The best way to make money online in Nigeria is by selling services and monetizing your skills and knowledge online, either as a freelancer or an agency.
Anyone anywhere can make money online in and from Nigeria, not just through selling skills but by selling virtually anything online; you just need to know-how and what it takes to truly Make Money Online in Nigeria.
So, do you want to learn how to make money online in Nigeria? Then follow me on a journey with this article. I promise you that if you do the things I’ve put forward here, not only would you Make Money Online in Nigeria, but you could make it passively and consistently too.
Most interesting is that you do not need to have a lot of initial cash capital to get started with most of these opportunities. I am not saying money is not important to make money online in Nigeria; having extra money to start would give you that extra traction, but you do not need a lot of it.
Recommended: Ways To Find Online Jobs in Nigeria That Don’t Require Work Experience.
Contents
What you can do to make money online in Nigeria
These are the best and surest passive ways to make money online in Nigeria.
1. Create and Sell NFTs
NFT stands for non-fungible token. Non-fungible tokens are digital sets that are unique and not interchangeable. To better understand what NFTs are, you should know that the opposite of NFTs are fungible assets which include money and even bitcoin. For instance, you can swap your N10,000 for $24. This is however not possible with an NFT because it’s not interchangeable.
2. Start a Blog
Blogging is one of the ways to make money online in Nigeria. And it’s not that hard.
To put it simply, blogging means writing about various topics of interest and publishing them online for people to read.
There are different types of blogs, including
- DIY (do it yourself)
- Lifestyle
- Fashion
- News
- Sport
- Food
- Fitness
- Music, among others
How to make money from blogging
There are several opportunities at your disposal to make money with your blog. Here are some of them
- Display Google Adverts
- Sell Ebooks and online courses
- Display adverts from other businesses
- Affiliate marketing
- Offer varieties of service
Recommended: How to Start a Blog in Nigeria
3. Start Dropshipping Business
Dropshipping is another lucrative way of making it on the internet in Nigeria. Perhaps you’ve been hearing the word dropshipping but not sure what it means; below is an attempt to explain.
You place orders with your suppliers only when your customers have placed orders with you in dropshipping.
That means you are not taking any risk, nor do you necessarily have to involve your capital.
And with the help of social media, dropshipping has become a lot easier.
Recommended: How To Start Dropshipping In Nigeria
4. Publish a book
Yes, you are not a Wole Soyinka or Chimamanda Adichie. But no one ever said you have to be as good as they are to make money from writing and publishing in Nigeria.
It’s the era of ebooks, and more people are getting comfortable with reading on their smart devices.
How to make money from publishing a book
There are two broad types of books that you can write and publish to make money online.
I. Fiction
Fictions are simply made up stories. Of course, they can be influenced by real-life events. However, they are mostly products of imagination.
Writing fiction may be challenging if you are not a very good creative writer.
Examples of common genres are crime, adventure, science fiction, action, and romance, among others.
II. Nonfiction
Nonfiction books are based on real-life events. They are books where you can share your knowledge or experience with your readers.
Writing a nonfiction book is relatively easier compared to fiction. All you have to do is write about something you’re knowledgeable about.
Some of the popular genres of nonfiction books you can write include memoir, DIY, inspirational, self-development, and educational, among others.
Where you can publish your book and get paid in Nigeria
Here is a list of different platforms where you can publish your books and make money in Nigeria.
5. Cryptocurrency
We started from trade by barter, then moved on to pebbles. Finally, we got to printing stuff on paper and calling them legal tender in exchange for goods and services (money).
Even that is about to become a thing of the past as the world is now moving towards Cryptocurrency.
Of course, you must have heard of Bitcoin. But did you know that Bitcoin only happens to be the first of many cryptocurrencies?
And just as you buy stocks of companies and get dividends when their values increase in the stock market, Cryptocurrency also provides a similar investment opportunity.
Before going into making money from Cryptocurrency, first, let’s educate ourselves on the different types of cryptocurrencies.
Types of Cryptocurrency
According to Wikipedia, there are over 1,600 cryptocurrencies on the internet as of August 2018. Bet the number has increased by now.
However, there are just about ten major ones getting most investors’ attention, and here they are
- Bitcoin
- Ethereum
- Tether
- XRP
- Bitcoin Cash
- Binance Coin
- Polkadot
- Chainlink
- Litecoin
- Bitcoin SV
How to make money from Cryptocurrency
Cryptocurrency has opened flood gates of opportunities to make money online. But make no mistake, some of them are frauds.
