News:

Ramadan Mubarak!

I pray that we get the full blessings of Ramadan and may Allah (SWT) grant us more blessings in the year to come.
Amin Summa Amin.

Ramadan Kareem,

Main Menu

The One Million Naira Question...

Started by MeKudi, October 19, 2005, 08:42:30 PM

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

MeKudi

Hello all,

What is One million Naira? I think it is a lot of money and can be used in a smart way to generate another million in due time. But how? I know some people will say the opposite of what I am saying, that a million quid is nothing! But I believe it is something and not anybody can make it.

Because of this, I have a question for you all to try and think of this. I know you might not have the money now, But the point is to think acording to the situation I mention below.

Imagine you have 1 million Naira today in any part of Nigeria. What will you do with it to make more money? What business will you start and why? Why do you think it will be successful? What is the market size and who is the target person? How much do you think it will generate? And lastly when do you think it will turn into 2 million Naira? Is there competition?

Please try and be innovative and come up with something completely new that nobody has seen in the past. Or perhaps a modification of what is already being done!

I know this is a lot and people may not want to think of it if they don't have the money, but please try to. I know everybody has a dream of some kind of how to make money.

Keep in mind that someone in this forum might provide you with the money if you can convince them that it will be used to make some more money! :D

Your responses greatly appreciated.

alhaji_aminu

Salam

The question of what one will do with a million naira is trivial. Of course the simple answer is that one will channel the money into some business venture where the money will generate a handsome return in due time, as you put it.

If I had a mil, I would buy cheap grains today, store them and then sell right before next year's harvest. I have actually seen the research where it is noticed that some farm products like maize, cowpeas, sorghum, millet and chili peppers (barkono) record sharp increases in price as the season changes.
Barkono is especially profitable because the seasonal change in price sometimes ranges from about 50-400% ( I know someone who bought at N80 and sold for N400).

One could also put the money in the stock market in some select 'high flying' stocks like Ashaka Cement, Conoil, Zenith bank, UBA/STB or some small bank that is merging with a bigger bank (like NAL Bank with State Bank of India)

Alternatively, one could take the 'bumpy' ride to Lome, purchase a grade A honda 98 for less than a mil and try 'sneeking' it into Nigeria. If one is lucky, he could sell it for more than =N= 1.5m.

If one were truly nifty, you could start round tripping dollars- buying them at one hundred thirty something in banks and then sell at the open market for one fourty something. I don't think this is strictly illegal beacuse it will violate the 'lassiez faire' economic policies OBJ is trying to build in Nigeria. In my opinion, anyone willing to sell dollars should be allowed to do so.


Finally If 'eye' had a mil, I will invest it in JAIZ International Bank.

No explanations!

Muhammad

Maqari

Hopla !!! :o  :o  there go the economical heavy weighters. it would have taken me a few to come up with half of that. impressive really how certain heads understand money.

zezezee

Quote from: "alhaji_aminu"Salam

The question of what one will do with a million naira is trivial. Of course the simple answer is that one will channel the money into some business venture where the money will generate a handsome return in due time, as you put it.

If I had a mil, I would buy cheap grains today, store them and then sell right before next year's harvest. I have actually seen the research where it is noticed that some farm products like maize, cowpeas, sorghum, millet and chili peppers (barkono) record sharp increases in price as the season changes.
Barkono is especially profitable because the seasonal change in price sometimes ranges from about 50-400% ( I know someone who bought at N80 and sold for N400).

One could also put the money in the stock market in some select 'high flying' stocks like Ashaka Cement, Conoil, Zenith bank, UBA/STB or some small bank that is merging with a bigger bank (like NAL Bank with State Bank of India)

Alternatively, one could take the 'bumpy' ride to Lome, purchase a grade A honda 98 for less than a mil and try 'sneeking' it into Nigeria. If one is lucky, he could sell it for more than =N= 1.5m.

If one were truly nifty, you could start round tripping dollars- buying them at one hundred thirty something in banks and then sell at the open market for one fourty something. I don't think this is strictly illegal beacuse it will violate the 'lassiez faire' economic policies OBJ is trying to build in Nigeria. In my opinion, anyone willing to sell dollars should be allowed to do so.


Finally If 'eye' had a mil, I will invest it in JAIZ International Bank.

No explanations!

Muhammad
mallam aminu with all due respect, but most of ur ideas are not halal ways of investment. buying stuff (food) and waiting for the season when it doubles in price is hoarding, which is obviously u knw wat!

but investing in banks might be a good idea i think tho.

or mayb sneaking into cotonou and gettin a car back into nija, if it doesnt get snitched by the customs that is...lol

bissalam brovs.
 just realised that nothing is what it seems.

alhaji_aminu

salam

zezezee: INTENT plays a crucial role in determining whether storing foodstuffs is hoarding or simply something else. If you look at it, the reason why prices go up is not caused by people who store food in warehouses; rather, it is caused by the reduction in cultivation of crops in the 'dry season'. Fact is, the amount stored pales in comparison to  the amount needed to bring prices down.

