There is no better time than now for savvy Nigerians to venture into online business in Nigeria and be successful.
Today, internet penetration in Nigeria is deep, with more than half the country's population having access to the internet through their smartphones, PCs, and other internet-enabled devices.
And when it comes to the world stage, there are over 4.6 billion active internet users around the world as of January 2021.
What does this mean for you as a Nigerian looking for an avenue to start making money online?
Certainly, this simply shows there are abundant online business opportunities for you out there if only you can open your eyes to see.
More than ever before, this is the best time to embrace the internet lifestyle for good.
With just your laptop or smartphone, internet connection, and the essential knowledge you can start and scale a legit online business in Nigeria right from the comfort of your home.
In this article, I will reveal to you the current best online businesses in Nigeria you can start, even if you have zero experience altogether.
So, I will suggest you pay very close attention for the next few minutes because what I’m about to share with you on this page can impact your life forever.
What is Online Business?
I see online business as any legitimate commercial activity you can perform over the internet and be making money by doing it…period!
Generally, an online business can be simply described as any business conducted entirely or partially over the internet, mostly without physical contact.
It usually involves buying and selling goods and services where the transactions are started and concluded on the internet.
Normally, a website or mobile app serves as the meeting and interaction point for both parties - the business and the customer.
And you know the crazy part about internet business, you can start it today without having any product or service of your own to sell - unbelievable, isn’t it?
Why Should You Start Online Business in Nigeria?
To start an online business in Nigeria is easier and faster than starting a brick-and-mortar business.
If you think I’m lying, go and try to open a small shop in your area and see for yourself.
By the time landlord, area boys, vigilante, local government task force, tax officials, and the likes are done with, you will understand the difference between khaki and leather.
But for a legitimate online business, you can start even from the comfort of your bedroom and scale from there.
In most cases, all you need is your laptop or smartphone, an internet connection, and the essential knowledge. Your next-door neighbour doesn't even need to know what you're doing.
The following are three reasons why online business is the best route anyone looking for ways to start making money in Nigeria can take.
1. Easy to make money
First, the primary goal of any business, whether online or offline, is to make money - a.k.a profit.
Money is good…and stops a lot of nonsense (especially for this our Naija).
A broke man is an angry man, and an angry man is the devil’s workshop… believe it or not, this is the truth.
You and I know that the economy of our great country is in very bad shape at the moment.
The World Bank recently projected that the number of poor people in the country will increase to over 100 million by the year 2022.
But today, online business is one of the easiest and fastest ways to make money and build a regular flow of income in Nigeria, even as a side business.
2. Cheaper and easier to start
An online business is, most times, far much cheaper and easier to start than a brick-and-mortar business.
Online businesses usually do not come with too much overhead cost associated with other types of business.
For a start, you don't even need to rent and equip a shop/office or hire an employee.
With just your laptop or smartphone, internet connection, and the necessary knowledge you can start a profitable online business from your home.
3. Offers no boundaries
Online business has no boundaries. There are no geographical boundaries, in most cases. And you can be operational 24/7, even in the dead of the night.
Think about it - you can be sitting in your bedroom here in Badagry and be closing a business deal with someone far away in New York even at odd hours.
Coincidentally, as I was writing this part of the article on my laptop, I received an email notification. And when I checked, I found that someone from South Africa bought one of my products.
That is the power of online business - doing business with people you don’t even know and may never come across in real life for your entire life.
The global pandemic took the world by surprise and has shaken up the way a lot of people and businesses conduct their affairs around the world.
What is the Best Online Business in Nigeria That Pays?
There are so many legit online business ideas out there to venture into in Nigeria.
But choosing the right business to start can be a difficult task especially for a newbie on the internet.
That is why I have taken time out to handpick the best of the best online businesses that you can engage in and start making money online in Nigeria very fast this year.
What I’m about to recommend to you is not something that used to work 5 or 10 years ago.
Rather, what I will recommend to you are the best ways you can use to start making money online this current year.
