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How to make money in Nigeria in 2017

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2017 is finally here. It’s a new year, new start, a new chapter for everyone. The year may have changed but for most of us the question remains the same; how can I make money in Nigeria in the midst of this recession.

Investment in Nigeria in 2016 was quite tricky. The inflation rate in Nigeria increased all through the course of the year. Many businesses folded up as they could not keep up with the continuous increase in the price of inventory and running costs. Businesses downsized resulting in an increase in the unemployment rate in Nigerian with the major event in Nigeria in 2016 being the rise and fall of several Ponzi schemes in Nigeria which resulted in several Nigerians losing their money.

This brings up to the main questions, how can I make money in Nigeria in 2017?

These are ways to make money in 2017:

Invest in Real Estate

Real estate investment is one of the safest investment anybody can make in Nigeria if executed properly. You are almost guaranteed of making money from your investment and can even start making a profit within a short time frame.

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One of the major issue with real estate investment the start-up cost. Purchasing a property comes at a cost. Also, issues which must be addressed are choosing the right location, government policies, and the property itself.

Invest in Stock

Investments in the Nigeria stock exchange has dwindled from being a lucrative investment in recent years. Still, if done properly, you can make a sizeable amount of money from stocks investment.

Searching for the right stock broker for you can be a daunting task but if found will simplify the process for you. The only issue in stocks investment is knowing when to quit and not letting greed set in.

Start a business

Starting a business in Nigeria is a decision that has to be thought clearly. About 80% of businesses in Nigeria fold up within the first 5 years. Although the closure rate in Nigeria is saddening, there are still businesses which thrive in Nigeria.

In 2016 alone several startups in Nigeria received funding which runs into billions if converted to Naira.

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Before starting a business, clearly define the need your business wants to solve, your business goals, your business model, and your financial forecast.

Make money from Social Media Platforms

Social media has changed the way information is being passed. Social media was huge in 2016 especially for marketers and don’t look like slowing down in 2017 and the years beyond.

So the question I know will be going through your mind is how can I make money from Facebook, Twitter, Instagram or any of my social media accounts? The answer to the question is being a social media influencer.

So how can I be a social media influencer?

You can be a social media influencer by persistently doing this three activities.

  1. Choosing what you want your audience to know you or just brand yourself.
  2. Be the first to pass any message to your audience on your brand and be up to date with trends of what you chose.
  3. Increasing your social media audience so has to increase your reach for more brand awareness.
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Being a social media influencer should be viewed as a long time goal. Top brands are always in search of social media influencers who can be their brand ambassador and who knows, you can land a multi-million naira deal through being an ambassador.

Make money blogging

Blogging still remains one of the lucrative ways to make money online if setup correctly. You don’t necessarily need a building or any infrastructure when starting a blog.

Blogging like any other investment should be viewed as a long time goal. Most people jump into blogging thinking they can make money quick but in reality, they don’t.

You can make fast money from blogging but the chances of you making money in the first few weeks or months are quite slim. The way you setup and run your blog will determine if your blog will succeed or fail.

Let us know your view by dropping a comment. Also comment below if you are interested in blogging and want to know more about setting up a blog.

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