I got tagged on a question last week. “If you have N50m cash, would you relocate or would you start a business in Nigeria?”
N50 million is approximately $34,000.
Having a cash reserve, in this case, $34,000, can provide you with a buffer of time to achieve several things while abroad. It’s not just about the amount of money, but the opportunities it can create for you.
Having $34,000 can buy you time abroad to achieve several things:
- You can go to school while working one job.
- You can buy a car outright, without financing.
- You can build your credit.
- You can establish an emergency fund.
However, surviving solely on savings of $34,000 or even $100,000 without a source of income is not feasible. The systems in the West operate differently, and it often starts with getting certified to earn a higher wage in that economy or simply starting a business.
The West Values Labour
By learning a trade abroad and earning in that currency, you can set yourself on a path to not just financial stability, but also significant growth. This is a promising avenue for your future. For instance, last week, my friend’s split unit air conditioner broke down.
The total bill was $24,000, which broke down as $2,200 for the unit itself and $20,000 for labour. Even if you wanted to pay for the repair, you’d have to wait for an appointment.
These jobs, which are tagged “menial” in Nigeria, are in high demand in the West. I suggested that it would be cheaper to fly a Nigerian technician from Aba to the US, house him, and pay him $5,000. In the West, labour is not just valued, it’s highly prized. The legal structure allows you to have multiple jobs, opening up a world of possibilities. This should inspire you to explore your potential.
Wrong Location or Profession?Â
Many Nigerians struggling abroad may be in the wrong location or profession. For example, a high-end banker from Ikoyi who emigrated to the US will find that the term “banker” has a different meaning there; without proper licensing, they won’t earn at the same level as they did in Nigeria.
However, consider a plumber in Ikoyi who earns very little. A plumber in Canada, on the other hand, can earn a substantial income.
The cultural shock is thus more pronounced in the upper-middle class who emigrate.
The US Bureau of Labour Statistics reports that as of June 2025, the US has 7.4 million job openings. This suggests the US has a greater capacity to absorb immigrants than other nations.
So, Will You Relocate?
So, relating it to the question about N50 million: If I have determined to emigrate, I would take N1 million, learn a trade in Nigeria, complete my apprenticeship, and then relocate. Some valuable trades include:
- Hairdressing
- Teaching, especially in daycare
- IT
- Nursing
- Plumbing
- Carpentry
- Electrical work
- Truck driving
- Auto mechanics
If you prefer a professional route, consider adding certifications like CFA, CFP, or CPA.
Once you’re abroad, enrol in programs to get certified in your trade in that jurisdiction. Even with basic plumbing knowledge, you can find small jobs that pay well.
Central American kids arrive in the US with some formal education but limited English proficiency. They often take menial jobs in restaurants or construction, learn a trade, and eventually start their businesses. Some may fail, but the point remains: they have a methodical approach to the process.
Demographics Favour EmigrantsÂ
Most nations in the West are well below the replacement ratio, with a massive demand for workers to flow into the economy and drive consumption and tax revenues. So these are opportunities, but you have to emigrate the legal and right way, so your labour is adequately compensated.
Planning is Essential
Remember, it’s crucial to plan before emigrating. This includes asking questions, doing your research, and most importantly, having a well-thought-out budget. This preparation will give you a sense of security and confidence.
Preferably, emigrate when you are younger.
Preferably, emigrate when you are married or have a partner with no kids.
Preferably, emigrate to get an education, then a job, not a job then education.
Preferably, emigrate to the US, not Canada, the EU, or the UK.
Just to let you know, I’m not advocating for emigration; I’m simply saying that if you’ve made that decision, please follow the steps outlined above.
With ₦50 million (~$34,000), here’s my balanced take:
Relocation: is an option if one already have a clear plan, visa pathway (like study or skilled work), and long-term goals abroad. But note: I don’t think ₦50m can last long in many countries after relocation, rent, and settling costs.
Starting a business in Nigeria: this could bring higher returns if one have strong business sense, a solid plan, and willing to navigate the tough terrains (infrastructure, policy instability, etc.).
In either case: don’t rush. Plan. Save a cushion. Avoid emotional decisions.
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