You can find many business opportunities online, many of which are unsuitable.
This article will look at the best online business opportunities in Nigeria. If you are looking for a way to start making money online in Nigeria, I will advise you to pick one online business in Nigeria where you can create and make money.
Starting an online business to make money online in Nigeria is actually what you should consider. The reason is simple; your business will be more accessible to many people than you ever would if it were an offline business.
These days, the internet has become more than just a platform where people go to find solace. Many use the internet to search for products and services they need.
The importance of starting an online business in Nigeria cannot be overemphasized. You stand a chance to reach a wide range of customers or clients.
It also makes it easy to build good support for your clientele base.
Online businesses’ growth is phenomenal. According to eMarketer, global eCommerce sales will approach $5 trillion by 2021.
To think eCommerce is just a tiny part of the online business. You better start now!
Most Lucrative Online Businesses in Nigeria
Here, we are only going to talk about a selected few online business ideas that are very profitable to do in Nigeria.
Here’s a list of lucrative online businesses in Nigeria that can earn you money:
This is a lucrative online business in Nigeria for skilled starters.
What is freelancing, and who is a freelancer?
In simple terms, I’d define freelancing as selling services to people without having to be in a long-term contract with them. While I say a freelancer is the one who assists his own free will.
Since a freelancer can work of his own free will, it is good to work from home.
According to a press release by Upwork on October 3, 2019. It is said that: “Freelancers contribute nearly $1 trillion in freelancing income to the economy or 5% of U.S.U.S. G.D.P.”
That’s a tremendous amount of income right there. Regrettably, Nigerians have not yet tapped fully into freelancing.
Many of the few freelancing in Nigeria don’t even see it as a business or a proper job. They take it as a means of earning some extra naira to pay their online bills.
Who can be a freelancer?
To be a freelancer, you must have a particular skill or set of skills you can deliver to whoever needs it.
There are a lot of services you can deliver as a freelancer, depending on the kind of skills you possess.
The jobs you can do as a freelancer include but are not limited to; website designing, graphic designing, photo editing, video editing, language translation, programming desktop publishing, transcription, virtual assistant, etc.
You only choose what you can do due to the skills you have.
This is a great part-time job opportunity for students who have acquired some skills. They can easily make some extra income from what they get from their parents or sponsors.
All you need to be a freelancer is your skill, a smart device, and an internet connection.
MINI IMPORTATION BUSINESS
Nigeria’s manufacturing industry size is meager compared to our population and daily needs.
Hence, it has made it inevitable for Nigerians to import goods from abroad to enjoy some basics.
Mini importation is a business model where you can order for the importation of goods at a lower price and sell at a higher price to make a profit.
People in the mini importation business usually contact manufacturers or wholesalers from countries like China and America or any other country that sells that particular good at a cheaper rate.
Although, there are a few guys that are already doing well with the mini importation business in Nigeria. But there’s still a considerable void yet to be filled. In other words, there are still a lot of untapped opportunities in the Mini Importation business in Nigeria.
The fact that you can start with a small capital investment and build on it makes this online business idea interesting.
Blogging is becoming more popular amongst the young populace. It is no doubt one of the very best lucrative online businesses.
Daily, an average young person spends about ¼ of their time online surfing the internet, looking for information, or doing other exciting things.
The truth of the statement above is it is not just between young people. Blogging is gaining more recognition amongst old folks.
It is pretty easy to start a blog. You can create a blog in just about 30 minutes or 1 hour, provided you have the information necessary at your disposal.
There are many opportunities you can tap from blogging as a business.
There are several mediums with which you can make money blogging. Some of them are through ad placement (pay-per-click ads, P.P.C., or banner display ads), affiliate marketing, guest blogging, paid product reviews, Product Sales, and many more.
Blog creation suits those with vast experience or knowledge about a particular topic. Although anyone can also start a blog about a subject, they don’t know much about it if they are willing to learn.
Hobbyists can also start a blog. It is easier for them.
Do you want to create a blog?
Firstly, you will have to know what you want to blog about. Do a little research on who you would like to read your blog and what they would like to read. I advise that you should not opt-in for a free blog. It is better to create a self-hosted blog because of monetization.
You then buy a domain name for your blog; this costs about 4000naira. There are several domain name registrars on the internet that you can buy from.
You will also need to host your domain on a server. Most of the domain name registrars provide hosting services as well.
After which, you will install whichever Content Management System, ‘C.M.S.’ you want. I recommend WordPress.org.
After installation of C.M.S., it is left to you to customize your blog to your taste using all the readily available tools you have at your disposal.
It may take a little while before you start making money off blogging but trust me. It’s worth the wait!
Blogging suits anyone, whether old or young, working-class or unemployed, graduate or student.
