10 Latest Ways to Make Money Online in Nigeria (2024)
It is an accepted fact that online opportunities come and go, rarely do you see a working method lasting more than 5 years these days.
In fact, some online marketplace websites have the habit of rebranding every few years, and that involves changing their website url.
So, if you want to keep making money online, you have to keep looking out for the latest online earning opportunities.
In this post, I have done my research to come up with a list of the latest ways to make money online in 2024.
This list is by no means exhaustive, but I've tried them out and also seen others make money online with them.
So, it's up to you to try them out and see if you can make money using some of the ideas listed.
Sometimes the viability of an online income opportunity is dependent on the skillet of the user rather than the legitimacy of the platform used.
So, it's best to try out only those ideas that align with your skills or the available resources at your disposal.
Let's see some of these latest online business ideas.
Trade Digital Assets
Trading digital assets is now the new rave. The internet is filled with platforms, accounts, websites, and social media pages that hold some form of value; and people are now increasingly willing to trade that value.
Digital Assets come on different forms such as:
- Facebook pages
- Facebook groups
- Information Blogs
- Instagram pages
- Twitter accounts
- PayPal accounts
- Crypto wallets
- Etc.
These digital assets have users, followers, or some history of activities or engagement that can be leveraged by the new owner for business.
For example, people buy Facebook pages with at least 5k followers and use them for content creation, which can be monetized to make money.
Also, information websites could be bought by merchants in niches where they could sell products to the existing blog readers or monetize the blog page with Google adsense.
Since these types of digital assets can be sold, savvy people have made it a business to create these types of digital assets and sell them for profit.
You can do the same if you are skilled at creating these types of digital assets, and you'll be making money on a consistent basis.
Tell Stories on Social Media
Storytelling on social media has now become a veritable way to make money online.
Since most of the popular social media pages are now paying users a share of their revenue per engagement, users have started using compelling storytelling to increase engagement on their social media pages and make money.
For example, if you look on Facebook, many of the most influential pages are those telling stories either via text or video formats.
With storytelling, the pages get their audience glued, which translates to longer watch times and higher levels of engagement.
This means that they can attract more interested users and make more money via ads or other sponsored posts.
Provide Escrow Services
Escrow services are money spinners, especially in a low-trust environment where there's a prevalent history of online scams.
The good news is that there are only a few trusted escrows currently operating in Nigeria.
These few escrows that have succeeded in finding customers that trust them, are consistently cashing out by providing very simple middleman services that anyone can do.
All you need is a bank account, either personal or corporate, that doesn't have a deposit limit.
The easiest way to launch an escrow service is to become a thought leader in an online community that has lots of trading activities.
You could create a forum, social media site or group, and try to stimulate online commercial activities there.
Once users start to buy and sell between themselves, they would need escrow services to avoid scams, and that's where you come in.
Escrows in Nigeria charge between 5% and 10% of transactions, which can translate to a significant amount, the more deals are completed.
Imagine if you charge just a 5% commission on a 1 million transaction. That would translate to a cool 50k Naira in pure profit.
Now, that's how you make money online in 2024.
Become a Digital Product Influencer
Digital product Influencers are scarce, and thus, in high demand.
If you have a lot of online followers who engage with your content and trust your recommendations, then you already have a gold mine that could earn you lots of money.
A few savvy online influencers have found product niches where they have the most influence, and they are exploiting those niches with engaging content.
Digital product influencing can be done via different platforms such as blogs, social media and video streaming platforms, and there are several success stories on these different platforms.
If you manage to get lots of engaging views either on your social media page or website, then you could become a digital product influencer and start making money.
Accumulate & Sell New Crypto Coins
New crypto tokens pop up everyday, and people make money from them.
The thing about new crypto coins is that they do not have enough traction yet and only a few holders are bullish on them, so they are likely to be underpriced.
If you do careful research in the crypto space, especially in the coin mining niche, you will see opportunities to buy newly minted coins directly from users and resell them for profit.
I know a few guys that made lots of money from accumulating lots of Pi coins in the early days.
Even though Pi coin is yet to launch, and might never launch for that matter, these guys have found a way to buy them cheaply from local holders and resell them to foreign buyers.
The business model is really simple to execute, and you'll be surprised how many holders are willing to sell their new crypto coins at discounted prices.
If you can create a consistent system of accumulating new crypto coins and selling them for profit, you'll be able to make lots of money in no time.
Offer Online Loans
Want to start printing money online in Nigeria? Start a loan business online.
