What is the Best Online Business In Nigeria? — In this article, I have outlined the best 22 profitable online business ideas you can choose from. Whether you are a sit-at-home mom, a student, or a job seeker, you can become successful with any of the online businesses on this list.
In recent years, the world has witnessed a surge in online businesses. This trend is not peculiar to any specific country or region; it is a global phenomenon. Nigeria is no exception as there are numerous online business opportunities available for entrepreneurs within its shores.
If you’re looking to start an online business in Nigeria, then this article is for you! I have compiled a list of the best online businesses that are thriving in Nigeria today. Whether you’re interested in e-commerce, digital marketing, freelancing, content creation, or any other niche – I’ve got you covered.
From selling goods and services on social media platforms like Instagram and Facebook to creating your own website to sell products and services, — these businesses offer flexibility and convenience while allowing you to make money from anywhere with an internet connection. So let’s dive into some of the best online business ideas that will help you earn good money while doing what you love!
E-commerce is the most popular and profitable online business in Nigeria. According to a report by Statista, the revenue of e-commerce businesses in Nigeria was expected to reach $6.5 billion by 2022. This statistic alone shows how lucrative this sector can be for entrepreneurs looking to start an online business.
The best thing about e-commerce is that it offers endless opportunities for growth and expansion. With a rapidly growing population and increasing internet penetration rates, there has never been a better time to invest in this industry. From fashion items to electronics and groceries, the possibilities are endless when it comes to what you can sell online.
However, success in e-commerce requires more than just setting up an online store. It involves developing a solid marketing strategy, providing excellent customer service, and optimizing your website for search engines, among other things. The competition may be stiff, but with hard work and dedication, you can carve out a niche for yourself in this highly competitive space.
Moving on from e-commerce, another thriving online business in Nigeria is freelancing. As we will see in the next section, freelancers have become increasingly popular as more companies seek remote workers who offer specialized skills at affordable prices.
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It’s ironic that in a world where most people are looking for stability and security, freelancing has become the new buzzword. The idea of being your own boss and working from home sounds so alluring that it seems everyone is jumping on the bandwagon. However, freelancing is not as easy as it sounds. It requires discipline, hard work, and constant learning.
One reason why freelancing has gained popularity in Nigeria is because of its flexibility. With companies cutting down on staff or downsizing due to the economic recession, more Nigerians are turning to freelance work to make ends meet. Freelancing allows you to choose when and where you work, while also giving you control over your income.
Another benefit of freelancing is the opportunity to learn new skills. As a freelancer, you have access to online courses and training programs that can help you hone your craft or even learn entirely new ones. This makes freelancers valuable assets in today’s job market since they possess a wide range of skills.
As we move towards an increasingly digital world, affiliate marketing has become another profitable online business in Nigeria. You can become a very successful affiliate marketer. Let’s look at affiliate marketing in our next section.
3. Affiliate Marketing
In Nigeria, affiliate marketing has become one of the most successful online businesses anyone can start today and make money. This model of online business is a legitimate business that involves three parties. These are the business owner, the affiliate, and the buyer. You as the affiliate work on a commission basis and get paid by businesses for any leads or sales you send their way.
As an affiliate marketer, you will receive a special affiliate link from the merchant/ business owner as one of their authorized affiliate marketers when you sign up for an affiliate marketing program with them.
Getting started with affiliate marketing is very simple and straightforward. However, it is not easy, as you need to put in the work. You don’t need cash to start this online business. This means anyone with zero capital can start affiliate marketing. To generate free sales, you can easily use your social media handles like Instagram, TikTok, Snapchat, Facebook, and Twitter to promote your affiliate link for free.
Also, you can advertise your affiliate links on your blog if you have a blog. But if you want to increase traffic to affiliate products and make more money, you may want to try paid advertising. But I do not recommend this if you are just starting
There are tons of affiliate networks and programs you can sign up with here in Nigeria. Opay, PalmPay, WarriorPlus, Shareasale, Amazon, Expertnaire, Jumia Kol, and lots more. As an affiliate marketer, you can earn up to N100,0000 or more per week promoting other people’s products on all of these platforms.
Blogging is another perfect online business in Nigeria that anyone can start right from their bedroom. One unique perspective of blogging is that it gives you the ability to express your thoughts through writing and connect with like minds. — People who share the same idea with you. You do all of this while making money with your blog. — this can be very fulfilling.
If you have a hobby or information that you think will be beneficial to others, you can start a blog, create content on the information on your blog, share them online, and make money from it.
