Blogs
Weblogs News
|
   
|
If I had a penny for every time I've heard the following, I'd be a millionaire by now...
"People abroad need to come home and build the nation."
Is there any truth to that statement, or is it merely a knee-jerk reaction people have to the dire economic situation in Nigeria? Are people just grasping at straws out of a feeling of powerlessness against the rogue Nigerian government?
The fact is, Nigerians living abroad send tens of billions of dollars home each year. The estimate for Africa is $150 billion a year, about $23 billion for Nigerians alone and growing yearly.
This source of income is a major backbone of Nigeria's foreign currency earnings. If Nigerians abroad return home, that source of income for Nigerians seizes immediately.
It is true that a Nigerian abroad who returns home can proceed to establish a business, and ultimately create employment for locals. However, setting up a business in Nigeria is not as easy as it sounds for somebody returning home after being away for so long. The primary danger is susceptibility to scam artists who would promise the world. They'd slowly reel you in, and ultimately disappear with your money.
Another frustration with setting up businesses in Nigeria is the red tape involved. Everybody wants a bribe to do their job for you. Unless you know people in the right places, you stand the risk of leeches sucking you dry.
People abroad are generally more trustworthy (or shall we say more gullible) than people in Nigeria. A contract is binding abroad, but not so much in Nigeria. So, for somebody who's lived a long time abroad, he'd return home with the mentality that everybody can be trusted. In the end, he's likely to lose his life's savings out of naivete. Suddenly he has no money, and has no income-generating business. Then what?
One thing that could make things a bit reassuring is if the Nigeria abroad is able to put up a few properties in Nigeria prior to returning home. One for personal use, and others for renting out. In addition, a few reliable cars won't hurt. At least, if any business plans go belly up, he'd have a few assets to fall back on, a place to live with his family, as well as have income coming in from the other properties.
Any cars he owns could be converted for a Taxi business. I don't care what the economic climate happens to be in Nigeria, people would need a place to live, and they'd need transportation. So you could never go wrong with those two options.
Abandoning one's position abroad for good is something that strikes fear in the minds of those faced with such decision. However, with careful planning, it's possible to make a new life in Nigeria that rivals any lifestyle abroad.
"People abroad need to come home and build the nation."
Is there any truth to that statement, or is it merely a knee-jerk reaction people have to the dire economic situation in Nigeria? Are people just grasping at straws out of a feeling of powerlessness against the rogue Nigerian government?
The fact is, Nigerians living abroad send tens of billions of dollars home each year. The estimate for Africa is $150 billion a year, about $23 billion for Nigerians alone and growing yearly.
This source of income is a major backbone of Nigeria's foreign currency earnings. If Nigerians abroad return home, that source of income for Nigerians seizes immediately.
It is true that a Nigerian abroad who returns home can proceed to establish a business, and ultimately create employment for locals. However, setting up a business in Nigeria is not as easy as it sounds for somebody returning home after being away for so long. The primary danger is susceptibility to scam artists who would promise the world. They'd slowly reel you in, and ultimately disappear with your money.
Another frustration with setting up businesses in Nigeria is the red tape involved. Everybody wants a bribe to do their job for you. Unless you know people in the right places, you stand the risk of leeches sucking you dry.
People abroad are generally more trustworthy (or shall we say more gullible) than people in Nigeria. A contract is binding abroad, but not so much in Nigeria. So, for somebody who's lived a long time abroad, he'd return home with the mentality that everybody can be trusted. In the end, he's likely to lose his life's savings out of naivete. Suddenly he has no money, and has no income-generating business. Then what?
One thing that could make things a bit reassuring is if the Nigeria abroad is able to put up a few properties in Nigeria prior to returning home. One for personal use, and others for renting out. In addition, a few reliable cars won't hurt. At least, if any business plans go belly up, he'd have a few assets to fall back on, a place to live with his family, as well as have income coming in from the other properties.
Any cars he owns could be converted for a Taxi business. I don't care what the economic climate happens to be in Nigeria, people would need a place to live, and they'd need transportation. So you could never go wrong with those two options.
Abandoning one's position abroad for good is something that strikes fear in the minds of those faced with such decision. However, with careful planning, it's possible to make a new life in Nigeria that rivals any lifestyle abroad.
