Extra Income In Nigeria: A Comprehensive Guide

What is a side job?

A side job, also known as a side hustle or part-time job, is extra work people do alongside their main job to earn more money or pursue a passion. It can be freelancing, part-time work, gig work, or a small business on the side. People take on side jobs to boost income, follow hobbies, gain experience, or diversify their earnings. Common examples include freelance work, tutoring, driving for ride-sharing services, or selling crafts online. However, it's essential to consider tax and legal aspects when engaging in side jobs.

Top ideas for extra income in Nigeria

Use Your Professional Skills

If you have a job doing something like bookkeeping or graphic design, you can offer those services after hours as a freelancer too. In fact, many people who turn their day job into a side hustle eventually find they can become their own boss full time. You might be able to use skills you picked up in other jobs too or turn an existing hobby into a money maker.

Become a Freelance Writer

There are lots of writing sites out there, and while many don’t take beginners, there are some like iWriter and Upwork that are open to everyone. You do have to be a reasonably good writer for this, but you can make some easy spare cash in your downtime. If you’re not a great writer in English but you know another language, you can also find a lot of work as a translator.

Stock Trading on Roboforex

RoboForex Review

Open an account

Your capital is at risk.

Stock trading is not a short term or quick way to make extra money – at least not at first. But if you have some extra cash to invest, you can make around 10% in profit every year without doing anything. RoboForex offers its clients the opportunity to invest in stocks and ETFs through its proprietary innovative trading platform - R StocksTrader. I R StocksTrader is an account for trading real stocks on the stock market. The minimum deposit is $100; the number of available assets is more than 12,000. There are specific fees based on the number of shares in a trade.

As you can see from this list, there are many ways to make extra money in 2023, and this list only just scratches the surface.

Offer Tutoring Services

If you’re great at math or science, you can offer your service as a tutor for kids in your area. You can even do this online if you like, provided you have a reliable internet connection. There are also sites like Skooli.com where you can sign up to work on their platform.

Start a YouTube Channel

If you have a hobby or interest, and you’re willing to talk about it on camera, you can be a YouTuber. There are people doing everything from makeup tutorials to game reviews on YouTube, monetizing their channels, and making a living off it! Some have even gone on to turn their talent (whether it’s cooking or singing) into a mainstream career after starting out on YouTube! Many of the biggest names on YouTube make millions of dollars a year – and while it takes time and effort to get there, it’s possible to start with nothing and still make a full time living off this.

Game On Twitch

Twitch is mainly for gamers, but if you’re great at any game (or fun to watch while you play them!) you can make a good living off this platform too. There is a lot of competition on Twitch though, so you really will need to stand out from the crowd if you want to turn this into an earning opportunity.

Forex Trading

Tickmill Review

Open an account

Your capital is at risk.

Forex trading has to do with exchanging one currency for another for trading purposes. Currencies are traded in pairs. Thus by exchanging one for another, a trader speculates on whether the value of one currency will rise or fall. To engage in Forex trading, you need a broker to act as an intermediary between you and the Forex markets because trading the markets requires large sums of money, which you may not have. So with broker Tickmill, one can trade from the comfort of their home.

The Tickmill Group introduces a new standard in the provision of brokerage services. The focus on innovation is what the company is proud of and why traders choose it. The trading conditions of the broker are appreciated by scalpers and traders who use EAs because Tickmill provides minimal spreads. The Group has earned many awards among them “Best Forex Spreads” and “Best Forex Trading Experience” in 2022.

Write and Publish Ebooks

Writing books and getting them published used to be hard. Not anymore. You can write novels and publish them free on platforms like Kindle and Smashwords. While there is a lot of competition, there are several self-publishing success stories that are making hundreds of thousands of dollars per year this way! If you don’t like writing or have the time to do it, you can even hire a freelancer to write your story on your behalf.

Start a Blog

If you have an interest in something that other people want to read about, you can create a blog. Before you ask how to make extra money by writing blog posts, the answer is advertising and affiliate programs. If you can get enough people to read your blog, you can use both to make a decent amount every month.

Buy and Sell Goods

More and more people are finding that flipping secondhand items are one of the best ways to make extra money online. Buying items at a low price and then reselling them (with or without repairing or refinishing them) is a great way to make some extra cash. Some people even find items offline in thrift stores or similar and resell them online.

What is the best way to make extra money online?

Your personal financial goals, availability of time, and risk tolerance will all play a major role in determining the best strategy for earning extra money online in Nigeria. There are various options available, from freelancing and e-commerce to investment and trading. Copy trading is one of the best ways to make extra money, especially for those who are interested in investing. You can mimic the trades of seasoned and profitable traders by engaging in the practice of copy trading. There are various reasons why it is a desirable choice.

First of all, it is accessible to beginners as it does not require a lot of trading knowledge or experience. Secondly, because you are essentially leveraging the experience of seasoned traders, it presents the possibility of significant returns. With your investments working for you, this can be a more passive way to make money and free up time for other interests. For these reasons, copy trading might be the best way for you to earn extra money online in Nigeria, depending on your financial situation and goals.

Is it possible to earn an extra $1,000 per month in Nigeria?

It is possible to earn an additional $1,000 per month in Nigeria, although this depends on a number of factors. It is critical to take into account your abilities, the resources at your disposal, and the amount of time you can devote to earning money. Freelance work, online businesses, investment opportunities, and other side hustles are all possible ways to achieve this goal. It can be profitable to use your abilities in writing, graphic design, programming, or offering online services. You might also be able to reach your financial goal by looking into investment options like stocks, real estate, or even forex trading. Remember that the secret to success is hard work, perseverance, and a well-thought-out plan. It is possible to earn an extra $1,000 a month in Nigeria with the correct approach, even though it might take some time and effort.

How to start a side hustle in Nigeria

It takes careful planning and execution to start a side business in Nigeria. Find a skill or business idea that you can use to your advantage through research. Think about the competition and market demand in the niche you have selected. Create a business plan that details your objectives, target market, pricing strategy, and marketing plan. Obtain the capital or resources required to launch your business. For the purpose of reaching new clients and building a brand, have a strong offline and online presence. If necessary, register your company with the relevant government bodies and make sure you abide by all applicable laws and regulations. Lastly, keep a close eye on your plan and make necessary adjustments to keep up with shifting consumer preferences and market conditions.