Nigeria is a dynamic country for a number of reasons. One of them is that entrepreneurial opportunities are abundant, offering many ways to make money.
So, whether you’re a seasoned entrepreneur, a school leaver, artisan or a young professional seeking additional income streams, Nigeria offers you many money making opportunities.
And in this blog post, I shall be sharing 9 ways to make money in Nigeria.
#1. Start a Small Business
Perharps, starting a small business is the most common ways to make money in Nigeria. With a population of over 200 million people and growing at a rate of 2.5% annually, the country is the biggest consumer market in Africa.
Virtually everything an entrepreneur can conceive sell in Nigeria. Starting business is not very difficult as the government continually review the laws to make doing business easy. Both foreigners and local people can easily set up business in virtually any sector of the economy. The bureacratic processes may be cumbersome, but it is an easy thing to navigate if you know your way round.
As an entrepreneur, Nigeria does not only offer you an array of business opportuinties but also high return on investment at short period of time.
The country has a rapidly growing start-up ecosystem; thus launching a tech start-up can be an excellent way to tap into the nation’s burgeoning market and consumer demand. From e-commerce platforms and mobile apps to food delivery services and renewable energy solutions, the possibilities are vast.
#2. Engage in Farming and Agriculture
Farming and agricultural production is one of the many ways to make money in Nigeria. The opportunities in the agricultural sector is enormous: from crop production to animal husbandry and many others in between.
For entrepreneurs with limited budget, they can take advantage of the vast consumer market to engage in vegetable farming, poultry production, piggery, snail farming, and even goat rearing. These are high income generating agric activities in high demand.
Entrepreneurs with deep pocket are welcome to take opportunities in large scale agric ventures in rice production, tomato farming and paste production and such other ventures. For such ventures, government provide support in its efforts to promote food security.
Tech driven entrepreneurs can find significant opportunities in agric-tech ventures. Setting up a marketplace that provides support for small scale farmers in terms of funding or access to market are some of the areas entrepreneuers are seriously reaping great returns at the moment.
#3. Invest in Rental and Commercial Properties
Housing construction is a big business in Nigeria and this is understandable given its huge population. Reports show that Nigeria has housing deficit of 28 million units and an investment of N21 trillion to fill this gap.
Government is also providing incentives for private capital to be chanalled into this sector. This is providing opportunities for entrepreneurs with the required capital to invest in both residentia and commercial real estate. The market is huge and return attractive.
#4. Offer Freelancing and Remote Work
Nigeria is home to Africa’s highest internet user population with over 108 million people having internet access. This is estimated to grow by 60% in 2027. Added to this is the growing awareness of digital skills.
People with digital skills offer services online to a wide range of people and institutions. Skills like digital marketing, social media management, data analytics, business analytics, coding and the likes are in high demand.
Develop one of the skills and the world become your oyster. Offer your skill worldwide from your bedroom and earn income in dollars. All you need to have is a smart phone, laptop and and internet service. Start by regisetering with freelancing market places like fiverr, upwork, etc. Gain some confidence, build a portfolio and launch your platform.
#5. Invest in Stock Market
Investing in stocks has been one of the great of ways to make money over time and will always be. In Nigeria, the stock market is vibrant; one of the most vibrant in Africa as a matter of fact.
The major Exchange is the Nigeria Exchange Limited with over 250 listed equities with a market capitalization of NGN54 trillion. The NGX also offers bonds and mutual funds, providing a variety of investment options.
The market has returned up to 18% tthis year with some equities offering over 70% ROI to investors. However, investing in stocks require you to get a level of knowledge to enable you research and select profitable securities to invest in.
With careful research and strategic decision-making, the stock market can yield significant returns over time. You make money in two major ways with stock investing. These are through dividends earnings and price increases.
#6. Invest in Hospitality
Nigeria has a rich cultural heritage with a diverse landscape that makes it attractive for tourism. Each of the 36 states and the Federal Capital Terriory has growing cities that attract good number of visitors on a daily basis. This is one of the factors driving the demand for hotels, restaurants and short accommodation businesses in Nigeria.
Available data shows that in the next five years, Nigeria will be the fastest growing market for hospitality in Africa. During this period, the market is expected to grow at 12% compound annual growth rate (CAGR).
Be part of this growth by starting a hospitality business, such as a hotel, restaurant, or tour guide service.
#7. Teach a Subject You Know Onine
Do you have any skill that others are willing to learn and will pay money to do so? If so, then you are on your way to making good money. With the pervasive influence of the internet, learning is no longer confined to brick and mortar classroom. Platforms like Zoom, Google Meet and other virtual learning platforms have become literally classrooms tutors use to deliver courses.
Again, creating and selling online courses on platforms like Udemy or Teachable can be a lucrative venture, especially if you possess specialized knowledge or skills that are in demand.
What can you teach? Anything you are good at that others will like to learn. Do you understand a foreign language and can teach it? then teach it online. Are you good at making special recipe and can teach it? Do it online. The opportunities are vast.
#8. Provide Solar Energy Solutions
Nigeria has an enormous power challenge even though the country is richly endowed with gas resources. Government is investing to improve supply and also encouraging private investment to expand capacity.
Like in many other countries, there is a growing need for renewable energy solutions. Opportuities exist for entreprenuers to invest in solar energy. If you have the capacity to install and maintain solar panels for residential and commercial properties; you are in a profitable business.
#9. Sell Works Art
Art is a big business and in Nigeria it is a very lucrative venture many are unaware of. Why? Nigeria has a rich artistic and cultural heritage.
If you have a talent for the arts, consider leveraging it to make money. Whether it’s through creating and selling artwork, crafting handmade goods such as cane craft, sculpture and murals.
#10. Create Content and Monetize on Social Media
Closely related to works of art, is performaing art or performing art.
The opportunities are so much for people with creative mind who can produce content: commedy skits, short drama, etc. Social media platforms like Facebook, Youtube, and Tiktok provide avenues for showcasing such creative performances.
These content creators make money by monetizing their channels on the social media platforms. You can leverage on these platforms to make money. Many content creators count their money in millions.
Spend sometime to perfect your art; then take steps to study and understand how to monetize your social media channels. Start creating content, patiently grow your audience, monetize and watch your income swell.
#11. Start an Online Business
The intenet has become a goldmine; providing opportunities for people to make make money in millions of dollar.
For most online businesses all you need are: lucrative business idea, a (platform, which can be a website, a portal, app or a social media account), a mobile phone, laptop and an internet connection. With these all set up, you are set to either offer a service or sell a product.
Some of the online business models you can explore include: blogging, vlogging, podcasting, e-commerce, dropshipping, financial trading amongst many others.
Identify a niche you have capacity in or one in which you can easily acquire capacity, study it, understand it, set up and monetize.
The beauty of it is that you can do almost all online businesses from the comfort of your home requiring minimal investment or little or no staff.
Nigeria offers a plethora of ways to make money, catering to individuals from all walks of life. From traditional business ventures to innovative digital platforms, the opportunities are abundant. As you embark on your journey towards financial success, remember that dedication, resilience, and adaptability are essential qualities for any aspiring entrepreneur or investor.
In other words, results are not typical. That is, the fact that on business model work for one person is not an assurance that the same will work for you. It all depends on the measure you put in. Hardwork and consistency are what define success.
By exploring different avenues and staying open to new possibilities, you can tap into Nigeria’s potential and carve a path towards prosperity.