How to Become a Millionaire in Nigeria: Smart Ways (2023)

How to Become a Millionaire in Nigeria
How to Become a Millionaire in Nigeria

“How can I become a millionaire in Nigeria?” Is one of the most simple question asked by probably all Nigerian youths yet it’s a question that has a complicated answer. Complicated answer in the sense that there’s no one size fits all answer to this question. And it is so disappointing that this question has also led so many youths astray.

Some have thought that the only way to be a millionaire in Nigeria is to join yahoo boys or kidnap the rich and famous for a ransom. Which has made many of them regret their actions because they have landed in jail. Just last week on the news on Channels TV. I saw a guy who was about 20 – 21 years old that was a robber and this made me wonder are people this desperate?

If they are, why cannot they direct all these energies for something good? So to answer many of the questions asked by Nigerians on google (asides from the ones other blogs have written on this topic) I have decided to write this article. It’s lengthy as usual but trust me it’s worth reading because it’s a full package as regards everything you need to know about being a millionaire in Nigeria.

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In this article, I will be covering topics like:

1. How can I get rich in Nigeria before 30?

2. Simple ways to become a millionaire in Nigeria as a teenager

3. Businesses that can make you a millionaire in Nigeria

Now that we have a full idea of how this article is going to be, let’s move into it right away.

How Can I Get Rich in Nigeria Before 30?

Well, it is possible even to be rich at age 25 but there are things you have to do for this to happen. 4 things you can do if you want to be rich at that age. My points are close to that of Daniel Ally – How to Become a Millionaire in 3 Years but there’s a bit of difference.

1. Read Self-Improvement Books

The saying, ‘if you want to keep a treasure away from an African man hide it in a book’, is common but I do not believe that it’s true or do you believe it? African men read books, in fact, the world’s best writers and Nobel laureates are from Africa. So I believe reading habit is a habit we Africans practice regularly but one of the problems here is we do not read finance books (books on financial literacy).

The Nigerian man makes money every day no matter how little it is but he doesn’t know how to multiply his money. So the problem here is not how to make more money, how to multiply the little he has and the only way to solve this problem is to read books. The reading here might not even be hard-copy books. They can be audiobooks, articles, ebooks, YouTube, and so on.

The basic thing here is to consume materials that can help you develop financially. I follow rich dad – Robert Kiyosaki on YouTube and watch his videos and I must say some of the things I’ve learned on his channel I’ve not even read in a book. Aside from reading books on how to be a millionaire, it is impossible to live a better life without reading books. The solutions to all problems in life are written in books.

2. Start the Millionaire Journey Early

This is another way you can be rich in Nigeria before 30. There’s an ancient Chinese proverb that says “The best time to plant a tree was yesterday”. This is true and it applies to every other thing in life that works with time. You see the best time to start your business was yesterday but if you are just waking to this realization the best time to start your business is today (now).

Another belief that we humans usually have is it’s never too late to start. Well, in as much as I agree with this I will also say experience is key. There’s a big difference between a man who started his company at age 21 from a man who started at age 30 and here’s why I said so. The man who started his company at age 21 will have gathered more than enough experience and through this will have made his company grow while the man just starting at age 30 is just planning and thinking about how it will go.

At this point, 30-year-old guy will need to learn from this 21-year-old to catch up with current trends in the Nigerian economy. This is why I am saying starting on time really plays an important role if you want to become a millionaire in Nigeria 3 – 5 years to come.

3. Pick your Friends Carefully

It’s no longer a doubt that you’re an average of those you surround yourself with. Someone also once said: “If you’re not successful check out the people you’ve been hanging out with”. I used to think that these 2 sayings are not true because come on I am me I could not be impacted by my friends and surroundings until I realized how wrong I was.

How did I get to discover this? I realized that as time went by I began to think like my friends. All my friends at that time never knew anything more than girls and how to chase them and as time went by I was beginning to nurture the same thoughts. After noticing this, I snapped out of this by dropping my friends and making new friends and something happened a few months later.

6 months later my mentality changed and I began to see things in a different light. I began to see the reason why the rich and mighty choose those they hang out with. It is impossible to hang out with millionaires and you will not aim to be one. It is totally impossible especially if you are surrounded by their mansions, executive cars, private jets, and more.

So if you really want to become a millionaire in Nigeria you have to start choosing your friends (millionaire friends) and the fewer friends you have the better for you.

4. Be Selfish for Good Reasons

Yes, I will say it again – ‘be selfish’. Think of yourself first before any other person. If you are not selfish you cannot be a millionaire in Nigeria. Dan Lok would say there’s no reason to help someone if you are also poor. This is very common in Nigeria “You see people that cannot afford to take care of themselves financially trying to take care of their family or friends.

Here’s an example: Let’s say you have saved up 1M naira to start a company I see no reason why you should borrow your brother 500,000 to start his business first just because you feel you must take care of him financially. This can be detrimental to you. What if he does not return the money (which is likely to happen)? You will have to start saving again for a few years to raise that amount again.

My best advice here is to start despite your brother’s demands and after 4 years that the business is now moving well and growing you can then borrow your brother the money for his startup. At this point, it is going to be a win-win situation. You win, he wins.

How to Become a Millionaire in Nigeria

Here are steps on how to become a millionaire in Nigeria.

