How to Become Rich in Nigeria Fast : 21 Latest Ways
Nigeria ranks among countries where people can become millionaires in both, Nigerian Naira and US Dollars. Contributors towards this trend are a younger population, proper exploitation of resources, vibrant economy to support start-ups and investor/ business friendly policies adopted by Central and state governments. Aspiring millionaires do not have to fantasize about marrying into wealthy family, migrating abroad, committing crime or other hideous measures to gain wealth. Proper set of skills with some finance and business acumen are sufficient to become rich in Nigeria fairly quick.
Money matters: It really does
Embarking on an enterprise in Nigeria can be fairly arduous. Major impediment is funding a venture. Some of the ways to become rich fast do involve investments, which is possible if the entrepreneur is working or inherently rich.
For those unable to garner own funds, the world Bank scheme of Nigerian government offers funding at low interest rates. Personal loans are offered by most banks and finance institutions, provided an applicant meets prescribed criterion. Other non-traditional ways of getting initial investment are crowd funding, family syndication and community loans. Selling personal property or assets and withdrawing from securities is not advised as Nigerian market positions tend to swing wildly. Before investing in any get-rich-quickly enterprises, it is advised to seek guidance from experts in the field.
21 Ideas on How to Become Rich in Nigeria
So if you want to become rich fast in Nigeria then here is one of the best list of 21 ideas that will show you how to become rich.
If someone personally asks me the best way to become rich then my reply would be blogging only. Blogging not only made me rich, it made several people wealthy. Most people I knew earlier were not rich before they began blogging. Many of the people still think this as technical profession but it’s no more technical. If you have Zero knowledge of web design and don’t speak English at all then, yet you can start blogging and make lots of money online.
You can write blogs in English or in your mother tongue. You can share your knowledge and your own experience through your blog. AdSense & affiliate marketing are the best way to make money through your blog. Only thing you need is a domain & hosting. Don’t create free BlogSpot blog because there are many limitations and your domain name will look like “yourblogname.blogspot.com”. I will highly recommend to go for GoDaddy WordPress hosting as it’s very affordable, easy to create blogs, has number of benefits & you can get a free domain with an annual plan.
Train, bus, air reservations:
Booking train, bus, airline seats were earlier the privilege of travel agents. Anyone equipped with a smart phone or computer connected to the Internet can now offer this service. Apps provided by Nigerian Railways, various state owned road transport corporations and airlines make it easy to book from anywhere. Migrant workers, reluctant to enter plush travel agency offices or wait in long queues to reserve a ticket willingly pay a few hundred rupees for a confirmed seat. The business can be handled from home or if needed, any space such as a park. You are required to pay with your credit/ debit card or net banking facility. There are many travel agents who has become rich in no time so this is what you can do if you want to get rich quickly.
Walking tours operator:
Walking tours is a concept gaining ground in Nigeria. They involve taking a group of foreign tourists on a walk in a specific area that has high concentration of tourist attractions. Walking tours are fun and generally patronized by foreign tourists. Such trips allow foreigners to get a first-hand feel of the place, indulge in bargain shopping, take in tastes, sights and sounds of the area. Walking tours are offered through travel agencies or booked through portals offering entertainment services.
A couple of years ago, Nigerians would have balked at the concept of food trucks. Popular in the US since over 200 years, food trucks in Nigeria involve relatively smaller investment- between Rs. 500,000 to Rs. 800,000. They fork in huge profits. Food trucks are usually self-operated. They are parked at specific venues such as beaches, business districts, during the day and evenings. Food trucks require fewer licenses compared with restaurants. Running a legit food truck needs permits and licenses from local authorities and strict compliance to Food Safety and Standards Authority of Nigeria. You can read this food truck guide on Money Connexion if you want to start this.
Taxi fleet owner:
The boom in cab aggregators in Nigeria has made it profitable for people to own cars and lease as taxis. Major operators in all Nigerian metros are on the lookout for people who can offer one or more passenger vehicle and a driver, for use as taxis. These aggregators offer a fixed amount per day plus share profits. In any case, your returns are guaranteed. Vehicle finance is relatively easier to procure since it involves direct mortgage.
This is also one of the best ways to become rich fast in Nigeria. Almost every service provider, bank, corporate house looks for people to collect their cheques and payments from clients and business associates. The job also involves timely delivery of bank instruments to customers and companies. The service is offered free of cost to customers by telecom service providers, utility companies, financial institutions and banks, among others. Working as a collection agent for these organizations is lucrative. It is worth nothing that collection agents are different from debt recovery agents.
Address verification services:
Telecom service providers, credit card issuers and several other companies require physical verification of a customer or business associate’s address. They outsource the work to individuals or small enterprises willing to exert that extra effort. This work involves visiting the person’s address or enquiring with neighbours whether the person dwells or does business from that premises.
Geographical relocations have surged in Nigeria thanks to economic boom the country is witnessing. Millions of fresh graduates, experienced professionals, skilled and unskilled workers migrate daily to various parts of the country in search of greener pastures. Converting an apartment or house into a mini-hostel or labour camp assures you of sizeable, fixed monthly income. Deposits taken from tenants can be invested in banks to earn interest.
Mental health continues to take a backseat in Nigeria. Taboos over visiting a psychiatrist continue to rule high. To overcome this self-imagined block, graduates in psychology are offering counselling services to everyone from students to elderly. Fees are charged per session, which usually spans 30 minutes to an hour. The service can be offered from home, a small office or from a medical clinic/ hospital. Please note that psychological counselling is different from psychiatric counselling. The former can be done by persons who have passed Bachelor of Science with psychology as major. Psychiatry, on the other hand, is a very specialized medical branch that requires a Doctor of Medicine (MD) degree.
