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20 Online Business Ideas That Pays In Nigeria 2022

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Are you searching for the best online Business ideas that pays in Nigeria, then this article is meant for you. In this day and age, the business ideas that works are online business ideas. Why?

Researchers has found that people these days spend most of their time on the internet. As a result, the best place to reach large numbers of customers or clients for business is online. At present, the busiest location globally you can commence your business is the internet. In fact, it is even busier than the open markets around you.

People all over the world are making use of the internet for one thing or the other daily. When you open an online business, it means that you can connect with Billions of people online for your business. Much more than you can access in the regular world market.

 Moreover, with online business ideas, so many big opportunities are open to you. While you are located in Nigeria, you can still conduct business with those in Australia, Canada, the United States, and anywhere globally. The benefits of online business ideas cannot be overemphasized.

Online business means a larger market as well as bigger prospects. Also, it is quite affordable and easy to maintain. All it will take you is; your computer, mobile phone, and an internet connection and you are good to go.

Here are the best 20 Online Business ideas that pays in Nigeria which we are going to discuss in this post.

  1. Teach courses online
  2. Develop digital products
  3. Web Design
  4. Drop Shipping or Online Shop
  5. Open a Mini Website Hosting
  6. Freelancing
  7. Affiliate Marketing
  8. Professional Blogging
  9. Bank Sales Business Online
  10. Online Videos
  11.  Social Media Sales
  12. Flip Websites and Domains
  13. eCommerce
  14. Online Advert Agency
  15. Publish E-books
  16. Buy Into Cryptocurrency
  17. Email marketing
  18. Begin a Podcast
  19. Open your YouTube Channel
  20. Sale of Information-Based Products

Online Business Ideas – 20 Business Ideas for 2022

Teach courses online

There are so many people out there looking for someone to teach them one thing or the other online. It may be web designs, business management, or writing skills. Some even wants to learn instruments or cooking classes online.

If there is any course you know much about, you can develop it very well and sell it on the internet. If you are lucky your topic goes viral, you can make up to 20k for a particular course. People learn things online now more than anywhere else. If you don’t know how to go about developing and selling your courses online, you can visit; Teachable.com and Udemy.com.

Pros:

  • Increased flexibility
  • Easy access
  • More affordable

Cons:

  • Fewer courses
  • No social interaction
  • Some companies and institutions disregard online education

Develop digital products

Digital products are goods which are mostly used online. For example; logos, download software, Themes, Apps, E-book etc. are digital goods. With these online business ideas, you can become a millionaire in a short time.

For instance; WhatsApp is a digital product developed by certain friends to keep in touch with each other. They were enjoying it until the product becomes viral. Then they sold it off for $19B. When you change it to Nigerian naira, it will be Trillions.

There is also Instagram, another digital product which was sold for $1 billion just to mention a few.You don’t have to wait though for a product you can sell for billions online. You can still create the Apps you can sell in thousands of dollars. If you convert it in Nigerian naira, it will turn to millions.

Digital products creation is quite a lucrative online business. Especially, since there are so many people out there prepared to consume it.

Pros:

  • The communication lines are direct
  • Very easy to sell, manage, and deliver
  • The overhead costs are lower
  • Larger market base
  • Entry barriers are lower
  • You cannot resist the profit margins
  • Digital goods last forever
  • Digital goods never run out of stock

Cons:

  • It takes much effort and time
  • They are not tangible goods so people may think that it is not real
  • Creating a digital product to become ready for the market consumes too much time

 

Web Design

Every day, people around the world create websites. If you check the internet, you will find out that there are billions of websites available and many more are opened every month.

Website creation in Nigeria is increasing since many organizations and companies are seeking to benefit from internet power. These enterprises are likely in need of website designers that will aid them to create their business websites.

If you want to do website design, you need to know more about coding. That’s not difficult since you can learn programming for free on the internet these days. All you need to do is read up on how you can be a software developer online. You should also try to understand CMS which you will use very well.

When you learn how to design websites, you can then proceed with opening your business website. Then post your adverts on social media to look for customers.

Let me tell you, web designing is one of the best online Business ideas that pays in Nigeria.

