Nigeria is home to the largest economy in Africa and has an ever-increasing GDP. While this is a positive, Nigeria is fighting a sapademic! Inflation persists at double-digits which has led to the devaluation of the Naira. Additionally, the unemployment rate stands at roughly ~10%. While there may not be full-time jobs to suit your preference, the gig economy is certainly thriving! You can try your hand at multiple skills and make money online in Nigeria.
Read to learn more about different ways to make money in Nigeria.
1. Online commerce business
One of the best ways to earn money online in Nigeria is by selling stuff online. You can thrift clothes and furniture from your own home. Otherwise, you can look to purchase products wholesale to sell them on a retail forum. Try and ensure that your products sell on multiple platforms and marketplaces to increase visibility. If you enjoy this process, you can explore expanding into a reseller business.
2. Social Media Marketing
There are billions of social media users on the planet. Social media marketing is a key pillar of digital marketing and the need for creative, innovative yet analytical professionals to execute this feat is on the rise.
If you engage in social media and have a flair for writing and an analytical mind – you can earn thousands of dollars every month working in the space.
Once you build enough skills through an online course or practice, you will have the freedom to choose the projects that excite you the most with the clients of your choice.
There is a minimal investment required to get started with social media as a side hustle to make money online.
3. Build an audience on social media
Additionally, you can build an audience on social media and become a part-time social media influencer. Social media influencers are on the rise.
Earlier, you would need hundreds of thousands of followers to bag brand deals. Now, brands are willing to collaborate with influencers who have a few thousand followers.
Social media influencers earn money through brand deals, collaborations and also by launching their businesses. Being an influencer requires consistency with content creation and a decent production setup to get started.
4. Investing in dollars
With soaring inflation rates and inaccessible banks, you should explore dollar savings as an alternative to centralized financial institutions.
These digital assets can be a great hedge against inflation and are decentralized. Additionally, this is an upcoming asset class so one can expect to see sizable returns in the long term.
As a beginner, you can explore stablecoins and make returns on your investment.
5. Create an online course
Upskilling can take you places in your career. This should explain the demand for creating courses online. You can impart knowledge and expertise through an online course.
This will position you as a thought leader in your community of like-minded individuals. To succeed, you have to choose the right subject matter and test your idea extensively.
The key to earning money is based on the value you provide to your community along with the pricing strategy you put out for the online course. You can create courses on platforms like Udemy to generate passive income.