In every aspect of human life the internet has changed everything, the way we relate to each other, how we buy and sell, and even the way we earn money. It has created new opportunities by making things more accessible.
Almost anyone can start a business today with an internet-connected device. Online businesses are now being built by people with no technical skills using tools that make it easy to do so.
Choosing to start an online business in Nigeria isn’t hard anymore; if others are doing it, you can too.
Working from anywhere is possible when you own an online business. With an online business in Nigeria you can work on your own schedule.
To start an online business you don’t need any special business or marketing experience; everything you need to know can be learned in a few clicks online.
It doesn’t matter what business idea you have to start an online business, you can use any skill that can be monetized, and start an online business in Nigeria.
Your online business doesn’t need to be full-time, it can be a side hustle.
Do you have what it takes what it takes to start an online business in Nigeria? The goal of this guide is to help you know the best online business in Nigeria.
What is an online business?
An online business is a business that operates (entirely or partially) on the internet.
Online businesses make money from online sales through digital channels without the need for initial direct physical contact with your customers or users.
The main tools you need to build an online business in Nigeria are an idea, an online presence (website, online store and social media accounts) and a way you can reach potential customers online.
You can do this with SEO, Ads social media marketing and content marketing.
20 Best Online Business in Nigeria That Pays In 2022
1. Become a Social Media Influencer
Over 3 billion people use social media today. A lot of these people today rely on social media to help them make purchasing decisions.
They look to their family, friends, followers and influencers for their reviews on products and services before purchasing. This is why the Influencer industry is so hot right now.
To become a social media influencer, you’ll need to find your niche because the social media influencer space is so crowded. Think about the topics you want to talk about and how you’ll talk about them differently.
From here you can get the ball rolling and start building your brand.
You’ll also need to understand every social media platform, how they’re different and create a strategy for each one. You need to also consistently publish new content. Don’t overdo it, be strategic.
Don’t forget to engage with your audience and followers. They are the blood of your business.
Always measure your experiments (the content you put out). And last but not the least, be patient. Becoming a successful social media influencer can take time.
You might want to check out Easy Ways To Make Money On Instagram In Nigeria (2022)
2. Become an Online Consultant
If you’re knowledgeable in a specific field, you can leverage it into becoming a successful consultant online.
You can be a consultant in any field as long as you have the expertise. It is even better when it’s a specific skill that is in demand in your industry and not many people are solving it.
Even if you think you don’t have any expertise that you can consult on. You can look at some of your interests and decide to become more knowledgeable about them.
In the process, you find out the problems that exist and how you can solve them for people as an online consultant.
While you can consult in any industry or field, these are some of the fields that are easy to start consulting in; Marketing, Tech-based skills, Product Management, Accounting, Communications, and even Medicine.
You can start by cleaning up your personal brand online to reflect your consultancy services.
You don’t need a personal website to start, even though one will be awesome. You can advertise your services by writing online about your expertise and field.
You can use free tools like WordPress.com, Medium and even Substack. Publish some of this writing on your social media like Twitter, Facebook and Instagram. Just remember to tailor the content to the medium.
You can use platforms like Paystack and Flutterwave to collect Payments from your clients. Just be creative about the process and always seek and listen to feedback from clients.
I also wrote an article on Best Ways To Make Money With Flutterwave In 2022
3. Start A Youtube Channel
You can make money from youtube even if you don’t have millions of subscribers.
As with every business, one of the biggest keys to building a profitable business is understanding your target market and actually creating videos that they will want to engage with.
On average YouTubers can make between $0.10 to $0.30 per view. On average, a YouTuber earns $18 per 1000 views.
So if you create 1 video in a week and 1,000,000 see it you’re likely to be paid $18,000 for the week. Youtube is a numbers game and success really begins at 1 million subscribers.
If you’re going to start a Youtube channel, I recommend you be in it for the long haul and make sure you pick the right niche.
You might like to read Top 20 Free YouTube Crypto Channels To Follow In 2022
4. Create & Sell Digital Products
The beauty of selling digital products is they require next to no physical cost, only the mental labour of creating and your time.
And they tend to be cheap. Digital products are anything that can be downloaded online as a digital file. They range from E-books to online courses and printables.
