- Okada's are profitable
- A keke will do you more good
- A fruit juice stand will do you well
The question is...
Do you want to make money? or have you read success stories on techcrunch and radar or you have watched the social network and you want to take a shot at playing zuckerberg?
I didn't say mobile apps are not profitable. I said mobile apps geared towards the Nigerian audience is just, well, just really sad. Especially if your monetisation model is freemium. Let me paint you a picture
Calculation: 1 dollar = 494 Naira. Hence, 500k naira = $1,012
I will assume you are a bad ass coder hence app development will cost you 0 dollars. To get a developer account in google is $25 and for apple is 99$. You are now down to 1012-(25+99) = $888
App Store Optimization and pre launch hype won't help you in Nigeria. Hence, you will have to advertise to get users.
At an average of $0.25 per app install, for $888 dollars you will get 3,552 users.
Unless, you are facebook, whatsapp, instagram, or perharps a ponzi scheme, gambling or money ritual app. You will loose 70% of your userbase in 3 days. Yes, 3 days. You will now be left with 0.3*3552 = 1065 users.
From this remaining users, we will just assume you have mad retention/DAU(Daily active Users rate) of 0.3. This means only 300 users will eventually be using your app on a daily basis. Of this 300 only like 20ish will be clicking your ads. The cpc of third world countries is criminally low. 0.03 or thereabouts
This won't be bad maths if the app is a paid app. but well,...Nigerians. Someone should please link me to a paid app that Nigerians use religiously
Side Note: ASO/Paid model may save you for apps geared to a global audience.
Mbok, someone else should take over from here
I am not saying that there is no hope. What I am just saying, like my dear bro said above, with your meager capital. Yes, its meager (no insult intended) Buy Okada's and be happy. Dazall