Top 10 Viable Businesses You Can Start in Nigeria from the Diaspora (UK, USA, Canada, etc.)
Living outside Nigeria does not mean you’re shut out from making money from Nigerians. If you live abroad and would still like to set up and run a business in Nigeria, I have compiled a list of 10 viable businesses you can start in Nigeria from the diaspora. Let’s take a look.
- Cryptocurrency Trading
Cryptocurrency has gained popularity in Nigeria so much that a lot of Nigerians now either buy and sell them or use them to make payments for products and services they purchase from across the world. The nature of this business (principally online) makes it unnecessary for you to be present in Nigeria before you can run it. So long as Nigerians can access your platform and meet their crypto exchange needs, you can do your business abroad.
- Online education
The limits have been broken; there are no more distance barriers in education. The emergence of educational agencies that empower people with knowledge in relevant courses and emerging industries has bridged the gap in acquiring international education. Before now, prospective students from Nigeria had to travel to Europe, America or other regions of the world just to acquire education. But today, they can easily enrol in and study a course of their choice from the comfort of their home. As one who stays abroad, you can consider starting an education company that offers opportunities to Nigerians looking to study courses in international schools. You wouldn’t need to be in Nigeria at all.
Outsourcing is a strategy that companies and businesses adopt to handle their high customer and client demands. These establishments give out some tasks to external agents to ensure they meet the deadline of such tasks. Such tasks may include accounting, customer service, human resources etc. Business Process Outsourcing (BPO), as it is called, is gaining ground and gradually becoming an acceptable way of business operations. It’s an industry projected to rise to a market size of $50 billion. Because it is a business that can thrive virtually, you can run it from wherever you are in the world.
- Social media management
With many businesses steadily trooping to social media as a veritable avenue to gain visibility and attract sales, there is a high demand for skilled social media managers. Suppose you are a guru on how to increase brand awareness by using Facebook, Instagram, Twitter etc. In that case, you can start a business as a social media manager, reaching over 4 billion active social media users around the world. You can direct your sales campaign to your target audience — in this case, Nigeria and pitch your offers in the faces of people.
The service of offering digital financial services as a form of business with Nigeria as your target market is doable from the diaspora. How lucrative is it? To find out, consider that about 60% of the population in Africa do not have access to efficient and satisfying financial services. The rate at which the fintech industry is attracting high international investment is an indication that the industry is a milk cow. Basically, the services include money transfer, making and receiving payments, access to credit etc. While you chill in your overseas home, your fintech business can be going fine.
READ ALSO: List of Chinese Companies in Nigeria
- Music streaming platform
Nigerians are music lovers. No doubt about this fact. They especially love their own music — music made by Nigerian artists. According to speculation, music sales in Nigeria is expected to reach above $80 million. You can build a creative online music streaming platform like Spotify and Apple music that will house different genres of music. Ensure your platform is unique compared to the already existing ones out there. Take advantage of the more than $8 billion worth of the creative industry.
- Real Estate (build and sell)
The growing population, as well as the mass urbanisation in many areas in Nigeria, will always place a high demand on accommodation — residence or business. With the services of trusted builders, you can build different structures and sell them off outright. With the returns, you can build other ones and sell them. Your presence in Nigeria isn’t compulsory.
- Video on-demand service
The population of people who now “live in their phones” is alarming. The over 2 billion users of mobile devices have necessitated that businesses adapt their operations to capture mobile device users. You can build a video on demand platform that will make interesting video content available to users. The business model of VOD service means that you can take care of business from outside Nigeria even when Nigeria is your market.
- Financing startup companies
Many startups are springing up by the day in Nigeria, many of which are developed by young entrepreneurs. Most of these startups require funding to help them get off the ground or scale their businesses. As a startup founder, you will be investing in the business of entrepreneurs that seem promising. Then whatever profit the business records will be shared based on the sharing formula agreed between the parties involved.
- Build to rent
This is another aspect of real estate that you can turn into a business. Some people may not be able to afford to buy a house outright but can rent an apartment for a period of time. You can build housing units and either lease or rent to individuals for an agreed price. You may only need to hire a caretaker who will oversee the property while you’re away, but you will be the one to receive the rent paid. Real estate is a profitable venture because people will always need a place to either live or do business.
From the list I compiled, you can see that it is possible and feasible to live in the diaspora and still conduct your business in Nigeria. Take your time to go through the list, do further research and choose the ones you love.
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