You can easily create an online store with Paystack or Flutterwave to sell your digital products in Nigeria. You can even target international customers. There is no ceiling, all you need is to put on your creative hat and be dedicated.
Check out the comparison between Paystack vs Flutterwave – Which Is Best In 2022
5. Start a Blog
A blog is a trusted online business model. People have earned a lot through blogging and more people continue to earn till this day.
A gazillion searches are made on Google every day. Imagine if you could capture the monetary value of 0.01% of these searches?.
Create awesome content that your target audience is looking for and the traffic will come. Of course, you need to do the things that need doing.
Like SEO, keyword research and picking a monetisable niche. Make sure whatever your blog is about that you’re really interested in it and you’re in it for the long term.
The more content you create for your blog the more your site traffic will grow, the more your earnings will increase.
You can monetize your blog through Ads, digital/physical products, Affiliate marketing and even sponsored posts.
6. Start a DropShipping Business
A lot of people make hundreds and thousands of dollars with a dropshipping business. But to do this, you’ll need to choose the right products, the right suppliers and also build a brand.
A dropshipping business is similar to owning an online store. The only difference is that you won’t buy, stock or deliver any products. Your supplier handles all these.
All you need is an online store with products from your chosen suppliers. When a customer orders from your store, your supplier receives the order from you and does all the hard work while you pay an agreed-upon wholesale price.
To start a dropshipping business you can use Spocket or Oberlo. They’ll help take you through the process of starting a successful dropshipping business.
7. Start a Social Media Marketing Service to SMEs
Another interesting online business in Nigeria is to offer social media marketing services to small businesses.
There are many small and medium-sized businesses that need help managing their social media accounts.
Based on your expertise and skills you can earn between $50 to $1000 for managing social media accounts for businesses. You can also even manage the social media accounts of high profile people.
To start this business you’ll need to have the necessary digital marketing skills. You can take a digital marketing course or if you’re a self-learner.
A simple google search on “How to become a digital marketer” and you’re on your way.
8. Start a Digital Agency
If you have tech skills. Like, say you can build websites or apps, you can start a digital Agency. A digital agency helps businesses to market their products and services online.
Having a one-man digital agency is very difficult to scale. You might have to partner with people that have skills you don’t have.
Let’s say you can code, you might need someone who’s great at marketing. This will enable you to be able to work on bigger projects.
You’ll also have to determine the sort of clients you want so you can tailor your lead generation strategies. Check out this guide on how to start a Digital Agency from scratch.
You might want to read 20 Best Small Scale Business In Nigeria 2022
9. Teach Online Courses
If you’re an expert in a particular field or very knowledgeable in the field and have a flair for teaching, then teaching online courses can be a good online business for you to start.
In this digital age, you can teach anything from rocket science to even your native language (Yoruba/Ibo/Hausa). There are people mostly foreigners who are looking for people to teach them African languages.
This doesn’t just apply to languages, you can teach any topic including programming, accounting, Excel, Marketing, graphic design and ay topic you can think of.
To successfully start this online business in Nigeria, you’ll have to create online videos, divide them into modules and upload them on online learning platforms like Udemy, Skillshare, Masterclass and Teachable.
You’ll also have to set a price for your course. You can look at other similar courses to have an idea of market pricing.
Make sure to create the best course available online. That’s how your online course can be successful. You can learn more about teaching an online course here.
10. NFTs Business
If you have been searching for business that pays without investment, then this is NFTs for you.
NFT simple means Non-fungible Tokens. It is a kind of online business in the cryptocurrency world, which involves selling digital assets like art work, pictures, music, videos, and so on.
These are usually bought and sold online and can be minted as cryptos.
NFTs Business has being in place for a long time, since 2014, but it started trending very highly in Nigeria recently, because of a photographer that sold a picture of an old male drummer for over N1 million.
Many people now understand the potentials in NFTs Business.
You might also want to check out 20 Platforms That Let You Convert Your Social Media Content To NFT
Cryptocurrency is another online business that pays directly to your bank account. To start your journey in the crypto world, sacrifice at least 1 month and enroll for the course/training from a reliable mentor.
Cryptocurrency Business is very legit/legal, and only pays those that have the knowledge required.
