Nigeria is not living through the best of times as its economy is suffering from the effects of the coronavirus pandemic and millions of people were left unemployed as a result. On top of that, the financial and global economic crisis of 2022 left their mark on the nation, further accelerating the depreciation of the national Naira currency. With inflation running high and the economy of the country still languishing in the state of a developing one, the question for millions of people revolves around finding ways to make money in Nigeria.
The options may not seem bright at first, but in order to make sense of reality, and the fact that the modern economy is far more than a nine-to-five job, one has to look far beyond the dreary headlines. There are opportunities, as people from Nigeria actually earn on both their skills and knowledge. The ways to make money in Nigeria are actually many and do not always involve having to toil on the market or on a farm to make a living. The modern economy presents multiple avenues to make a living, since digital technologies have penetrated Nigerian society deeply and internet availability has become common across most regions of the country.
With internet coverage come new opportunities and the cryptocurrency industry is becoming a dominant way to make money in Nigeria. Indeed, the digital domain is a bountiful place to make money and there are dozens of platforms, both native Nigerian and foreign, which allow common people to reap the rewards of progress. Let us examine the ideas of how to make money in Nigeria in greater detail and explore the opportunities that lie in wait.
So, you have decided to crawl your way out of crushing poverty or you are just seeking ways to make some more money and buy that car you always dreamed of? Or maybe you have heard that some backwater market is posting vacancies for sales managers? There is little difference in the motivation people have behind their desire to improve their ways of living, since the vast majority will end up either failing to find profitable avenues or will simply give up along the way. Some will manage to work their way up the economic food chain and will succeed. But the ways they will do so are different. So, let us look at the options open.
- Work at a nine-to-five job in an office with zero motivation;
- Go off and start your own business;
- Work on a farm and raise profitable crops;
- Start trading on the Forex exchange;
- Go digital.
Let us explore each option separately and decide whether it is worth the effort. First, the office job. It is a mundane and rather unpromising avenue, since any kind of success will require a lot of knowledge in the business area, skills that demand investments, and a good amount of overtime, since no one ever said that nepotism is a thing of the past.
Starting your own business is a risky venture, since it means that you will have to have some capital to rely on and the need for knowledge in the target area is vital. You will also need suppliers, a place to start trading, knowledge of your target audience, and a good amount of sales skills to make sure you go into the black on accounting day.
Working on a farm is a laborious option, as it will demand a lot of hard physical work and knowledge of how to raise crops. Certainly, one can raise common crops, but that too is a risky venture, given that droughts and market price fluctuations can negate any earnings. Rare types of crops require special conditions, which, in turn, require knowledge and investments.
Trading on a Forex exchange is one option to consider, since the entry threshold is quite low and the profits to be had can rival those of bank deposits on a hefty amount of capital. However, the risks of losing funds are immense, and the requirements for skills are just as high, since trading involves a lot of research and fundamental analysis that few are skilled at.
And then there is the option of going digital – entering the cryptocurrency industry, which offers a lot of opportunities for making money. Bitcoin is just one example of how a sound investment can grow over time and outstrip even classical commodities like gold in terms of yield growth over time. Trading cryptocurrencies is a popular option, but given the high risks involved, it too requires a lot of time and effort to master. As such, the options of staking and liquidity pooling stand as excellent passive income generation alternatives, allowing people from Nigeria to leverage the popularity of cryptocurrencies In the country.
Just convert your Naira to any cryptocurrency and start lending it in the decentralized finance space to select pools and platforms in return for rewards in the form of commissions for your contributions. It may sound simple, and it actually is, since crypto space is low-entry and high-yield by essence.