cash – that is, to be bankrupt. Lenders expect small businesses to pass the test of liquidity, especially for short term loans. Potential lenders and investors examine closely a small company’s cash flow position to decide whether it has the capacity necessary to survive until it can sustain itself.
READ: How to scale as a small business on a budget
3. Collateral: Collateral includes any asset an entrepreneur pledges to a lender as security for repayment of a loan. If the company defaults on a loan, the lender has the right to sell the collateral and use the proceeds to satisfy the loan. Typically, banks make much unsecured loans (those not backed up by collateral) to business start-ups. Bankers view the entrepreneurs’ willingness to pledge collateral (personal or business assets) as an indication of their dedication to making the venture a success. A sound business plan can improve a banker’s attitude towards venture.
4. Character: Before extending a loan or making an investment in a small business, lenders and investors must be satisfied with an entrepreneur’s character. The evaluation of character frequently is based on intangible factors such as honesty, integrity, competence, polish, determination, intelligence, and ability. Although the qualities judged are abstract, this evaluation plays a critical role in the decision to put money into a business or not.
READ: 7 Ways to pay for your higher education
5. Conditions: The conditions surrounding a funding request also affects an entrepreneur’s chances of receiving financing. Lenders and investors consider factors relating to a business’ operation such as potential growth in the market, competition, location, strength, weakness, opportunities and threats. Another important condition influencing the banks is the shape of the overall economy, including interest rate levels, inflation rate, and demand for money. Although these factors are beyond an entrepreneur’s control, they still are an important component in a banker’s decision.
The higher a smaller business scores on the five C’s, the greater its chances of receiving a loan.
Written by Chukwuma Aguwa
Personal Finance
Don’t be fooled by COVID-related scams
Always consult the institution in charge of health-related matters to confirm any fishy information you come across.
Published
3 days agoon
February 28, 2021
The nature of and the manifestation of the Covid-19 disease is such that there’s only a little time available to remedy the situation before it gets chronic. Although the infection begins by exhibiting mild symptoms, if you do nothing in a short time, it could lead to death in a matter of days.
This whole picture has caused many to become desperate about Covid-related issues, launching into panic mode at the sight of any information. As a result, such people are not far away from falling for fraudsters.
With the different kinds of news flying around, you mustn’t be fooled by Covid-related scams.
The Coronavirus threatens the health of millions of people around the world daily, also killing thousands along the way. To curb the spread and remedy the situation, bodies like the CDC, WHO, and every country’s local health organisation like the NCDC, frequently circulate information around communities. However, it has also led to fraudsters taking advantage to provide fake news, and even asking for donations.
Each day, there seems to be a new account or NGO asking for donations into the health sector, and though some are legit, many are just fraudsters posing to take advantage of innocent citizens. So far, numerous complaints about scams have been recorded, especially with people who are looking to support the health cause in any way they can.
READ: Africa to spend $9 billion on Covid-19 vaccine, access to supply is big problem
Channels used for COVID-related scams
There are three major ways scammers take advantage of the haziness of the situation to dupe people. To start with, they appeal to the emotions of humans, who see the high death toll and suffering. As a result of what is happening, people have been willing to donate funds for medical supplies, isolation centres, and financial compensation for medical workers.
Scammers take advantage of this by posing as charity organisations and solicit for funds. Most times, as soon as their target is met, they clear their footprint without leaving a trace behind.
Another way they scam people is by manufacturing and selling fake or low-quality health products. Everyone wants to get their hands on a cure, or something that can at least protect them from the virus, and scammers are meeting their needs by providing just that.
READ: China joins WHO vaccine programme as it fills huge gap left by United States
The World Health Organization currently approves only one vaccine, and any other thing outside it is outrightly fake or just a supplement that will help your body. Currently, only the Pfizer vaccine is clinically tested and approved to work. Be sure to not throw your money in the wind by purchasing some of these fake drugs around.
Lastly, scammers create systems to extract a patient’s personal information, thereby having access to the person’s true identity. It could be in the simple form of opening a registration portal where you supply all your details.
Therefore, only give information to approved bodies and not any random online site that appears legit. These fraudulent individuals can do a lot of damage to your identity. Stay vigilant, only communicate with approved bodies, and always ask questions if you are not sure or suspect foul play.
The place of electronics in COVID-related scams
These fraudsters usually reach out to you through the digital sphere. Hence, watch out for cold calls, text messages, or emails requesting donations to certain bodies. The best way to confirm the legitimacy of such a message is to visit the organisation’s official website in a different browser. Never follow the link in the mail or text directly, as it can be easily embedded with spyware. Therefore, a single click could see them extract all your personal information, including bank details.
Also, please stay away from those who claim to have a cure, and accompany it with testimonies of people who have used it. They are low graders desperate for your money. Vet them by searching online and see what people are saying. In all, always look out for suspicious messages, and opt out if you are sceptical.
In a nutshell, you should not believe any cure, vaccine or supplement that the World Health Organization does not approve of.
Conclusion
The government or legit health institutions do not cold call citizens to request donations or coerce them into making one. If you receive a call out of the blues, chances are it’s a scam, which is why they mostly try to hurry you to donate before you realise it. Always consult the institution in charge of health-related matters to confirm any fishy information you come across.
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Aper wanger
November 21, 2020 at 12:49 pm
I’m interested in this