- AFFILIATE MARKETINGThe big eCommerce stores and even some medium stores have devised a means to grow their sales through affiliate marketing programs. Affiliate marketing is one of the most profitable online businesses anyone can do without any money to invest. In its simplest form, affiliate marketing is a business model where you must register with a product seller or manufacturer as an affiliate marketer. After registration, you’re given a link to their store or products. You will have to share the link with potential buyers, and once they purchase through the links you share, you earn a certain percentage of the amount they buy the product in commission. For example: Let’s say you are an affiliate marketer for X.Y.Z. The cosmetics store agrees to pay 5% for each product sale. You post the links to their products, and you can make 10 sales monthly if each product is sold for $75.What you would earn in commission is 5% of $75 multiplied by 10.5% of $75 = $3.75For 10 products sold: $3.75 × 10 = $37.5.
It’s that easy! However, you can make far more than that; there are products worth more and others lesser than that.
The above is just an illustration and does not signify the amount of income you can make from affiliate marketing. There’s also no standard percentage affiliate programs offer. It differs from store to store.
There are many affiliate marketing networks out there you can try.
You can also try Amazon affiliate.
To succeed in affiliate marketing, you must promote the links on social media pages like Facebook, Reddit, Twitter, and WhatsApp. You can also create a niche blog for the products you want to sell.
Like freelancing, affiliate marketing is suitable for anybody as a part-time job and Students, most especially.
CREATE E-COMMERCE STORE
Manufacturers and digital entrepreneurs know that their products can only reach a specific set of people if they are to rely on physical stores.
They are aware of the power of the internet. So they leverage on it. They know there’s no limit to who their products and services can reach if they put them online. So they create online shops.
In an article published on statista.com on March 19 and 19, 2020. It is said that “in 2019, retail e-commerce sales worldwide amounted to 3.53 trillion U.S.U.S. dollars, and e-retail revenues are projected to grow to 6.54 trillion U.S.U.S. dollars in 2022”.
This line of business is good for whoever has products to sell. It does not matter whether you are the manufacturer or not. It could be some products you imported into the country (Mini Importation or Drop Shipping).
What you have to do is buy a domain name from any domain registrar. I recommend you buy from Qservers and host.
After that, install WordPress as you would for any blog, and install and activate any e-commerce-friendly theme.
Next is to install, activate and set up your WooCommerce plugin.
After that, take good quality pictures of your products and write a brief description of the products.
Publish your content on the store and promote your eCommerce store on social media platforms.
eCommerce stores we have in Nigeria are Konga.com, Jumia.com.ng, etc.
eCommerce is a legitimate online business in Nigeria. Anybody can start with medium capital investment.
SELL ON JUMIA and KONGA
Building an eCommerce store is a little bit technical and can be financially demanding.
It may not be suitable for you because you do not have enough capital to create an online store or because you lack all the technical skills to build an eCommerce shop.
Jumia and Konga got you!
As discussed before, Jumia and Konga are online stores in Nigeria. They have built a platform for every entrepreneur to leverage on.
If you put your products for sale on Jumia and Konga, you are liable to reach over a 200million potential customers.
Suppose you have physical products that you want to sell online. Sign up with any or both of these online stores (if possible) – register with them as a seller.
Read their policies and follow their instructions; boom, your products are on their platforms for people to buy through the internet.
I advise that you only sell quality products on these platforms because they have standards.
This is an excellent means of doing online business in Nigeria.
BECOME an ONLINE TUTOR
Many are looking to study or learn a specific course or skill. This course may not be available within their vicinity; they tend to find tutors online.
As a result, online tutorials are getting more recognized by many people from different parts of the world.
If you love to teach, you can create a portfolio around what you are best at. Register on relevant platforms and wait for your students to apply and for you to get paid.
What do you love to teach? Mathematics? Biology? Trigonometry? How to play chess? How to dance? There’s room for you to teach it.
Being an online tutor, you’re expected to dedicate a specific part of your time to teach your students online, as it will mostly be a one-on-one tutorial.
You’ll be required to have a good internet connection too to be able to attend t your students uninterrupted.
The sweet thing about this type of business is that the kind of things you can teach people is unlimited. People learn just about anything online. Anything you can think of!
This legitimate online business in Nigeria is suitable for whoever loves to teach. It can also be a part-time job because you will be free to schedule your teaching time.
NETCRAFT’s January 2020 web server survey shows over 1 billion websites on the World Wide Web.
1 billion websites are enormous, but that’s far lesser than what is expected to be by the year 2030. It is going to be way more than that.
Many small businesses worldwide have realized the importance of online presence in doing their businesses.
They are hiring I.T.I.T. professionals and website designers to help them bring their business on the internet map.
As a web designer, you can look into the businesses around you, reach out to those who don’t already have a website, and make them understand how getting a website could improve their businesses. They may hire you if they deem fit.
You can also inspect and analyze businesses that have websites if there are things you think they could improve on to get them more leads. Let them know. They may hire you.
There are also a lot of platforms to get clients from. Fiverr and Upwork are good examples.
BECOME A SOCIAL MEDIA INFLUENCER
These days, brands rely heavily on online publicity to thrive. They know paid advertisement on different will go a long way. Still, it is even better for them to pay a particular social media user with considerable followers to talk about their brands and products.
