Friday, 16 August 2019

See 10 Reasons Why You Should Invest In Nigeria As A Foreigner

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It is not that easy to start business in Nigeria, especially if you have no clue what business to run. There are ten most actively developing kinds of business, from growing snails to oil trade in Nigeria. After reading this article, you will learn how to take the first step towards successful and highly profitable entrepreneurship. 

At the beginning of oil production, Nigerian agriculture fell into decay. Recently, people began to think that oil resources have boundaries and they began to look for other opportunities to make economy grow. Nevertheless, some agricultural activities are still in productive areas. 

Cattle breeding

See 10 Reasons Why You Should Invest In Nigeria As A Foreigner

Many people make their living by livestock handling in Nigeria. Even foreign investors are investing in this area. How to conduct a competitive business in the country population of which reaches 150 million people? (in fact, 190 million - ed.note). Everything is easier than you think. If you have a thousand heads at your disposal, for which you will provide proper care, this will already be enough for their number to reach a million. 

Cassava growing

Many Nigerians are still cultivating cassava. This crop is especially prevaliling in Ondo State, where farmers make good profits for its cultivation. 

Breeding snails

Growing snails is a profitable type of business that does not require much investment. It takes one year only to succeed in this lucrative business. 

Rice production

Rice is a popular product among Nigerians. Until now, the country is heavily dependent on imports of rice from abroad, primarily from Thailand. Of course, this business requires a considerable investment of several million dollars. However, the return is guaranteed.

Forest business

Nigeria has historically been involved in wood trading and furniture manufacturing. To organize the process of production and marketing of goods, the only thing you need to do is to agree on supplies with wood carpenters and find a room under the furniture salon. Because few can afford imported furniture, the demand for local wood products will continue to be high. 

Sale of fruit juices

Many Nigerians love fruit juices. That is why companies such as La Carcella and Chivita took their place in the market so quickly. You need to invest when it comes to juices. However, everything will pay off with a high degree of probability. 

Сlean water trade

Nigerians buy drinking water on a regular basis. Water trade is a capital-intensive business, but if you approach it wisely, all costs will be worth it. 

Oil and gas industry

Allah rewarded Nigerian land on abundant reserves of oil and gas. Gas and oil products attract foreign investment into the country. You can invest in a diesel gas station or engage in selling kerosene. Investing in the oil and gas industry is a simple and profitable way to spend money. The oil tycoons of Nigeria make millions of naira. 

Transportation Services

In Nigeria, the cost for carriage of the goods ranges from 20 to 200 thousand nairas. Significant demand for road haulage is due to the country's poor railway infrastructure. Transportation of oil products and other goods are prevalent among Nigerians. 

The Nigerian government announced plans to raise over the next ten years $ 7 billion in investments in the development of the mining and the metal industries. The largest oil-producing country in Africa in the past two years is experiencing severe problems due to falling world prices for energy and therefore seeks to diversify the economy, making it less dependent on exports of oils. 

Also, Nigeria is counting on attracting $ 5 billion of domestic and foreign investment in mining. According to the development plan of the sector, prepared in the Ministry of Mines, in two years, the country should start mining iron ore, coal, lead, zinc, nickel, and gold. 

The owner of the industrial empire, the Nigerian billionaire Aliko Dangote, whose fortune is estimated at $ 10.1 billion, is the wealthiest African according to Forbes magazine

South African diamond tycoon Nicky Oppenheimer takes the second place in the rankings, and his fortune is $ 5.6 billion. Earlier in November, Oppenheimer announced his intention to sell its share in De Beers to the Anglo American mining corporation. 

The Egyptian Nassef Onsi Sawiris, who has accumulated $ 4.75 billion, closes the "podium" of honor. 

With a small margin of 0.05 billion dollars in the list is Johann Rupert. 

The last in the top five is Mike Adenuga, whose savings amount to 4.3 billion. 

Even though the rating is made only from citizens of African countries, there is only a quarter of black billionaires in the list. The average age of the wealthiest people in Africa is 61 years. There are no women in the Forbes Africa rich people list. 

Note for information 

The Economic Community of the West African States (ECOWAS) was created in 1975, but it began to develop intensively not so long ago. As of today, 15 countries are members of ECOWAS, and a free trade zone has been practically formed between them. The permanent capital of ECOWAS is located in Abuja, Nigeria. ECOWAS countries are a huge growing market with over 400 million consumers. Unlike the EU, certification requirements are formulated in such a way as to develop the possibility of mutual export-import relations. There are no restrictions on foreign founders of enterprises in Nigeria. There is only a quota for hiring foreign workers, the need for which the company needs to prove. 

Nigerian charm 

Only in 1960, Nigeria ceased to be a colony of Great Britain. There are many contrasts at every step: traditional Christianity and Islam coexist with frightening voodoo cult. Many people live in depressing poverty, but many wealthy citizens occupy the top lines of the Forbes lists. 

If you do not take into account the big cities with more than 1 million people (and there are about 10), then the population density is evenly distributed throughout the country, and the estimated population exceeds 200 million people, but even the Nigerians themselves say they do not know precisely how many of them really are. All 36 states are divided into many areas of local government. These are modernized tribal relations with their leaders and ways of life. 

About the author 
As a former journalist and curious by nature person, Melisa Marzett keeps track of events around-the-clock. Without going too far, of course, she knows how to enjoy life apart from work. She loves traveling, scuba diving, skiing; she finds something to do no matter whether it is warm or cold, no matter where she is. Currently working as a freelance writer, she is always up to writing. Read more at:

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