Have you been searching for a list of online businesses in Nigeria that you can start, either to complement your current job or as a primary source of livelihood?
In this article, you will discover some of the most profitable online businesses in Nigeria that are making considerable amount of money for business-minded individuals all over the country.
And did I tell you yet? This information I am about to unravel will come at no cost to you my esteemed readers.
Sit tight then and put on your seat-belts because I am about to take you on a very long ride.
No matter what you’ve been made to believe, in online business, not everything that glitters is gold.
Some have very high hidden costs, while others require an effort and personal dedication that increases a great deal over time. And when this has not been planned for, it can mean the end of any start-up
In this article, you will discover a list of profitable online businesses in Nigeria that can be started with very few resources and just some previous knowledge. You just need a combination of good strategies and making the right decisions.
Let me tell you a little about myself;
I started creating online businesses in Nigeria at the end of 2015 while doing a very stressful job in a bread producing factory for a boss. But I soon grew tired of answering to someone and felt the need to start my own business.
So, without any knowledge of digital marketing, I started looking for alternative ways to generate income.
Three years later, I was already living exclusively from my Internet business, earning thousands of dollars a month without having made almost any investment.
To this day, I have created businesses of all kinds. With some, I feel fulfilled, and others are simply systems with which I obtain passive income without having to spend too much time.
There are countless opportunities at our disposal to build a business that allows us to live happily. Read on, and you will discover some of the most profitable online businesses making the rounds today.
List of online businesses in Nigeria to make money today
Before listing out the most profitable online businesses in Nigeria, you need to know that there are two types of online business: those that work on autopilot and those that require constant dedication.
Understandably, the most desirable are the first, those that can become an automatic passive income; able to grow without requiring that you spend more time or money.
This type of business must, therefore, adhere to three golden principles. It should;
- Solve an existing need: Many online businesses fail because they are guided by an “intuition” of their creator, instead of satisfying a real demand of their target audience. That’s why you must validate your idea, no matter how innovative you think it is.
- Work autonomously. A passive online business must be able to generate money without your involvement being necessary. For that, you need to automate the processes.
- Be scalable. This means that you should be able to increase your billing without increasing costs proportionally. Otherwise, the more money you earn, the more expenses you will have.
Below I will show you some of the most profitable online businesses in Nigeria with great potential to generate passive income.
PS: at the end of the article you will also find a practical guide to choose the most appropriate type of business for you.
online businesses in Nigeria that you can start today
1. Affiliate Marketing
Arguably, my favourite and one of the most profitable online businesses in Nigeria due to its ability to become a recurring passive income. With it, I have managed to earn quite a reasonable figure in a month without having to spend more than a couple of hours.
Many entrepreneurs who want to enjoy greater freedom opt for this business model. Although at the beginning you will, have to invest a lot of time, in the long term it can become a passive income. It is not uncommon for people who succeed in this venture to end up leaving their jobs to travel the world.
Affiliate marketing consists of creating a web page where you recommend certain products through affiliate links. When someone clicks on those links, they are redirected to the website where those products are sold, and if they end up buying, the seller gives you a commission.
Some vendors, such as Amazon, have their affiliate programs, while others can be found on platforms such as Shareasale or Awin.
The commissions can vary according to the type of product and seller. For example, commissions on products such as online courses, are around 30-50%, while for electronic products they are usually about 5%.
The key to this business type is to attract visitors to the web or blog where you recommend the products. For this to work, you must create engaging and compelling content and use a good online positioning strategy.
- Fully automatic system for generating passive income: you do not manage stock or make shipments
- Does not require any investment
- Very simple and easy to implement, even for people without experience
- If you have a blog, it can be integrated into it
- The commissions of the best-selling products are usually low
- The opportunity is now saturated, and there is more and more competition
2. Create a blog and monetise it
Creating a blog and positioning yourself as an expert on a specific topic is one of the most sustainable ways to build an online business in the long term and it certainly merited its place on this list of the most profitable online businesses in Nigeria.
Do not think of a blog as a personal diary where you can write whatever you think of at any given moment, that hardly has economic potential. A blog is a place where you offer the public your knowledge on a specific topic for free.