Pros:

  • You can easily work on your own
  • There is no particular office you have to go to
  • The earnings from web designing is quite competitive
  • There is room for diversity in Industry
  • Employment opportunities are great
  • Your feedback is instantaneous

Cons:

  • You will have to spend too much time on your butt sitting down
  • Your working hours may be long
  • You are always learning never done with the education

 

Drop Shipping or Online Shop

drop shipping online business idea

Another one of the best Online Business ideas that pays in Nigeria is drop shipping or opening an online store. For instance; Jeff Bezos who is the world’s richest man presently owns an online store called Amazon. Konga and Jumia are the largest online stores in Nigeria.

As long as you have marketable products, you can always open an online store. Advertise your products online to reach more customers. Also, you can source goods from other people online and sell them.

If you are lacking the capital to operate a warehouse or buy the products, you can try out drop shipping. What drop shipping involves is for you to open an online store. Search for the major suppliers of the goods you want to market. When you get them, copy their stock and exhibit the goods on your online store.

As people visit your store to buy, whatever they order will go directly to the supplier. When the supplier ships the products, your money comes to you. Even though you don’t have the product, you can still make money.

Only what it will take you to open an online store is to visit platforms such as; Shopify and WooCommerce for help.

Pros:

  • You don’t have to buy stock initially or store inventory
  • The setup is quite easy
  • The overhead costs are very low
  • It offers flexibility as well as wide range of products
  • Business growth is very easy
  • You can make around 20% to 30% on the average per sale

Cons:

  • It can be costlier than the traditional retail
  • You do not have control over branding and quality

 

Open a Mini Website Hosting

There are so many organizations, enterprises, and individuals out there searching for a way to exhibit their business ideas online. You may not know it yet. But there are so many non-business and business organizations that are operating without websites in Nigeria.

Majority of these businesses will likely need to go online for their business as internet keeps on penetrating.Anyone that wants to create a website will definitely require a web host. So you can open a small web hosting venture and capture these organizations and businesses as customers.

You can also do a marketing outreach in your area to sanitize enterprises and inform them on why they need to own a website.

What you will require to open your mini web hosting venture are; rent a huge server, reliable, and fast computer.

Pros:

  • Lower cost
  • You can simply install and manage it
  • Technical support is sure
  • Its resources can increase with the site demands

Con:

  • When there is too much traffic volume on the site because of resource contention server, problem comes with the other company’s clients.
  • Not able to fit the hosting system
  • Sometimes, the server becomes overwhelmed causing the site to go down

 

Freelancing

Freelancing is a good business idea in Nigeria although it’s not popular here as in the US. Freelancers in the United States takes around 35% of its workforce. Besides, they contribute more than $1trillion to the US economy.

What freelancer means is, operating from the comforts of your home. If you are lucky to have a skill with high demand, you can make huge money as a freelancer.

Freelancing Business

The freelancing business is quite lucrative. Just one platform like Ppwork you work with, you can generate more than $1billion per annum. Anyone that is in need of part-time business or a student can benefit greatly from this online business.

You concentrate on your freelance business during your free time and make money at the same time. There are so many skills you can freelance to make money on the side. For instance; social media skill, writing, video editing, graphic design, programming, typing, desktop publishing, translation, etc. People out there are in need of those to collaborate with to do these businesses.

You only need to visit sites like; 99 designs, Upwork, PeoplePerHour, Freelancer, Toptal, Guru, and many others to get freelancing jobs.

Pros:

  • Freelancing is more flexible than regular jobs
  • There is room for more creativity and easily pivot
  • There is a great sense of accomplishment with your successes as well as business

Cons:

  • Tax payments is quite challenging and complicated
  • It can get lonely and boring working on your own

 

Affiliate Marketing

Affiliate marketing is one of the top online Business ideas that pays in Nigeria. What it’s all about is recommending people to purchase services or a product and you get a commission. With affiliate marketing, you don’t need to own any product or service personally.

Read our post on how Affiliate Marketing Works

Your job is only to refer people to the products owned by others and receive payment for the effort. You will be given a link. Your job here is to share the link you are sent to your audience.

What you get!

It may seem very easy and not lucrative enough to you but check out the breakdown. In a situation where you can recommend a product with the value of N80 thousand, the commission you will get is 20% of the N80 thousand which is N16k.

You use your channels to share the links and if you can get up to 1000 people in a month to buy products you recommended, what you will be earning is 80,000 x 1000 = N80 million. Then take your 20% commission from N80 million. You will be earning N16 million in one single month. Awesome isn’t it? If per chance, the commission is 10%, you can still earn N8, million and N4, million if the commission is 5%.

