With the largest economy in Africa and a GDP that is constantly growing, Nigeria is currently faced with a high rate of unemployment. Making money online is one of the most dependable ways to survive and feel secure in the current economic environment of Nigeria.
Everybody can sell their skills and services for money on the global online market. There are online jobs one can do from the comfort of their home; this has drastically helped reduce the unemployment rate in Nigeria.
With access to a working smartphone, a solid internet connection, and occasionally a computer system, you’re set to earn money online in the comfort of your home.
This essay attempts to explore and examine the different ways that anyone in Nigeria, regardless of prior expertise, can make money online.
5 Visible Ways to Make Money Online in Nigeria:
1. Crypto Trading
When dealing in naira becomes impossible due to high inflation rates and restricted access to banks, that’s the perfect moment to think about cryptocurrency as an alternative. These digital assets can be traded instantly.
Investing in Bitcoin (BTC) is one of the easiest ways to make substantial money in Nigeria, this has been made possible due to the fluctuating nature of cryptocurrency. Because cryptocurrency is volatile, traders can purchase one at a certain price and then sell it later when its value has increased. Although buying and selling Bitcoin may appear difficult, it is actually straightforward once you understand the basics.
For instance, you will need to create an account on a platform that allows you to buy and sell Bitcoin. Using Skye Wallet which is the simplest cryptocurrency wallet and the fastest-growing crypto exchange in Nigeria, you can purchase cryptocurrency and start trading in it with as little as N500. Users on Skye Wallet can Buy, Sell, Swap, Save, Send & Receive over 26+ crypto coins/tokens.
After creating an account, you’ll need to link your bank account and verify your identity. Once your account is set up and verified, you can start buying and selling Bitcoin. Read more on how to buy and sell Bitcoin in Nigeria.
2. Affiliate Marketing
Affiliate marketing is one of the best ways to make money online in Nigeria. It is a tried-and-true method for boosting monthly income that has recently gone digital. This widely used strategy involves advertising a product or service and receiving rewards for each sale.
A product or service is marketed through affiliate marketing by being shared on a blog, social networking site, podcast, or website. The affiliate is paid a commission each time a consumer makes a purchase using the unique affiliate link linked to their referral.
You can generate passive income through Skye Wallet’s referral program. Skye wallet referral program is a scheme where users make gain by referring users who transact on the platform. For every transaction your referrals make (buy, sell, swap only) you gain 0.5% of their transaction. There is no maximum number of referrals on Skye Wallet, as such, a user can leverage that to earn. Referral bonus can be accessed once it reaches the minimum amount for transaction on Skye Wallet.
Freelancing is another simple way for Nigerians to make money online. You can operate as a freelancer and provide clients from all over the world with digital services over the internet.
Outstanding digital abilities are necessary for a successful freelance business. You might be able to work on two or more projects at once as a freelancer, depending on your skills.
There are online platforms you can work for and get paid. Some top freelancing platforms are Upwork, Fiverr, LinkedIn, and so on.
The only requirements for interested parties are a mobile device (or, in certain cases, a computer system), an extensive list of long-term employers, and a reliable internet connection.
4. Social Media Marketing
Social media marketing is another way to make money online without having to show up at an office space.
There are millions of Nigerians on social media platforms like Facebook, Twitter, Instagram, and others. Businesses can target this online community of individuals to engage with clients and boost sales; this is where social media marketing comes into play.
Several businesses use social media marketers to draw in customers and clients. If you are familiar with the algorithms used by social media networks, you can reach a target audience for businesses and get paid in return.
According to shopify, dropshipping is a retail fulfillment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product using the dropshipping model, it purchases the item from a third party and has it shipped directly to the customer. As a result, the seller doesn’t have to handle the product directly.
Dropshipping and e-commerce are related in certain ways. The sole difference with drop shipping is the absence of product inventory.
The problem with dropshipping in Nigeria is that the majority of people don't know how to get started. Given the abundance of wholesalers in Nigeria, dropshipping is a worthwhile venture and more cost-effective than joining the typical importation and whole
After you’ve made an internet store and put your goods into it, here is how it works. When I say product, I’m referring to images and descriptions of the item. This is because actual product stock is not required. Once you’ve made your sales, all you have to do is contact your third-party supplier (the product’s owner) and send them your customer’s address and pay the supplier with the money you received from your buyer. Your customer receives the shipment from the supplier.
If you’re going to source things on AliExpress, you won’t need to contact the vendor. All you have to do now is pay for the items and fill up your customers’ information on AliExpress as the buyer. Asking no questions, an AliExpress seller will package, process, and ship your product to your customer without them knowing it came from AliExpress.
Let's use an easier-to-understand scenario and pretend I own an internet retail store. You offer goods to customers as a drop shipper, and when they make a purchase, you email me the shipping information.
You can develop a second source of income through side jobs that are not connected to your primary work. These tips should give you insights on how to make money online in Nigeria.
Personally, my favorite is crypto trading because it’s straightforward. With a few simple clicks on the Skye Wallet app, you can trade your cryptocurrency successfully.