If you live outside Nigeria these may interest you so much. Every Nigerian living abroad wants to invest back home. So, I have packaged the best 10 local businesses Nigerians in Diaspora can start while living abroad.
I have carefully looked into how some of these businesses can be done without constant supervision. For those living abroad, you may have experienced how family members or friends squander investment you put them over to manage for you.
So, I’m not going to put you in that situation at all. These businesses are carefully chosen for Nigerians in Diaspora. You can monitor them successfully while still at your based abroad.
Nigerians In Diaspora Local Businesses
That you are living abroad doesn’t mean you can’t invest and make extra income from Nigeria. As a citizen, your country of residence should never take over your country of origin. Some Nigerians are not even thinking of coming back home because they don’t have any source of income in Nigeria.
Now, I’m showing how you can ensure you live abroad and still make money at home. The exchange rate is highest in history now. Don’t think it’s ever going to go down. This is your opportunity to earn little abroad and invest bigger in Nigeria by taking advantage of the high exchange rate.
According to a PWC document, Nigerians in Diaspora would send a total of US$25.5bn, US$29.8bn and US$34.8bn in 2019, 2021 and 2023 respectively. That’s huge money coming back home. And with CBN new policy on forex transaction for Diaspora remittances, you can be sure your money exchange rate is fine.
So, you have the money, it’s time to plan how to invest it securely back home. Also, I’m going to discourage you from doing investments through family and friends, unless they have experience in investment. Stop giving your money to people who are in financial needs or lack requirement investment experience.
Steps to Start Local Business From Diaspora
As you plan to invest back home, don’t do it ignorantly. Don’t jump on any offer that looks good. While every business is good enough, there is always secrets how each business works successfully. And steps to be taken to avoid making wrong investment.
Do not neglect the services of experts. Pay good money to get the professional help when starting your business. It’s worth every penny than losing millions in investment. You know the value of using consultants abroad, don’t come back home and be trying to get free information. You are only preparing to invest your money with less professional help. That’s failure in disguise.
I have put together some steps to guide you. Take them seriously, avoid trying to cut corners or do ‘over-sabi’.
- Do Your Own Research
- Hire An Experienced Local Consultant
- Write A Local Business Plan
- Plan Your Funding Sources
- Choose A Business Structure
- Pick And Register Your Business Name
- Get License And Permits
- Choose Your Accounting System
- Setup Your Business Location
- Get Your Team Trained and Ready
- Manage Your Business Promotion
Identify Local Business for Nigerians In Diaspora
I want to assume that you will still live abroad while operating your local business in Nigeria. So, I will devise you that you consider the business ideas carefully and select only what is applicable and suitable for you to do from abroad.
The reason for these Diaspora Business Ideas is to help Nigerians in Diaspora to invest back home in Nigeria without returning to help run or manage the business. The ideas advanced in this article are practically businesses that can be better managed or have the Diaspora investor control important aspect of the business from their base.
However, another reason is to get you involved in the daily operation of the business. For example, operating a gas plant may look like something you can’t manage remotely. But being the one to handle the purchase of the gas whenever you need supply helps you control sales as well. And you can do this from the diaspora.
List Of Nigerians In Diaspora Business Ideas
Below is the list of carefully selected businesses you can do as a Nigerian in Diaspora. Make no mistakes, don’t go into any of these business unless you have better information to guide you or hire the services of an expert.
- Bitcoin Exchange Business
- LPG Gas Plant Refill Business
- Built To Rent Real Estate
- Build To Sell Rea Estate
- Car Wash Business
- eCommerce Business
- Product Supply Business
- Hair Barbing Salon Hub
- Fashion Design Business Hub
- IT Engineering Business Hub
#1 – Bitcoin Exchange Business
Bitcoin is becoming popular in Nigeria now but every transaction is done from sites domicile abroad. Nigerians in Diaspora can tap into this huge potential to provide a trusted exchange for Nigeria on Bitcoin and other virtual currencies.
This business is practically online. That gives you the advantage to operate it from your based abroad. You can add a physical office just to authenticate the legitimacy.
#2 – LPG Gas Plant Refill Business
If you are looking to get into a multimillion naira investment with guaranteed success in Nigeria, here’s one you can do now. Nigeria has huge untapped potential for cooking gas. I have written several articles on the potentials and guide on how to setup profitable cooking gas plant anywhere in Nigeria.
