How to Make Money Online In Nigeria

The world perceives that Nigeria is doing well financially since it boasts one of the largest economies in Africa, which from the 1960s onwards, has primarily gotten based on the petroleum industry. While that assessment is accurate, Africa’s most populous country has marked a 2.7-point overall loss of economic freedom in the last five years. Naija’s financial growth outlook is now not terrific. And it also gets subjected to downside risks, such as heightened insecurity tied to continued scarcity of foreign exchange and further declines in oil production.

What is also worrying about the country’s future is the continuously rising unemployment rate, now double where it was in 2015 when it started swelling. Today, half of the adult youths in Nigeria are without jobs, with no improvement in sight to this predicament. Thus, it should be no surprise that with the country’s economy failing to meet citizens’ needs, many are navigating to search for money-making opportunities online.

As of January 2022, half of the country’s total population can get classified as internet users. That means that 109 million Nigerians have access to and can browse the World Wide Web, 18 million more than in 2018. Moreover, Nigeria currently has more than 60 million English speakers, making online work more accessible than ever.

What follows are several popular ways Nigerians can make money over the internet. These are not get-rich-quick schemes. Instead, they are methods of steady employment that can produce reasonable incomes.

Drop Shipping

Believe it or not, drop shipping is super popular in Nigeria. For the uninformed, it is a retail business where the party accepting orders does not have the items sold in stock. It only accepts customers’ payments and transfers the transaction details to a wholesaler, the manufacturer, or a fulfillment house that then ships the goods to the ordering individuals. It eliminates the costs of maintaining a storefront and warehouse.

Small-time drop shippers must find a lucrative niche and a quality supplier. Not doing due diligence regarding locating a decent supplier can end one’s drop shipping business quickly. Most in Nigeria work with manufacturers from China, utilizing e-commerce stores like Konga and Jumia to get started and promote their sites on social media platforms like Twitter and Facebook. On average, a drop shipper makes around 20% of every sale. Depending on site traffic, it is not unreasonable to expect profits in the neighborhood of ₦432,370 to ₦1,297,110 monthly for a successful operation.

Affiliate Marketing

Affiliate marketing is similar to drop shipping because it is a middle-person business. Affiliates drive customers to businesses via dedicated web pages or social media profiles, getting a percentage of the sales they help generate. Sectors that provide enticing affiliate commissions include lifestyle and wellness, self-improvement, cosmetics, pet care, personal finance, and internet gambling.

The latter-mentioned industry is super attractive for marketers because it ties them for life with their referrals, earning money from gaming activity at a rate of 1% to 20% of their lost bets. Naturally, indulging in this pastime can prove gainful, as playing online slots can pay big if the player hits a jackpot prize. These casino games have difficult odds but can be rewarding without requiring much skill. Just use a residual amount of your entertainment budget for optimal use of your finances.

Forex Trading

The process of speculating on currency prices gets called Forex trading, a portmanteau for foreign currency and exchange. Currencies get traded in pairs, and by exchanging them, traders speculate whether the value of one will fall or rise against another. Engaging in this can provide substantial profits for those with deep pockets and skilled traders.

The chief reason why many find this field enticing is that it provides an asymmetric risk-to-reward ratio. For Nigerians looking to get started with it, they first must pick a quality trading brokerage. FXTM and HotForex are decent options, both offering low spreads with acceptable swap fees. The next step is focusing on trading the seven major currency pairs and cryptos or opting for exotic couples like USD/BRL or USD/HKD. Extreme newbies should test a demo trading account before buying any currencies.

As a rule of thumb, experienced Nigerian traders make around $100 a day at Forex. This trading line can be a crapshoot for new ones with no education on how this process works, similar to playing at the best online casinos.

Sell Data and Airtime

In Nigeria, telecommunication is the second most profitable industry after oil. Companies like Aidapay allow anyone to buy and sell data and airtime at discounted rates from various telecommunication providers across Nigeria. After purchasing this data, agents can resell it to others at the rate of their choice.

On Aidapay, data plans go for as low as ₦260 for 1G, and becoming a data distributor is a simple way to make money with little hassles.

This article was written in collaboration with online casino experts.