Are you torn between starting a business and traveling abroad in search of greener pastures? here’s an in-depth comparison to help you choose the best between traveling abroad and starting a business. …
Almost all Nigerians, especially a Nigerian who has not yet left the coasts of the country, has the idea of leaving the country at the same time.
In fact, it’s almost a person’s right to brag about visiting one or more countries abroad, and anyone who settles there is ultimately considered to belong to a higher social niche, which is way above of any status that a native Nigerian who has not yet experienced abroad may receive. trips.
Why travel abroad? What are the expected benefits?
Having a prestigious green card is another icing on the cake as it gives the recipient a sort of demigod status. But the reason some Nigerians give a status symbol to anyone who has traveled abroad is no exaggeration.
A country like the United States is an established society with working systems and functioning governments to ensure that everything runs according to established rules and regulations, making life easy and enjoyable while being humane to its citizens and even non-citizens.
Only man has no value for the beauty and order that would not want to be part of the tranquility that a developed country offers. That doesn’t even count the facilities like electricity, standard roads, the rule of law, and many other amenities that make life easier.
Again, the excellence of their education system, which has not only a better quality but also a higher standard, ensures that the certified person is recognized as having completed the luxury training process, and these certifications are in the Most cases preferred by Nigerian companies.
Another very important reason why people choose to travel abroad is the currencies which have the best exchange rate against the naira. Take, for example, a pound currently traded for N465. In general, people find it financially preferable to earn money abroad and spend it in Nigeria, where little money will go very far. This is one of the main reasons why most people quit lucrative jobs in Nigeria at the slightest chance of traveling overseas.
Other reasons people travel abroad include:
a. Best Legal System: It cannot be denied that the Nigerian legal system leaves a lot to be desired. Criminals are released every day if they do their job well and know how to get around the law. There are many instances where rich and corrupt politicians have been given ridiculously light sentences ( if they are persecuted in the first place ), while the common man feels the full weight of the law ( i.e. – say if he is convicted and not left in prison pending trial ).
A very popular case is the case of Yusuf John Yakubu, former deputy director of the police pension department, who was accused of embezzling 32.8 billion naira but was sentenced to 6 years in prison on three counts of charge or a fine of 250,000 Naira. for each invoice for a plea transaction.
b) Better opportunities: There are better opportunities to live a comfortable life abroad than if you are willing to take advantage of them. You get help accessing school with school loans, you can get a job regardless of your level of education (or lack thereof), the elderly get social security, health care are largely free and you are paid for a disability if you cannot work because of injury or illness. The list is endless. These opportunities are things that the Nigerian system sorely lacks and which also serve as bait to lure people abroad.
vs. Improved Infrastructure: Driving in most places in Nigeria is almost equivalent to going to the gym while you exercise every part of your body due to the bumpy rides experienced on the vast majority of Nigerian roads. In developed countries, terribly bad roads are unknown, maybe a pothole or two, but no worse than that. Plus, you get a better standard of living, infrastructure, community facilities, hospitals, and all rules and codes apply until the end.
re. Better Disaster Management: It is well known that natural and man-made disasters are best managed overseas with effective systems. If the slightest tsunami hits a Nigerian state, it can turn into a disaster of appalling proportions, as there are no standard arrangements for dealing with natural disasters.
e) Better standard of living: It is undeniable that the standard of living in a developed country is much better than in an underdeveloped country. With easy access to good food, clean water, improved road networks, people-centered government, standard security, better and more comfortable public amenities, affordable and regulated housing, and not to mention other systems which are in the best working conditions. Not surprisingly, the average life expectancy in the United States is 74 years and in Nigeria 53 years.
F. Security: One of the drawbacks of living in Nigeria, and generally in most developing countries, is the indifference of their security personnel, which is probably due to their small arsenal and lack of training and motivation, associated with entrenched corruption. in the system.
Living abroad, everyone is always afforded adequate protection and a prompt response to crime, and they are freed from the thoughts and fears of armed thieves, kidnappers, ritualists, and even unnecessary jungles. justice is the order of the day in developing countries because people have chosen to take the laws into their incompetent and irrational hands.
All this and many more are the reasons why traveling and living abroad is very appealing to most Nigerians. But despite the seemingly desperate situation, life in Nigeria also has its perks, especially when we are about to start a business there.
Why start a business? What are the expected benefits?
According to the World Bank’s Ease of Doing Business in Nigeria report, Nigeria is rated at 170, which shows that the soil is very fertile. In fact, based on current business statistics, an entrepreneur may be tempted to jump into the water with both feet, swing his arms, and still be successful. There are many international conglomerates investing in Nigeria and actively developing.
However, these are some of the factors which are beneficial for an entrepreneur who intends to start a business in Nigeria.
