The Fastest Business in Nigeria

the fastest business in nigeria

The Fastest Business in Nigeria

Perhaps you have been wondering to yourself: “What can I do to make money in Nigeria?” If so, I am going to show you the fastest business you can do with 1,000% returns on your investment within a 12 months period.

1,000% returns on investment?

Oh yes! 1,000% returns on your investment!

But, first, let me ask you this question: did you repair your phone recently?

If so, what was the problem and how much did it cost you to repair the phone?

If it was power problem, I am sure you must have spent a minimum of N1,500 to get it fixed.

What about earpiece problem?

And mouth piece problem?

And network problem?

Honestly, none of those mobile phone repair problems will cost you less than N1,000 to get them fixed.

And if your phone has screen problem, it will cost you a minimum of N2,000 to get it fixed. Some android phones will even cost you as much as N10,000 or even more to get them fixed.

Has the nickel dropped yet?

If not, let’s continue…

Have you bought screen guard, pouch, memory card, charger, usb cable, battery and so on for your phone recently?

How much did it cost you to buy them?

N400?

N500?

N700?

N1,000?

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What if I told you that the phone charger you bought for your phone recently for N500 or N1,500 does not cost the mobile phone repairs tech more than N150 or N800 to buy from a wholesaler?

But you bought it from him for N500 or N1,500 or even more.

And if the mobile phone repairs tech engages in the online mini importation business of mobile phones and accessories, he will make even more returns on his investment.

Unbelievable!

But, that is the truth!

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Please remember that we are discussing the fastest business to do in Nigeria right now.

The Fastest Business in Nigeria

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So, what is the fastest business in Nigeria?

If you have not guessed it by now, the fastest business to do right now in Nigeria is: mobile phone repairs and maintenance business.

Add the sale of mobile phones and accessories to it and your bank account is certain to explode within a very short time. Believe me!

Now, let me tell you why mobile phone repairs is the fastest business to engage in right now to make money in Nigeria.

The obvious reason which readily comes to mind is this: over 70% of Nigerians repair their mobile phones. What does that tell you?

Simple. Fewer people buy new phones. So, it is a waste of investment to stock new phones for sale in your shop – unless, of course, you are a big-time mobile phones dealer who can afford to tie down millions of naira on new phones over a long period of time.

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Additionally, Nigerians also look for used imported phones to buy too. So, rather than stock new phones, it is a course of wisdom to import fairly-used quality android and smart phones from UK.

Please consult “The Importers Bible” by Kome Itoje for more information on how to start an online mini importation business in Nigeria. Click HERE to get your personal copy without delay. You will get a 50% discount on the award-winning guide if you order the book TODAY! Click HERE to ORDER NOW.

Other reasons why mobile phone repairs and sales business is the fastest business to make money in Nigeria today are as follows:

Reason One: Low Capital Requirement

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The capital requirement for starting a mobile phone repairs business is very low. Aside from the cost of training in mobile phone repairs as well as the cost of renting an office space or getting a caravan, you can start your mobile phone business with as little as N100k and quadruple your investment in less than 30 days guaranteed!

Reason Two: The Price of New Phones

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Since the exchange rate of the dollar to naira experienced a huge leap over 3 years ago, the prices of many imported products have risen astronomically. Imported products were not the only thing that were affected by this price hike. Locally made products, including food stuff items, were equally affected too. It became obvious to many Nigerians that the days of buying new phones every 3 months and gifting away their old ones were finally over. They had to repair their old phones.

Reason Three: Harsh Economic Reality

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The harsh economic reality of our times since late 2015 has made the repair of mobile phones and sale of phone accessories a very lucrative business in Nigeria. The income sources of many Nigerians have been depleted as a result of hyper inflation. So, they have to prioritize their expenses – making the purchase of new phones out of the equation. Hence, repair their old phones they must.

Reason Four: Lack of Power Supply

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You may have rightly observe that almost all phones come with inbuilt torch. This is a great tool for many Nigerians who are plagued with irregular power supply. They use the torch of their phones as easy source of power supply. But, unfortunately for them, the phones end up falling into a bucket or drum of water, kerosene or even fuel. Hence, they must take it for repairs at the mobile phone tech shop.