1. Save Money Like No Tomorrow

This is the first step to becoming a millionaire in Nigeria. There are so many different beliefs about this mentality but I believe it is the first way in Nigeria to be a millionaire. While some school of thought feels it’s important to save other schools of thought believe it’s not that in fact, it doesn’t matter that what matter is making more money.

And the business mentors going on this tussle are Robert Kiyosaki and Dan Lok. Well, this is true on both sides but if you’re really serious about being a millionaire in Nigeria you have to start saving and tracking your expenses. In my ‘2 big money mistakes young men make today’ article I talked about a friend of mine who missed the opportunity of being a millionaire by not following this simple trick of saving but he did not.

Since he was not saving he couldn’t monitor his expenses. 1 minute he’ll be rich having enough money in his account, the next minute he’ll be broke. So broke but you wouldn’t know due to his packing. Well, enough said about him. I have seen the power of saving and its amazing benefits. I have also seen its repercussions.

Only men who have tasted both sides will understand this. He who saves when he earns a penny will save more when he earns in millions. That’s the big secret behind all this. Read this article if you really want to learn how to save.

2. Diversify your Income

This is the second step to become a millionaire in Nigeria. After saving a significant amount of money the next thing to do is to diversify. Saving is not the end, it’s just a means to an end if you understand what I mean.

Here at the diversifying stage, you still need to be careful what you do with your hard saved money. Let me give a list of what you shouldn’t do with your money so that you won’t lose it.

A. You should not be in a hurry to invest your money into business as this is a lifetime decision.

B. You should not invest your money into a business you don’t understand.

C. You should not invest your money into a business that the ROI (Return on Investment) appears too good to be true. If it is too good to be true then it’s likely it’s not true.

D. You should not entrust your money into the hands of a stranger.

E. Finally, you should not invest your money into Ponzi schemes. They many of them in Nigeria now. I don’t want to mention names. I know it may sound legit but it can’t be. Remember MMM. What to do with the saved money.

Let me tell you what I would do if I had such saved-up money. I will buy lands. The land might not yield profit immediately but it will certainly yield profit in the next few years to come. Or start a business with the money. Check out lucrative business ideas in Nigeria.

3. Invest in Real Estate Business

You cannot talk about being a millionaire in Nigeria without going into the real estate business. The reason why I am so big on real estate is that it can make you a millionaire within the twinkle of an eye. Earlier, I shared a story of how this happened to a man I know and how he was able to start his real estate business without having money for initial capital.

Most millionaires in Nigeria aside from the Dangote and the like are either into real estate or selling of building materials. It’s either of these two. Another story I heard was the true-life story of a real estate CEO on 92.3 Inspiration FM who started his real estate business with just 50k or thereabouts.

He said he started by just buying land when he saved up money and didn’t know what to do with it so he used it to buy land instead. He sold the land a few years later and now he’s a millionaire. Read our article on how to start real estate business in Nigeria.

4. Grab Opportunities and Investments

Aside from the businesses I have mentioned above like snail farming, oil and gas, and the like, there are other businesses out there that many Nigerians are yet to discover and these businesses are right in front of them (in their face).

Examples of these businesses that came into the limelight are Jobberman – a website that helps young Nigerian graduates to get jobs and in the end make money directly or indirectly doing this.
And the most amazing thing about this business is that the owner started the business out of the frustration of his personal life.

He started the business when he finished school as a new graduate and was looking for a job. Another business idea that came into lime-light is Prepclass. A website built by 2 young men that took home teaching (tutorials) of children to the next level.

Prepclass,
as they are popularly called, is the name of their website made money by using their website as a platform where parents and teachers meet. Parents using the platform to get home tutors for their children and teachers getting paid at the end for this service.

And Prepclass stands here as an agent or an intermediary and in turn, gets a token from the parent. Like I said earlier there are many ideas out there in terms of opportunity you just need to think deeply by looking for the missing link and providing that link. The truth is Nigerians don’t really know what they want. I’m not saying this in a bad way because this is also human nature.

I’m saying it in the sense that all they, all we want is just comfort and what will make our lives better. If you look at the 2 businesses I talked about earlier you’ll realize they offer the same thing comfort and what will make Nigerian lives better.

The first help getting a job as a graduate without you carrying C.V and certificates in the sun for submission to companies and the second helps you as a parent to get a tutor for your child without stress. These are the kinds of business ideas that I’m talking about when it comes to grabbing opportunities that can also make you a millionaire in Nigeria.

5. Start a Business Today

It’s impossible not to discuss business especially if we really want to become a millionaire in Nigeria in nearby future that’s why I am going to be mentioning earlier the top 8 businesses that can make you a millionaire. Many of us are scared of starting a business or investing in a business and are thinking their 9 – 5 is enough to achieve this.

I am not saying this is impossible. I’m just saying the odds are slim, very slim. So here’s my best advice. My best advice here is to start any of the millionaire businesses below and see how it goes. Read our article on how to start a business in Nigeria.

Conclusion

It is not possible you become a millionaire over act unless you engage in an immoral act or you play the lotto and win. However, you can invest in a business in Nigeria. These businesses can be fast businesses and they can be lucrative businesses and you can make money online just like I do.

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Hi! I'm Ralph Bamigboye. An Accountant, Teacher, Writer, and Blogger. I self-funded and started my professional cleaning business in Nigeria. I am passionate about Nigerian youths and how they can succeed. How can I help you?

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