Toochukwu Ekoh, PBA Journalism MenteeIn today’s financial system, our ways to profitable investments have been made a lot easier.
Becoming successful in Nigeria is becoming more and more difficult, but it’s fortunate you don’t have to rob a bank to make an investment: All you need do is rake up a few thousands of naira, a good idea and the persistence to begin.
Technology has made life a lot easier for us – especially with the use of mobile phones and the social media. The fact that fraud is fast becoming a major lifestyle for many Nigerians notwithstanding, there are still many honest investors to cheer about.
A lot of us, especially the youths, have the hunger of starting to make an investment, but what keeps drawing us back is the lack of strength to keep going. You must build up positive habits like monthly savings.
One could also tame excess living expenses by cutting down on meals, subscription fees, and even transportation. You could start to invest in the asset portfolio with the money you have ended up saving. Luckily, we live in a generation where everyone is thinking of ways to survive at a very young age and, hopefully, there are good and profitable businesses that could help in achieving that dream.
7 tips for profitable investment in 2023
Farming
A report indicates that selling farm produce is lucrative for investors. It is a money-making strategy in Africa because buying and selling farm produce to consumers at relatively cheaper rate allows Africans to make big money. Investing in Agriculture can be extremely profitable because food attracts a wider market and would always produce superior commercial results.
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Financial Technology
Also known as Fin-Tech is used to help companies and consumers to manage their financial processes with algorithms and software on computers and smartphones. According to Allied Market Research, the fin-tech industry was valued at $110.57 billion in 2020, and it’s projected to reach $698.48 billion by 2030. Also, fintech companies are designed to help investors grow their assets and track their profitable investment.
Real estate (land properties)
Real estate is one of the best profitable ways of investing money. All you have to do is to get more accommodation to sell. Buy, rehab, rent, refinance (BRRR), is a real estate investment strategy, used by real estate investors who have experience renovating or rehabbing properties into houses.
Catering Services
They say a way to a man’s heart is through his stomach, but I say the best way to keep an angry person sane is through food. Surely, every chef has discovered this secret and decided to invest in making sure every consumer comes back for more. A lot of individuals have decided to become practical in catering services because people spend a lot on food these days.
Media Production (Photography & Cinematography)
Everybody loves to stay happy, everyone loves to be entertained. So why don’t you give the people a unique story to talk about? Investing in a movie requires film making such as film studios, equipment required for computer-generated imagery production, digital audio, video recording and mixing. According to financialquest.com.ng, Media Advertising Television represents 45% of Nigeria’s total advertising market as the preferred platform for reaching consumers particularly the wealthy and middle class with the remaining 55% shared among radio 15%, print media 18% and outdoor adverts 22%.
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Fixed Deposit Banking (Profitable Investment)
This is one of the safest and easiest means of saving money. Here, all you have to do is deposit your money into an account and let it grow without tampering with it. This is why we have the piggy bank for the adults. Politicians are known to be familiar with this process.
Hair Extensions (wigs)
Sale of weaves/hair have proven to be another profitable business which can make one 10 times richer if you really put your mind on it. It is a business where women are known to spend thousands. These days, they spend millions of naira just to look good. So, if you are looking or thinking of the amount of money you would make in hair business, then get ready to think big.
Conclusion
There are a lot of skills and jobs that could be a start-up investment, and I could go on and on but we know so well that it is an unending tale. Starting an Investment might be a scary struggle but it gets better as time goes by.
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