Okay, I had to take a break from my next big piece for this; that important.
In case you missed the news, the Nigerians in Diaspora Commission just concluded a business summit targeted at encouraging Nigerians abroad come and invest in Nigeria.
The poster boy for that event was the keynote speaker, Charles Soludo. Imagine hearing from a former (and probably current) Nigerian living in Diaspora, who then served as the CBN governor and arguably was perceived as having performed well, this summit is definitely a hit and will bring some results.
So how does this affect you as an Entrepreneur? Good question!
Asides from the general problems businesses face in Nigeria (which the FG will surely work upon in this case), what is the other major worry of Nigerians abroad face in investing here? People, especially “trusted” family members have shown many pepper, by squandering the monies sent home for business/project.
As a sharp businessman/businesswoman, now is the time to package your business well and fix any inadequacies:
1) Incorporate it (CAC stuff), in case you’re yet to.
2) Engage that your legal counsel/business lawyer friend or those in your network.
3) Create necessary books of accounts or put the ones you have in order. If you don’t know how to, hire a freelance accountant. Trust me, this singular action once won a small chops/refreshments business 9 million Naira in the YOUWIN scheme back then.
4) When you’re certain your business now has a healthy outlook, biko approach the Nigerians in Diaspora Commission, that one headed by Madam Abike Dabiri and pitch your business. Be persistent till you get the connect to the right diasporan investor(s).
5) The idea here is that you’re sending a message to this potential investors that: “Invest in my business, not on the basis of trust, but cause you can sue the business if your funds is misappropriated.
6) Sure, you might need to present referees. So prepare for this too.
If you have any doubts about this approach I have suggested, search on Google: “Governor Oyetola visits the Nigerian Stock Exchange”.
That’s right, the Osun state Governor went to the NSE today to make a case for investors to come and invest in the Agriculture, Solid Minerals and Human Capital potentials of the state.
It’s called ” being pragmatic”.
Until the next time, it’s your well-wisher,