Fortunately or unfortunately, most people do not look forward to starting a blog. Perhaps they believe that they have nothing useful to contribute, or are afraid of not fulfilling their visitor’s expectations.
But those beliefs only exist in your mind. Most successful bloggers started with these fears; the key is to choose a niche in which you are moderately good at because there will ALWAYS be someone who knows less than you do and wants to learn.
Also, as you work on your blog, you will adjust your focus according to what your audience values about you and finds attractive.
A vital key to success in blogging is to specialise because too general blogs do not usually stand out in anything and are usually unable to create a loyal audience. Some specialised ideas for a blog could be:
- Practical advice for cheaper travel
- Productivity to organise tasks at work
- Training in emotional intelligence for parents with children
- Keys to improving public presentations
- Business and entrepreneurship
- Animals and pet talk
If you satisfy a need of your audience and you become visible in the blogosphere, you will begin to receive more and more interested visitors. From there, you just need to choose how to monetise your blog.
Different ways of monetising your blog
There are so many ways of monetising your blog, which is why blogging is considered to be one of the most profitable online businesses in Nigeria. We’ve covered some of it here :
Adsense is Google’s advertising network, and it has thousands of potential advertisers. It’s a type of PPC advertising (Pay Per Click), which means that every time a reader clicks on an ad on your blog, you receive money.
Implementing it is as simple as registering here and placing the code it provides on your website. Then the system will be responsible for showing the most relevant ads to your readers.
Although it depends on the theme/subject of your blog, as a general rule, it is necessary to have enough visits on the blog to generate a decent income. That’s why I prefer other forms of monetisation.
However, I do know of entrepreneurs who earn more than $3000 per month with Adsense because they have chosen a well-paid topic, with high demand, and have positioned themselves well in search engines like Google.
- Very easy to implement
- Show the most relevant ads to your audience to maximise revenue
- It is usually necessary to have many visits to earn money
II) PRIVATE ADVERTISERS
Adsense is undoubtedly not the only form of advertising that exists. If you have a website with a specific subject, you can also contact companies in that sector to offer them advertising space in exchange for a monthly payment.
For example, if you have a blog about travel, you could contact travel agencies or private guides to be posted on your blog.
Normally advertisers usually pay for impression, that is, for the number of times that readers have seen that advertisement page. Therefore, the more traffic your blog has, the more money you can ask for it.
- It pays better than Adsense
- You will need a lot of traffic to be attractive to advertisers
- You must do the job of sourcing for advertisers
III) ONLINE PRODUCTS
Creating a digital product on your blog, such as a video course and selling it is one of the best ways to generate passive income.
The idea is to create those exclusive contents, put them under a payment system and present it to your readers. If you automate it with a sales funnel through email marketing or pre-recorded webinars, you will no longer have to worry about anything other than collecting the revenue.
Its potential is so great that, in the medium term, most successful blogs choose to become a digital business by offering paid content in the form of video competitions or private areas.
- With few clients, you can generate high income
- The process can be automated 100%
- You control all stages of the sale
- Building the product and the sales funnel is laborious
IV) OFFERING SERVICES
This is also a major reason why blogging is considered to be one of the most profitable online businesses in Nigeria today. If you have a blog and you’ve successfully built an audience, surely there will be someone willing to pay for your service in the form of coaching or group workshops.
This is one of the best ways to generate income quickly, and it is usually paid quite well. However, you will be limited by the number of clients you can attend to at the same time.
- A swift way to start earning money
- It is not scalable or cannot be automated
3. Publish a book
Until a few years ago, publishing a book was quite a complicated business to venture into.
You had to convince a publisher to take charge and distribute it among the bookstores, which caused many would-be writers to leave their manuscript collecting dust in the bookstores of their homes or on the hard drive of their computers.
But everything changed with the appearance of the electronic format. Nowadays, you just need to have a digital file with your book to publish your ebook in the vast majority of online bookselling platforms.