Currency you earn from Affiliate Marketing

Affiliate marketing generates money in billions of dollars. However, it is not properly explored in Africa and Nigeria.

You will need to focus on a specific industry or product if you want to become successful in affiliate marketing. Furthermore, you develop a niche blog regarding that industry or product. Then recommend the products or industry.

You can also build a specific niche social media platforms and promote your affiliate marketing venture there. There are so many networks for affiliate marketing you can join. For example; commission Junction, Konga Affiliate, Jumia Affiliate, Amazon Affiliate, and many others.

Pros:

  • Low cost for start-up
  • Ongoing costs are low
  • Low risk
  • The traffic is targeted
  • It offers flexibility
  • High ROI

Cons:

  • You have no control over your competition
  • There is no revenue guarantee
  • Quantity approach

 

Professional Blogging

There is no doubt that professional blogging ranks very high among the Online Business ideas that pays in Nigeria. Professional blogging is so simple that anyone can do it and generate money out of it. Presently, people are no longer too interested in magazines and the regular newspapers.

What is replacing them recently is professional blogs. Moreover, the internet allows anyone to start a blog post. Unlike the regular magazine or newspaper where you will need to involve much expenses and politics. Majority of people these days no longer look for magazines or newspapers.

Instead, people go Online anytime they are searching for any information and visit blogs to get whatever they need conveniently. Any topic you are good at, you can write what you know about it and post on your blog to make money.

How you earn!

As visitors’ starts coming to your blog, you can then make money from Product sales, Google AdSense, Affiliate marketing, and many others. However, it may not be easy to make money initially since you are starting new. Yet, with great skill, your audience will keep on growing and you can make up to $1000 in a month or year which is around N350 thousand in Nigeria.

It is quite easy to create your own blog. It will not take you more than 20 minutes to open one. However, it is advisable to open a self-hosted blog. That is the best option that can allow you to customize your blog and have full control of it. Free blogs don’t yield money’

As for the cost, the domain name may cost around N4000 or less. The hosting may cost around N3000 per month or less. But it is better to pay for 1 year in advance which is more economical. You will only spend N27 thousand per annum.

Pros:

  • Creating your own blog is very easy
  • You give people the reason to visit your website with the blog
  • A blog promotes a sense of community
  • A blog’s outreach is quite incredible
  • A blog is like a live archive of individuals’ inspiration source

Cons:

  • You must update regularly to become successful
  • You may find it difficult to write if you don’t have the flair
  • So many frustrating technical issues

 

Bank Sales Business Online

Another business idea in Nigeria that can yield you money is online bank sales. With bank sales online business, you can actually help banks recruit clients through the internet. Celebrities like Don Jazzy are recruiting clients for banks through online bank sales.

The best platform to use for this business is the V.V banking app owned by VFD Microfinance Bank. This particular bank is the Largest Microfinance Bank in the country and is regulated by CBN (Central Bank of Nigeria).

Setting up your online agency doesn’t require any paperwork or documents with V. all it requires is just a few clicks and you are good to go.

The first thing you need to do is;

  • Download the App
  • Install the App
  • Don’t forget to use the 4PEYE as a referral code
  • Fill out the according to the screen directions
  • Open up the App
  • Click on more
  • Then click on the start your bank

After filling the form and submitting it, it may stay up to a day before getting approval. Immediately you receive your approval, log into your bank sale business account. Copy your referral code and make use of it for customer recruitment.

When you recruit more customers, you will make more money. For example;

  • If you can refer 5 persons that has a total balance of ₦500,000, you will gain ₦30,000 per month
  • If you refer 75 persons with a total balance of ₦2 million, you can gain ₦50,000 per month
  • 100 persons you refer with a total balance of ₦5 million, you can make ₦100,000 per month
  • 250 people you refer with a total balance of ₦7.5 million, can give you ₦150,000 per month
  • 1000 persons referred with a total balance of ₦25 million, you can make ₦500,000 per month
  • 2000 persons you refer with a total balance of ₦100 million, will get you ₦1 million per month

Pros:

  • The overhead is lower
  • Easy to locate
  • It is cost-effective
  • You can gain local experience

Cons:

  • An agent may not have a total understanding of your product
  • If the contract is terminated or breached, the agents are entitled to compensation

 

Online Videos

The business of online videos is known as Vblogging. It is quite lucrative and among the online business ideas that pay in Nigeria. Vblogging is just like when you visit YouTube to watch interesting stuff like; football highlights, comedy skits, and trendy music videos.