Making money as a blogger is usually the latter part. The first part is to ensure you work hard to make your blog rank on Google SERP and others like Bing. Work hard to create rich and quality content, and do keyword research and SEO in other to make your posts show up on search engines.
Why most people see blogging as the best and easiest online business for Nigerians today, staying focused and consistent is very paramount to your success.
Why I love and also recommend blogging as one of the best online businesses in Nigeria is because it has several ways you can earn money from it. And you can easily receive this money in your Nigerian bank account. And you make money from it while writing passionately about what you love. Just like this content, you are reading. This is a blog post, and you are reading it from my blog.
As a blogger, you can choose just any niche that suits you and blog about them. This could be health, fitness, fashion, politics, investment, tech, education, food, the latest news, and trending music. Or you can simply create a simple guide (how to) blog. All you need to do to start a blog is purchase a domain name and launch your website.
5. Vlogging and YouTube
While blogging is used for creating written content and infographic in the form of a post, vlogs are used for creating video content. Recently, vlogging and YouTube have become very popular in Nigeria and lots of content creators are switching to YouTube, creating video content and making lots of money every month.
All it takes for you to make money on YouTube is to create quality video content, post it on YouTube, drive traffic to it, and boom, you can start making money. Amazingly, there are several niches you can vlog about such as comedy videos, guides, news, fitness, food, and nutrition, and you can also blog about products you love and apply affiliate marketing as well.
One great advantage of a YouTube channel is that it is totally free to start. — unlike blogging, you don’t need to buy a domain or host. Simply signup up to YouTube with your Google account and start vlogging.
Just make sure you are creating good, quality, and engaging videos, post them on YouTube, and start getting views.
Some of the ways you can make money with your vlog (YouTube), — include ad revenue, sponsorships, promoting affiliate products, and paid ads. Bear in mind that this does not happen overnight. Working and consistency are required.
6. Social Media Influencer
If you’re wondering what kind of online business you can start in Nigeria that will be successful, and make you money with simple work done, then you should consider becoming a social media influencer. Recently, due to the surge in social media usage like TikTok, Instagram, Facebook, Twitter, etc., there has been an up-rise in the number of consumers in the online space. While we see this exponential increase and engagement, lots of individuals have seized the opportunity to become go into social media content creation and become influencers.
Becoming a social media influencer is really very easy. Unlike blogging or Vlogging where you may need to get a laptop or desktop, all you need in this case is just a good smartphone. Once you have a good smartphone and can create quality and engaging content like skits, funny memes, etc., you can jump on this online business, register an account with TikTok, Instagram, Facebook, etc. and start making money.
As an influencer, companies, and individual business owners pay social media influencers to promote their products on their pages to their large followings. Which is one way of making money with this online business.
In Nigeria, especially among women, this business is rising in popularity. You can use any social media platform to become an influencer and earn money, from Instagram and Twitter to Facebook, TikTok, and even WhatsApp.
Depending on your following, influencers on Instagram get paid up to millions of Naira per sponsored post. Influencers also have the opportunity of signing endorsement deals worth huge amounts of money with notable brands.
Also as an Influencer, you can create and promote your own business like a clothing line, cosmetics line, and so on. The money-making opportunities for social media Influencers are really numerous.
7. Print On Demand Business
If you are looking for the best online business to start in Nigeria with little or no investment capital, then I will highly recommend print-on-demand (POD). Starting a print-on-demand online business in Nigeria is a great way to make money online and earn a good living. With websites like Redbubble, Printful, CustomCat, Printify, etc., you can easily create your POD account and upload your graphic designs and sell them as business cards, t-shirts, banners, flyers, mugs, stickers, etc., you can make money from your creations.
All you need to do to make money on this online business model is to choose a niche and create unique designs that will appeal to your audience, and upload them to your shop. You can create eye-catching designs using simple design software like Canva, photoshop, illustrator, etc. then upload them to POD sites to start earning money. Note that the majority of these websites don’t demand an upfront payment because the revenue is split after sales are made.
Other print-on-demand sites include Teespring, Zazzle, Spod, Tpop, JetPrint, Teelaunch, Gooten, Lulu Direct, Amazon Merch, etc. these are all print-on-demand websites worth investigating. It is always a good practice to open an account with other POD sites and spread your designs across them. This will help you increase sales.
8. Mini Importation
Another excellent online business opportunity in Nigeria is Mini importation. This is one of the most recent and untapped online business opportunities in Nigeria. Because there aren’t many people involved, and the e-commerce sector is growing at a fast pace, this business is very lucrative and profitable.