If you want to self-publish in physical format, which is still preferred by most readers, there are also several options:
- Contact a printer to make a run
- Work with a small publisher to help you in the distribution
- Use a print on demand service, where only the book is printed and sent at the moment when someone places an order (this saves you the cost of printing a print run and storing the stock)
Meanwhile, we cannot talk about selling books without talking about Amazon. The American multinational company has a service called Kindle Direct Publishing that allows self-publishing books in digital format and printed on demand.
Selling self-published books on Amazon is an excellent way to generate passive income and certainly one of the top profitable online businesses in Nigeria. Although it is difficult to get to live exclusively from it, almost half of the best-selling books on Amazon are self-published, and the margin for the author is around 70%.
The best thing about publishing a book, either on your own or with an editorial, is that it becomes a recurring income. Once written, you do not have to worry about anything else.
- It is an automatic passive income
- It has no associated costs
- You do not need experience to succeed, only desire and ability to write
- If you self-publish and you do not have followers or subscribers, it will cost you to achieve the first sales
- You must sell many books to live on it
4. Become a Youtuber
With the rise of content in video format, the idea of creating an online business from a Youtube channel is no longer out of place.
YouTube is the second largest Internet search engine, just behind Google, and year after year, it shows spectacular growth. Although there is more and more competition, it is still relatively virgin territory. And because creating a youtube channel is free, it successfully found it’s way into our list of the most profitable online businesses in Nigeria.
If you think that you can bring fun or knowledge to viewers, creating a Youtube channel is not unreasonable and in no time, you will start cashing out from it.
This does not mean that it is simple. On average, YouTube advertising pays between 0.5 and 3 US dollars per 1,000 views of a video, a relatively low figure.
This number depends on the niche of your channel since for example the contents of higher education or health are usually paid better than the channels on video games, personal development or entertainment.
If you want to earn 1,000 dollars per month, then you should be targeting a million new views every month. Assuming you upload four new videos per month, each of them should achieve 250,000 views.
Reaching this volume is quite complicated, but fortunately, there are other alternatives to increase income:
- Contact companies and offer to advertise them on your videos
- If your channel is popular, you can also sell custom merchandise, such as t-shirts and caps with the channel logo
- You can accept donations or offer exclusive paid videos with Patreon
To stand out on YouTube, in addition to providing value to your target audience and printing your own style to your communication style, certain knowledge of video positioning is also necessary for your content to appear in first positions.
- YouTube and the video format are in full growth
- Even if it does not seem like it, there is still relatively little competition
- You don’t need to make any significant investments
- The platform is not yours, and you are subject to its policy changes
- Creating a personal brand on video is more complicated than doing it in text
- YouTube does not pay too well
5. Create a podcast
In addition to videos, there is also audio content known as podcasts.
The podcasting is very popular in countries like the United States, where it is estimated that 21% of Americans have listened to a podcast in the last month. Little by little, this channel is also settling in other countries like Nigeria.
Creating a podcast and monetising it, is one of best online businesses in Nigeria, as there is still little competition. So creating a channel that addresses an unmet need has a good chance of getting a significant number of audience.
To make money with a podcast, there are several options:
- Sponsorships: if you have a community of followers and deal with topics where there may be companies interested in advertising, you can get in touch with them to offer them the opportunity to sponsor you
- Create paid content: you can make some of your podcasts premium so it can only be heard by paying a small amount
- Recommending products: if you recommend services or programs in your podcasts, you can include your affiliate links in the description to earn extra money
- Patreon: this platform also allows you to integrate payments (monthly or by podcast), so that whoever wants to subscribe to listen to your content must provide the amount that you have stipulated
In summary, although in some countries, it is still difficult to generate significant income with a podcast, it can be one of the most profitable online businesses in Nigeria in the long run.
- A growing market with little competition
- You do not expose yourself as much as in the video
- The investment is practically nil (a micro)
- The economic potential is still low
- You must contact most advertisers on your own
6. Sell your online services
Another of the most profitable online businesses in Nigeria to be considered is selling your services online. Although you can sell them through your blog, Youtube channel or podcast, if you still do not have an audience, you can advertise on specialised platforms that connect freelancers with those willing to pay for their services.
The jobs offered on these platforms are usually 100% online, such as translating a text, composing a jingle, editing a photo or making a marketing plan. Heck, there are even people who sell love spells from a distance!
