Although the Nigeria economy is one of the largest in Africa, the average Nigerian is struggling and the economic outlook is deem for now. Poverty rate has increased coupled with socio economic challenges such as high unemployment, hunger, poor healthcare, illiteracy, corruption and insecurity. Making a decent living has become more challenging.
However there are certain keys that can be followed to making money in Nigeria even with the challenges in the economy.
1. Keep your product or service very simple: The average Nigerian does not like anything complicated and are not interested in sophisticated products and services. To make money, look for a simple service or product to sell. Don’t complicate your life trying to make additional Naira. Keep it simple and basic like selling consumer goods. There is profit in selling these basic items.
2. Micro make your goods or services in such a way that it costs NGN50, NGN100, N200 or in the lower Naira denominations just as the telecom industry is doing. You will also notice that Milo, Nescafe etc. have micro products, which are targeted at the masses making the products “affordable”. Think of ways to reduce your service to the most micro level possible and price accordingly.
3. Look inwards to see if there is a need you can meet for someone in need of accommodation, transportation or companionship/ personal caregiving. If you have a spare room, ability to provide carpooling, or spare time to be a carer or babysitter, this can bring in some revenue and also keep you busy and fulfilled. You will be meeting a need and also get paid for it.
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4. Engage in affiliate or network marketing, which is springing up very rapidly in Nigeria. There are companies like longrich, Max international, forever-living etc. The key to network marketing though is to be one of the early entrants, be in the higher position of the hierarchy, must be very sociable and interact with people. It is also important to be passionate about the product offering.
5. Look within the value chain of agriculture and look for opportunities that abound in the rapidly changing agribusiness sector. From farming on a small piece of land, packaging agric products, to transporting and even processing agricultural products on a very small scale can bring in monetary rewards. There is an agriculture wave blowing over Nigeria now. This is the time to inquire about what is available in grants and financing for the agricultural sector.
6. Join a cooperative society and enjoy peer-to-peer financing if you are laid back and not into a lot of “wahala”. Let you money work for you in a passive way. There are cooperatives that will make a good dividend return on your contributions.
7. Buy Treasury bills from the Central bank of Nigeria through your bank. The discount rate is usually higher than the savings rate offered by the banks. It is also considered risk free.
These are only a few keys to making money, as there are numerous opportunities especially with technology and the Internet. There is no one method fits all advice when it comes to making money. Take the challenge today, turn a lemon to lemonade.