10 Best Ways To Make Money Online In Nigeria
In today’s Nigeria, it would be odd if you are not looking for a way to make money online. Even if you are employed, with the spiking increase in the cost of living, and the devaluation of our currency, your salary might not just be enough to sustain you.
If you are retired, have been out of work for a while, are a student looking to increase your pocket money, or are unemployed, you can also gain a lot from this article.
There are tons of misconceptions when it comes to making money online, especially in Nigeria.
Misconceptions of Online Money-Making in Nigeria
- Everyone that uses their laptop or smartphone is into fraud “Yahoo Yahoo” “G-boy”
- Making money online is easy
- All Online businesses are a Ponzi scheme
- Online businesses are a get-rich-quick scheme
Fortunately and unfortunately all of these are not true. Although you can legitimately make money online in Nigeria, it is not necessarily going to be a walk in the park.
Every legitimate business requires effort, dedication, and patience. That being said, there’s a very high chance you are going to make money faster from any of these methods than if you had to go through the conventional route.
10 Different Methods of Making Money Online in Nigeria
Below are the 10 different approaches you can use to make money online in Nigeria.
1. Niche Blogging
This involves focusing on a particular area or topic and building your blog on that. Why I recommend niche blogging for beginners because this form of blogging helps you get your name out there faster. For example; if your niche is shoes. After a while, people will visit your website first when they’re looking for new shoes to buy.
You can then choose to delve into other aspects, and share all types of information when you have become much bigger and renown.
2. Fill Out Online Surveys
As funny as it may sound, you can actually get paid nicely for filling out surveys about newly introduced products, and services. You are paid to improve the quality of their products.
You can be signed up to more than one survey website and earn money from different websites
3. e-Commerce
This is simply the buying and selling of goods on the internet. You do not necessarily have to be the de creator of the product, eg shoes, clothes, or bags, but you buy from the manufacturer, and sell to your customers.
With e-commerce, you need to have a niche. You cannot sell everything and you do not also have unlimited resources to buy it all. Figure out what you think is lacking in Nigeria, or an area that you can bring something unique into and work with that.
4. Cryptocurrency Trading
Cryptocurrency is the most popular digital asset in today’s market. Crypto traders make and lose millions of money regularly. Amidst its tireless fluctuations, there seems to be no sign of stopping by the general mass soon.
This might seem weird and counterproductive at first. However, with a bit of understanding of how these coins work, you begin to see this as a pretty sensitive move.
Cryptocurrency trading simply entails buying a coin when the price is low and selling it at a higher price for profit. Rinse and Repeat. Easy right? The main work is in research. You need to study the market and look for low-value coins that can increase in the future.
With crypto trading; you should not too greedy. Taking profit is very important. It is not trading if you keep buying but not selling. For example; if you buy bitcoin at $40k once it starts getting to $50-$55k, you need to look for where to sell bitcoin in Nigeria to get your money out.
Also, to maximize profit, you have to ensure that the rates you are selling the crypto is the best. After taking your profit, you look for other coins you can invest in and diversify your portfolio.
5. Start A Youtube Channel
Youtube is one of the most resourceful and finically rewarding online money moves you can make if you are good with content creation. People love watching things.
Although the rewards do not come directly from youtube initially, once you have built your name, you would get tons of advertisements and endorsement deals that would fund your lifestyle and your creative direction.
6. Freelancing
A freelancer is someone who sells their services to individuals or businesses for an agreed fee. Freelancers are not employees and they do not get compensated monthly. They get paid per job. You can land loads of freelance gigs on websites like Upwork and Fiverr.
If you prefer flexibility and not being attached to one company, this method is ideal for you. Examples of freelancers include graphic designers, content writers, product managers, UI/UX designers, etc.
7. Gift Card Swapping
Gift card swapping means switching your gift card for cash. In this case Naira. How does this work? You may ask.
Tons of people in Nigeria have gift cards. 90% of these individuals would probably end up not using them. Because they either got it as a gift and they don’t like the brand, purchased it for themselves abroad and can’t redeem it here, or was given to them as a medium of payment.
What then happens to all these gift cards? If everybody wants to sell them, who buys them? Business owners who want to reduce their costs when they buy products at the brand. With gift cards, you can cut off a huge portion of your expenditure especially when you’re purchasing in bulk. With lesser cost, and more profit m the business owner is happy.
To make money from gift card swapping, you would serve as a middleman between the people who need cash (Naira) for their gift card and the individuals who need to be discounted gift cards to reduce the cost of their expenditure.
The gift card trading market is a very competitive one, to prevail you have to be genuine, and consistent and offer customer-friendly gift card rates.
Another easier method of making money from gift card swapping is simply buying gift cards at a low rate and then selling it at good rates for cash the best site to redeem gift cards in Nigeria is Cardtonic.
8. Dropshipping
A drop shipper creates an avenue for goods and services to meet demand. Although similar to eCommerce, with dropshipping you don’t buy the goods from the manufacturer. You simply connect the demand with supply and get a percentage. This can be said to be safer since it involves a whole lot less capital.
9. Affiliate Marketing
Do you have sales and marketing skills? Are you good at convincing people? Then this method is perfect for you. Affiliate marketing involves you getting a percentage/ commission for selling goods to a second party, usually a brand.
If you are not necessarily good at selling products, do not be discouraged. Rome wasn’t built in a day you can learn gradually.
Some major affiliate marketing initiatives include Amazon affiliate marketing, the Jumia affiliate program, etc.
10. Influencing
An influencer is someone who creates content and has a large following. As an influencer, you would be approached by brands and companies to speak on their products and services. The bigger you are the more authority you have to dictate your charges.
As an average person, it is expected to not be great at any of these skills. All you need to do is figure out your interests and strengths and put your mind to developing yourself. The digital world is going to keep expanding, and it would be great to be a part of it.