These are the three most popular platforms at the moment:
- Upwork: although for now, it is only available in English, it has a huge number of clients
- Freelancer: It is in different languages but has less client volume and is not so easy to use
- Fiverr: It is also in various languages and has many potential clients, but most do not intend to spend too much money
These sites usually charge a little commission from your earnings, but they all tend to stay around 10% of your billing. They usually base on the reviews of your customers to either increase or reduce your popularity. The more positive reviews you have, the more visible you will be to those users interested in services like yours.
This can be one of the most profitable online businesses in Nigeria you will ever create, and you will earn a lot of money if you become famous and your services are in high demand. I know people who are dedicated full-time to serve clients doing translation work.
- You do not need to build an audience
- You can start earning money from the start
- Some platforms have a massive volume of clients
- You can not convert it into an automatic passive income
- You are responsible for finding your own clients
- There is usually enough competition
7. Become a copywriter
More and more companies and entrepreneurs are beginning to reinforce their online presence, and that means that the demand for written content is increasing.
To give you an idea, every day, more than 3 million articles are published in blogs. This need to generate content has caused editors to become a highly sought after personnel in the online world.
It can be considered as one of the most profitable online businesses in Nigeria, and its entry barrier is very low.
Within the copywriter’s block, there are several levels according to their speciality, experience and the quality of their texts, and their standard rates are usually between 3 and 10 dollars per 100 words (although some charge much more), with a text of 2,000 words been charged at more than 100 dollars.
I have worked with several copywriters, and have come to know that, working full time, the monthly income of a copywriter can be around 1000 – 3,000 US dollars.
Generally, copywriters specialised in creating sales pages are the best paid, since they are the main factor for getting a visitor to end up becoming a customer. There have been some cases where these sales pages copywriters have been paid thousands of dollars for creating sales content.
Sensing that copywriting is fast becoming one of the most profitable online businesses, platforms have appeared dedicated to putting writers in contact with companies, entrepreneurs or bloggers who need content. Some examples are:
- iWriter : there are more and more editors joining this platform. It does not pay excessively well, but it makes up for it with the number of clients it gets.
- Low Post: pay something better and have a good volume of customers who need written content.
- Textbroker: allows you to negotiate the price directly with the client, but on the contrary, there is not much workload.
- You do not need anything more than to know how to write well
- With the copywriter platforms, you can start earning money today
- The best copywriters make real fortunes
- There is increasing competition, and it is more difficult to highlight
- Rates are falling due to the proliferation of editors
- It is not a passive income
8. Sell online courses in other platforms
If you want to sell an online course, but you are not willing to work for months to build an audience on your blog, you have a faster alternative.
There are platforms like Udemy where you can become an instructor by uploading your own paid video course. These platforms usually receive thousands of visits per day from people interested in learning about a specific topic, and if your course covers demand and meets the expectations of users, this could be one of the most profitable online businesses in Nigeria for you.
Unlike a blog of your own, to sell in Udemy, you must adjust the price of your course (according to the studies of the platform itself, 90% of the courses sold are below 50 dollars).
But still, there are people who generate thousands of dollars per month.
My recommendation to build a successful course at Udemy is as follows:
- Make a list of topics in which you consider that you know more than the average of the population
- Create your Udemy account and introduce your topics in the Udemy Marketplace Insights, an application that allows you to calculate the potential of your online course
- Choose a niche where the monthly earnings of popular courses are high
- If the demand is HIGH and the number of courses MEDIUM or LOW, you are facing an excellent opportunity
9. Sell your creations in marketplaces
One of the most profitable online businesses in Nigeria you is selling something you create in markets. If you like photography, composing music or programming, you have a business opportunity on some platforms that act as a marketplace, connecting creative contacts with clients.
The concept is simple: you associate with these companies, and they include your creations in the list of products on their website. When a customer purchases the license to use your content (be it a photo, a music jingle or a web template), you earn money, and they take a commission.
These are some of the most popular marketplaces:
- For photography, you could sign up in image banks as a provider in Shutterstock or Fotolia, where they pay you a percentage of the subscriptions of the clients that download your photos.