I am not saying storing, with the intent of getting prices to rise is not haram; only that what I outlined will not cause the rise in prices. So to borrow a word from our NYC brothers, storing is KOSHER.

If anything is haram in what I said then it must be investing in banks. The holy book is very clear on dealing with, taking, and borrowing with interest. So if one invests or even sets up a savings account in a bank that charges interest in its operations, then such a person is contravening the law of the almighty.
Sheikh Abubakar Gummi has explained that there might be an exception to this, but I can't remember how.

I actually, honestly believe, it is very uncharitable for the Nigerian government, through the customs service, to prohibit importing cars even if they were from a brotherly african country. I mean vehicles are not illegal goods so why must we restrict their inter-border trade?
Someone said if NIgeria opened up it borders fully, the costs of tokumbo, rice, textiles and many household items will fall substantially. Of course doing so will put many out of job, but to me that it a fair trade off.

Did I forget to mention that poultry farming is BIG business in NIgeria? While a mil is insufficient to start a medium scale operation, it will be enough to support you for a very long long time.

That's all for now

neozizo

Someone (with loads of money) i think said "the first million is the hardest to make"
Welldone maibucks.1 of the best threads i 've come across in a while.

My (stupid) idea of a money-maker.....is wait for it....ICEBLOCKS.

Have you ever been to Maiduguir,Mekudi?
Well in maiduguri it terribly hot 2/3rds of the whole time in a year.And also the power supply is VERY terrible...most of the time there is no power and when ever there is,the voltage is very low(conventional refrigirators dont work or get dammaged due to this instability).Owing to its proximity to the Cameroonian and Chaddian borders (prolifiration of summugling activities)and its remoteness from centers where petroleum products are imported to/refined, maintaing a generator is too much a burden for the averge Maidugurian.

I schooled there(so i know) ice-blocks are in very high demand and in very low supply.
So with a million bucks you could get a good industrial ice-maker(i hope thats what its called) a generator and a genrous supply of diesl.....and ur in the very cool bussiness of makin money.....sorry ice-blocks.

your customeres would range from hawkers of perishables,meat sellers "pure"-water sellers,sobo drink sellers,eatries,small scale industries to just about evri1.

Well i know selling water is Haram least anyone(zezezee?) thinks of geting into a debate about it...but i'd point out that what is sold is the labour involved and the resources expended.......i not really good with financial terms but i guess u get the deal!

MeKudi

Salaam,

that sounds really interesting zizo. Infact it could be a good business to try and do, and maybe make a buck or two.

One business that might also work with such money could also be an "online shopping" shop. I know this sounds wierd but this is how it will work.

First of all, you rent a place and equip it with a few internet connected computers. Then open a bank account outside of nigeria or maybe even some could offer the services I wil mention in Nigeria, which ever one is easier. Nigerians generally can't shop online for one reason or another. Either because they don't have a bank account that gives them a debit or credit card, or because people are generally afraid of Nigerians and won't agree to do transactions with them.

But anyway, your service will be to bridge the gap between the people who want to shop online but couldn't and the online stores. People will come into your shop and make purchases from a select number of stores online, and you pay the money with your credit card and have the stuff sent to your place in Nigeria where they can pick it up after a few days.

You can make deals with one of the leading Carriers like UPS or FeDex and get cheaper shipping rates. You will definitely though charge for your service as a percentage of what someone spends.

And there you have it, an awesome business, but will require a lot of technical expertise to set up. This is generally the idea, I can make it a lot more flashy but a million buck won't do that, perhaps in the 10-million-Dollar-question-piece.

With Peace!!!

alhaji_aminu

Salam

I don't think it haram to sell water simply because people selling it are adding value to the product. That is, they dig the wells, put the water in the container, push it to your house and all you need to do is step outside and pay for it. Don't we have to compensate them for their labor?

On the ice business, one has to ask a few relevant questions like
-  How do you difrfrentiate your product from others ( meaning why should we buy from you as opposed to that guy across the street)?
-  What competitive advantages do you have?
- Will you run on generators of NEPA?

As for our dear friend mekudi, "online shopping" in NIgeria? Are you kidding me?
We are some 10 years away from this becoming a reality one, because there aren't many internet users and two, very few people have the tools or the means of paying for stuff bought online. I will be the last guy to give my credit card number to a Nigerian mechant because you will be burnt beyond recognition by their greed and maliciousness!

In all business decisions, we must not lose site of the golden rule of marketing: sell what people want not what you think they want.

I gotta split now!

moha

MeKudi

Hi,

I guess I wasn't clear enough on this. You need not have a bank account inorder to do this. Thats where our service will come. We will buy the stuff for you so we will use our bank details which you would not see. You get it? So the shopper only chooses the items and then our employer will buy it for them charging our fees and the delivery charges.