And don't get me wrong, online business is easy to start…but most people struggle for a very long time trying to make it work because they lack the essential knowledge needed to succeed.
As a result of this, I recommended only online businesses backed with very sound training by fellow Nigerians who have started and succeeded in them already.
All you need to do is pick one of the online businesses recommended below, get the required training, focus solely on it, and watch as money begins to flow in surprisingly.
So, below are the best online businesses you can start in Nigeria and succeed very fast:
1. Affiliate Marketing
Affiliate Marketing is currently one of the best and fastest growing online business models in the world with no sign of slowing down anytime soon.
It’s all about adding value by recommending solutions to people with needs and challenges.
A lot of people have different problems and challenges.
And some people and businesses already have solutions to these problems and challenges and are willing to pay you a cut for recommending people with problems to buy their existing solutions.
This may seem like rocket science initially, but it's not.
Affiliate Marketing is all about recommending solutions (products and services) to people online.
Your recommendation is automatically tracked using your unique affiliate link.
If anyone buys through your affiliate link, you get the stipulated commission. It's as easy as that!
All you need to do is find a good affiliate network and join. Then pick quality offers and start promoting them using various digital marketing channels.
And boom, you have a lucrative online business on your hands.
Affiliate marketing is very profitable and less stressful than any other online business you can ever think of.
You can even do it as a side business if you so wish.
The beauty of it is that you don't need to create any product. You don't even need to give any customer support. All you need to do is recommend solutions to people with problems and make your money.
In fact, affiliate marketing is one of the easiest ways to earn money online both for a newbie or an experienced person.
Some affiliate offers pay you as much as 75% commission per sale. And sometimes, you get way more than that as commission.
For example, if a product that sells for $100 pays 50% as commission to affiliates.
That means anytime anyone buys this product through your affiliate link, you get a total of $50 as commission instantly.
If you’re able to recommend at least 10 people to buy this product in a month, you get paid a total of $500 from just this one product in a month.
Affiliate marketing is arguably one of the easiest and fastest online businesses you can start in Nigeria right now.
Pros of Affiliate Marketing:
High income potential
It has the potential to generate huge income given that you can promote different offers to a multitude of people with varying needs. There is no limit to how much you can earn with it. Your experience and efforts determine the level of earnings you get.
No expertise needed
Fortunately, there is no special skill needed to venture into it except the ability to refer lots of interested people to quality offers. All you need to master is how to use various digital marketing channels to refer people to your offers.
Billion-dollar growing business
Affiliate marketing is huge and has come to stay. It's growing and is not showing signs of slowing down anytime soon because more and more businesses increasingly rely on affiliates for their business.
Convenience and flexibility
You choose what you want to promote and decides when to abandon an offer and move over to the next. In fact, you’re your own boss.
Little investment to start
You don’t need an arm and a leg to start and succeed in affiliate marketing. Probably a token to learn the ropes and get the necessary gadgets and you're good to go.
Cons of Affiliate Marketing:
It can become highly competitive quickly because others are also promoting the same offers, especially in a highly competitive niche. But this can actually be a blessing if you know what you're doing. This should propel you to move above mediocre.
Uncertainty with income
There is no guarantee that you will make the same amount you made the previous time in the future. Income fluctuates and you should be aware of this from the start.
Choosing the right products
For a beginner, it may be difficult to choose the right products to promote. But once you get the hang, this will hardly be an issue.
Recommended Training for Affiliate Marketing:
The problem with affiliate marketing is that most people go about it the wrong way and end up struggling for a very long time trying to make it work.
Believe me, if you're not properly guided, you can waste several years trying to figure out on your own how to succeed in this fast-paced online business.
So, to help you get started with Affiliate Marketing in Nigeria on the right foot without beating about the bush, here is my trusted recommendation:
This is a walk-through step-by-step training by Toyin Omotoso, a renowned Internet Marketer in Nigeria and CEO of Expertnaire, a fast-growing affiliate network platform in Nigeria.