- For music, you could join musicians page (a website specialised in hiring musicians for events) or license your creations online in Airbit or AudioJungle.
- If you create web templates or plugins, you can sell them through Themeforest. It is the most popular platform for buying and selling digital products, where some suppliers have managed to invoice more than 1 million dollars per year.
Even though it won’t be easy to generate massive revenues in this way, it can still be considered one of the most profitable online businesses in Nigeria because it has the potential to generate passive income.
- They expose you in front of a lot of potential customers
- It is a 100% passive income: once you upload your creations, you can stop worrying
- If you are not extremely popular, the pay won’t be very high
10. Give online language classes
Still talking about the most profitable online businesses in Nigeria, teaching languages online comes to mind. In recent years online classes have become popular among people who live abroad and wants to learn other languages. Although the idea is that you train as a teacher, but in many cases, the simple fact of being a native speaker of a language and having a proper methodology can be enough to attract students and earn a good salary.
There are two ways to give online language classes:
The advantage of creating your blog and offering the classes there is that you will be able to set higher prices, besides that, you will not be competing with hundreds of professors that would appear next to you on the other platforms.
However, starting a blog and getting visits is a job on its own in which you must invest a lot of time and effort.
On the other hand, online class platforms usually charge a monthly fee for remaining enrolled, but in return, they get thousands of students looking for language teachers.
Also, the fact that many students reside abroad will allow you to adjust the schedules of your classes to fringes where you would typically not have students if you did the classes in an academy, such as after dinner or at lunchtime.
If you are interested in teaching online, my recommendation would be to sign up for these platforms while you grow your blog. When the latter is popular, you can now focus exclusively on it.
- It’s a quick and easy way to earn money
- There is a lot of demand, and the classes pay well
- The money you can generate will depend on the hours you are able to teach
- Undoubtedly, you must train yourself to be able to teach with guarantees
11. Work as a virtual assistant
A virtual assistant is one of those new opportunities that have emerged with new technologies, and whose demand is expected to continue growing in the coming years. If taken seriously, it can be amongst the most profitable online businesses in Nigeria to start.
A virtual assistant is someone who works from a distance, dealing with various tasks of other people, whether bloggers, entrepreneurs or even companies, to relieve them of the most tedious and cumbersome work.
Some of the functions performed by virtual assistants are the following:
- Receive and answer emails
- Take care of your client’s agenda
- Update contents
- Pay providers
- Organise face-to-face events
- Prepare documents in Word or PDF
- Manage and dynamise the private groups on Facebook
- Monitor content on social networks
- Edit videos
- Edit written content
In general, they are usually quite mechanical tasks, but in case the client trusts the virtual assistant and establishes a relationship of trust, they may end up delegating tasks of greater responsibility, such as writing content or contacting the media.
There are several ways to get clients as a virtual assistant:
- You can present yourself to companies, bloggers or entrepreneurs and advertise your services (ideally, give a sample to check the quality of your work)
- By being attentive to requests for virtual assistants that bloggers usually make to their subscribers
- Sign up for Upwork or Freelancer, since many entrepreneurs look for virtual assistants in those platforms
The rates of a virtual assistant are typically calculated at a price per hour, which generally ranges from 10 to 40 dollars per hour worked, although some specialised assistants can get to charge a lot more.
- Does not require any initial investment
- No specific skills are needed, only management capacity
- You can do it from home and part-time
- It can be monotonous or unrewarding
- It is not possible to automate it
12. Create an online store
E-commerce is booming, and if you sell products or can get them from a wholesaler or manufacturer, one of the most profitable online businesses in Nigeria, is to create your online store.
Nowadays, it is straightforward to create an e-commerce store without any prior knowledge. There are specialised platforms that allow you to build an online store simply and quickly, such as Woocommerce for WordPress, Shopify, Magento.
All of them allow you to offer several purchase options to customers, integrating payment gateways such as Paypal or credit cards. They are also in charge of keeping the stock updated and allows you to adjust offers and promotions.
The advantages of this model are that it offers high margins, allows you to customise the image of your business fully and eliminates the internal competition of selling on Amazon, where the client will find you along with ten other companies that sell the same or similar.