I. Sustainable Workforce: Over 62 percent of Nigeria’s population is under 25, making it a country with a strong workforce. Since more than half of the population is young, it is easier to find labor and cheaper labor to run your business, no matter what field you are in. ‘intention to start up or invest. It is common knowledge that the employment situation in the country is worrying, so you are convinced that you already have a waiting workforce.
ii. Population: Nigeria, with over 174 million inhabitants, is the 9th most populous African country in the world. With this type of population, a market is guaranteed for any business, product or service that an entrepreneur can start, especially if the product or service is frequently required.
iii) Insufficient infrastructure. In a country as big as Nigeria and hardly anything like housing, electricity, food, security, etc., if an entrepreneur can start a business in any of those areas that the government cannot manage on their own , then success is assured.
Take the problem of communication for example, international conglomerates like mtn, airtel, etc. have taken control of a sector when government cannot manage it alone and these companies are doing it big while alleviating the communication problems of Nigerians. …
iv. Growing economy . The Nigerian economy has grown steadily for decades, despite the global recession and even the internal crisis. In fact, Nigeria is one of the largest market economies in Africa, with an annual GDP growing by 7%, with the non-oil sector providing around 57% of the economy, the manufacturing sector 9% and the agriculture 21%. Despite this, the economy continues to diversify with investment potential existing in almost all sectors. This suggests that investing in Nigeria is a potential source of profit.
compared to the ease of doing business :
Nigeria is ranked 169th out of 200 countries when, according to the World Bank’s 2021 annual ranking, it’s easier to do business. This suggests that the conditions for doing business in Nigeria are favorable with tighter protection of property rights. The Nigerian government is also helping in this area by reducing the time required for import and export documents from 2 weeks to 6-10 days for export documents and a maximum of 8 days for import documentation.
This and more, steps are being taken to further encourage business in Nigeria. Again, the constraints faced when starting a small business in Nigeria are not great as a small business owner can simply set up a small retail store or provide services without being harassed by the law, without even acquiring any legal paperwork and pay. all taxes. It’s so easy.
Traveling abroad or starting a business, which is better?
While traveling abroad gives you a comfortable and safe life, it does come with a number of drawbacks.
First, for a Nigerian graduate who is looking to go overseas for greener pastures, the level of education and quality of a Nigerian certificate in most cases may not be enough to get a good job in the country. foreigner, and most employers will not accept a Nigerian certificate even if the applicant has the first one. class. A person may be required to obtain additional certifications in the host country, or even return to school to pursue another degree, or accept a job as a trader that does not require certification.
Second, due to the influx of Arab refugees into developed countries, anyone who goes to this point risks being classified as a refugee and treated as such. Thus, it would be ridiculous for a person to leave their country where they are free to meet a refugee in a foreign country. Moreover, because of this etiquette, an immigrant may not even be entitled to enjoy the so-called comfort and ease of life that the country offers.
Third, a Nigerian who travels abroad risks deportation if his papers are not completed. It should also be noted that it takes a lot of money when a person is going to travel, that with the exchange rate and that is it. Things like getting a passport, visa, plane tickets, money for transportation, etc. cost a lot of money and some people will put their properties on the market just to raise money for this business.
Fourth, some Nigerians who travel abroad find themselves stranded by one reason or another of immigration and have faced a shameful deportation. It is known that many illegal migrants die due to hardship during the journey, and in extreme situations they have to sell your organs in order to survive.
Fifth, a foreigner starting a business is considered very difficult in the United States, not only because of the large number of permits and paperwork to be obtained, but also because of the immigration barriers you need to increase your size before you can start. talk about being eligible for loans or financial grants.
All this and many more are reasons why it might be a bad idea to travel abroad if you choose between traveling abroad and doing business in Nigeria.
Some other reasons to start a business in Nigeria include;
- The economic climate in Nigeria favors small businesses : Despite the poor electricity situation in Nigeria, small businesses are more likely to survive due to the high patronage and influence given to them. government to work. If you’ve got a good idea and can provide the required start-up capital, you’re done.
- You will work in a familiar area: working in a familiar area with its own advantages, which you can easily set up and use because you are familiar with how the systems work. You also know the likes, dislikes and manners of the people around your business. This knowledge is very important when someone is about to start a business.
- Access to credit in Nigeria is easier than abroad. Due to the many Nigerian banks pushing their clients, they are no longer strict in their credit requirements, so it has become quite easy to access credit in Nigeria. Again, since Nigeria has an extended family system, it is easier to get a loan from a relative because he or she is linked by family ties to provide you with money if any. a, whether or not the beneficiary is solvent. …
- You have access to a larger consumer base: The growing population in Nigeria automatically increases your consumer base, ensuring you have a ready market for your products.
- Foundations in Nigeria are important because you are not overloaded with invoices: after tax, several invoices hold the contractor; Thus, small funds can go very far.