The Many Sure Ways to Make Money In Nigeria

Types of Investment
Reading Time: 4 minutes


Anybody can make money in Nigeria!

How? You may ask, with the scary statistics that we read in the press every day.

Nigeria today has more people living in extreme poverty than any other place in the world.  World Poverty Clock reports that the number of extremely poor people in the country is increasing by six every minute.  By the year 2030 it estimates that about 120 million of the population or 45 percent may be surviving on less than $2 a day.

So how can one make money in a country with such a gloomy record?

Answer: The country is a land full of opportunities. 

Nigeria is a home to over 200 million people and obviously Africa’s largest market for consumer goods.  She is also endowed with abundant natural resources.  No wonder the country is one of the most preferred destination for foreign direct and portfolio investments.

These configurations make it possible for any smart and serious individual to live and make money in Nigeria. So if you are one of those who is wondering how to make money in this country in spite of the negative stories or happenings around you, this post will show how.  

Let’s dive in

How to Make Money In Nigeria

#1.Start A Small Business   

The number of small businesses anyone can do to make money in Nigeria is uncountable. Some of these businesses can be started with little or no capital and so many more require little or no skill at all.

And the interesting thing is that these businesses are not discriminatory.  Whether you are a student, a teenager, a retiree or even a full time employee seeking a side hustle, there is a business idea that you can engage in to make money.

Sell something! People are always needing things. Provide a service, there is a always a gap that need filling. Just look around your neighborhood or community, you must see that there is a product or service that people need.  Sell it or provide the service.

Check out this list of 20 small businesses you can start in Nigeria with little or no capital.  it is amazing how simple these things can be.

#2. Start Investing 

I read somewhere that Nigerians do not invest and that few save. Unfortunately, a review of trades at the Nigerian Stock Exchange will show that foreign portfolio flows make up sixty percent of monthly transactions. This simply explains why the market goes down whenever foreign investors withdraw or re-balance their portfolios.

Some of the reasons that we often give for not saving or investing is that we do not earn enough.  Thus, so many people believe that only the very rich people can invest in the financial markets. On the contrary anyone can invest. There are many investment options that anyone can buy with small amount of money.

For a starter, you can buy the FGN Savings Bond for as small as N5,000. There are also mutual funds that an ordinary Nigerian can invest in with small amount of money.  One can also start investing in stocks gradually with a very minimal amount. These are some of the smart ways you can start investing with small amount of money and make money in Nigeria. 

#3. Make Money Online 

The internet is providing great opportunities for people to make money either passively or actively.  What is driving the growing interest in online business is the ease with which it can be started. Unlike a brick and mortar business, an internet or online business does not require much capital and can be run from any location around the world.

The steps to take in doing internet business are simple:

  • find out what product or services that people want,
  • set up a simple website or use an existing platform,
  • get visitors to your page, engage and attract their interest,
  • then sell to them.

Any of these 10 online businesses can get you started.  Some of them include drop shipping, information products, blogging, affiliate marketing, e-commerce, among others.

The winning formula is to be genuine, patient and hardworking.

#4. Make Money With Your Mobile Phones 

The number of people using smart phones in Nigeria is growing on a daily basis and according to recent data about 98 million people in the country have access to the internet.

But how are people using these smart phones and the internet in Nigeria?

Social media activities – WhatsApp, Facebook, Facebook Messenger, and Youtube.  At 3 hours 17 minutes, Nigerians spend the highest time on social media. 

And what do they do there? 

Keeping in touch with friends, watching youtube videos and generally fraternizing.  But the time spent on social media can actually be used to earn good passive income.

Some of the the ways to make money with your mobile phones include taking surveys or doing other simple tasks.  Learn how to make money with your smartphones and put part of that 3.17 hours to more productive use.

#5. Make Money From Waste

Sure you have heard the aphorism “Waste to Wealth”.

There is money in waste and the money does not smell.

Look around you in major cities, you will find a lot of waste. The streets are littered with papers, nylon bags (particularly pure water bags), plastics, polythene, rubber, brass, copper, iron and all kinds of metals.

Often we see people we erroneously write off as destitute collecting these items from liter bins and dumpsites.    These scavengers are making money.

They sell to waste collectors. Waste Collectors are middle men who gather these light waste and sell to recycling plants. The waste management and recycling industry is worth billions.

Tap into this lucrative sector and explore the many Business opportunities in Waste Management in Nigeria.

Money making opportunities exist for men and women, old and young, adults, teenagers and students. Yes, even students can make money legitimately.

How to make money as a student is easy because the school campus is in itself a large community of people with varying needs aside learning.

Some of the productive activities that make a student financially free while still studying include barbing, dry cleaning, photography and tutorials, amongst many others.


A lot of Nigerians complain about poor leadership and blame bad governance for their difficult state of affairs. Truth must be told, Nigeria has leadership challenges.

But people must learn not to depend on government. Everyone must do all he can to generate adequate income and ensure good life for himself and his family.

Youth unemployment will become less of an issue if only the young people discard the culture of entitlement and embrace the spirit of entrepreneurship. 





Buchi creates content and leads the Team at Kobotalk Management Services; a business development and investment consultancy firm. He provides strategic advisory to help SME's, small business owners and HNI's grow profitable business and make informed investing decisions.

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