Is It Better to Start a Business in Nigeria or Relocate Abroad? The Cold Hard Facts!
- Simon Zaku
- Mar 20
- 3 min read
Should You Start a Business in Nigeria or Move Abroad? The Answer May Surprise You.
What if I told you that some of the richest Nigerians today made their money right here in Nigeria—not abroad?
Let's use Aminu, a young entrepreneur who had two choices: start a business in Lagos or take a flight to Canada for greener pastures.
He was torn. His friends told him to "japa" and never look back.
But something held him back. He researched, spoke to successful business owners, and discovered shocking facts.
Did you know that Nigeria has over 200 million potential customers, making it one of the largest markets in Africa?
Yet, many Nigerians believe success only comes from moving abroad. But is that really true?
In this article, we will break it all down.
Should you start a business in Nigeria or relocate? Let’s find out.
What You Will Learn
The real truth about doing business in Nigeria vs abroad
The biggest advantages and disadvantages of both options
The most profitable businesses in Nigeria right now
The easiest countries to start a business as a foreigner
The best Nigerian states for business success
How to start a business in Nigeria with as little as ₦50,000
Table of Contents
Why Start a Business in Nigeria?
Why Relocate and Start a Business Abroad?
The Pros and Cons of Doing Business in Nigeria
The Pros and Cons of Relocating
Which Businesses Are Most Profitable in Nigeria?
Which Countries Are the Best for Nigerian Entrepreneurs?
FAQ: Answers to Your Burning Questions
Conclusion: What’s the Best Choice for You?
Who Is This Blog Post For?
Aspiring Nigerian entrepreneurs looking for the best place to start their business
Nigerians considering relocation but unsure if it’s the right move
Investors looking for profitable opportunities in Nigeria
Business-minded students searching for small-scale opportunities
Why Start a Business in Nigeria?
Nigeria’s population is expected to hit 400 million by 2050, making it one of the fastest-growing markets in the world.
That means more customers, more opportunities, and—if you play your cards right—more money.
Some of the richest entrepreneurs in Nigeria today started small and grew their businesses in the country.
Examples? Aliko Dangote, Tony Elumelu, and Cosmas Maduka.
But is it all sunshine and rainbows?
Not exactly. Let’s break down the advantages and disadvantages.
Why Relocate from Nigeria and Start a Business Abroad?
For many Nigerians, relocating to countries like Canada, the UK, or the US seems like the only way to "make it."
Let’s be honest—some countries offer better infrastructure, access to global markets, and less bureaucracy.
But is it all worth it?
The Pros and Cons of Doing Business in Nigeria
Pros
Large market: Over 200 million potential customers
High-profit margins: Some businesses have up to 200% ROI
Lower startup costs: You can start a business with as little as ₦50,000
Untapped opportunities: Many industries are still wide open for disruption
Cons
Inconsistent government policies
Poor infrastructure (electricity, roads, etc.)
High corruption and bureaucracy
Limited access to capital
The Pros and Cons of Relocating
Pros
Better infrastructure
Easier access to global markets
Stable policies and business regulations
Cons
Higher cost of living
More competition in certain industries
You may still face discrimination as an immigrant
Which Businesses Are Most Profitable in Nigeria?
Thinking of starting a business in Nigeria? Here are the top industries making millions:
Agriculture
Tech startups
E-commerce
Real estate
Logistics and transportation
FAQ
Which country is easiest to start a business as a foreigner?
Many Nigerians find it easier to start a business in Canada, the UK, and the UAE due to friendly business policies.
Is Nigeria a good place to start a business?
Yes, but it depends on the industry. Sectors like agriculture, tech, and real estate are booming.
Which state is best for business in Nigeria?
Lagos is the business hub, but states like Ogun, Rivers, and Anambra are also promising.
What business can I start with 50,000 in Nigeria?
Mini importation, POS business, and social media management are all great options.
Conclusion: What’s the Best Choice for You?
At the end of the day, both starting a business in Nigeria and relocating have their advantages and disadvantages. But here’s the truth—success is not about location, it’s about strategy.
If you have a solid plan, Nigeria offers insane opportunities. But if you prefer stability and easier access to infrastructure, relocating might be the way to go.
Whichever path you choose, remember this: the key to success is taking action.
Would you rather start a business in Nigeria or relocate? Drop your thoughts in the comments.
Simon Taki Zaku
Founder, CEO, IbiFoundry Limited
For the IbiFoundry.com.ng E-magazine.
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