“How can I become a millionaire in Nigeria?”
Is one of the most simple question asked by probably all Nigerian youths yet it’s a question that has a complicated answer.
And it’s so disappointing that this question as also led so many youths astray. Some have thought that the only way to be a millionaire in Nigeria is to join yahoo boys or kidnap the rich and famous for a ransom.
Which has made many of them regret their actions because they have landed in jail.
Just last week on the news on Channels TV. I saw a guy who was about 20 – 21 years old that was a robber and this made me wonder are people this desperate? If they are, why can’t they direct all these energies for something good?
So to answer many of the questions asked by Nigerians on google (asides the ones other blogs have written on this topic) I have decided to write this article.
It’s lengthy as usual but trust me it’s worth reading because it’s a full package as regards everything you need to know about being a millionaire in Nigeria.
In this article, I’ll be covering topics like:
1. How Can I Get Rich Before 30?
2. Simple Ways to Become a Millionaire in Nigeria
3. Business That Can Make You a Millionaire in Nigeria
Now that we have a full idea of how this article is going go let’s dive into it right away.
How Can I Get Rich Before 30?
Well, it is possible even to be rich at age 25 but there are things you have to do for this to happen.
4 things you can do if you want to be rich at that age. My points are close to that of Daniel Ally – How to become a millionaire in 3 years but there’s a bit difference.
A. Read Books
The saying, ‘if you want to keep a treasure away from an African man hide it in a book’, is common but I don’t believe that it’s true or do you believe?
African men read books, in fact, the world’s best writers and Nobel laureates are from Africa.
So I believe reading habit is a habit we Africans practice regularly but one of the problems here is we don’t read finance books (books on financial literacy).
The Nigerian man makes money every day no matter how little it is but he doesn’t know how to multiply his money.
So the problem here is not how to make more money, how to multiply the little he has and the only way to solve this problem is to read books.
The reading here might not even be hard copy books. They can be audiobooks, articles, ebooks, YouTube and so on.
The basic thing here is to consume materials that can help you develop financially.
I follow rich dad – Robert Kiyosaki on YouTube and watching his videos and I must say some of the things I’ve learned on his channel I’ve not even read in a book.
Asides from reading books on how to be a millionaire, it is impossible to live a better life without reading books. The solutions to all problems in life are written in books.
B. Start on Time
There’s an ancient Chinese proverb that says “the best time to plant a tree was yesterday”. This is true and it applies to every other thing in life that works with time.
You see the best time to start your business was yesterday but if you are just waking to this realization the best time to start your business is today (now).
Another believe that we humans usually have is it’s never too late to start. Well, in as much as I agree with this I’ll also say experience is key. There’s a big difference in a man that started his company at age 21 from a man that started at age 30 and here’s why I said so.
The man that started his company at age 21 will have gathered more than enough experience and through this will have made his company grow while the man just starting at age 30 is just planning and thinking how it will go.
At this point, 30 years old guy will need to learn from this 21 years old to catch up with current trends in the Nigerian economy.
This is why I’m saying starting on time really plays an important role if you want to become a millionaire in Nigeria 3 – 5 years to come.
C. Pick Your Friends
It’s no longer doubt that you’re an average of those you surround yourself with. Someone also once said: “if you’re not successful check out the people you’ve been hanging out with”.
I used to think that these 2 sayings are not true because come on I’m me I couldn’t be impacted by my friends and surroundings until I realized how wrong I was.
How did I get to discover this?
I realized that as time went by I began to think like my friends. All my friends at that time never knew anything more than girls and how to chase them and as time went by I was beginning to nurture the same thoughts.
After noticing this, I snapped out of this by dropping my friends and making new friends and something happened a few months after.
6 months later my mentality changed and I began to see things in a different light. I began to see the reason why the rich and mighty choose those they hang out with.