Also, if you put together a blog with an online store, you can create content that attracts visitors and generates customers consistently.
The main drawbacks are that you must make an initial investment to have a certain stock of the product, as well as store it and take care of managing the shipments.
In any case, the primary key to success is finding a product where there are high demand and low competition. And if you buy it directly from a manufacturer, make it reliable and offer reasonable prices.
On the other hand, in case you want to sell handmade products, one option to consider is Etsy.
Etsy is an online macrotienda where they sell only manufactured products. You can register there and create your own commercial space where users can see the products you sell and buy them.
The platform charges a commission of 3.5% on each sale, and you must also pay a symbolic price for advertising your products there.
- Good profit margin
- You have total control of your business
- It allows you to create a blog to attract visitors with your blog
- Requires an initial investment in stock
- The management of the shipments is at your expense
- Depending on the type of product, you may encounter fierce competition (Amazon, for example
13. Sell through dropshipping
The problem with online stores or platforms like Etsy is that they are not passive: you have to manage the stock and make the shipments.
However, there is another business model that frees you from this responsibility, one that certainly merited its place on our list of the most profitable online businesses in Nigeria: dropshipping.
The idea behind dropshipping is to partner with a manufacturer or wholesaler for him to handle the shipments. You just have to create the online store where the orders will be collected and attract customers.
In addition to eliminating all the work of shipping, dropshipping also has the advantage of reducing the financial risk associated with the purchase and storage of the stock.
The profit margin is usually between 20 and 50%, which is not bad. But the most significant disadvantage is that you lose control of the delivery and condition of the merchandise.
With that, it means that if the shipment does not arrive or it is necessary to process a return, the clients will complain to you and you will have to make sure that you resolve the incident with the distributor.
In the dropshipping business, it is essential to work with serious and reliable distributors, and they should have a system to synchronise their stock with your product catalogue. Otherwise, customers may order products in your store that have been sold out or discontinued.
To find distributors you can attend fairs where several manufacturers of the type of product you want to sell, investigate and reach a dropshipping agreement with them are exposed. To avoid disappointment, it is best to work with two or three distributors who can serve the same product.
Some platforms are in charge of getting in touch with drop-shippers. Some of the best known are:
- Aliexpress: it is a gigantic Chinese e-commerce website with thousands of suppliers.
- DHgate: another Chinese giant, specialised in electronic products.
Amazon also has a model similar to dropshipping, called FBA (Fulfillment By Amazon). These are those products where the seller’s brand appears next to a “managed by Amazon “. This indicates that it is a product of an external vendor but that the distribution and after-sales are taken charge of by Amazon.
In this case, you must buy an initial stock, but you send it to Amazon so that it can be stored in its warehouses and shipped. Then, you can integrate your online store with Amazon FBA to manage shipments from there.
There are several ways to automatically integrate the orders you pick up at your store so that they automatically reach the distributor, and most e-commerce solutions such as Woocommerce or Shopify offer them. All in all, dropshipping is undoubtedly one of the most profitable online businesses in Nigeria today.
- Does not require any initial investment (except Amazon FBA)
- Generates income on automatic pilot because you forget about the shipments
- Good profit margin
- You are dependent on the distributor
- If the distributor does not personalise the deliveries with your image, you are not building a brand
- In competitive markets, you will have to adjust the price a lot
14. Use an online franchise
Online franchises are amongst the most profitable online businesses in Nigeria because they allow you to start generating revenue faster than other types of online businesses.
The model is very similar to the physical franchises: you pay an initial fee to use the name of the franchise, and then this is a percentage of your billing (usually between 20% and 40%).
To do this, you have to add the stock costs if there were, since in some cases the business may need actions outside the Internet. For this reason, the ideal is to look for franchises where you can give service from home, such as consulting, training, web development, etc.
The most significant advantage of online franchises is that they are usually based on a business model that has already been proven. Besides, they also allow you to use their name and thus take advantage of their authority.
Another point in favour is that, usually, your website will be linked and recommended from your portal, which will help you get customers. But keep in mind that, depending on the franchise model, you should also be responsible for looking for clients to expand your portfolio.
