32 Ideas on How to Make Money Online In Nigeria
Last Updated on February 7, 2021 by Daniel Lawrence
So you want to know how to make money online in Nigeria, right?
And you’d like to know how to do that for Free? If so, you’re at the right place!
In this post, I’m going to show point you to a FREE training where you can learn more about this, I promise.
But for now, let me cover the basics that you really need to be aware of before you get started on your journey to make money online in Nigeria.
Because that’s one of the most popular question I’m always asked…
Whenever I speak with students, parents, single parent, or employees whose income are not sufficient for them…. whether it is in a conference, or seminar, or over the phone, or a one-on-one discussion, one question they won’t fail to ask me is this:
“How can I make money online legally in Nigeria to supplement my income?
This question usually come in different varieties, such as:
I’m looking for a genuine way to make money online.
Or how do I earn money online in Nigeria.
Or tell me the fastest and legal way to make money online.
Regardless of how they word it, one thing is certain: the number of Nigerians who wants to start earning a part-time income, especially online is increasing every single day.
And the reason for that is not far-fetched…
Because in today’s economy, depending on only one source of income can cause trouble in the case of emergency, especially when that source of income is not always enough to meet your month-to-month living.
That’s why many people are now taking the smart move to increase their sources of income by finding out what they can do to start making money online in Nigeria.
And if you’ve been wondering how you too can take advantage of the huge opportunity the internet has to offer and turn them into reliable source of income, this will be the most insightful, life-changing post you’ll ever read today!
Because right in this post, I’m going to share and discuss the various methods on how to make money online in Nigeria.
I’ll also dive into the advantages and disadvantages of each method of making money online.
So sit tight and enjoy the ride as we look into all major methods of making money online.
The 4 Major Ways to Make Money Online In Nigeria
In my 11 years experience of being online, I have discovered that there are just 4 different ways to make money online, especially here in Nigeria.
Every method of making money online out there, falls into one or more of these methods.
And I’m going to break them down for you to quickly understand what they are, and whether you should use each method or not.
So the first method we will discuss is…
1. Make Money Online In Nigeria By Day Trading
To be honest with you, this is one of the most difficult ways to make money online in nigeria.
Things like Forex trading, gold trading, currency trading (such as bitcoin), stock trading, etc., all fall under this category.
I remember when I started learning how to make money online 11 years ago.
Then, forex was the hottest selling thing in the market. Everywhere I turn, I could hear people talk about it. Right inside the bus, in seminars, in Radio and in Television. In fact, it got to a point that no discussion was complete if forex has not been mentioned.
So I jumped in with both hands and foot, trying to see how I can make a living from forex trading.
After several weeks of trial and error, I discovered the hard truth: Making money online through forex is like a daytime job.
It is complex and it is downright difficult. Plus, it usually carries a great risk of losing part or all of your money.
If you’re a student or a parent or you’re working at a job, I’ll advice you to stay away from day trading as much as possible because it is both time and capital intensive.
It requires a great deal of time to study the market and it requires great skill to know when to buy and sell…because in the world of day trading, your profit IS NOT actually made when you sell, it is made when you buy.
If you time the market and buy at a great price, then selling becomes profitable later down the road, as soon as the price increases.
But if you buy when the price is going up, only to realize when you want to sell that the price has started coming down, then you’re bound to lose a ton of money.
If what I’m saying is already sounding difficult, that’s because it is. And with this method of making money online, it is very common to spend a lot of time, money and energy without getting anything back in return.
Advantages of Making Money With Day Trading
1. You can do it right from your sitting room, with just your Laptop or computer.
2. You occasionally stand the chance to make a great amount of money, if you know what you’re doing
Disadvantages of Making Money With Day Trading
1. Requires learning new technical skills…
2. Requires a reasonable amount of capital to get started…
3. Risk of losing all or part of your money is very high…
4. There’s no guarantee or assurance that you’ll make any money
5. Requires a lot of timing and patience to know when to buy and when to sell.
6. It feels like another day job.
Like I said earlier, trying to make money with day trading is like a day job. If you’re a student or employee, or business owner, you might not have the time that’s needed to master all the skills and intricacies of making money with day trading.
Due to the amount of capital that’s required in order to stand the chance of making good money, as well as the high risk of losing all your money, you might want to consider other methods of making money online.
2. Make Money In Nigeria By Selling Products Online
This is the second category of making money online, and it is simply the old art of buying and selling.
Just as you can walk physically into any store and get any commodity of your choice, so can you set up an “online” store to sell any commodity of your choice.
The only difference is that with the internet, you now have the opportunity to reach a greater number of people than you would reach with a physical store.