This is my favourite because it leverages paid traffic which can start bringing in profit within a few days or weeks of getting started.
72IG training program may be all you need to start making at least N200k and above every month with just your laptop, internet connection, and funded debit/credit card.
2. Youtuber (Video Blogging)
A Youtuber is someone who produces and uploads videos to the video-sharing website, Youtube.
Youtube triples as the world’s largest video-sharing platform, the second most visited website in the world (third in Nigeria after Google & Bet9ja), and also the world’s second largest search engine after Google.
People, more than ever before, are hungry for video content and Youtube seems to be the best place to find content to quench that ever-increasing hunger.
Youtube is such a big and powerful platform for content creators to build and connect to a large audience quickly.
And not only that, Youtube offers multiple monetization channels for creators to earn from their hard work while doing what they like.
Youtube has paid a combined total of over $30 billion to creators in the last three years.
Starting and growing a Youtube channel is one of the most profitable online businesses anyone can start in Nigeria right now.
I'm sure you have visit Youtube recently either to watch some comedy skits, the latest music videos, football highlights, instructional videos, or some other interesting stuff.
While you go there to consume content (watch videos), the creators of those contents you watch make money off your activities.
Creators on Youtube make money by showing you adverts, recommending affiliate products (or their own products), or from sponsorships from notable brands.
All these bits of income add up to a substantial amount at the end of each month.
It’s not uncommon to find a Youtube channel with less than 50k subscribers raking in up to $5,000 and above every month - depending on their niche and monetization strategy.
Interestingly, you don’t need a fortune to start and grow a Youtube channel to the point where it becomes a money-generating machine for you.
Pros of Youtuber:
Good income opportunity
People watch videos like crazy nowadays, and if done right, Youtube can turn out to be a mind-blowing source of regular income for you passively. That popular video you posted last two months can continue to generate income for you well into the next few years as long as it continues to get views.
Allows you follow your passion
Nothing beats doing what you love and getting paid indirectly while doing it. With Youtube, you can attract and connect with a global audience that resonates with what you do.
Easy to start
Creating a Youtube channel is absolutely free and easy to do; though, creating videos for your channel can be an entirely different story depending on the type of videos.
In most cases, you can work from anywhere provided you have access to your equipment.
Cons of Youtuber:
It takes time
Longer, comprehensive, and valuable contents rank better, and enjoy more views on Youtube. But it requires time to create a valuable video.
Cost of content creation
We all know that creating a quality video doesn't come cheap. That classic video might require combined hours of content writing, screenwriting, directing, shooting, and editing. The cost of equipment is another thing to consider - studio setup, lighting, camera, microphone, editing software, etc.
Competition and plagiarism
Thousands of videos are uploaded on Youtube every day. It takes a solid strategy for your videos to stand out from the crowd.
Secondly, ideas can be copied rather quickly on Youtube. Plagiarism is one thing to look out for so you don't end up a victim or a culprit.
Requires consistency and patience
For you to succeed on Youtube, you need to constantly dish out quality content which is not an easy feat, especially at the very beginning.
Secondly, never expect to jump onto Youtube today and start making money by tomorrow morning - it doesn’t work that way friend.
For a start, you need to have at least 1,000 subscribers on your YouTube channel, and your videos combined need to have generated at least 4,000 Watch Time hours over the last 12 months before you can be approved for the YouTube Partner Program and be able to earn from Youtube ads.
Though, there are other ways to make money off your Youtube channel outside Youtube ads. I know of a Nigerian guy who claimed to have made over $100k with his Youtube channel even before it reached the required milestones for the Youtube Partner Program.
Recommended Training for Youtuber:
Believe me, anyone can start a Youtube channel.
But not everyone can grow a Youtube channel fast enough to the point where it becomes a money-making machine.
Ironically, being successful and making money on YouTube has little to do with making videos.
If you want to easily and quickly create a popular YouTube channel with thousands of loyal subscribers, make simple videos that magically generate millions of views, and make extra, consistent income daily, then you need quality training and mentorship from someone who has been there
To help you to succeed fast with Youtube, here is my top recommended training:
This is a well-rounded training program for those who wish to make money online using the second most visited website and the second largest search engine in the world, Youtube.