There are many types of franchise, such as:
- Online stores that work through dropshipping
- Real estate agencies to serve customers in your area
- Digital marketing companies to take care of the management of social networks of customers
- Online travel agencies that will get you the administrative license to operate
If you are afraid of not knowing these issues, do not worry. Most franchises offer training and advice to their franchisees, in addition to promotional materials.
Creating an online franchise is an excellent way to generate extra income each month, since many allow you to work part-time, concentrating on the amount of work that you can attend to. But, deep down, it’s not your own business.
- Allow you to work part-time
- The investment is less than in a physical franchise
- You will get customers faster
- In some franchises, customer acquisition should be made by you
- You depend on the franchise
- Do not create your own business brand/person
15. Earn money by betting or investing
Alright, not many were expecting to see this on the list, especially the very religious Nigerians. But let’s face it, betting has become a significant business for some people and to some extent amongst the most profitable online businesses in Nigeria. So for those who are against betting, you can indulge in other businesses like investing in stocks etc. For the others, you can also try investing in financial markets, while playing poker or betting on casinos and sports websites.
However, if you do not have much experience, you run the risk of losing a lot of money. And even with experience, there is always the possibility of incurring a loss.
Also, if you are not careful, it can become an addiction. That is why it is not a system that is advisable in the long term for someone who is looking to start online businesses in Nigeria.
If you still want to try it, the best thing is that you do not launch headfirst but get trained before indulging yourself so you don’t come back here crying “had I known”.
- If you are good, and you know what you are doing, you can earn a lot of money
- The initial investment is low
- They demand little commitment on your part, and you can do it in your spare time
- It requires having a lot of knowledge and experience in that sector
- Some platforms are very unreliable, and you should inform yourself well before diving in
- You do not stop depending hugely on luck
- You can lose a lot of money in a moment
How to choose your online business model
As you can see, each of these business models that have made the list of the most profitable online businesses in Nigeria has its advantages and disadvantages, and not all are suitable for everyone.
Some have more potential, but they also demand more work. In some, you will have to show your face, and in others, you can remain anonymous.
There are also business models with higher financial risk or escalation costs, while others hardly require investment and can be converted into fully automated income.
To choose the one that best suits your needs, you should consider the following factors:
Do you want to build a long-term online business?
Among the most profitable online businesses in Nigeria, there are short-term opportunities that can make you earn money, but they do not guarantee that it will remain that way in the future.
As a general rule, working on third-party platforms such as YouTube or Udemy has two risks:
- It is the platform that keeps all the information and contact details of the clients
- Nobody guarantees that they will continue to exist in the future, or that they’ll change their conditions
If you want to ensure the viability of a long-term business, you should probably work on your platforms, such as a web page or blog.
Do you want to build a personal brand?
Building a personal brand can open up more business opportunities. For this, the most advisable would be a blog or Youtube channel, for example.
In my case, creating a blog helped me appear in several media and gave me the possibility to publish a book. It has also allowed me to meet people with similar interests and find many opportunities for collaboration.
But if you prefer not to have any public exposure, it would be best to choose an affiliate website or online store.
If you want to build a personal brand that gives you long-term benefits, I recommend you start a blog and turn it into a business selling online training. Otherwise, affiliate websites still have a lot of potentials.
Whatever your choice, the important thing is to start without waiting for everything to be perfect. Your experience in an online business is what will open a sea of new opportunities.
I hope this article has helped you understand the most profitable online businesses in Nigeria today. Each of them has its advantages and disadvantages, but these are the ones that are currently generating more income for small entrepreneurs.
Do not see the Internet as a solution to make money quickly. Although there are people who have become millionaires overnight, they are the great exception. To be successful, you must be willing to learn, be constant and persevere.
My final recommendation is that you create an online business that can be automated and belongs to you, like a blog or an affiliate page. It will last more in time.
So tell me, out of the listed 15 most profitable online businesses in Nigeria, what kind would you love to start? You can tell your answers in the comments section or send me a private message here And please do not forget to share this piece with your friends and loved ones; you will be helping them in the process.