In 2018, Nigeria became one of the top 10 most visited countries on the planet, with over 250 million people visiting the country annually. With millions of people visiting the country every year, it’s little surprise that more and more have turned to online entrepreneurship to supplement their income. But how does one legally make money online in Nigeria? Follow our guide to learn everything you need to know about earning money online in Nigeria.
Why Online Entrepreneurship?
The desire to make money online is nothing new. Since the beginning of 2018, over a million Nigerians have been attracted to the lucrative opportunities that the online world has to offer. With hundreds of thousands of people joining daily, it’s clear to see that entrepreneurial spirits are flocking to take advantage of the changing landscape.
The fact that so many people are turning to online entrepreneurship in Nigeria should come as no surprise. After all, while the global economic situation is improving, unemployment is still rife. With millions living beyond their means and desperate to earn more, the online world provides a promising opportunity to do so. Building a digital nomad lifestyle isn’t exactly a challenging task. All that’s required is a laptop, an internet connection, and the willingness to learn.
But while the idea of making money online is still very appealing, it’s important to remember the various regulations that you’ll need to follow. That way, you can guarantee that you’re doing everything properly. To ensure that you’re not breaking any laws, you’ll need to familiarize yourself with the guidelines set by the government and the ruling party of Nigeria. Let’s take a look at how you can legally earn money online in Nigeria:
Register With The NSE
Before you can begin to think about how to make money online in Nigeria, you’ll need to register with the Nigeria Securities Exchange (NSE). Like many other stock exchanges around the world, the NSE has adopted a digital identity designed to make trading stocks easier and more accessible to everyone. To create your digital identity, simply log onto your NSE account and follow the onscreen instructions. Alternatively, you can click here to access the NSE’s digital identity program directly.
When you’ve registered with the NSE, you’ll be able to take advantage of the digital identity features that the exchange offers. These features allow for more convenient trade executions and reduced transaction costs for all participants. Whether you’re a corporate or entrepreneurial spirit looking to enter the exciting world of online business or an experienced trader seeking to make the most of the new platform, you’ll find what you’re looking for.
Set Up A Personal Business Account
In addition to registering with the NSE, you’ll also need to set up a personal business account. Essentially, a personal business account is an account that you’ll use to buy and sell securities (stocks and shares) on your own behalf. To set up the account, you’ll need to click here and navigate through the several onscreen prompts to reach the Personal Business Account page. Once you’ve set up the account, you can use it to begin trading stocks in either a demo or live mode. If you’re new to investing, try out the demo account. It’s the perfect place to begin learning the ropes.
If you’re experienced and want to jump right into the thick of things, consider using a more advanced trading platform. On this page, you’ll find a variety of options, from basic account setups (free and paid) to platforms specifically designed for professional investors. Just make sure that you’re using a legitimate broker. Hacking and stealing information is becoming a common occurrence in the world of digital nomads, so make sure you’re not putting your personal safety at risk by working with questionable brokers.
Obtain A Business License
In most countries, the sale of securities through an online platform or otherwise requires a license from the government. In Nigeria, this is particularly relevant as the country’s Securities and Exchange Commission (SEC) has stated that they are aware of over 20,000 cases of online penny stock fraud (typically involving Chinese investors) that took place between 2012 and 2018. That’s a lot of potential investors getting scammed, and the government is determined to act.
But how can you get a business license in Nigeria? The answer is quite simple. In most cases, all that’s required is the appropriate licensing fees and the willingness to pay taxes. To begin the process, you’ll need to contact the nearest branch of the Nigerian Civil Service (NCS) and pay the registration fees. You’ll then need to follow the instructions provided by the NCS and create a limited liability company (LLC) with a registered agent. Once the LLC has been established, an accountant will need to be engaged to begin filing tax returns for the entity. This process can take several months to complete, so plan on staying in Nigeria for the duration.
Use Legal Means To Sell Your Goods
The online world provides a variety of opportunities for entrepreneurs and business owners looking to make money online. In some cases, you may choose to sell your products directly to consumers, operating as a sole trader or micro-business. In other cases, you may decide to establish a company and use a wholesale platform to sell your products. In either case, you’ll need to find a way to legally sell your products.
On the bright side, the internet provides a variety of possibilities for marketing and selling your products. Whether you’re a digital nomad seeking to supplement his income with online sales or an experienced entrepreneur seeking to grow your business, you’ll have plenty of opportunities to make money online in Nigeria.