This training is made available by Dr. Malik, a trained medical doctor turned professional Youtuber with many years of experience in the field.
If someone can abandon a rewarding medical career for a Youtube career, then there must be something he’s found that you need to learn from him.
This versatile training is all you need to start and grow your viral YouTube channel and turn it into a brand-building, money-making machine in 90 days or less.
3. eCommerce Business (Mini Importation)
Ecommerce Business (a.k.a. Mini Importation) is another very profitable business you can venture into and start making money within a month of getting started if you know what you are doing.
To succeed in this business, you need to do things a little differently.
Instead of setting up an online store and start filling it up with hundreds of different products like most people usually do, you should simply focus on a few products that are in high demand which you can sell with a very high margin.
There are lots of rare high-demand products you can get for less than $5.00 from China and sell them for as much as N10,000 here in Nigeria, and people will still be begging you to buy them.
All you need is to build a funnel for each of the products and start promoting them using paid social media marketing like Facebook ads and watch as orders flow in on daily basis.
I know a few people who do this eCommerce business, and they are making a good profit from it every month.
The only problem with this business is that it requires a little capital to start and succeed; otherwise, it is one of the best profitable online businesses to go into and start making money in Nigeria.
Pros of eCommerce Business:
It is not uncommon to get 100% - 500% returns on hot selling products here in Nigeria. An eCommerce business, when done right, can be a powerful source of income given the high profitability of the business here in Nigeria.
Easy to start
Unlike brick-and-mortar shop, an eCommerce business requires less cost and effort to start. You can even start right from the comfort of your bedroom and scale from there.
Ability to scale
It is easy to scale an eCommerce business once you know what you are doing. With the ability to retarget and remarket your customers, this has become much easier than ever.
Cons of Ecommerce Business:
If I’m being very honest, an eCommerce business is definitely not for the broke. Even though the startup cost cannot be compared to that of a regular brick-and-mortar store, you still need a sizeable amount of money to start and succeed in this business.
We all know that the logistics business in Nigeria is still not well developed especially with regards to suburban areas in the country. Logistics (delivery and returns mostly) can become a problem especially for someone not residing within the major cities in Nigeria.
Truth be told, the eCommerce business can be competitive. But if you steer clear from cutthroat competitive niches and implement a good marketing strategy by using funnels, then you won't have many headaches with high competition.
To run and manage an eCommerce business requires a bit of technical expertise; though, this can be quickly learned or outsourced.
Recommended Training for eCommerce Business:
Most people who started their eCommerce business in Nigeria during the eCommerce boom nearly a decade ago are either closed down or struggling at the moment.
What this simply means is that doing eCommerce business the traditional and popular way will likely get you nowhere in the long run unless you have the capital and technical know-how.
That is why you need to discover the hidden strategy that savvy eCommerce business gurus are using to make a huge amount of money on monthly basis.
So, to help you get started with a profitable Ecommerce Business in Nigeria, here is my top recommendation:
As the name suggests, this is a comprehensive masterclass that walks you through step by step from market research to scaling your eCommerce business even as a newbie.
This training is quite popular as Jonathan Melody, a Nigerian-based eCommerce expert, really did justice to the topic.
So, if you are interested in starting and scaling an eCommerce business in Nigeria, then, 10x Ecommerce Complete Masterclass training is what you really need.
People are hungry for content. And if you can satisfy a sizable number of these hungry people, then you are in for a huge profit.
According to Hubspot.com, it is estimated Google alone processes approximately 63,000 search queries every second.
That is translating to 5.6 billion searches per day and approximately 2 trillion global searches per year. The average person conducts between three and four searches each day.
You may ask, what are people searching for?
The answer is simple, INFORMATION.
And guess what?
There’s a chance you landed on this page from a search you made on Google or one of the other search engines, right?