Mini importation business entails purchasing products from China and other countries at low cost, importing them to Nigeria, and then selling them for a profit. As an online entrepreneur or a student, you can make millions of Naira with this business.
This business has a high-profit margin. You can earn up to 200% ROI on each product. For example, you could buy a watch for N5000, sort the shipping, clearing, and forwarding fee for about N3000, run ads for N2000, and sell the watch in Nigeria for N25,000, making a profit of N10,000.
You can also make a lot of money in Nigeria by buying and selling other Chinese products such as fashion, beauty, home tools, health and wellness products, etc. This business is ideal for students, stay-at-home moms, and recent graduates looking for work. This is due to the fact that fashion products are very easy to market and sell quickly.
9. Sell on Online marketplaces (Jumia, Jiji, and Konga)
If you’re still unsure of the type of online business you can start here in Nigeria, then this idea may be a perfect fit for you. There are people who love selling physical products and taking inventories, so this may be the best idea for them as well.
Selling on websites like Jumia, Konga, and Jiji is a good and profitable business in Nigeria, all thanks to the increasing demand from online shoppers. People now love to sit and make purchases from the comfort of their homes. These websites let you list your products on their platform, and expose them to millions of their online audience, helping you sell faster.
You can sell any legal product on these e-commerce sites, including electronics and appliances, phones, laptops, and even fashion accessories.
All you need to do to get started is find products to sell, list them, start selling, and start earning money.
10. Create and Sell Courses
Selling courses online is one of the simplest and most profitable online business ideas in Nigeria. This business model has the potential to generate millions of Naira for you passively over time.
If you’re skilled in any field, such as local production ( like makeup, gele, baking), or tech-savvy like programming, internet marketing, graphics design, crypto or forex trading, blogging, AI, and so on, you can earn money by creating a course around those topics and selling them online.
You can make money by launching your course for free on websites like Udemy and Skillshare. These websites already have a large global audience ready to purchase your courses.
11. Become a Social Media Manager
One of the simplest online businesses in Nigeria that you can start without any investment is managing other people’s social media accounts, regardless of your status as a secondary school student, university student, stay-at-home mom, recent graduate, or even jobseeker.
Many small and even large businesses are willing to spend a significant sum of money to hire someone to assist them in developing and posting interesting content as well as responding to comments and direct messages on their social media profiles, such as TikTok, Facebook, and Instagram.
Starting this business is very simple and straightforward. However, you should bear in mind that you need to acquire at least a skill in digital marketing. You can start this business with just your phone and then purchase more equipment when needed as you grow your clients and business, with this online business, you can start earning up to N100,000 per client depending on your agreement.
There are several ways you can get clients. You can create a gig for managing social media pages on freelance marketplaces like Upwork and Fiverr to get clients. Many companies and individuals use it to locate social media managers. You can also DM small businesses on social media to offer them your services. Lastly, you can run FB ads to promote your business.
12. Trade Forex and Cryptocurrencies
Recently, forex trading has become more popular and is one of the most lucrative online business opportunities in Nigeria. Millions of Naira can be made each day trading foreign currencies on the internet just by using your smartphone here in Nigeria.
Forex trading involves a sizable financial outlay and numerous risks. But on the forex market, you can make a fortune in a month, if not even a week. A smartphone or computer, along with knowledge of forex trading, is all you need to get started.
Similar to forex trading, cryptocurrency trading is another popular online business in Nigeria. Many millionaires have been made in Nigeria as a result of the rise of cryptocurrencies, especially among the younger generation.
Investing in and holding various cryptocurrencies like bitcoin, Ethereum, Bitcoin, Dogecoin, etc. can make you lots of profit. Trading cryptocurrencies entails taking risks and demands a time and money commitment. So, you need to do your own research before investing in any cryptocurrency
13. Become a Virtual Assistant
Working as a virtual assistant is very similar to an office job, the only difference is that you are doing this from home. This means, — you’ll work some office jobs for a person or a business while working remotely from the comfort of your home rather than physically going to the office location. In other words, offering assistance with administration.
Writing emails, responding to emails, typing, taking calls, managing social media pages, maintaining websites, and other tasks are all part of a virtual assistant’s job description.
Being a virtual assistant offers numerous financial opportunities. Depending on the terms of the agreement, you may be paid hourly, weekly, or monthly.
14. Flip Domain and Websites
Another underutilized online business in Nigeria is the buying and selling of digital assets like domains and websites. It entails purchasing domains and/or websites with promising futures and reselling them for a healthy profit.
