Having multiple streams of income is the best way to survive in Nigeria these days. And one of ways of generating multiple streams of income is through passive income earnings. Earning passive income from different sources will help you in meeting up with the payment of your bills and also gives you the opportunity to live the type of life you want.
Relying only on your monthly salary if you’re a salary earner will only make your life miserable. You’ll end up borrowing money from people or buying items on credits before the month ends.
You may be wondering how to make passive income or ideas to earn extra income in Nigeria, there are many such ideas or ways of making passive income online. Our job is to help you find the best one.
Some people don’t still believe there are some genuine ways to make money online. I don’t know the misconception you have had about making money online. Making passive income online is real! Look at these new ways of making passive income below and consider investing in one or two. This could in long-run turn out to be the best source of revenue return for you.
Before, I proceed to show you how to make passive income that have been working for many people; let me quickly shed some light on what passive income is.
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WHAT IS PASSIVE INCOME?
Passive income refers to income earned when your investment starts yielding profit while you’re asleep. It is an income or money you receive regularly, requiring minimal to no effort. This is the best sources of income. Here, your money works for you Not you working for money. You get paid for the decision you make and for the risk you take.
Earning passive income will requires you taking the right decision on what and when to invest. This means taking a calculated risk – the higher the risk, the high the ROI (not applicable in all cases). The lower the risk may mean that it may take longer time to get the potential ROI. It all depends on how you’re able to manage risk.
Proactive people are naturally career oriented and so they can successfully generate active income. On the other hand, patient people are wise decision-makers and risk-takers. So, which category of people do you belong to? The simple truth is that the secret of making passive income online is to setup as many independent stream of income as possible – diversify source and protect yourself.
If you’re thinking of ideas or how to start earning passive income online, here are 5 ways to make passive income in Nigeria you can consider investing in;
Ways to Make Passive Income in Nigeria
When I talk about cryptocurrency business, I’m not talking about money-doubler scheme. This is not just crypto trading but includes creating of news sites for listing ICOs, predicting and many more. The world is gradually moving away from paper money to digital currency making cryptocurrency more relevant.
How do you make passive Income through Cryptocurrency Business? Start by day-to-day trading or constantly buying new ICOѕ. However, there is much other ways to make passive income through сrурtосurrеnсiеѕ that will not put your money in high risk. This method ranges from semi-passive, which takes a little time, to total commitments, which do not even take time. It depends on your capital.
Let’s discuss in detail how to make passive income through сrурtосurrеnсiеѕ that will not put your money in high risk:
Staking – Is called Proof-of-stake. It states that a person can mine or validate block transactions based on how many crypto coins he or she holds. This means that the more Bitcoin or altcoin you owned as a miner, the more mining power you have (please, this is not doubler). The best proof of stake coins is Dash coin, Stratis, Electra and Reddcoin; although, few other ones are not popular.
Buy and hold – If you are too busy with work or you don’t just want to stress yourself at all, then look out for cheap cryptocurrencies to buy and hold. Do your research. Before you invest, I recommend that you read their white papers, check out for social media buzz, check for analysis sites – I usually use cryptonomicsafrica or tradingview. I usually use them to analyse before I invest. I was among the persons that bought bitcoin last year December when it was $15,450 and sold it this year, January when it was $40,890.
Create Crypto News Site – creating crypto news site is another way of making passive income online through cryptocurrency. You can create a crypto news blog site using WordPress. Adding some professional design and displaying real-time crypto prices on-site can help distinguish your site. You can achieve this using a WordPress plugin or check out ‘coinratecap’. They have some nice widgets to display crypto prices.
Create sites for Listing ICOs – creating a site that provides services like ICO predict, crypto prices using coinmarketcap API and listing ICOs is also another way to make passive income from cryptocurrency.
I contacted CCN.com 5days ago to enquire the cost of listing ICOs on their site and they replied saying – $2,000 for listing each ICO.
See proof ⇓
When I went through their site; I saw more than 100 ICOs listed on their site. If you calculate this (100 x 2,000), that gives $200, 000. Is this kind of investment not worth taking? It is 100% worth taking.
