Many people suppose that Nigeria failed to keep pace with the civilized world, and are trying to apply the marketing and business moves that were used in other countries years ago. This is one of the most powerful misbeliefs that prevent the launching and development of business in such countries.
Think globally, act locally is what everyone is talking about, but they do not know how it actually works. However, the Nigerians know. In the country, there is an amazingly subtle combination of globalism and localness: everyone strives to be large-scale, people are interested in events that occur in the world around them, but at the same time, they always remember their roots.
Nigeria is developing rapidly, it has many natural resources, it houses a lot of industries, and all these are prospects for the country. Now it is the largest market in the continent, and according to the PwC consulting company, Nigeria will become the leader in the ranking of fast-growing economies until 2050. Indeed, its place in Doing Business ranking has increased from 146th to 131st in just one year (from 2019 to 2020). Therefore, making business here is a good idea that can bring a good income. On the other hand, there is no need to build the illusion that starting a business here requires less investment.
Benefits of Online Business in Nigeria
Those who wish to run a company remotely are expected to have more favorable conditions for doing business, in particular:
- a stable economic growth;
- dynamically developing infrastructure;
- good trading relations with Spain, France, India, and Brazil;
- the presence of an agreement on the avoidance of double taxation;
- available labor resources;
- the possibility of obtaining state grants for the development of the agricultural sector;
- the presence of 14 special economic zones;
- a flexible tax system.
Types of Companies for Online Business
If you decide to open a company in Nigeria remotely and open the company’s account in the bank in Nigeria, we recommend you to choose one of the most popular forms of business activity, which is Free Zone Companies (FZC). We also recommend you to pay attention to the limited liability partnership (LLP), which offers comfortable conditions for conducting international business.
Why Online Business Is More Profitable?
The online environment is full of good ideas about how to get an income and we are just going to share the most popular ways you can get profit without leaving your comfort zone.
There are various means of making money online in Nigeria and many people are ignorant of this. As many people spend time online across different social media platforms, let us see the online activities statistics:
– 1.86 billion monthly active Facebook users,
– 1.15 billion mobile daily active Facebook users,
– 313 million monthly active users on Twitter;
– 500 million Tweets per day that is about 6,000 per second.
It is worth paying attention to the fact that starting an online business in one country does not actually limit you to this territory. You are welcome to conquer the whole world!
The Ideas for the Best Online Business in Nigeria
If you consider online space for your business rather than offline possibilities, you risk much less. Thanks to the specifics of online businesses, it is possible to reach millions of potential customers without investing much money into rent, buying, and advertising.
Here are the best profitable ideas for online business in Nigeria.
Blog writing is far from website development, so no special technical skills are actually required. Just do your best in applying your creativity and you are in! However, before you start, make sure this is your calling. If you indeed cannot imagine your life without writing posts your friends and their friends (at least) like and share, if your articles are of high popularity, and your comments are straight to the point with just a few words, then professional blogging is the best idea for you. You can be one of those lucky people who earn much money while having fun.
If you feel you are starting something big, spend some savings on buying the best modern equipment you can afford for high-quality pictures and videos. Reaching a wide audience places a lot of responsibility on you, and the quality of content costs more on every next step.
To achieve the best results, it is a must to start a blog on a topic that is dear to you, so your way will not be that hard (but it will be hard anyway, get ready for that).
How can you earn from this? After your blog gets hundreds of thousands of followers, you become an influencer, and people will pay you for advertising their products. You can get money and/or free staff, which is a good prize for the efforts spent.
Creation and Selling Your Courses Online
If you feel that you possess the knowledge that is in demand (in any field, may it be writing academic works or sports workouts), share it. Just organize your findings into a course and sell it online to the people who want to develop their skills in the field. A good thing about this opportunity is that you create it once, publish, and then continue getting money for years!
For the best start, it is possible to publish your course on Udemy and/or Amazon, so you can get the audience for further development. In addition, you can work on self-promotion on Facebook and Instagram.
Educative Online Business: Teaching
Okay, you have created your personal course, and you consider it to be the best, but do not want to sit and wait to earn money? With your online business, you desire to contribute to people’s education? Get active and teach online via Skype, Zoom, etc. Your courses may serve as your advertising, as well as you can advertise your courses while teaching, so you kill two birds with one stone. Remember, that your reputation matters a lot, so first you may set the prices which are lower than average in the market of Nigeria, just to reach a wider audience. Make sure you do your best to get prepared well for the lessons and you manage your time properly!
Managing Other Company’s Social Media Profiles
As we had already said before, Nigerians are regular users of social media. According to the data for the year 2017 by NCC, Nigeria had over 91 million internet users, even though its population is 184 million.
Thus, there are so many people with businesses in Nigeria, who need an online presence for better profits but do not know how to manage their social network pages. In addition, social network management (the qualitative one) needs a lot of time beside the skills, and far not all business people have time for that. The best option for them is to hire someone, and here you go! Depending on the company’s size and its audience, one can earn from tens to hundreds or even thousands of dollars for managing online business social network pages. However, the bigger the fish, the better equipment is needed, so get armed with digital marketing skills to catch your ‘big fish.’
Online Business of Pictures Selling
Have you already purchased equipment for making the best pictures for your blog and something went wrong? Do not get desperate, maybe something bigger is waiting for you. Make pictures, add them to images stocks and earn every time someone is using them! A good thing is that you can stop anytime, but you will never stop earning. Keep in mind that the more pictures you add, the better the income will come. Read the blogs on images stocks to see what is in demand to satisfy it with your supply, and this will bear fruits!
So, what is the best online business in Nigeria? We do not have a definite answer because there are a great number of ideas that will bring you success and earnings. According to forecasts, by 2023 the number of Internet users in Nigeria will be 187.8 million people. Is not it a good chance for running the best online business in the country?