It’s impossible to hang out with millionaires and you won’t aim to be one. It’s totally impossible especially if you’re surrounded by their mansions, executive cars, private jets and more.
so if you really want to become a millionaire in Nigeria you have to start choosing your friends (millionaire friends) and the fewer friends you have the better for you.
D. Be Selfish
Yes, I’ll say it again – ‘be selfish’. Think of yourself first before any other person.
Dan Lok would say there’s no reason to help someone if you are also poor. This is very common in Nigeria “you see people that cannot afford to take care of themselves financially trying to take care of their family or friends.
Here’s an example:
Let’s say you have saved up 1M naira to start a company I see no reason why you should borrow your brother 500,000 to start his business first just because you feel you must take care of him financially.
This can be detrimental to you.
What if he doesn’t return the money (which is likely to happen)? You’ll have to start saving again for a few years to raise that amount again.
My best advice here is to start despite your brother’s demands and after 4 years that the business is now moving well and growing you can then borrow your brother the money for his startup. At this point, it is going to be a win-win situation. You win, he wins.
How to Become a Millionaire in Nigeria
There’s so many different believes about this mentality.
While some school of thought feels it’s important to save other schools of thought believe it’s not that in fact, it doesn’t matter that what matter is making more money.
And the business mentors going on this tussle are Robert Kiyosaki and Dan Lok.
Well, this is true on both sides but if you’re really serious about being a millionaire in Nigeria you have to start saving and tracking your expenses.
In my ‘2 big money mistakes young men make today’ article I talked a friend of mine who missed the opportunity of being a millionaire by not following this simple trick saving but he did not.
Since he was not saving he couldn’t monitor his expenses. 1 minute he’ll rich having enough money in his account, the next minute he’s broke.
So broke but you wouldn’t know due to his packing.
Well, enough said about him.
I’ve seen the power of saving and it’s amazing benefits. I have also seen its repercussions. Only men that have tasted both sides will understand this.
He who saves when he earns a penny will save more when he earns in millions. That’s the big secret behind all these.
The next big thing to do after saving a significant amount of money is to diversify. Saving is not the end, it’s just a means to an end if you understand what I mean.
Here at the diversifying stage, you still need to be careful what you do with your hard saved money. Let me give a list of what you shouldn’t do with your money so that you won’t lose it.
A. You shouldn’t be in a hurry to invest your money into business as this is a lifetime decision.
B. You shouldn’t invest your money into a business you don’t understand.
C. You shouldn’t invest your money into a business that the ROI (Return on Investment) appears too good to be true.
If it is too good to be true then it’s likely it’s not true.
D. You should entrust your money into the hands of a stranger.
E. Finally, you shouldn’t invest your money into Ponzi schemes. They many of them in Nigeria now. I don’t want to mention names. I know it may sound legit but it can’t be.
What to do with the saved money.
Let me tell you what I’ll do if I have such saved up money. I’ll buy land. The land might not yield profit immediately but it will certainly yield profit in the next few years to come.
Or start a business with the money.
3. Real Estate
I talked about this earlier in the 8 businesses you can start to become a millionaire in Nigeria and I fill it should appear here again.
The reason why I’m so big on real estate is that it can make you a millionaire within the twinkle of an eye.
Earlier, I shared a story of how this happened to a man I know and how he was able to start his real estate business without having money for initial capital.
Most millionaires in Nigeria asides from the Dangote and the likes are either into real estate or selling of building materials. It’s either of these two.
Another story I heard was the true-life story of a real estate CEO on 92.3 inspiration FM that started his real estate business with just 50k or thereabout.
He said he started by just buying land when he saved up money and didn’t know what to do with it so he used it to buy land instead. He sold the land a few years later and now he’s a millionaire.
4. Grab Opportunities
Asides from the businesses I have mentioned above like snail farming, oil and gas, and the likes, there are other businesses out there that many Nigerians are yet to discover and these businesses are right in front of them (in their face).
Examples of these businesses that came into the limelight are Jobberman – a website that helps young Nigerian graduates to get jobs and in the end make money directly or indirectly doing this.
