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RE: 1000$ Plan _ Not Just Spending.
I guess it helps that the cost of living is lower, although I'd love to know how it relates to earnings. If the cost of living is half that of the UK, but earnings are also half, then it kind of balances out.
It's a shame that there is a perception that investing in small or startup businesses overseas is so risky.
What kind of challenges do Nigerian small businesses face ? Here, I have significant issues with over-regulation, high (and over-complex) taxation, dealing with large suppliers (e.g Royal Mail, utility companies etc), and general crime (false non-delivery claims and other forms of theft/fraud).
Corruption isn't a direct issue here, but indirectly it has a massive impact - it's a game that only some can play, but drains massive amounts of money from the economy, which is being reflected in crumbling infrastructure and general inefficiency. We've had a saying for a few years: "nothing works any more".
What I really admire in the Nigerian businesses I see posting here on Hive is their incredible resilience, adaptability and hustle mindset. Something the English could definitely learn from !
Okay let me explain this, so while 1000$ might feel like a lot of money for an average Nigerian is because
They aren't living an expensive lifestyle, you only get to say that 1000$ isn't enough for you if you live in a very big house that you have to pay alot of rent for ,it you drive big cars, that's for that
When it comes to business 1000$ is actually a good amount of money to start a good business, you don't issues of tax or stuff, it's only recently the Federal government said they will deduct 20% thereabout for everything bank account that earns up to 800,000 naira.
So doing business is really good idea,but then your have to know your target audience for whatsoever business.
Corruption will still be a thing here, but then having your business as a Nigerian is like a big deal , especially one that brings money in.