We will look at how to avoid scams in Cryptocurrency later. But before that, here are two significant ways of making Cryptocurrency.
· HODLing
Formed from the word “Holding”, Holding refers to the act of buying and holding cryptocurrencies for a long time to make a profit.
This makes sense because the value of Cryptocurrency changes from time to time.
For instance, Bitcoin was valued at N2.3 million sometime in March 2021. The same value of Bitcoin is now worth over N5 million.
Anyone who bought 1 Bitcoin in March is now about N3 million richer if he decides to sell now. Cool cash, just like that. The same for other cryptocurrencies, though the profit may be smaller depending on the unit of the currency bought.
· Trading
This is trading Cryptocurrency in the forex market. You buy Cryptocurrency when its price increases to make a profit or sell it when it’s depreciating and still make a profit.
It appears to be similar to Holding, but it’s completely different. We will talk exhaustively about forex trading later so you will get a clearer picture of how this works.
How do you avoid being scammed while trying to make money from Cryptocurrency?
How to avoid Cryptocurrency scam
Just as there are legit ways of making money from Cryptocurrency, there are also those who sell seemingly incredible opportunities to make money from digital currencies, but that is nothing but a scam.
Here are ways you can avoid scams in Cryptocurrency
I. Avoid Quick/High returns Investment
The golden rule is – if it looks too good to be true, then it’s most likely a scam.
Please read – How to Choose Between Investing and Trading
Nobody can guarantee what direction any cryptocurrency is headed. The best we can all do is predict based on analysis.
So, just run once they tell you that there is a guaranteed 200% ROI (return on investment) in two weeks.
II. Flee from Pyramid/Ponzi schemes
The MMM experience is still fresh for many people. Yes, that’s precisely how the Ponzi scheme works.
Pyramid networking is a bit different, however. Here, you get paid a stipulated amount based on the number of downlines or referrals.
The truth is that none of these two models can last the test of time. Getting into it with your crypto with the hope of making quick money is not a very good idea. You may have yourself to blame later.
III. Don’t Invest in Every Cryptocurrency out there
As mentioned earlier, there are over 1,600 cryptocurrencies on the internet today. Bluecoin, Betacoin and all forms of coins you can think of. But the truth is that not all of them will bring returns over time.
You must understand that there are people behind each of these cryptos. And for them to be profitable, they need you to invest in their Cryptocurrency. So, they will say anything and everything to convince you to bring your hard-earned money.
But you just make sure you do your research before buying any cryptocurrency advertised to you. We already highlighted the top 10 cryptos you can invest in, but still, go-ahead to carry out extra findings.
IV. Use reliable Exchange Platforms only
Luno, Coinbase, BuyCoins, Binance are some of the trusted exchange platforms where you can securely exchange cryptocurrencies. Don’t just jump on any platform to transact cryptos, as some of the platforms are either not secured or are scams.
Again, do your research.
6. Engage in Forex Trading
Forex is one of the cool ways to make money from home in Nigeria. And oh, it’s also a quick way to lose money so please pay attention.
Forex trading involves buying and selling different currencies to make a profit.
As a forex trader, your job is to predict the direction of the value of these currencies and act (buy or sell) accordingly.
You can also trade company stocks, indices, and minerals, apart from currencies.
And all you NEED to trade forex is just your smartphone. With time though, you may WANT to use a laptop or devices with bigger screens for your analysis.
How to make money from forex trading
To join the significant number of young Nigerians making money from Forex trading, here are the steps you can take
· Learn, learn and learn again
The forex market is quite broad, and if you are going to make anything off it, you’ve got to commit yourself to learning all its intricacies.
Read on the basics of forex trading, fundamental and technical analysis, price action, pips, spreads, charts and everything you can lay your hands on.
While you can find most of this information on Google and Youtube, Babypips is an excellent place to start your research.
· Start Trading with a demo account
Forex is one of the few businesses that let you learn on the job without making any financial commitment. You can take your learning to the next level by opening a demo account to trade and better understand how the forex market works.
Download either MetaTrader4 or MetaTrader5 from your app store and sign up to a demo account to start.
· Choose your broker
This is another point in forex trading where you have to be careful. The forex breaker you choose can make or mar you while you trade.
Why do you even need a broker?
Brokers are your access to the forex market. Without them, you can’t trade. Your forex broker will give you login credentials to the MetaTrader app, where you can trade.
