It is a big irony: everyone wants to leave Nigeria. But quickly you leave Nigeria, you would realize that everything you are looking for is ACTUALLY in Nigeria. Check all Nigerians in America, more than 99% are looking for opportunities in Nigeria! Yes, everyone is trying to invest, build or do something because the conclusion is clear: America will pay the bills but Nigeria could make you rich.

For me, I have been working to keep my Nigerian accent intact, as it offers me competitive advantages to connect in the Nigerian market. Lol. Why miss the market?  We all want to wake up with Nigeria on our minds because everything there is opportunity.

So, as you japa, do not lose your bearing and contacts. Many things are amazing in Nigeria on how we structure our companies and promotions. There, everyone at the same level earns the same thing. But in the US, you can earn more than your supervisor. Yes, democracy does not reach compensation! It is legendary.

Do you doubt it? Check your friends in US big banks, bigtech, big universities, etc, everyone is looking for what idea to monetize in Nigeria.  

The greatest among us are actually those who are still holding the nation in Nigeria, and broad Africa. You can preach whatever you want to preach, the fact remains that most diasporans get their juices and fatter wallets because of the homeland opportunities. About 99% of African startups in the US are where they are because of the integrations to the native lands. Those are great things and should be celebrated.

Reverse remote japa is real! That is fueling all these big startups! 

One thing remains for Nigeria to rise: consistency in how we see evil and good. When the insignia of “Tinubu Presidential Legal Team (TPLT)” was found in the document uploaded by the presidential election tribunal, I read how some eminent lawyers explained the implications away. Had that been Buhari, those lawyers would have gone to court for answers. And as you read the tribunal outcomes across state levels, you see no consistency: a tribunal takes one out on certificates, but in another, it is not an issue. Simply, no core.

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Comment 1: Many commenting didn’t completely what Prof said or didn’t probably quite get it. Prof isn’t advocating for Nigerians in Diaspora to “Japa” back to Nigeria but to reverse their interest. Stay in US, UK, Dubai, Canada, Australia etc and repatriate $ as FDI in worthy investments in Nigeria in partnership with a credible Nigerian at home and many money passively while still being in the Diaspora.

I am in a group with Nigerians in Diaspora are making real money investing in back in Nigeria.

That’s “reverse remote japa”!

Comment 2: I know that many who arrive in Canada struggle to adjust for many reasons. The biggest reasons being the high cost of living, the cold weather, and despite what they have heard, or have been lead to believe, the lack of opportunities.

The costs are brutal in Canada. From housing to products to services, everything is inflated well above what they should be. Everything here is more expensive than in the U.S for example.

The Canadian climate is cold, especially in our winters. It is not unusual to have four solid months well below zero degrees Celsius and at least two to four weeks at minus twenty-five for example. Unless you’re in Yellowknife where the high in winter will be minus twenty-five for three months.

Almost all jobs in Canada require Canadian experience. But how do you gain experience without the experience – It’s ludicrous.

So before japaing to Canada do your homework. Canada’s university that accepts the most international students is the University of Alberta – but that is in Edmonton which is a cold place so be prepared for long cold drab consecutive months of winter with at least a meter of snow.

Cheers all, and try to have a wonderful week ahead.

Comment 3: Yes, Prof. Nigerians abroad are looking for opportunities to invest in Nigeria, but they are also reluctant due to currency depreciation, political instability, insecurity, and lack of trustworthy partners in Nigeria. I know of a family friend that was killed in Nigeria after he invested and moved to Nigeria to retire. This happened less than a year ago. The story was in the news.

The $1000 that was invested 2 years ago now worths less than $500. Some Nigerians are also shortsighted. They’d rather steal money than see how the investment creates long-term job security for them. There’s no system to hold those that steal from businesses accountable in Nigeria.
I love Nigeria, but I’ve seen too many horror stories.

One of the things that determine the financial success of a business, especially a start-up, is its capacity to woo both local and foreign investors as well as individual and institutional investors. When a business has little or no funding from institutional investors such as angel investors and venture capitalists, it may mean that such a business is yet to develop the capacity to deliver sustainable value to its shareholders or stakeholders, and this negatively impacts its financial credibility.

The following are factors both individual and institutional investors consider before funding a start-up:

Antecedents

Generally, in accessing the financial credibility of a business, both individual and institutional investors often want to find out how much has been raised by the company in the past, and how it has been able to pay returns to investors.

Social Proof

There is a direct link between financial credibility and social proof. While financial credibility indicates a company’s ability and capability to attract influential investors, social proof increases when this happens and is debated constructively by subscribers and non-subscribers of the businesses on social networking sites.

In our context, social proof signifies strategic review of people’s mixed feelings about the businesses’ value creation and strategic engagement with the stakeholders and shareholders. What have people said about this particular company? Where is the context of the messages or views? How trustworthy are the actors in the forum/social networking site where the company is being discussed?

Consistency

Investors are also interested in how consistent the business is with regard to their methodologies and implementation strategies. If a company is consistent with its production methodologies and management strategies, there is a possibility that it would generate expected revenue and be profitable when uncertainties are managed effectively and efficiently. A company that lacks consistency as a principle won’t be accountable because accountability connects with how the people internally see their tasks and their roles towards the end goals of maximizing shareholders and stakeholder’s value.

Customer/Investor Relations

Apart from seeing commitment within the context of how employees work and behave towards corporate and personal goals in relation to value creation, the company is expected to also exhibit commitment to a cordial a relationship with customers, investors and its immediate host community members, especially the vulnerable. If they are giving back, it’s a great sign that they are empathetic and act in a meaningful way. Some investors, especially international non-profits, want to know how the businesses they want to commit their fund to are giving back to the society.

Also, the relationship between the staff and inventors is very paramount as it creates room for proper interaction and a sense of relief for potential investors. Investors want to be sure that the business is not only concerned about getting funding but are also committed to ensuring the continued trust and happiness of their investors.

Resources:

The Rules of Investing In Nigerian Agritech Business. 2021. FIDAS Africa