It is true that you can use Twitter, Instagram, Facebook, and other places to produce videos. However, the largest market for the online video enterprise is YouTube.

After Google, the 2nd best-visited site on the internet is YouTube. Many people around the world mostly make use of YouTube more than Twitter, Instagram, or Facebook. If you want to share videos online, your best option is YouTube.

If you are passionate about videos, then, you can make them and upload on YouTube. You can start with short movies, comedy skit, football previews/reviews, or talk shows. There are others like; fashion videos, tutorials, politics, news, entertainment, music, games, life hacks, DIY, and many more.

You can develop your audience and begin making your money with Google AdSense, sponsorship, Affiliate marketing, and many more.

Pros:

  • You don’t need a physical storage or inventory
  • The distribution is fast and easy
  • You can either stream or download
  • The cost is reduced

Con:

  • Lack of familiarity or education
  • Technical difficulties

 

Social Media Sales

Social media has the largest number of people you can do business with. Ranging from Snapchat, LinkdIn, Instagram, Twitter, to Facebook, and others. People always spend majority of their time on these social media platforms. Thus; you can use social media sales to help enterprises leverage the social media crowd to drive leads.

It is a fact that businesses that utilize social media sales can promote their sales to 100%. There are not many social media market in Nigeria, so you can utilize the opportunity. All you need to do is aid businesses make use of the social media buzz.

Pros:

  • Low cost
  • Large audience
  • It is fast
  • Interaction
  • Brand loyalty

Cons:

  • It is time-consuming
  • ROI takes time
  • There may be the risk of bad publicity

 

Flip Websites and Domains

Another online business ideas that has numerous potentials is flip websites and domains. You need to exercise patience and clear understanding of what you are going into though.

Flip websites and domains is all about buying of websites and domain names and reselling them. If you understand the business very well, you can clearly make much profit from it.

For instance; if you know about Bitcoin before it became so popular, then register your domain name as; bitcoin.net, bitcoin.org, or bitcoin.com. Then you are likely to make up to $1 million when you sale it as bitcoin became viral.

You can purchase existing sites with great potentials, build it for about 6 months and resale it for 50 times value of your purchase value. Platforms where you can flip domains and websites are Sedo, Flippa, and many others. You can even build blogs, run it for 1 year and resale it.

Pros:

  • You can make much money out it
  • Domain names are always on demand especially EMDs
  • You don’t need skills or large investment to begin

Cons:

  • It is time consuming
  • A lot of uncertainty

 

ECommerce

ECommerce is a lucrative online business you can make money from in Nigeria. It is all about selling products online and getting payment for the sales. The only requirement e-commerce asks for is a website.

What you need to do is to open your website and make it active. Then you can make lists of products you will be selling and commence business. As you build traffic on your website, your sales will grow automatically. If you cannot afford to own a website, you can always sell on;

  1. Jumia Nigeria
  2. Konga
  3. PayPorte
  4. VConnect Nigeria
  5. Kara
  6. Printivo Store
  7. Jiji Nigeria
  8. Obiwezy
  9. Ajebomarket
  10. Kusnap

Pros:

  • Lower financial rate
  • Potential income
  • You can sell products internationally
  • Showcasing bestsellers is very easy
  • Online experience is personalized
  • Affordable employees
  • Easy to promote impulse buy
  • Remarketing and retargeting to customers is easy
  • Customers invasive experience is reduced
  • Easy to gain customer’s data

Cons:

  • No sales during a site crash
  • No testing by customers before purchase
  • Higher competition

 

Online Advert Agency

There are so many online advert and publishing agencies. The work of the advertisers is to promote their services and products. While the publishers own the websites where the adverts are shown. You can turn this great online business idea into a lucrative one.

All you need to do is connect the advertisers and the publishers. Thus; you are making lists of publishers and giving offerings to the advertisers according to specific packages.