As I’d describe it, a social media influencer is a person with an excellent online reputation and colossal followership.
They are called influencers because it is believed that any topic they choose to engage in will trend.
Hence, they tend to have hundreds of thousands of engagements on whatever topic they discuss within a short period.
There are a few numbers of guys I know that are doing well in this area of online business in Nigeria.
Brands and Businesses pay social media influencers to promote their business on social media.
Facebook, Twitter, and Instagram are the most popular social media platforms where you find these influencers in Nigeria.
This is one of the legitimate online businesses in Nigeria that you can do if you have massive followership on any social media platform.
Even though photography in Nigeria is gaining more recognition and seems to be on another level, stock photography is still one of the untapped businesses in Nigeria.
Many Nigerians that take good photographs have not considered selling them online.
A confident guy in my WhatsApp status loves taking beautiful pictures of flowers and insects. He puts them in his story for everyone to admire.
Out of curiosity, I asked him if he had sold those pictures, and to my surprise, he had no idea of selling photos online. Well, because I love to help people, I gave him a bit of orientation about stock photography, and I hope he considers it.
Do you have a good camera? I mean, a high-quality camera that can take pictures in high definition? Then you can start making money online in Nigeria by taking pictures of anything and everything – yes! You can earn from taking photos of anything you see.
This business is so lucrative, and you don’t have to host through any special training before you start it. Just know how to take photographs of things and even people.
Take good pictures; you can earn money by selling stock photos online through platforms like Shutterstock and iStockPhoto.
Many buyers are already looking to buy your pictures.
DOMAIN NAME FLIPPING
You probably know what domain name is but don’t understand what domain name flipping is. Please don’t get confused; I will tell you.
Domain name flipping is an online business whereby you buy a domain name from a registrar and resell it for a higher price.
How is that possible? Yes, it is likely because many people who create a website need a domain name specific to their business, so they look to buy a domain name. Also, there are platforms (domain name markets) where you can place domain names for sale.
If businesses need a domain name, why don’t they buy it directly from domain name registrars themselves? Well, as I said, a domain name can be compared to your fingerprints; no two people worldwide have the same fingerprints.
Just like no two businesses can share the same domain name. So they have to buy what is specific to their business, and if you’re sharp enough to buy it before they do, they will be left with no choice but to purchase from you at a higher price.
There’s no limit to the amount you can sell your domain name. It depends on the quality of the domain name. Shorter domain names usually sell higher.
There are several platforms online where you can sell your domain name. One popular one I use is flippa.
This is an online business that is suitable for just anybody. You do not need a lot of capital to start. A domain usually sells for around $9.99 (about 4,000 nairas).
WRITE and PUBLISH KINDLE eBOOK
Here’s good news for writers who love to write on just about anything. What do you love to write about? Fictional stories, Science fiction, Life hacks, Travel guides, Manuals, Technology, or any other topic?
You can write any of those and sell them as an eBook online.
Perhaps, you have never attempted to publish a book you have written, so you don’t have the slightest idea of how hard it is to post it.
To get an idea of how stressful it can be, I recommend that you go and watch a movie titled: ‘The Words.’ It will open your eyes to some of the troubles writers face, and it’s an exciting movie to watch.
E-books are books that can be downloaded online without buying a hard copy. EBooks are usually soft copies.
Suppose you are looking for ways to monetize your skill as a writer and publish eBooks online. No doubt, publishing eBooks online is a massive business opportunity for writers.
How are you able to sell eBooks online? There are several ways by which people sell eBooks; you can sell them on blogs, or you sell them on platforms like Amazon Kindle.
Writing and publishing kindle eBooks is a passive income source any writer should leverage on.
SOCIAL MEDIA MARKETING
A lot of people are on different social media platforms. Many spend a considerable part of their day on social media. From Facebook, Twitter, Snapchat, Instagram, etc.
Social media marketing helps brands and businesses to take advantage of plenty of people on the internet to generate leads.
It is proven that businesses can increase their lead generation by 100% if they leverage social media marketing.
Businesses need social media marketing agents to help them with marketing their services and products on social media platforms. But, there are only a few social media marketers in Nigeria.
You can be a social media marketer to close in on the wide gap.
This is a profitable business in Nigeria because there are still a lot of small and medium-scale enterprises yet to leverage social media marketing to generate leads for their business.
If you can convince them to leverage social media marketing, it will be a win-win situation for you and the business.
From the above list of you can make money doing online business in Nigeria, I believe you must have seen a business idea or opportunity that interests you so much. I advise you to do further research on how it is done.
Although, you may feel like you possess the skills and abilities to do more than one of the business ideas at the same time.
I beg you not to fall for that temptation because doing more than one business simultaneously when you have not mastered one is an easy way to fail.
Choose one first, master it, and then when you are comfortable, you can look into other similar ones.
NOTE: I have carefully written the above list of online businesses in Nigeria after thorough research. The list is susceptible to change, and we will keep updating it. You may want to bookmark this page and check periodically to see if there’s an update.