Trade Cryptos: Crypto trading simply means to buy crypto coin when the coin rate is low and sell when the price is high. For trading, I recommend Binance and poloniex.com. Note that crypto trading can make you a millionaire overnight and also make you lose your money too. So, do your research proper and trade carefully.
Before you start investing in сrурtоcurrency, I advise you check out cryptocurrency prices аt coinratecap or coinmarketcap where you will get all the information about the price of сrурtосurrеnсiеѕ.
So, you aren’t a crypto enthusiast? Ok, check out these other ways to make passive income in Nigeria that are viable.
Freelance writing is an online business anybody can do to earn passive income in as much you can read and write. Though, it may take a bit of expertise to be a good freelance writer.
Start providing freelance writing service to people and earn passive income on the process. Sign up on fiverr or freelancer.com, take up jobs, deliver on time and start making passive income.
If you’re a good writer with the ability to research new topic, freelance writing is the best option for to earn passive income. Learn more on how to start freelancing business in Nigeria to get you prepare
Other freelancing jobs you can take up to earn passive income include;
- SEO – if you’re SEO expert or good in SEO
- Social media marketing – you can work part-time as social media marketer when you has the basic skill in social media marketing
- Web designer – design graphics is a good way to earn passive income online (that’s if you have the skill)
- Website designing
There are so many skills you can offer. You can even get paid for commenting on some news site.
Start your own Facebook group
Starting your own Facebook group is a smart way of making passive income in Nigeria. You may be wondering how to make passive income from a Facebook group. When you don’t have money at all to invest in any business, then create a Facebook group and grow it. Many people would want to pay to advertise in your group and that’s money you’re making.
All you need to succeed is just strategy to grow to your group. Once you’ve grown Facebook group, boom! You’re good to go. There are many groups doing this already like Igboist group and seerity group. Search for these groups, join and see what they are doing.If you don’t have a Facebook group, sign up on Facebook and create your own Facebook group. Make sure your active on the group to monitor the activities of the members.
Add POS Business to your main business
POS business can be operated alongside with many businesses if you want to make extra money on daily basis. You will earn some % of commission on each transaction you carried out for a customer. And one good thing about a POS business is that you can start it without capital. All that you need is to get a POS machine from bank. You can get a POS machine from any bank in Nigeria free of charge.
If you want to start making passive income from a POS business, read more on how to get a POS machine from bank in Nigeria.
Become Real Estate agent
Making passive income as Real estate agents involves renting somebody’s house, land or other landed properties. Real Estate agent business has gone beyond renting shop and putting up advert sign post.
The world has gone digital. Real estate agents now take advantage of internet to make money. Imagine when you sell or rent a house worth of N25million and make 25%. That’s huge money you never work for.
Become an Uber or Taxify
You can make money on Uber or Taxify in two ways. If you are a car owner, you can register on uber as a driver with your car. I suggest you register with a Toyota corolla 2008-2010 because it doesn’t consume much fuel. Get an insurance license in-case of unforeseen circumstances.
Don’t want to drive the car yourself? You can get a driver to handle this for you and reach an agreement with the person. Many people are looking to drive uber cars. So, it will be easy to get a driver.
How much can someone make on a weekly basis as Uber or Taxify drive?
“As uber or Taxify driver, you can be making up to N70,000-100,000 weekly”, an uber driver I confronted told me. But if employ a driver, you will make N35,000 weekly as a result of fuel, maintenance and driver fee. This passive income generation is common in Lagos, Abuja and many other big cities in Nigeria. You can start it in your city now that it is still new and profit from it.
- Blogging – blogging is one of the best ways to make passive income. I didn’t mention it earlier because it already well-known means of making money online. You can learn more about how to start a blog in Nigeria step by step.
Read this; How to Create a Blog if you want to know more about how to create a blog using WordPress.
In-conclusion, there are some other ways to make passive income in Nigeria that I have not to list here. However, the above 5 Ways of Making Passive Income could form your basis.