For example, you can sell to someone in London, US, Lagos, Abuja, Owerri, and anywhere else in the world without being physically present in those locations.
Things like selling downloadable Ebooks, videos, audios, or physical items like phones, meals, clothes, CDs, etc., all fall under this category.
To be honest with you, this was what I used in making my first N5 Million online.
I wrote an e-book, and fixed the price at N4,000. And then I set up all the technology that’s required and started marketing it.
On a good day, I was making about 15 sales. That was about N60,000 per day, or about N1.8 MILLION per month. And on a bad day, I could make between 4 to 7 sales or about N600,000 per month on a bad month.
How much did I spend to market it? Just N5,000 per day.
So by the time I deduct my marketing cost, I was left with a nice profit on a daily basis.
And the good news was… I was doing all these right from the comfort of my home!
No office, no transportation, no traffic problem, no stress, no waking up and going to work, and no boss to dictate how I spend my day.
And because the book was immediately downloadable after payment, there was no need for me to stress myself shipping out anything. People can just make payment and immediately download the product to their phone or laptop.
And since everything was done online, there are days when I’ll make my first sales as early as 5am while I’m still sleeping…and there are days when I’ll make my last sale as late as 11:30pm.
So it was almost a 24 hour source of income…with a huge rate of return and potential for growth.
Take note, I only marketed the book to people in Lagos. If I wanted to grow it as fast as possible, I would have done that by also marketing it to people living in other parts of Nigeria such as Abuja, Portharcourt, Owerri, Umuahia, etc. I could have also targeted other African and International countries or cities if I wanted.
Advantage of Making Money Online By Selling Products
1. You can legally make money right from your house or wherever you choose with your laptop computer
2. Huge opportunity to grow and make lots of money as quickly as possible
3. You do the work “Once” and reap the benefits for a very long time.
4. Opportunity to use technology to automatically run the business. There were periods when I won’t even do anything for 30 days, and money will keep flowing because I’m using technology to run it automatically on its own
5. Gives you freedom to travel, meet people and make new friends without bothering about money
Disadvantages of Making Money By Selling Products Online
1. Requires learning new skills, such as online marketing and technology automation
2. If it’s a downloadable product such as e-book, audio, video or software, you’ll also have to spend time becoming an expert in those field to be able to create the product.
3. You also need to spend time creating the product itself and making sure it’s something people will love. If it’s a software, you’ll have to program it. If it’s an ebook, you’ll have to spend time to write it. If it’s video or audio, you’ll have to take time to record it, and if it’s a physical product like phone, shoe, bag, etc., you’ll have to spend time and money to buy them from the manufacturers.
4. If it’s a physical product that needs to be shipped and sent out to the buyer, it will require a reasonable amount of capital to get started…which includes setting up your website and dealing with customers address, invoice and tracking customer orders as they’re being shipped.
5. If it’s a physical product, you’ll have to deal with the problem of Pay-On-Delivery, where customers do not want to pay directly until they can see and touch the product itself, thereby leading to shortage of funds to run the business.
6. Very difficult to charge higher rate as in the case of a physical product. If you prices are too high, people will simply go to your competitor. Although such is not usually the case with a digital product like Ebook, Video training or Audio courses.
3. Make Money By Rendering Services Online
This is the third category of making money online in Nigeria, and It has its advantages and it’s disadvantages.
Things such as freelancing, consulting, public speaking, web design, programming, Marketing, Content development, Content writing, etc., all fall under this category.
Basically, with this approach, you’re not selling a product such as e-book, software, shoes or bags…instead, you’re selling your time and expertise.
Personally, I’ve not used this method to make money online. And the reason is because some of the disadvantages it has is something I don’t want to tolerate.
Advantages of Making Money Online By Rendering Services
1. It can be done from anywhere in the world
2. Because these are usually creative works, it is easier to fix and adjust your rate and determine how much you want to charge.
Disadvantages of Making Money Online By Rendering Services
1. Requires learning and mastering how to perform the services that you want to render…
2. Because you’re selling your time for money, the opportunity for large scale growth is highly limited since there are only few working hours you have per day. Anytime you don’t work, you don’t get paid.
3. You can only grow by hiring people to render those services on a large scale which often lead to the double problem of meeting the specification set by the client and actually managing the people that will be doing the work to meet those specification.
4. You have to keep looking for clients to “work” for in order for the money to keep flowing. If there are no clients to render services to, you don’t make money (although if it’s a marketing service you’re rendering, it’s possible to charge a client multiple times for ongoing work).
4. No time off. You’ll have to keep working to render the services your clients requested for, except if you have specialized and competent employees working for you.