And the most amazing thing about this business is that the owner started the business out of the frustration of his personal life.
He started the business when he finished school as a new graduate and was looking for a job.
Another business idea that came into lime-light is Prepclass. A website built by 2 young men that took home teaching (tutorials) of children to the next level.
Prepclass, as they are popularly called as that, is the name of their website made money by using their website as a platform where parents and teachers meet. Parents using the platform to get home tutors for their children and teachers getting paid at the end for this service.
And Prepclass stands here as an agent or an intermediary and in turn, gets a token from the parent.
Like I said earlier there are many ideas out there in terms of opportunity you just need to think deep by looking for the missing link and provide that link. Truth is Nigerians don’t really know what they want. I’m not saying this in a bad way because this is also human nature.
I’m saying it in the sense that all they, all we want is just comfort and what will make our lives better. If you look at the 2 businesses I talked about earlier you’ll realize they offer the same thing comfort and what will make Nigerian lives better.
The first help getting a job as a graduate without you carrying C.V and certificates in the sun for submission to companies and the second helps you as a parent to get a tutor for your child without stress.
These are the kinds of business ideas that I’m talking about when it comes to grabbing opportunities that can also make you a millionaire in Nigeria
So here’s my best advice.
My best advice here is to start any of the millionaire businesses below and see how it goes.
Business That Can Make You a Millionaire in Nigeria
A. Tokunbo Trade
One of the easiest ways to become a millionaire in Nigeria is to start the buying and selling of tokunbo cars. This business might require huge capital to start but it can yield profits in millions once started.
And the amazing thing here is you don’t need to rent a huge space to display your cars. With online apps like Jiji – where buyers and sellers meet and the likes, you can drive in customers to anywhere your cars are parked.
B. Snail rearing (farming)
It might sound weird to you but snail rearing business can make you a millionaire especially if you go into it large scale.
You start this business with a big space and you start with at least 2,000 – 5,000 snails. You’ll be amazed by your returns.
Snail foods can be sourced from the bush or surroundings. You might not need to spend money on food for the snails. This is why it yields profit easily.
C. Rice farming
This is also a good business but it demands a huge capital to start.
D. Oil and Gas
It is rear for you to see someone who is into petroleum marketing that is not making his profit in millions whether the person is doing it legally or illegally.
If this person is not making his money in millions its either they are chasing him from his village or his accountant is diverting the whole money into a separate account.
The oil and gas industry in Nigeria is not even a million naira industry, it’s a billion naira industry but only those that know this do chase it.
E. Hotel Business
The hospitality business in Nigeria is another business that is been ignored because of the idea that can only be started if one is as rich as Dangote but this is not true.
You can start a hotel business if you are able to buy land in any of the Nigerian states close to the express roads and build. You can also get support from your rich friends to do this.
F. Real Estate
I know a man who started his real estate business with no initial capital.
Let me tell you how he did it.
He started by looking for a real estate company here in Lagos Nigeria that was selling land for 20M naira at a 10% issuance to the agent if he brings a customer to buy land.
He was able to persuade a friend of his friend to buy land from the real estate company and he became a millionaire instantly. He used the money he was paid to also buy land and now he has also started his own real estate company.
I never believed this story until he told me with his mouth.
G. Sales of Construction Materials
It’s a pity that many of today’s graduate-only see white-collar jobs as the only way to become a millionaire in Nigeria. I hope that so far I’ve been able to change your mind on this thinking.
Another business you can start in Nigeria that is not a white-collar job but can still make you big money is the sales of construction materials.
You just need capital to purchase these materials and space to store them before you start.
E-commerce can yield profit in millions is because it is not capital intensive.
E-commerce also known as electronic commerce does not need excessive staff, expensive space and it certainly doesn’t need you to pay utility bills as well.
All you need to pay for is a website, ad expenses, and delivery (optional)
There’s a wealth in the e-commerce industry in Nigeria that many men don’t know yet. I hope this has opened your eyes.