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Saturday, September 5, 2009

How to make money in Lagos Nigeria

By Onwueme Paul

I often times wonder why people fall for scams everyday. You read eye catching headlines in classified adverts in some local newspaper targeted at unemployed people making promises and claims that are far from truthful. Many of these adverts invite people to buy a manual or attend a seminar that will teach you how to make big and quick money without really touching on a core issue of money making which is value. Yet, many people still fall for these scams. Why? because of greed or ignorance.

However, I am willing to share with you how to make money legitimately in Lagos Nigeria so you don’t have to enrich any scammers.

To start with there is no real secret about making money. But there is a method for making money although it is not as easy as you might be made to believe especially by people who have an unhealthy desire to sell you some secret information whether it is Forex, Printing of Recharge Cards or Making millions from doing something that requires little money and effort to start.

However, I will put it in plain English Language. Making money in Lagos Nigeria or anywhere for that matter requires a combination of certain ingredients which include time, Specialized Knowledge, effort, observation, a clear cut goal, preparation and planning.

The universal method for making money legitimately

In Nigeria just like in all countries of the world people make money by closely observing people and looking for their unsatisfied needs or economic problems they face. Most people fail to realize that money is simply an abstract item. It is merely represented by symbols. It is actually a value created from solving problems affecting a particular group of people called a niche. The people in that group (niche) express appreciation by exchanging symbols of economic value (cash or other valuables) for the benefit they derive from that value (which is usually conveyed by a product or service rendered them). So essentially, money is a medium of exchange between a problem solver and a person with a problem.

Think of it this way, when an estate agent links a landlord up with a would be tenant and earns his commission for doing so, he has merely provided a thing of value which is to link up the Landlord who needs to collect rent and a tenant who needs a place to stay. When people’s needs are unsatisfied then there is a problem and when you ensure that that problem is solved you make money.

Here is another example many working mothers in Lagos Nigeria have very little time to effectively manage their homes due to their tight work schedules. This leads to a problem which is their inability to effectively manage their homes (cook, clean their house, do the laundry, take children to school, look after their husbands , attend to visitors) and on top of that go to work and still perform well at work. Also many working class mothers do not like to leave their homes to nannies fearing that such nannies might wreck their homes. A sharp business mind will see an opportunity to make money here if he can provide well trained nannies that will be professional and courteous in the discharge of their duties. Since in many middle class neighborhoods, especially those in Lekki, Illupeju, Ikoyi, Victoria Island, parts of Ikeja, Gbagada, Magodo etc where most of the mothers are educated and have plum jobs, there will be opportunities to start an agency that will train and contract nannies to these mothers. The entrepreneur only earns a commission on the wage paid to each nanny.

Summary of making money

  • First Identify a group of people with an unsatisfied need or problem (niche)
  • Know the cause of their problem
  • Solve their problem
  • Market the solution to that niche in form of a product or service
  • Charge a fair price and collect your money

When you do this consistently, you will be surprised by how much money you can make around you.