So, if you can package information in the form of content and present the same on your website, then you are going to enjoy lots of visits from some of these billions of searchers every day.
Blogging is all about creating and posting content (mostly texts, images, and videos) frequently on a blog (website) to attract the attention of people searching for information online.
Our dear good old Blogging is still one of the best ways to start making money online in Nigeria.
All you have to do is pick a profitable niche that you're comfortable talking about, start creating valuable content around the chosen niche, and gradually, you will have a loyal audience that you can monetize to start making good money.
You can make money with blogging in different ways which include promoting affiliate offers, paid adverts, sponsored content, and many more other ways.
To succeed in blogging, you need to be continuously adding value by dishing out valuable content on your website.
Pros of Blogging:
Good income opportunity
When done right, blogging has the potential to generate good income for you passively. That valuable post you put up this month can as well continue to generate income for you well into the next few years.
Low startup cost
The good news is that it doesn't require many expenses to start a blog today. Get a domain name and good web hosting, install WordPress onto it, and you are almost ready to go.
Little expertise needed
As long as you can create and format your content, you are good to go with blogging. Though, a basic knowledge of SEO will help you get a better result with your content.
You can work on your blog anytime you want and from anywhere. Even though consistency is recommended in blogging, you can schedule months' worth of content while you go on vacation.
Cons of Blogging:
Undoubtedly, creating valuable content takes time. Today, longer and comprehensive content ranks better on search engines and also gives more value to consumers.
So, if you're not the type that can sit down and create quality content frequently, then blogging may not be for you unless you have the resources to hire experienced freelance content creators to help you from time to time.
Requires patience and persistence
Never expect to start making money right from the start. For example, it takes between few days to months for Google to properly rank a blog post. You need to start getting good attention before you can start thinking of making any money with your blog.
Recommended Training for Blogging:
When looking to start a blog, most professional bloggers will tell you to start with a niche that you're passionate about because it will help you maintain a consistent writing schedule and push through tough times.
But the above advice is wrong and outdated, and that is why a lot of people keep struggling with blogging.
To help you get started with Blogging the right way, here is my top recommendation:
This is a comprehensive dripping content coaching program by Joe Okoro, a successful 7-figure per month blogger in Nigeria.
If you want to start and succeed in blogging, then Blog Cash University is what you really need to guide you on how to set up your blog and get the ball rolling.
In Conclusion: Which Online Business is the Best in Nigerian?
In this article, I have tried my best to lay bare the best online business that pays in Nigeria you can start from home this year.
Now, the ball is in your court.
If you are serious about making money online in Nigeria, then you can pick any of the business models that appeals to you most and start raking in profits in no distant time.
Here is a quick recap of my top online businesses in Nigeria you can engage in and start making money very fast:
Business ModelBrief DescriptionRecommended Training
Affiliate MarketingGet paid huge commissions regularly for simply recommending products and services to others online.The 72IG Implementation Program By Toyin Omotoso
Youtuber (Video Blogging)Start and grow a viral YouTube channel and turn it into a brand-building, money-making machine in no time.Youtube Profit Blueprints By Dr. Malik
eCommerce Business (Mini Importation)Quickly make massive profits by importing and selling rare high-demand products with huge margins using paid ads and funnels.10X Ecommerce Complete Masterclass By Jonathan Melody
BloggingAttract and monetize massive attention by frequently dishing out valuable content on a blog.Blog Cash University By Joe Okoro
The problem that most people face with making money online is that they focus on many things at the same time; thereby, becoming the jack of all trades, and master of none.
Likewise, only serious people who are ready and willing to put in the effort to change their lives, not mere success wishers, can achieve success online legitimately.
Another thing is this, don't expect success overnight.
Getting results online is often a gradual process especially for a beginner. But if you focus and put in enough effort, success is guaranteed - I can vouch for that.
Lastly, I cannot overemphasize the importance of getting proper training before getting started with any of the online businesses mentioned above.
This will save you hundreds of hours of trials and errors, and avoidable mistakes.
To your online business success!