There are a whole lot of money-making opportunities in Nigeria you just have to stay informed and do your own research on such opportunities. A good place to start is this article.
Make Money Online in Nigeria
The internet provides lots of ways to make money online in Nigeria. This ranges from performing simple survey tasks for research companies to providing freelance services to businesses online. You could also make money from trading cryptocurrencies and stocks online.
Here are a few ways to make money online:
1. Trading bitcoin
You can make money from bitcoin by trying to benefit from the daily upward and downward movement of price. There are several methods traders use to make money in the market, but the two listed below are common and practicable:
– Proprietary Trading
It involves buying bitcoin from an exchange and selling it in some hours when the prices go up. Although it sounds effortless, there are some important details to note about this approach.
First, there are about a thousand cryptocurrency exchanges around these days, and some of them are just pure scams. The critical thing you want to do is find the safest and most secure cryptocurrency exchange you want to use.
The second thing to know is that bitcoin is quite volatile, and it’s difficult to predict what the price will be in the future. In other words, its price could experience sharp fluctuations in a short period. So, to be able to make some nice profit you have to learn how to anticipate the market correctly by learning from experienced traders.
– Market Making
A market maker is at both ends of a trade. They do that by creating limit buy orders and limit sell orders, their profit is the spread on the bid and ask (Bid is a buy order while Ask is a sell order).
For example, the price of bitcoin could be at N1, 300, 000. You create a buy order for N1, 299, 900 and a sell order for N1,300, 100. When both orders get filled, you earn N200 as profit. That seems small, but considering that you can keep doing this same thing over and over again and quickly get to 100 trades a day, it makes sense for many traders. (Note: professional traders make use of a trading bot to execute these transactions).
To make money out of Bitcoin you must know when to trade by buying at a low value and selling when the prices go up.
2. Paid Online Surveys
This can be said to be one of the easiest ways of making money online in Nigeria. Online surveys require that you fill a research form, which often takes less than 10 minutes. Once the surveys are completed, you get paid. Most surveys are worth $1 (N365) with a minimum cash out of $15 (N5, 475).
A few of the paid online survey sites:
- Medical Advisory Board
- MOBROG – they pay an average of N100 to N600 per survey.
Make Money in Nigeria Offline
1. Mini- Importation
As the name implies, mini importation has to do with importing of in-demand goods to resell them here in Nigeria.
The goods are usually bought from wholesale companies, mostly China, at a cheaper rate. Then you can sell at 10x the price in the country. However, ensure you have a demand for the goods you want to import. You can use your Facebook or Instagram page to showcase the items you plan to import and see if people like it and want to buy it.
2. Car salesperson
Commissions on car sales are often attractive. But to succeed here, you must have some knowledge about cars and be good at communicating to be able to convince a buyer.
You can either source for sellers and buyers conventionally or use car dealing platforms to get clients. Platforms such as Cars45, Jiji and others allow you to sell cars through them.
3. Running Errands
As funny as this idea seems, it’s a lucrative business that seems to work well for quite a lot of people. Running errands as a means of money-making thrives better in corporate environments where workers have little or no time to get things done. As an errand person, this is where your services come in. Depending on the location, distance to cover, the task to do, and client involved you could charge an hourly rate of up to N1,000.
Such a job comes with its perks. For example, if you perform well, you could end up with a client who’s willing to hire you as a personal assistant or a full-time office staff.
4. Ushering Jobs
Every week we have social events (commonly called Owambe) happening somewhere in Nigeria, especially Lagos. Ushering jobs are one of the ways you can make easy cash in Nigeria. Some ushering agencies pay as much as N700 or N1,000 per hour.
As an usher, you would be required to serve guests at a party. You get paid at the end of each day. You can find ushering jobs at agencies that offer full-time event planning services.
If you think you don’t have the capital or skill to start any of these businesses listed, read our guide to how you can start making money online with just N1, 000.