12. E-commerce Business
E-commerce Business involves buying and selling of goods in the internet; in which payment for the goods are also made online.
One interesting thing about e-commerce Business is that you can operate it from anywhere, and customers can buy your goods from anywhere; and they get their orders shipped to their location or country.
Most times, you may not really need to have your own personal products to run an e-commerce store.
13. Start Affiliate Marketing
This is a very lucrative online business that people often overlook. Affiliate marketing is all about referring people to buy a product or services for a commission.
The good thing about affiliate marketing is that you do not need to have any product. Just recommend products of other people and get paid for your effort. You are given a link and you share that link to your audience.
I know it sound so easy and less lucrative but let’s break it down. Let’s assume you recommend a product like a phone worth N80k. And your commission is 20% which is N16k.
You share your links through your channels and at the end of a month, 1000 people purchase through your recommendation.
That will be 80, 000 x 1000 = N80 million. Your commission will be 20% of N80 million which is N16 million! So in a month you have made N16 million.
If the commission was 10% you made N8, million. If it was 5% you made 4 million!
The Affiliate marketing market is worth billions of dollars but in Nigeria and Africa, it is not well explored.
To become a successful affiliate marketer, you will need to target a particular product or industry.
Then create a niche blog about that product or industry and recommend their products.
You can also create a niche social media pages and push your affiliate marketing there.
14. Flip domains and websites
Domain flipping is when you buy a domain name with the intention of selling it. The same thing goes for websites.
Domain and website flipping is a decent way to make money. If you buy a good domain name you can make a handsome profit from it.
A domain name is a website address, for example, Humortainment.com. People are willing to pay a considerable amount of money for domains they want that other people have.
You can buy domains from domain registrars like Namecheap and Hostgator.
You can advertise on the domain itself that it’s for sale or list your domains on sites like Sedo and Namejet where potential buyers come to.
To find good domain names ideas you can use geographical names, potential business names and keep an eye on social and business trends.
15. Web Design
Many websites are created everyday. There are billions of websites on the internet and millions more are being added each month.
In Nigeria, website creation is on the rise as more businesses and organizations look to tap into the power of the internet.
These businesses need web designers to help them build websites for their businesses.
To be a web designer, you need to have a knowledge of coding. You can learn programming online almost for free these days.
You also need to have a good understanding of the CMS that you are using.
Learn web designing, then create a website for your business and advertise it on social media. You will find customers.
If you are looking for online businesses in Nigeria with low investment then website design is one of them.
16. Sell Social Media Pages
If you are good in building audience on social media, then why not start selling social media accounts?
There are people that are always looking for active social media accounts that have much quality followers, to buy.
17. Forex & Crypto Trading
There is no hot business than Forex trading right now if you have a great understanding of the exchange market. People make thousands of dollars in trading currencies online.
It’s not advisable for everyone because of the high risk involved. If you want to start this business then you need to learn this completely & you should always try with small amounts before you become confident.
18. Sell Photos Online
Are you an excellent photographer? Then there is a chance of making a great income by selling your photos on the internet.
There are dozens of photo sharing sites where you can upload your photograph & make money from each & every download.
You might want to check out 20 Free Mockup Generators You Can Use Right Now
19. Virtual Assistant
Virtual assistant is one of the best online business idea & is very popular among women.
You function as a personal assistant but in this case, you don’t need to be at the same physical location to render assistant to your client.
You can help people with your skills & manage their business partially as per their instructions.
There are numbers of freelance sites where you can find unlimited opportunities for you.
20. Start A Startup
There is no better time than this for a start-up. You can find dozens of start-ups daily in countries like Nigeria, USA, India & South Africa.
If you have any great idea & want to start your own company then its very easy nowadays to get startup funding to support your idea.
Don’t allow the fear of fake online businesses in Nigeria to deter you from always trying out new online businesses. People are really making unbelievable amounts of money online today.
There are still new online businesses appearing everyday, and just because they are new does not mean they are not legitimate. There may still be legitimate ones among them.
We believe the guide in the article would help you to identify any online business that pays.
The only thing you would always have to do is to study and analyze every online business you want to try before joining.
Are there other online business in nigeria that pays in 2022? Then leave them in comment section below in order to help others in search of what businesses they can do online.