However, I also strongly recommend that hire a gas consultant. Doing business blindly is the cause of most business failures. There are basic principles that must be followed during startup and if you miss those basics the possibility of the business failure could be higher.
Since the business deals with specific volume and measurements, you can control gas supply from your based, while monitoring daily sales lodgments through your online banking.
#3 – Built To Rent Real Estate
This one is not new to Nigerians in Diaspora. It’s been done over the years. I’m only going to add a twist to it to adopt it properly for Nigerians in Diaspora best interest. Furthermore, I advocate for Nigerians in Diaspora to do this when investing in build to rent business is to develop rental spaces that’s irresistible to the target market.
As a Diaspora investor, creating a little rental app could give you the power of your tenancy agreements and renewal dates. That way you can monitor and know exactly when rents are due, whose rent was due, how much are expected and which tenants have defaulted in their payment.
Instead of giving your building to your family members to manage, get a real estate lawyer to manage your properties.
#4 – Build To Sell Real Estate
Still on real estate business that Nigerians in Diaspora can invest into without running risks of family interference and liabilities. You can build to sell properties. You can build apartments to sell. It’s just the usual but having your own special designs.
#5 – Car Wash Business
Car wash is a very lucrative business if done well. Although, the challenge is usually managing it properly with people being in control while you are based abroad. But a friend of mine shared with me his secret of running his multiple car wash business.
Additionally, you don’t even need to return from the Diaspora to run your car wash business. Nobody does that, believe me. I have explained the new management secret for car wash business. It works for anyone whether you live in Nigeria or abroad. You can’t wait to read more about that HERE.
#6 – eCommerce Business
The current eCommerce business in Nigeria needs more investors. The Nigerian market is in dire need of quality and trusted products. Nigerians in Diaspora have access to these foreign goods that would sell in Nigeria.
There’s a huge market for demand for quality products. You can create an eCommerce Dropshipping store to sell anything from overseas, from diapers, soap, creams, etc. All you need is to offer it in bulk purchase to make the offer what the shipping cost. Then, you arrange local delivery partnership.
If this is done better it will be a huge market for basic foreign goods.
#7 – Product Supply Business
This one is similar to the Diaspora eCommerce business. The only difference is that it might not be online based. You just find potential bulk buyers of any quality product abroad and supply it. My cousin brings foreign version of some popular soaps in Nigeria.
But as long as people can trust your source that’s it quality and foreign you have a business.
#8 – Hair Barbing Salon Hub
Now, let me come back to fully home grown option again. This time, it’s not just an ordinary salon. You are not starting a salon business. You are going to rent big shop in a major location in the city, build a standard salon and rent out either the entire salon or per space or seat, as the case maybe.
You are collecting rent as a landlord, while the head dressers and barbers are your tenants. You don’t have to worry about how many hair done per day. You just calculate rent per day. This business is suitable in a busy high brow area, where rent is expensive and these barbers cant afford the rent or the luxury salon.
#9 – Fashion Design Business Hub
This fashion Hub works the same way with salon Hub. It’s just for the fashion designers. You also build a well equipped fashion hub with all the fashion machines required to start a cloth and finish it in the Hub without going outside to get any extra help.
#10 – IT Engineering Business Hub
This IT Hub is slightly different but works in similar way with all the other hubs. Also, IT Hub now is mostly targeted at the highly demand handset market. There’s huge demand for handset repairs.
Moreover, an IT Hub can have its own service parts store and rent out space to technicians who does the phone repairs. That way, you earn money from the space rent and also from parts sold.
Finally, Nigerians in Diaspora has suffered so much loses trying to invest back home. Because, they either fall into the hands of family members or trusted friends, who only aim is to extort money from their Diaspora relatives.
It has helped to build discouragement and cold feet among Diaspora Nigerians who would have been a large source of direct foreign investment into Nigeria. Most Nigerians in Diaspora has resorted to waiting till when they are ready to return back to Nigeria to fully setup and manage their businesses themselves.
But, I’m not even the only one who feels Diaspora Nigerians shouldn’t relent in trying to build multiply source of income back home while still living abroad. I have also stumbled on a website (HELPMEWAKA.COM) that helps Nigerians in Diaspora to do anything they want to do back home without using their family members.