You can achieve this by purchasing a desirable domain name from a variety of domain registrars or from a website for aged or expired domains like expireddomains.net, which you can then sell for a profit on marketplaces like Flippa, Empireflipper, and GoDaddy’s Domain Auction.
15. Web Design/Development
In the post, you have seen the vast opportunity that there is in the digital space. As a result of the countless opportunities, lots of businesses are now switching to the digital space, — which also creates more opportunities for you, if you are a web designer or developer. However, if you don’t know how to design/develop a website, there is still an opportunity for you to acquire the skill and start making money with it.
Internet marketing, website design, web development, mobile app development, video editing, freelancing, affiliate marketing, digital marketing, and lots more are some of the best online businesses in Nigeria. — They are legit, tried-and-rusted online business ideas in Nigeria.
Lots of business owners, politicians, corporate executives, companies, and even individuals are now switching to the online space where they see more opportunities. And these people are in search of developers who will help them create a professional online platform, such as an e-commerce website, portfolio site, blog, brand, and company site.
There are also those looking for tools like online management systems like school management systems, sales management systems, etc.
You can acquire skills as a software developer, or app developer, or even become a full-stack developer and build an excellent and successful career developing online platforms for corporate bodies and individuals. If you want to succeed, you must be able to create professional websites, create web graphics, build websites, and upload websites to servers.
16. Flip Social Media Pages
Another lucrative and profitable online business to start in Nigeria and earn money from is flipping social media pages. Since lots of individuals are looking to grow their followers within the shortest time possible or acquire an already existing account with a good number of followers.
All you need to do is create a social media account in a particular niche, grow the account to have good followers and engagement, and market the account.
If growing an account from scratch looks like mission impossible, you can look for social media accounts like Facebook pages, Instagram accounts, and Facebook groups with a good number of followers. The account should be niche focused, active, and interesting. Once you spot an account that matches what you are looking for, you can buy the accounts and resell them for a profit.
You can use platforms like Fameswap to list those pages to get quick sales or post them on forums or Facebook groups to attract buyers.
17. Teach Online
If you are great at teaching, this should be a good business opportunity for you. At the moment, online teaching is still very new in Nigeria, — which makes it a gold mine for those who are into teaching. With online teaching, you can offer various subjects like English, Math, Chemistry, Biology, Physics, Economics, etc. and the good part is, you don’t have to create your own platform.
As an online tutor, you can charge $5, $10, or even more per hour, depending on your client and the agreement reached. Also, lots of people are prepared to spend that money as long as they see a good teacher who can tutor their kids or them. With an online teaching job, all you need to get started is just a PC and a microphone. This job is very simple and easy to start, especially for stay-at-home mothers and teachers.
18. Start a Dropshipping Business
You can do this by creating a dropshipping e-commerce store using WooCommerce or Shopify, importing products from AliExpress, and reselling them in your dropship online store.
If you don’t want to create an online store, you can source for products locally, purchase them at deep discounts, and resell them for a profit using your social media handles. One major difference between dropshipping with mini importation is that you arrange for the suppliers to deliver the goods to the buyers, rather than you delivering them yourself.
Dropshipping is a very simple and lucrative business to launch in Nigeria, and you can run it in your spare time. You can make a lot of money if you increase sales despite the low-profit margin.
19. Sell Photos Online
Photographers will love this session. If you are a professional photographer, or you are just starting out, you can make money by selling your professional images online.
With websites like IstockPhoto, Pexels, Shutterstock, Unsplash and Adobe Stock you have the opportunity to create an account and set up your platform, upload your professional picture, and start selling them online.
If you can capture some incredible images of things like nature and food, and post them on these websites, you’ll be compensated with royalties each time someone downloads a copy of your photo.
20. Launch a Mobile App
Did you know? Every mobile app you download online makes the mobile app owner some money. There are some apps on the Play store that has over 1 million downloads. Now that is huge revenue for the mobile app owner.
If you are looking for the best online business in Nigeria to start this year, then you can try launching your own mobile app.
However, you need to understand that the process of launching a mobile app is not easy and requires some money. If you are not a developer, you will need a developer, and they may charge you some money to develop an app for you. But once you are able to develop and launch your app, you are in for good profit making.
One major way to make money with a mobile app is to monetize it with display ads (Which is AdMob). If you are not sure where to start and you are not a developer but what to venture into this online business, you can use platforms like Toptal, Fiverr, and Upwork where you can hire developers and pay them to make an app for you. You can also use influencers to promote your app or run ads to increase the download and usability of the app.