So a simple transaction will be like this...

A person wants to buy the latest ipod, he goes into our shop, locates it in a store and then we take over. We buy the thing for him and he pays the total amount. After a few days, he comes back to obain his item or we deliver to his home safe and sound!

Salaam.

_Waziri_

Quote from: "Maqari"Hopla !!! :o  :o  there go the economical heavy weighters. it would have taken me a few to come up with half of that. impressive really how certain heads understand money.


Tis aint suprising brother. These guys are Kanawa. They understand money just as much as We from Zaria understand book. But one thing we will never allow them to achieve is selling us. We will never do that as we daily caution them not start considering the business of  buying and selling of human parts with their fantasy of getting (mark you not earning or making ) money.

It is even under this fantasy that the original poster of this topic called himself MeKudi, meaning, rich man, what a dream??????????????????? :lol:  :o  :o  :lol:

alhaji_aminu

Salam

Anya kalamin maigida waziri chikake ne kuwa? Ni dai na san cewa Zazzagawa basu yagawa Kanawa wurin karatu ba. A duk cikin manyan malamai da ake fadi a NIgeria, ban taba jin wanda ya fito daga Zaria' except if one considers mallam Ibrahim El Zaki Zaki (Elzakzaki) big.

Muko nan Kano munada malamai kamar su Nasiru Kabara ( Allah ya jikansa), Garba Tudun Nufawa, Gwani dan Zarga, Isa waziri and Mukhtari dan Amu in the old category and people like, Ibrahim Khalil, Ja'afaru adam, Dr Ahmad (kala haddassana), Abubakar Ramadhan (na shabbabu dan gidan mallam babba) da dai sauran su today.

Ko kuwa taakama kake da kasancewar jami'ar Ahmadu Bello a Zaria? I understand the reason it was set up there has alot do do with the intellectual tradition created by people of the Zaria Discussion circle, most of whom- like my own grandad, were from not the area.

I will stop here tunda na 'ci mutuncin' Zaria (city??) enough now.

Let the battle begin!

_Waziri_

Lol

To ai in baka sani ba duk wadannan mallaman daka ambato a old cader dinma suma in ka tambayesu zakaji sunce maka sunada mallansu a Zaria ai. Balle kuma yara-yaran daka ambato.

To inma baka sani ba banda Sheik Zakzaky akwai manya a wasu addinai kamansu Guru Maharaja dakake jin labari ai duk 'yan Zaria ne.  Kakuma su Yaroson wanda ya rike World Christian Youths Organisation.

Kai ko don dai mu bamayin surutu sosai. Su kanawa banda kuri da ruba me suka iya???? Sai in dare yayi su lallabo suzo cikin Zaria city su kwana suna karatu da anyi magana suce ai sukeda karatun... Niko inkoma daki ina ta masu dariya just as I am laughing at them here in the forum.... Hahahahaha :lol:  :lol:  :lol:  :lol:

zezezee

Quote from: "_Waziri_"Lol

Kai ko don dai mu bamayin surutu sosai. Su kanawa banda kuri da ruba me suka iya???? Sai in dare yayi su lallabo suzo cikin Zaria city su kwana suna karatu da anyi magana suce ai sukeda karatun... Niko inkoma daki ina ta masu dariya just as I am laughing at them here in the forum.... Hahahahaha :lol:  :lol:  :lol:  :lol:

haba allaji waziri!!! kai da kanka!! kada ka ballo rigima kuma fa, muzo mu ci zazzau da yaki... domin kasan abun da ya faro shekaru da yawa baya bazai kara faruwa ba!
lol

allaji idan mun ci ku da yaki, bayi za mu maidaku fa! ko kuma de ku rinka share titi a kano...hehehehe  :lol:  :lol:  :lol:
 just realised that nothing is what it seems.

neozizo

Typical of KO, a promising thread left to go stale.
..But anyways
here is a hectic way to make a bundle with a lot less than a million but with much patience and courage....
You probably have noticed how people in kanocity can't drive or just stubbornly refuse to obey traffic rules and regulations.....

You could setup a driving school.
all you need is a cheap rugged car, necessary paper work with CAC or relevant govt organization, arrange with a local govt primary school for the use of their classrooms (after school closing hours and weekends of course).

Becos you would have a hard time getting customers, you could go around schools and try to convince them to allow you speak at their next PTA where you persuade and inform parents on the need and advantages of sending their kids to a formal and professional driving school.
Also collaborate withFRSC to "encourage" traffic law offenders and driver's license applicants to patronize your business.
Contact institutions like police, armed forces and other similar institutions to send their employees for training and retraining as well as some customized courses.
Enlist the help of organisations like NURTW,NYSC/Road safety clubs to help with public enlightenment and publicity.

like i said, it relaively cheap but you will need to put in much time have lots of patience and courage(you wiil be exposed to physical risks if will be the one doing the coaching) and of course you would be good and licensed driver yourself.