image: futuristspeaker.com
Here they are:
- We are going to be Nigeria's edition of the baby boomers; I mean those of us between the ages 20 and 40. The middle class is expanding aggressively. Nigerians are now coming back home. Every major international company has an eye on Nigeria. The financial reports of banks have never been better, showing the huge rise in income level. People are becoming more entrepreneurial. Everyone sees a bright future ahead. The economy is booming. Pension funds now do adverts.
- Nigeria is fast becoming a services and consumer goods powered economy. The manufacturing sector is dying, no thanks to better and cheaper imported products. The only part of the economy that is seeing fast growth are the financial services sector, IT services sector and the FMCG sector. We have no industrial equipment manufacturing companies. Industrial farming is dying. Oil sector is stagnating. But the Energy sector is reviving and should be the next big thing in Nigeria (like Telecoms was).
- Nigerians are becoming more luxurious. People now go for yearly vacation outside the country. KFC, Chicken Republic and Mama Cass are the new mama put, people now go there daily. I think it's time they begin loyalty campaigns and monthly food packs. Going to Silverbird cinemas and GetArena have become the new strolling out. Everybody's telling me to rent a house at Lekki, close to work, because it's the in thing.
- Nigerians are now more comfortable with shopping at big malls -- Shoprite and PacknShop -- and also online. We are becoming a less cash based economy. Even the Sharwama guys have POS. Soon having an ATM card will rank as high a necessity as having a phone, only the extreme Luddites will not have one.
- People still consider having physical properties as the only evidence of wealth. A big real estate company is going to popularize the idea of people buying flats permanently in 20 storey buildings in VI, Lekki and Ikoyi. Then some creative companies with offer loans targeted at intending home owners. And then you'll see the unimaginable; house adverts will be everywhere, on TV, radio and billboards.
- In a few years from now, foreign companies will begin acquiring indigenous online companies like jumia.com, vconnect.com and konga.com. Then there will be a boom in the online services business, and every rich guy will want to start an online business.
And those are the ones I can remember for now.
Thank you for this post Sir. Many people are now looking at starting agribusinesses (such as fish farming and poultry business) considering the fall in crude oil price across the world. There is no job security anywhere so the earlier one goes into entrepreneurship, the better.
ReplyDeleteI completely agree! The earlier the better.
DeleteHi Michael, there are several online businesses that even youth can start. It pains me to see the pain an average Nigerian student go through before securing a job after school when such person can start his/her own business in a small way. Entrepreneurship rocks!
ReplyDelete+1 Entrepreneurship rocks!
DeleteThanks for sharing this bro Michael, IT is truly the newly found crude oil
ReplyDeleteGlad you also see it that way!
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