Reason Five: The Age of Phones

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The minimum age of the phones of many Nigerians is 4 years. For instance, the age of the Nokia E5 mobile phone which I used to prepare this article is 6 years (I bought it in 2012). It became faulty and I abandoned it in 2015, but I had to revisit the phone when my Tecno D9 mobile which I bought in 2014 became unservicable. Consequently, the use of mobile phones for many power supply functions will make the phones undergo damage and need some form of repairs.

Reason Six: Use of Multiple Phones

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Many Nigerians use multiple phones. Some use at least 2 phones. So, even when they have an android or smart phone, they still have need for a smaller phone. Hence, they will buy a Nokia or Tecno or iTel torchlight phone in addition to their android phones.

Reason Seven: Availability of UK-used phones

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The ready availability of UK-used phones at affordable prices make their purchase by Nigerians a very lucrative business. You can reap huge dividends from the importation and sale of UK-used phones in Nigeria.

Please consult “The Importers Bible” by Kome Itoje for an indepth discussion of how to start and successfully operate an online mini importation business in Nigeria. Click HERE to get your personal copy without delay.

Do you now see why you should start a mobile phone repairs/sales of accessories and UK-used phones business at once?

I am sure you do!

Fastest Business in Nigeria Case Studies

 

The capital requirement for this business is what makes it the sweetest and fastest business in Nigeria to engage in right now. You can start a mobile phone repairs and accessories business with a minimum of N150,000 (assuming other things like office space and training have already been acquired) and earn a 1,000% returns on your investment within a period of one year guaranteed!

Let me give you some case scenarios to drive the point home…

One young man by name Miracle Jowo (aka Mijowo) started his mobile phone repairs and accessories business in Warri with just N150,000 five years ago. Now he is married with 2 children, has a car and has already started developing his plot of land in his home town.

And he is not engaged in any other paid job. When I interviewed him, he told me in confidence that he is not ready to take up any paid employment that is below N300,000 per month.

Imagine that!

There is another young man who is based in Ughelli in Delta State of Nigeria. His name is Abel Tode. He engages only in the repairs of mobile phones. His office is always crowded each time I paid him a visit.

On one occasion he was so overwhelmed with the work that he talked of resigning and engaging in another line of business. He simply had no downtime in the business at all; no time to rest or even take his lunch.

No mobile phone repair job that Abel would engage in that is less than N1,000 – even if it is changing the power switch of your phone. Honestly, that guy goes home with minimum of N10k every day. And that amount with very little money spent on overheads.

That is how lucrative the business is!

Do you now see why you should engage in the mobile phone repairs and accessories business without delay?

I am sure you do!

But, there is a big BUT…

Location Matters

Like every small business that you may set up, location matters a lot in this business if you want to make rapid progress within a short time. As a matter of fact, many of the mobile phone repairs centres I know of are located along major roads in busy cities or sub-urban towns in Nigeria.

Therefore, if you are thinking of establishing a mobile phone repairs centre, then you must as a matter of necessity locate the business at a strategic place in your area. Along a major road, close to a bank’s ATM, close to a higher institution, among other related businesses. All these are choice areas to establish your mobile phone repairs business.

Estimate of Capital Requirement

Below is a rough estimate of what it will cost you to establish a mobile phone repairs and accessories business in a sub-urban town in Nigeria.

Complete Capital Outlay
Cost of Training N30,000
Rent of Office Space N84,000 (12 months)
Painting and Fittings N20,000
Laptop and Other Tools N100,000
Wages of One Sales Clerk N84,000 (12 months)
Capital for Phone Accessories N50,000
Capital for Small Phones N50,000
Capital for UK-used Phones N150,000
“The Importers Bible” – The Only Authoritative Guide on The Online Mini Importation Business in Nigeria N5,500
Total N573,500

Mobile Phone Repairs Only
Cost of Training N30,000
Rent of Office Space N60,000 (12 months)
Painting and Fittings N10,000
Laptop and Other Tools N100,000
Total N200,000

Bottom Line

From the foregoing, it is pretty obvious that mobile phone repairs and sales of Uk-used and “torchlight” phones is the fastest business to make money in Nigeria. However, raising the capital requirement of over half a million may not be easy for you. So, you may decide to begin with the repairs aspect of the business and later expand to include sales of UK-used and small “torchlight” phones.

But, if you do not even have the N200k needed to start the mobile phone repairs business, you can use freelance and affiliate marketing business to raise the necessary capital for your mobile phone repairs/sales of accessories and phones business.

You can get paid in dollars on freelance marketing websites like Fiverr. Click HERE for more information on how to make money on Fiverr.com.

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