What to do with 100k in Nigeria | Best Business Ideas

What to do with 100k in Nigeria | Best Business Ideas

 

 What to do with 100k in Nigeria

Be it as an inheritance or money obtained for work done, what to do with 100k in Nigeria can sometimes be a tall order.

 

Assuming your intention is not to waste money. 100k has groomed some people for life, they grow by reinvesting all the profits they make in the business back into the business.

 

You may not have the best business idea, but we do, and this article hopes to try to guide you to ensure that you are doing the best with your money, or at least the best thing to do.

 

Just do something productive and learn from the experience. Business is an iterative process. You learn from each new cycle, so get started.

 

Introduction

 

The Guardian has a story about two legends and how they started out with virtually the same amount of money and how different they ended up. The story is about Jim Ovia and Shina Peters .

 

The article is quoted as saying: “In 1990, Shina Peters built a house with 20 million naira; the same year, Jim Ovia launched Zenith Bank with the same amount.

 

Today you and I don't have a room in Shina's house but I have an account in Jim's bank and probably you too.

 

Shina's house was built in Iju Lagos and remains there to this day. Jim's bank started in a corner and now has over 500 branches in Nigeria and many international branches. Millions and millions of transactions are made daily in Jim's bank.

 

Shina's house is falling apart. It wasn't cited to indicate that either of them did anything wrong, their choices were rational and that's fine.

 

The thing is, you can make better choices with the little in your hand, and that's something you should never forget while on this journey.

 

100k naira is a lot of money?

 

Although it is obvious to anyone in Nigeria how much value the naira has lost, much can still be done with the value the naira has left behind.

 

In 2010, 100,666 naira was worth $2015. In 100, a 546,2021 naira was worth $100. Now at $257.89, 257.89 naira.

 

This proves that today is always a good day to invest what you have so that it can multiply.

 

What is a good business idea?

 

Good business ideas are okay, but you only move when you see an opportunity. In the words of economic writers Edward Hess and Charles Goetz, can you tell the difference between a good business idea and a good business opportunity?

 

Good ideas are exciting, but good opportunities are scalable. These are achievable plans with a customer base you can access and rely on.

 

Good business ideas should be problem-solving, scalable, generate good profits, be hard to copy, and not just be a mental exercise – they should convince others of their potential.

 

People who read this content end up reading 21 Ways to Make Money in New York (NYC) | Untapped Tips

 

What To Do With 100k in Nigeria – 11 Best Business Ideas

 

#1 – A living room

 

This is one of the best business ideas you can have right now. The business idea is independent of government (you know how it is with government stuff) and doesn't require too many things to get started.

 

The fear of robots taking over the tasks of humans does not easily affect the operation of a salon. Robots can be useful, but it will be extremely difficult for them to replace the humans who take care of customers' hair and give them that natural human touch, let alone in a place like Nigeria.

 

To start a salon , you might need a lot of permits, but since you're starting small, some things are most important to you.

 

Invest your 100k in buying store space, decorations (as little as needed), tools (combs, scissors, hair cream, gels), etc. before doing anything else.

 

The market is large and has great potential as Nigeria's population continues to grow. With an investment in this, your 100k will not be wasted.

 

If you can't do it, have someone perform it for you.

 

#2 – A clothing line

 

Nigeria is Africa's most populous country with one of the largest youth populations in the world. This number far exceeds 33 million and continues to rise.

 

As trends continue to slide, the number of fashion-conscious young people will continue to rise, which means more money will be spent on fashion.

 

An investment in this sector, like many other positions, will do much to set you up for future rewards.

 

The fashion market in Nigeria is currently worth $4.7 billion and is expected to triple over the years. Nigerians are fashion conscious. This has, to a large extent, affected the fashion industry in the country.

 

To meet local and international demands, Nigerian fashion designers have over the years upped their game in terms of creativity and output. And they now rub shoulders with acclaimed designers from other places at international fashion exhibitions.

 

This is an opportunity that should not be taken lightly; and as always, start small.

 

#3 – Food trade

 

An Alistairs Business Report for 2021 explains why food matters in Nigeria and why you should invest your N100k in the food sector. “… Data from the National Bureau of Statistics shows that there is some truth to this claim.

 

In the first half of 2019, Nigeria spent 334.3 billion yen to import food. The money spent was twice as much as our export earnings from agriculture during the same period.

 

Although export earnings have seen continuous growth, food imports have also recorded an upward trend.

 

The growth in food imports is mainly due to the fact that increases in agricultural production do not meet rapid population growth…” they went on to state that “…data show that production levels are not meeting the needs consumption in the country.

 

Interestingly, some of the locally produced rice is also exported. This happens because it is more lucrative to sell paddy, ie rice still in its husk, on the international market than to local producers.