5. You’re trading time for money. This is the greatest disadvantage that ALWAYS discourages me from using this method. And the reason is because there’s a natural limit everyone has with respect to time. We all have 24 hours per day, and there’s nothing anyone can do to increase it. Which means if you’re trading time for money, so long as there’s a natural time limit to how far you can work, there’s automatically a limit to how much money you can make. Trading time for money is just another form of being an “employee”. The only difference is that you’re your own boss.
Rendering services is one of the most difficult ways to make money online. If you’re a student or a parent or someone who’s usually busy, I’ll advice you to stay away from this method for now.
4.Make Money Online In Nigeria By Doing Affiliate Marketing
This is the fastest and easiest way to make money online so far.
Unfortunately, it is also the most misunderstood method of making money online in Nigeria so far. And I’ll explain why below shortly.
But the fantastic reason affiliate marketing is easier and faster because you don’t need to do many of the works from scratch. You’ll only take advantage of what others have done and build on it.
This approach requires you to promote the products other people have already built and developed and get a certain percentage of commission from each amount people spend buying that product.
For example, let’s say you promote a product that pays 40% commission.
If the product is sold for $100 (hundred dollars), it means that for anyone who buys the product, you’ll be paid $40 (forty dollars) in commissions.
Now imagine if 25 people buy that product each day… it means your commission will be 25 X 40 which is equal to $1,000 per day (When you convert One thousand dollars to Naira, that’s about N360,000).
The higher the price of the product, the more money you make. The higher the commission of the product, the more money you make as well.
And the beauty of using this method is that you can do the work once, and keep receiving the benefits for a long time to come.
Please Take Note: Affiliate marketing is different from referral marketing and MLM (Multi Level Marketing) where you’ll have to invite people to join the scheme before you make money.
In the case of referral marketing or MLM, the “scheme” is usually the product. People can’t earn or make money until they join the “scheme”.
However, the case of affiliate marketing is different, because people do not have to “join” in order to make money. You’re just marketing the product other people have developed that others are interested in buying, and get paid to do so.
Although, you stand a chance to make more money by selling and marketing your own product, however, marketing other people’s products as an affiliate is faster, cheaper and easier.
It is the fastest way to make money online, both in Nigeria and abroad.
The four methods described above are the major ways of making money online.
Out of the four, two methods are seriously recommended, especially if you’re unemployed, or a student, or a parent that have a day job.
And those two are either selling your own product or marketing someone else’s product as an affiliate.
Because of how fast, quick and easy affiliate marketing is, it is by far, the one method I recommend to everyone that’s trying to make money online for the first time.
Yes, affiliate marketing is the most preferred way of making money online in Nigeria, especially if you’re starting with little time and have no technical experience.
When I started my journey to make money online in Nigeria 11 years ago, it took me up to 5 years before I made any decent amount of money.
I tried a lot of things and failed at almost all of them. But I never tried Affiliate Marketing…
Which is actually very surprising to me whenever I look back at those my struggling years. Because if I had tried affiliate marketing, it would probably not take up to 6 months for me to start making money, considering what I know right now.
However, once I discovered the concept of affiliate marketing, I embraced it with both hands, and up till date, it has been a very integral source of my online income.
Not only for me, but also for many people that I’m coached and showed my method of doing affiliate marketing which generates amazing results in record time.
I could go on and on and show you how many people, both those who are my students and those who are not my students that are using affiliate marketing to change their lives for good.
But that’s not the point here…
The point here is that if you want to make money online in Nigeria and change the fortunes of your family for good, you need to give serious thoughts to affiliate marketing.
Even if you’ve tried affiliate marketing in the past without succeeding in it, I can categorically beat my chest and say you were very close to breaking through. The only thing is that you need to stop making those mistakes you were making and start doing affiliate marketing the right way.
Because if you do it the wrong way, you’re bound to get the wrong results, no questions about that.
And now, the big question is….
How Do You Get Started With Affiliate Marketing and Start Making Money Online?
And most especially, how to do it right?
Well, we’ve partnered with a reputable company to show you how.
This company is running a partnership program where they get to train you for free and provide you with the necessary support, technology and resources in order to really start making money online.
They’ve been in the “make money online” industry for a very long time. They’ve trained a lot of people who have gone on to earn money online legally, and they have made a lot of money online themselves.
You’ll definitely be glad to work with them if you can.
To partner with them and get started with their free program, you can do that by clicking here.
Making money online is very crucial in today’s digital world. And there are many ways to do that, each with its own advantages and disadvantages.
After careful analysis, and from experience, we’ve discovered that affiliate marketing is the fastest and easier way to start making money online, especially in Nigeria.
And you can now enroll for the partnership stated above and start using affiliate marketing to generate a repeatable and reliable source of income online in Nigeria.