All you need to do is have the necessary funding, come up with an original app idea, identify your target market, and publish your app once it is complete. Once this is finished, you can start earning money from subscriptions or AdMob ads.
The more people who download and use your app, the more money you make.
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21. Start a Digital Marketing Agency
As stated earlier, lots of individuals are now moving their businesses to the online space, — this means there will be a need for agencies to help them manage their businesses and also do marketing for them.
As a result of this, starting a digital marketing agency in Nigeria is a very promising online business. You can make a lot of money by establishing an internet/digital marketing agency. As a digital marketing agency, your business will include helping individuals, corporate bodies and companies in promoting their products and services online through paid advertising and organic reach. With the aim of creating brand awareness or generating sales.
Many small businesses in Nigeria are looking for professional digital marketing agencies who can help them promote their products on the internet, — since they don’t know how to do that themselves. You can provide them with your services and be compensated fairly.
To get started, you must first understand what digital marketing is and how to do it. You can learn everything by watching YouTube videos.
22. Amazon KDP
Amazon KDP is a self-publishing platform that allows you to self-publish eBooks, paperbacks, and hardcover books for free and make money.
If you have extremely valuable information or are skilled at writing stories, fiction books, and other interesting stories, you can easily turn that into a profitable online business. With Amazon KDP, you can self-publish books online and sell them for a good profit.
You can sell any type of e-book online, such as low-content books, no-content books, short stories, guides, journals, etc. as long as it contains valuable information or is useful to the people. The amazing thing about selling eBooks online is that you can make an unlimited amount of money because you can publish hundreds of books.
What Are The Legal Requirements For Starting An E-commerce Business In Nigeria?
Starting an e-commerce business in Nigeria can be a lucrative venture, but before you get started, it’s important to understand the legal requirements. As of 2021, there are specific regulations and laws that apply to online businesses in Nigeria.
One interesting statistic is that as of 2020, Nigeria had over 100 million internet users – making it one of the largest online markets in Africa. With such a large potential customer base, starting an e-commerce business in Nigeria may seem like a no-brainer. However, it’s crucial to ensure your business complies with all necessary legal requirements.
To start an e-commerce business in Nigeria, you’ll need to register your company with the Corporate Affairs Commission (CAC). This involves providing details about your company structure and ownership, as well as paying registration fees. Additionally, depending on the type of products or services you plan to offer, you may also need licenses from regulatory bodies such as the National Agency for Food and Drug Administration and Control (NAFDAC).
In summary, launching an e-commerce business in Nigeria requires careful attention to legal requirements. By registering your company with CAC and obtaining any required licenses from relevant agencies, you can ensure your business operates legally and successfully taps into the country’s growing online market.
How Do I Determine My Pricing Strategy For Freelancing Services In Nigeria?
When it comes to freelancing services in Nigeria, determining your pricing strategy can be a challenging task. There are several factors that you need to consider before settling on a price for your services. Firstly, you should research the market rates in your industry and understand what other freelancers with similar skills charge for their services. This information will help you establish a reasonable rate that is competitive yet profitable.
Secondly, it’s essential to consider the level of expertise and experience you bring to the table. If you have years of experience in your field or possess specialized knowledge, you can justify charging higher rates than someone just starting out. However, if you’re new to freelancing and have little experience, it might make sense to charge lower rates initially until you gain more credibility and build a strong reputation.
Lastly, keep in mind the value of your time when deciding on pricing strategies. It’s essential not only to cover your costs but also to ensure that you earn enough money per project or hour worked while still being affordable for clients. Your pricing strategy should reflect both the quality of work delivered and its corresponding value.
In summary, establishing an appropriate pricing strategy requires careful consideration of various factors such as market demand, competition rates, skill level, and personal worth. By taking these into account, you’ll be better equipped to come up with fair prices for freelance projects without undervaluing yourself or overcharging clients unnecessarily.
Remember that finding a balance between affordability and profitability takes time; however, once achieved, it guarantees success!
In conclusion, the best online businesses in Nigeria include e-commerce, freelancing, and online education. These three areas have seen a tremendous growth over the past few years as more Nigerians embrace digital technology. E-commerce has made it possible for people to buy and sell goods from the comfort of their homes, while freelancing allows skilled individuals to offer their services remotely.
Furthermore, online education has become increasingly popular due to its flexibility and affordability. People are now able to learn new skills or improve on existing ones without having to leave their jobs or relocate. As more Nigerians continue to gain access to the internet, these industries are expected to grow even further, creating more opportunities for entrepreneurs and professionals alike.
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