For decades now, the image of Nigeria has been battered by the news of advanced fee fraud (also known as 419), money laundry and corruption, you know the email about the lost rich uncle that died and left millions for you and the only way to claim it is by depositing some money into an account. These 419 scams has really damaged the image of Nigeria to the extent that even Nigerians living outside of Nigeria are afraid to go back to their own country and establish any kind of business.
However, due to some positive investment opportunities that has been in news recently about Nigeria, for instant, in a recent article in Forbes Magzine Prince Alwaleed Bin Talal Bin AbdulAziz Alsaud (the richest man in Saudi Arabia) has expressed a significant interest in making some considerable investments in Nigeria. Many Nigerians abroad are now yielding to the clarion call for them to come and establish businesses in Nigeria.
Business Opportunities in Nigeria
From Lagos to Abuja to Port-Harcourt and Kaduna, there are so many business opportunities in Nigeria waiting for people that are creative to tap into them. Majority of these business do not require millions of dollars to get started, instead only a modest amount and paying attention to where the demand is for services. The very first thing anyone should do before starting a business in Nigeria is to know how to register your Company in Nigeria. This will enable you to operate legally in the country and also ensure that your brand name is not copied or stolen. Truthfully this does not guarantee any thing but at least you will have the law on your side.
Below are some examples of lucrative business ideas to start in Nigeria:
Starting a CyberCafe Business in Nigeria: Technological advancements in Nigeria have brought about a variety of positive changes. Many Nigerians are now proud owners of various technology-based businesses that are yielding nice returns. One of these businesses is a CyberCafé, Nigerians can go and pay to use the Internet for a certain amount of time.
One thing to keep in mind regarding this business is that the industry is evolving fast. When cybercafe first got started in Nigeria, the Internet was still a novelty and was very expensive to get into people’s homes. Nowadays in Nigeria, many people have laptops and have access to the Internet, however, there is still a majority that cannot afford Internet access at home, which is why a CyberCafe is still a profitable business in Nigeria.
But when opening one today, you will have to take all the changes into consideration. Which is why you cannot do what everyone else is doing, add some kind of eatery to it, include a social component to it. Make your decorations stand out from the rest, most importantly for the love of GOD, customer service. Take your customer service skills to the next level by going above and beyond for your customers. This is the #1 component missing in most Nigerian businesses. Doing that alone, will set you miles apart from your competitor. Another major expense to keep in mind when starting a CyberCafe or any business in Nigeria is the cost of electricity. There is currently no steady light in Nigeria so most people use generators which requires a lot of diesiel to run. This is a major expense and should be taking into consideration when putting together your budget for a new business in Nigeria.
Equipment needed to start a CyberCafe in Nigeria:
A Cyber Café cannot function without computers. To start, one must have at least ten computers. This will allow the business owner to get a good return on his Cyber Café. Of course, an owner can buy more, but he should always buy at least ten to get started. Most café owners buy refurbished or fairly-used (tokunbo) systems, which greatly minimizes the cost of buying a new computer. Presently in Nigeria you might be able to get a new computer for about N80, 000 while one can buy a tokunbo computer for as low as N15, 000. Since the computer will be used by many people, it is highly recommended that you buy new computers. Read more tips and advice about starting a CyberCafe business in Nigeria.
Starting a Cell Phone Business in Nigeria: The cell phone business is perhaps one of the most lucrative businesses in Nigeria today. Cellphones have become integral to everyday life in Nigeria, and people simply cannot live without them anymore. Even after buying one phone, many Nigerians want to get another one or buy a different model. In order to do so, they must go to a cell phone store, which are now popping up everywhere in Nigeria. These stores have become quite a significant and lucrative business. They have become the type of business that can be started by a person who is just arriving in Nigeria from abroad, or even by a person who is still living abroad.
When looking for a place to set up the Cell Phone shop in Nigeria consider the following:
1. The space should be located in an urban area
2.It must be easily accessible by vehicle
3.It must be located on a major road in order to easily attract potential customers
In Lagos, suitable areas to open a phone shop include Ikeja, Victoria Island, Tejuosho Market, Yaba, Ojuelegba, Surulere, Oshodi, and Ogba.
One Advice to keep in mind- PLEASE DON'T...
Sell refurbished or second-hand phones mixed along with the new cell phones you are selling. This will give your store a bad reputation. For instance, some people sell Chinese made phones along with the original cellphones, these phones are often highly unreliable knockoffs of well-known brands. These kinds of phones are known for their unreliability, so do not sell them with your other phones. A common problem these phones usually have is that their batteries are often weak: you can charge one for 5 hours and discover that it will last for no more than 2 hours. Read more tips and advice about starting a Cell Phone business in Nigeria.
Consultancy business: This is perhaps one of the newest emerging business opportunities in Lagos, Nigeria. Everywhere in Lagos today, the new catch word is ‘outsourcing.’ This means employing or contracting an outsider to handle the duties or job that the employees of a company would normally perform. This phenomenon is occurring in developing economies. Forward-looking individuals and business organizations are increasingly outsourcing services outside their areas of core competence to other professionals, usually for a fee.
If you are a Nigerian who studied abroad and have become an expert by working in a certain industry for a while, you can go back to Nigeria and set up a consultancy . Keep in mind that being a consultant in any part of the world requires you to network and know people and make connections. As a consultant in Nigeria, this will be paramount even through there is an edge to studying abroad it is who you know and the connections that you will make your venture a success in Nigeria. Read more tips and advice about starting a Consultancy business in Nigeria.
If relocating to Nigeria is not in the picture any time soon these business listed above will require you to come back to Nigeria temporarily and set them up. Then find a trusted person to run it while you are living abroad. Truthfully, this can be quite challenging and in order for this to work you have to spend a good amount in Nigeria setting up the foundation and putting in place systems. In all, Nigeria is a land of opportunities with considerable risk but only those who are able to see beyond the only bureaucracy and theatrics can see it for what it is and reap the profitable rewards.