 

According to Charles Isidi, Head of Growth at Thrive Agric., the average paddy price in Nigeria in January 2020 was $0.30 and the average world price at the time was $0.77. “The export price is almost three times the price offered in local markets.

 

This is sufficient motivation for most farmers to export their products rather than selling them in the local market.

 

This proves that when money is invested over time in agriculture and the food industry, the potential for profit is very high.

 

#4 – Your education

 

One of the best ways to invest 100 naira and have very good prospects of getting up to 5 times your money is to invest in yourself. The skills you have, education, etc.

 

If you worked to get the 100k naira, your way of working can be amplified to prepare you to earn many times that amount. That way it doesn't sit around waiting to develop, but it comes into you, your learning.

 

Something no one can take away from you. So go for that course or program you've always wanted to take.

 

After doing proper research for courses that prepare you to earn more, go for this financial literacy course, self-improvement course, just improve yourself by investing that 100k or part of it on you and by informing you.

 

#5 – In other people's business

 

It is now a thing. There are a large number of programs that offer people the opportunity to invest their money in companies that promise to offer a percentage after several months.

 

While this is true, you just need to "shine your eyes". Many have come up with similar schemes and many have left, but the legit ones remain.

 

Investy, which is an investment feature of startup PiggyVest, is one that has made saving and investing easy for many. Investify allows users to invest in primary and secondary opportunities.

 

These opportunities have been reviewed and certified as low and medium risk. Investments under PiggyVest are insured.

 

#6 – Dry cleaning

 

It's not that hard to get started and implement. With the impending increase in the Nigerian population, there will definitely be a need for dry cleaners.

 

This desire to stay clean, but the inherent inability to achieve expected levels of cleanliness and still have free time, is what will drive people to contact you when you start this business.

 

The only thing you need to start this business is space, a small washing machine, customers, an iron and a brand image with good additional services.

 

#7 – Become a POS merchant

 

A point of sale business is one of those businesses that needs no further introduction. Until Nigeria becomes fully digital, people will need a point-of-sale merchant as banks cannot contain or service the number of customers who require cash for various transactions.

 

This business is huge. The only thing you need is a license to operate, a pleasant meeting place with customers, constant cash flow and a friendly approach.

 

That done, you have yourself a gold mine.

 

#8 – Charcoal Trade

 

There is a growing appetite for charcoal throughout Nigeria. Export value is also the driving force behind this business. Charcoal is one of the most popular fuels in the country as gas is expensive, kerosene is scarce and power supply is erratic in Nigeria.

 

Charcoal production has increased to about 4 million tons per year and is expected to increase. Take a position.

 

#9 – Sell Livestock

 

The livestock trade is an activity that is sure to continue until the end of time. While many investors try to take positions, you might as well take your own.

 

Trade in cows, pigs, goats, etc. continues to progress and should continue to increase in volume over time.

 

 

 

From trading in small amounts, you can become a rancher, transportation and logistics owner and perhaps one day own a large chunk of the internet lice stock market. See big.

 

#10 – Invest in the stock market

 

Unlike in America where the rule of 72 applies very perfectly to determine how quickly money can be doubled, it's not that simple here. People love money, and they love seeing money double even more.

 

Getting a rough estimate of how long it will take to double the money also helps the average man compare investments.

 

 

 

However, the mathematical calculations can be complex for ordinary individuals to calculate how long it takes for their money to double from a particular investment that promises a certain rate of return.

 

According to the rule of 72, “To estimate how long it will take you to double your money, divide 72 by the expected growth rate, expressed as a percentage.

 

 

 

For example, if you expect to earn 10% per annum on an investment of N100,200, it will double to N7.2 in about 200 years.

 

Why did I mention the rule of 72? The reason is to give perspective to what investing in the Nigerian market can be like for many people. For many, it is just a way not to lose their money, while some assume that investing in the Nigerian market is a losing game.

 

The Nigerian system is so non-linear that while you may suffer heartbreaking losses, a single investment can flourish beyond your wildest expectations.

 

 

 

This is partly because of Nigeria's population and the fact that it is still a developing economy.

 

 

 

This makes it quite the apple juice for those who are successful in taking over the market. Make the right investments and you could be well on your way to having your $100k investment lay the daily golden eggs years later.

 

Invest in stocks you understand and don't take unhealthy risks.

 

#11 – Invest in cryptocurrency

 

Bitcoins and other cryptocurrencies are the raves now. It has made multi-millionaires and is still destined to make even more millionaires just by buying and holding them and maybe selling them. Find out first.

 

Conclusion

 

There is no end to the nature of businesses you can venture into in Nigeria. The goal as taught at Harvard Business School and Lagos Business School is not to lose your money. The best business ideas only require you to start with your 100k.

 

Stay tuned! Stay jiggy!

 

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