Read reviews about brokers – their pros and cons. Some of the information you should look out for include
· Spread
Spread is the difference between the asking price and the bid price. In other words, it is the profit your brokers make from each of your trades.
The higher the spreads, the less you are likely to make. So, your goal is to find brokers with low spreads.
· Funding method
You can’t trade forex without money in your trading account, so you will have to fund your account at different points. It’s therefore essential to know how it’s done with your broker before getting started.
Some brokers accept bitcoin, some card payments, others bank transfers. Just know what works for different brokers and decide which is most convenient for you.
· Withdrawal method and time
This is a two-in-one issue – withdrawal method and how long does withdrawal take. Know this before registering with any broker, so you won’t have to beg for your own money.
· Verification Requirements and procedure
Some brokers won’t let you do anything with your trading with your forex trading account until you verify your account. On the other hand, some brokers will only limit the benefits you enjoy on their platform until you register.
But what most brokers do is, allow you to fund your account and start trading without verification. However, they will hit you, “sorry, you can’t access this until your account is verified,” when you want to withdraw.
That shouldn’t be a problem, provided you have verification requirements, which vary from broker to broker. That’s why it’s essential to research this before signing up with any broker.
· Location
Nigerians do not establish most of these brokers. However, some of them have offices and representatives in Nigeria.
It’s always best to use brokers with representatives or at least an office in the country for obvious reasons.
· Start Trading with a Live Account
At least two to three months should have passed while doing all of the above (depending on the other activities you engage in).
Now, you should be ready to start trading with a live account.
Register with a broker of your choice. Follow that up with verifying your account with whichever document your broker demands of you (usually an international passport, national ID card, voters card, utility bill, statement of account, among others).
Next, fund your account with any amount you are willing to start with. For most forex brokers, the minimum you can fund your account with is $50. Some are a lot more than that or smaller. OctaFX, for instance, accepts $10. Do your research and do what works for you.
Now, you can start trading and making profits following your analysis.
Note that there are people who have been trading long before you and understand the forex market better. Some of them provide trading signals for a fee based on their experience.
Since you’re just starting, you may want to register with one or two of them with a good track record.
Pro Tip: Treat forex like a gamble, and you may have yourself to blame. Instead, treat it like an everyday business where you make small, regular income.
Some people will want to make 100% of their capital in a day. You may be lucky, and the market will give you just that. But that rarely happens. Instead, every attempt to make an excess profit often results in an excess loss.
7. Offer Professional Services Online
The recent worldwide lockdown because of the COVID 19 pandemic has shown a lot of people that it is possible to be productive, even working outside an office environment. With the lockdown, there have been a lot of people working as freelancers and selling services online. Some of such services that would get you quick money online are by offering the following services and any other services that you know online: Content writing, social media management, website design, graphic design, search engine marketing, etc.
Tools to make money online in Nigeria
The most important thing you need to start making smart and legit money online in Nigeria is that device you are most likely reading this from – your smartphone, a laptop or a good old desktop. In most cases, any of these money-making devices is all you will need.
However, with time and as you grow in what you do, you may need to get some additional equipment and/or gadgets (depending on what you decide to do).
Here are some of the other gadgets or equipment you may need as you grow in making money online. Note that these are generic. When we get to each of the specific opportunities, we will discuss what you’d need for them.
- A Laptop
- A modem for internet connection
That’s all. Seriously.
Again, these are not mandatory. In most cases, your smartphone is enough for you to get started and start making money online in Nigeria, even as a student.
Conclusion
Gone are the days when you can’t work until you get a white-collar job. These days, opportunities abound on the internet.
The question is, are you utilizing these opportunities?
If you came here looking for the fastest ways to make money online in Nigeria, you might have entered the wrong page. None of these online money-making opportunities is a get-rich-quick scheme. You have to put in the work before you start expecting results. That’s how things work everywhere, so it’s no different online.
Here are some recommended articles to help you on your journey towards making money.
Bonus: Learn How To Make Money Online As A Student in Nigeria
These six ways are guaranteed to help students make money online in Nigeria, considering their limited available time as students.
- Local dropshipping
- Freelance writing
- Affiliate marketing – The Expertsnnaire is a good source for Nigerians.
- Learn Graphic Design & Sell Customized Branding Packages
- Assist New Students With Registration
- Assist students in typing or proofreading their projects
- Start Tutoring Sessions
All the ideas mentioned in the bonus part were actually done by me at one time or the other, and I can confidently inform you that you can make money online as a student in Nigeria by doing any of the listed online money making ideas.
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