Quote: (06-24-2015 11:29 AM)WestIndianArchie Wrote:
Listened to IB's podcast, good stuff.
Love to see some pics of good looking Naijas.
Lot of game dropped this episode. I haven't read Solomon in a while, need to revisit.
@IB what did you learn about business there?
WIA
Thanks. Moma was a great host.
There are a lot of opportunities in oil and gas, as you can imagine. It's one of the top petroleum exporters in the world and boats a roster that includes Shell, Haliburton, Agip Oil, Conoil, Chevron, etc. Tons of expats and rich locals tend to work in one of these places. It's kind of standard. If you roll in the higher social circles, you'll hear names drop A LOT...the same ones. I had family members who were a part of the Shell and Haliburton team, as engineers or consultants. Typically, many locals leave their post after a few years as a springboard for new business ventures, but I'll get to that in a sec.
To get into oil and gas here, there are 2 ways, grades and connections. If you are coming from a poorer background and do well -- first class honors, I think they call it. Obviously, the rich kids get cut a lot of slack and are extremely well-connected. Money and status talks here. My uncle once brought a kid around who graduated with honors. He was a poor guy, but he had a guaranteed a spot at Shell once he finished school.
Banking and finance are also decent. Tons of banks and financial firms throughout Lagos and PH. Don't know too much about that, but the financiers I had a chance to meet appeared pretty well off.
I remember that Moma emphasized in his datasheet that connections are very important here, especially if you wanna start a business. For example, transportation is pretty hot right now. A family friend who we see often started his own bus line that ran to multiple cities. He was a dick, but I'm fairly certain he did very well for himself. And I doubt setting something up like that is that difficult. Pretty sure he bought a few buses and some space to market them. I am not sure about the nitty gritty details about licensing and permits, but they are probably immaterial if not nonexistent. This is a place where you can pretty much do whatever you want if you have the resources.
Also know a guy who developed a water bottling plant and has his own small oil rig. Same guy also controls a chain of restaurants as well. People also seem to be into eateries, but it seems like you'd need some serious capital for that, at least for competing with the bigger names -- Genesis, Tantalizers, Mr. Bigs.
Hmm...what else? Online seems weak here. This is not really the place for an internet business, but I am still looking into that. It'd be great if I could find and exploit a niche. If I do, I'll gladly post it.
I'm sifting through the web for some pics of the talent. Weak. Not compared to what's on the ground. Let me know if there is anything else I missed.