Pros:

  • Immediate expertise
  • New perspective
  • Reducing workload and task list
  • Specialized tools are utilized

Cons:

  • Lack of industry or product knowledge
  • Higher competition

 

Publish E-books

If you have passion for writing, this is your chance. You can make money by writing e-books and publishing them online. Just remember that you have total control of whatever you may write and publish on your kindle books. You will be the person to write, edit, format, do the cover, upload, do the description, and market as well.

Pros:

  • It is convenient
  • Sustainable
  • It helps those that have visual impairment
  • It delivers more immersive experience

Cons:

  • Everybody is on it already
  • Paper retains information more

 

Buy Into Cryptocurrency

Another one of the best online Business ideas that pays in Nigeria is investing in cryptocurrency. The first thing to do in the crypto business is to get updated on your skills and knowledge. Investing into the crypto business has many approaches that can generate money. For example;

  • You can invest into crypto coins before the value rises or IPO
  • Mastering how you can work and program with Blockchain
  • Become a vblogger, blogger, or crypto writer
  • Get employment at any crypto startup

The blockchain and crypto technology are still emerging, now is the right opportunity to learn the required skills so that you can gain from it.

Pros:

  • Asset trading
  • Higher prospect for returns
  • Short time horizon
  • It is one-to-one business on a peer-to-peer network system
  • High-security fences

Cons:

  • Scalability
  • Price volatility

 

Email marketing

Developing an email newsletter is a great online business ideas you can benefit from in Nigeria. You can use your email niche to get to a select group of individuals. You can also build a sustainable and solid business with email marketing.

It is not difficult to begin an email newsletter. You are required to;

  • Decide on the specific niche you want to render services and your email style
  • Select your email provider
  • Develop and landing page that is very simply
  • Attract traffic to your page
  • Always send emails to your chosen list

The email list you send messages to will be opening it every day and that is a way to build trust. Immediately your customer list becomes extensive, you can then look for ways to monetize it. You can;

  • Offer membership courses
  • Sell your personal digital products
  • Send your clients to affiliate offers
  • Sell sponsorships

You only need to visit platforms like; Aweber, MailChimp, Drip, and ConverKit to learn everything you need to know.

Pros:

  • Affordable option
  • You can quickly reach millions of people
  • Your efforts are easy to track

Cons:

  • The emails you send may be tagged as spam
  • Limited creativity

 

Begin a Podcast

Starting a podcast is a new lucrative online business ideas. Podcasters are already generating millions of dollars through podcasting. It is another way of passing information.

For instance; if you own a blog where you can educate or teach readers certain subjects, you can convert the information easily into the audio format and commence podcasting.

If you can combine promotion, consistency, and quality content, YouTube channel is likely to pick it up. You will then make lots of money through it.

Pros:

  • Shows are personal and available
  • Always on demand
  • Freedom to go about with your favorite shows

Cons:

  • Content and IP protection is difficult
  • Audience accessibility has issues

 

Open your YouTube Channel

Opening your own YouTube channel is a lucrative online business ideas that you can benefit from in Nigeria. All you need to do is;

  • Select a topic you love most
  • Create interesting movies with the topic
  • Make sure the videos are neat and clean
  • Make sure the videos are exciting to attract viewers

You can then invite your family and friends to visit and subscribe to your YouTube channel. Also make announcements of your videos on your social media account to link subscribers and viewers gradually. Immediately you get enough traffic, you can generate money via adverts.

Pros:

  • It is easy to link up with other YouTubers
  • You will become a pro in dealing with haters
  • You can impact people positively

Cons:

  • It is quite annoying to edit videos
  • The scheme doesn’t make money fast

 

Sale of Information-Based Products

The sale of information-based products is another easy business ideas in Nigeria that pays. What it requires from you is to;

  • Package your knowledge
  • Convert the knowledge into information-based product
  • Then sell if off

For instance; if you know anything that can change the lives of people to the better. Or something that can help them to achieve their goals, you can sell that knowledge and get money from it. You can package your information-based product like an e-book, online courses, software, membership programs, video-training, and many others.

You can use your WhatsApp list or Expertnaire.com to sell your info-based product without opening a website.

Pros:

  • Big audience
  • Low cost
  • Fast

Cons:

  • Risk of bad publicity
  • Long time on Return On Investment

 

Conclusion

After reading through these 20 Online Business Ideas that pays in Nigeria, I believe you must have captured one or two. Hopefully, you can go out there and start your own business as soon as possible. Take advantage of these online business ideas to make your millions.

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