Nigeria is one of the most populated countries in the world and a hub of online activity. Thanks to the fast-evolving digital landscape, countless individuals have found success online in one of the most volatile industries – eCommerce.
Although there are numerous ways to make money online in Nigeria, not all of them will suit you depending on your skills and what you’re looking for. To help you figure out which opportunities are worth pursuing and which you should avoid, let’s take a quick look at some of the most popular methods.
The Rent-seeking Approach
The rent seeking approach consists of performing a task, such as driving for Uber or taking online surveys, and earning rewards based on how many people you can bring in. In most cases, the more you drive, the more you’ll make. Participating in these kinds of schemes can be a solid source of income, but you should prepare yourself for potentially unstable income. In addition, because these opportunities require you to be independent, you’ll need to set your own schedule and work at your own pace.
Micro-tasks & MLM
If you’re looking to make money online in Nigeria, you might want to consider doing some micro-tasks, such as taking online surveys or doing simple tasks for a few sites. If you’re looking for a more stable source of income, you can get involved with multi-level marketing (MLM), which takes a bit more effort but can be highly rewarding.
For instance, you can sell vitamin C, which you buy from a wholesaler at a discounted price, or you can become an affiliate marketer for a wellness product and earn a commission when people click your affiliate link and purchase the product. The upside with micro-tasks and MLM is that you can typically find lots of work, and the down side is that you won’t get rich quickly. However, if you want to make extra cash you can’t necessarily rely on a regular paycheck.
Penny Stocking Approach
Many people in Africa have found a way to make money online by engaging in a penny stocking approach. For those of you who don’t know what this means, it roughly translates to “renting items for a short period of time.” You’ll essentially be acting as a temporary shopkeeper and will need to monitor your inventory carefully to ensure that it stays at a reasonable level. In most cases, this involves receiving shipments of products on a weekly basis and either selling them for profit or returning the items back to the manufacturer when your lease expires.
Using this approach can be a quick way to make some extra cash, but it also has a few drawbacks. For one, you’ll need to have a lot of space to store all this inventory. In addition, because you’ll be buying items in bulk, you’ll need to ensure that you eat into your profit, or you’ll end up with a huge loss in the long run. Lastly, keeping track of all these orders can be a cumbersome process, so you’ll need to hire someone to help you.
Casino Royale
Speaking of large quantities, casino royale is a term used for describing the situation when a company (also known as a casino) offers something for free (e.g., an app, site, or YouTube channel) in order to encourage users to play the game and spend money. The company then takes a cut of the wins (e.g., if someone wins £10,000 at roulette, the casino will take £5,000).
Although this might be a tempting option for someone looking for a steady income stream, keep in mind that casinos attract people who want to gamble, which can be highly addictive. In addition, new research shows that gambling can increase the risk of suicide for younger people. If this sounds like something you’d like to avoid, casino royale might not be the best choice for you.
Get Involved With Affiliate Marketing
If you’re looking to make some extra cash, you can always get involved with affiliate marketing, which earns you a commission when someone clicks a monetized link or buys a product that’s promoted on your site. There are many different ways to make money with affiliate marketing, so you’ll need to find a fit that suits you. Although it’s not necessarily unstable income, you’ll need to keep in mind the risks that come with the territory.
To begin, you’ll need to create a product that customers can’t resist (e.g., a luxury goods affiliate marketer might want to focus on women’s luxury accessories or clothing), then you’ll need to find ways to promote that product. To maximize your earnings, you can develop multiple affiliate marketing platforms and sell and promote your own products on your sites. In fact, the affiliate marketer king (or queen) earns a six-figure income annually from this model.
Take Advantage Of Nigeria’s Wealth Of Digital Information
Nigeria is rich in digital information, and much of it is created and consumed online. With hundreds of thousands of people connecting and sharing every day, it’s an ideal location for someone who’s looking to make money online. If you can tap into this information, you can find a way to make money – even if it’s not in one of the above methods.
For example, what if we told you there was a way to make a quick and easy money by taking advantage of Nigeria’s wealth of digital information? Wouldn’t it be something if you could find a way to make a few hundred dollars a month just by taking photos of food and sending them to a foodie YouTube channel?
The answer is yes, it would be something, but it probably wouldn’t be the best route for you to take. The key to making money in this way is to figure out a way to monetize and scale this effort. In addition, you’ll need to build a following on social media, which can be difficult to do, especially if you’re just starting out. Finally, this kind of work isn’t going to generate massive earnings – typically, you’ll need to take on several mini-side projects before you can start seeing significant results.
No matter what your skill set or what you’re looking for, there’s an approach, team, or opportunity out there that can help you make money online in Nigeria.