Since the last 5 years, we've witnessed the unprecedented growth of online loan companies in Nigeria. What started with about 5 providers has grown into an industry with thousands of players.
These no-collateral loan companies, despite suffering some level of customer defaults, have found ways to stay profitable by charging high interest rates that their customers are surprisingly willing to pay.
In the first quarter of 2022, one of the leading loan companies in Nigeria, Carbon Finance, made a revenue of 3.9 billion Naira.
Now, the online loans industry has been democratized, and many small players are now coming in to launch their own loan apps.
You can do the same if you have the means. Some loan companies build their own custom loan website or app, while others make do by purchasing already made web or app scripts.
To stay profitable in this business, you should stick to the industry interest rate standard of between 10% and 15% per month.
Help Physical Businesses Sell Online
Many physical businesses and shop owners in Nigeria want to sell via online platforms, but many of them do not have the skill to do that.
Despite several digital marketplaces and merchant platforms springing up in Nigeria, the adoption rate from brick and mortar businesses is still low.
These businesses need digital marketing services to help them find the right digital platform and advertising budget to take their sales to the next level, and that's where you come in.
You could learn to use available digital marketplaces, and then pitch your services to these physical businesses.
Some of the available online marketplaces are even free to post, so you could make 100% profit margin on payment for such services.
Another option to make money from this is dropshipping, where you have a deal with the shop owner to give you a cut from every sale you bring.
All you have to do is market the products online and try to close the sale. You could even deliver products and charge an extra fee.
If you really plan the business well, you could come up with other ideas for making money by helping physical businesses sell their products online.
Sell WhatsApp Status Packs
When you think of WhatsApp status, what comes to your mind?
Marketing to friends?
Courting attention?
Publicizing the things you care about?
Those are all valid reasons why people post on their WhatsApp status. However, content is limited, and people want more content variety to share.
Now, let me ask you, how many times have a friend asked you to privately send him the content you just posted on your Whatsapp status so that they can repost it?
I guess a lot of times.
That should tell you that there is a market for selling WhatsApp status packs of interesting clips and content.
It could be packs of movie clips, football highlights, music lyrics, dance clips, inspirational clips, etc.
The options are endless. You have to simply look at your WhatsApp status updates to see what people are sharing, then you curate your WhatsApp status packs to reflect that.
A WhatsApp status pack of 200 contents could be sold for as much as 500 Naira, depending on how valuable the type of content is.
For example, I have a friend who does this and he makes a lot of money on a daily basis. I patronize him a lot of the time.
In fact, after the end of the last premier league season, I bought a WhatsApp status pack of the highlights of all the skills displayed in that season.
He sold it to me at 2k Naira.
And guess what, this guy makes a lot of sales per day. He could easily make 20 sales per day, which would translate to an average of 40k per day and 1.2million per month.
Now, that's a money-making machine.
Organize a WhatsApp Masterclass
I've always believed that WhatsApp is a good educational tool.
It could be used for one-on-one teaching, personal consulting, and mass distribution of information.
In other words, you can use WhatsApp to teach whatever information you have, especially if it's not yet widespread.
A WhatsApp Masterclass is a holistic coaching on a particular topic, where you charge your audience a premium to teach them about a topic and provide useful link to utilize the information you provide them.
Masterclasses are mostly business or career oriented, and there are many working class people willing to pay a premium just to have access to information that could set them apart career wise.
I've done a WhatsApp Masterclass in the past where I taught my audience on the several arbitrage opportunities to make money online.
I charged a modest 20k Naira, and got 16 people to pay for it. The class lasted for 4 hours and I made 320k Naira.
Now, you should be motivated to consider organizing a WhatsApp Masterclass on a business or career trade secret that you're privy to.
You could easily be making over 200k per week if you demonstrate your expertise and carve a niche for yourself.
Set Up a VTU website
You could have noticed that in recent years, many VTU websites have been springing up in Nigeria.
These VTU websites mostly sell internet data subscriptions, and affiliate programs to encourage network sales.
One thing most people don't know about these VTU websites is that despite them selling their internet data cheaply, they make a lot of money due to the daily volume of sales.
It wouldn't be surprising if a VTU website makes as much as 100k Naira in profit per day.
Subtract the low cost of operations for these types of businesses, such as server fees and marketing, and you'll see that a 90% profit margin is very possible.
The good thing is that there are a lot of vendors selling already made VTU websites together with merchant accounts for purchasing internet vouchers for sale.
All you have to think of is a catchy domain name to slap on the already made web script, purchase voucher packs, and start marketing your VTU website.
And then, you'll be on a roll making money right from the internet.
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