Herbal beauty products:
Indubitably, this is a very competitive sector, with corporate giants battling for a slice of the market. Despite, a sizeable portion of the market is available for entrepreneurs who can offer fresh, home-made traditional beauty products. Such herbal beauty products cannot be stored for large scale commercial marketing. They are prepared and delivered based on orders only.
This is good option specially for women to become rich. Nigeria has one of the largest consumer-driven economies. Meaning, people crave, strive for and buy superior consumer products during their life-span. Rising living costs have rendered imperative for couples to work. Small families with both working spouses and single workers seldom have time and inclination for cooking meals. They subscribe to what is commonly called ‘tiffin service’ in large cities. Providing a full, packed lunch or dinner with home delivery service is a great money spinner to begin from home or a small kitchen.
Photo/ artefact restoration:
Tropical climate in Nigeria plays havoc on old pictures and precious artefacts. Modern technology combined with artistic skills render it possible to restore memorable pictures that have fallen victim to vagaries of the weather.
Artefacts and family heirlooms also require restoration or facelift such as polishing. These services, though available, are rare in Nigeria and can be offered with ease.
Exotic meats supplier:
Taboos surrounding meat consumption, beef ban and soaring prices of traditional meat and poultry products do not match well with new found affluence of Nigerians. Acquired, refined tastes for meat also rule the market. Farming and supplying exotic meat including ostrich, wild boar, quail, partridge and others is excellent for those having time and space for the business.
Public relations agency:
The boom in new businesses has spurred breakneck competition in almost every sector. Copycat business models rule the Nigerian market. Companies wishing to retain their position or consolidate their brand look for public relations firms. PR firms are tasked with creating a proper presence in the mass media, hosting events for promoting the company or its brands, interacting with journalists and other stake holders. Not all businesses can afford services of giant PR firms. Offering these services to smaller firms can be done from home or a small office.
Despite best efforts of the government to reduce red-tape in Nigeria, bureaucracy continues to reign supreme. Getting fresh licenses and permits or renewing existing ones can be done online, but with limited agencies only. Helping businesses to procure and renew these licenses is very profitable. You will require some effort to develop contacts with the right person in various government departments.
The vastness of Nigeria combined with poor handling infrastructure and logistics accounts for some 40 percent of raw food- including grains, fruits and vegetables- going wasted in Nigeria. The Nigerian government has launched several initiatives including Food Parks where investors can open processing units to stem this colossal wastage. Financial and technical assistance is offered by the government to investors willing to open food processing units. Canned, dehydrated and frozen food is a growing market in Nigeria. Venturing into this sector is a sure way of getting rich quickly.
Everyone has seen the ubiquitous ‘kabaadi wala’ or rag picker, make rounds of garbage kilts and gutters to collect discarded plastic bottles, soft drink cans and myriad scrap. A typical rag picker plying on Mumbai streets for 12 hours earns a tidy Rs.600 to Rs.800 daily. The reason: The scrap fetches high value in the recycling industry of Nigeria. With some skill, opening a scrap recycling business is very profitable and sure way to become rich in Nigeria. Recycled metal, plastic and paper are commonly used and in high demand in Nigeria’s manufacturing sector. Government loans, technical know-how and subsidies are offered to recyclers.
Before screaming sacrilege, one needs to examine the reality. Last rites have to be performed on mortal remains of departed souls. Arranging hearse, funeral bier, flowers and other paraphernalia required to perform last rites are often extremely stressful for those who have lost a beloved family member.
Elaborate funeral services are offered by specific religious communities but these can be unaffordable to a bereaved family. A funeral service consisting of providing hearse, bier, arrangements at a crematorium or cemetery, getting flowers and other required paraphernalia is good business to become rich and even social service.
A profitable venture for creative folk who possess extraordinary linguistic and writing abilities. Companies, large families, educational institutes and various other organizations look for chroniclers who are able to write their detailed history. The work is very lucrative and assignments can often last several months. It involves digging into the organization or family’s history, tracing roots, documenting various landmarks and presenting in reader friendly, interesting manner.
This is not the same as a recruitment agency which requires a plethora of licenses. Providing labour services involves giving semi-skilled or unskilled workers on temporary or full-time basis on extremely short notice- less than three hours- to small businesses that have very high attrition rates. Such companies include construction firms, security agencies, restaurants, pest control providers and motley others. You get paid the equivalent of a day’s wages as commission per worker provided. Profits can be well imagined considering casual labourer in cities such as Mumbai get Rs.600 as daily wage.
Stocks and commodities trading:
Every sector in Nigeria is booming: manufacture, infrastructure, defence, telecom, finance and lot more. Trading in company shares is a legitimate and sure way to become rich in Nigeria. Trading in commodities such as gold, silver, crude, are also gaining momentum. Short, one-day courses that offer training for dealing in stocks and commodities are available across Nigeria. You can trade in stocks and commodities directly or through reputed brokerage firms.
Get your check-list first
Before embarking on any get-rich-soon venture, it is advisable to prepare a check-list of what you require. Some of these businesses may require bank account, tax and other registrations and permits. Without these, your enterprise can be termed illegitimate and you may be subjected to stiff cash fines. Serious breaches of law can end you in jail, despite innocuous nature of the business. With proper documentation, limited resources and a fair degree of enthusiasm, you too can strike it rich in Nigeria.
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