The internet is a great place to make money. There are many channels to make money online but not all of them work in Nigeria. We will explore some online business models that work well for Nigeria in this post.
One reason not all online businesses work in Nigeria is the restriction by PayPal on Nigerian accounts. PayPal is the most widely accepted method of payment on the internet. Nigerians are now permitted to have PayPal accounts but they can only make payments through the accounts; Nigerian PayPal accounts don’t receive funds yet.
While Payoneer is the best alternative to PayPal, it has not gained as much acceptance as PayPal and so as an internet marketer, your options are to cut corners trying to get an acceptable ‘foreign’ PayPal accounts, or work for websites where Payoneer is accepted, or better still build an online model that works expressly in Nigeria.
Many Nigerian internet marketers mostly resort to targeting international audience (US and UK). To do this, they change their names, address, etc. This is usually frustrating for the ethical online entrepreneur who wants to create a lasting brand on the internet.
Another reason is that the average Nigerian has not really understood ‘this internet something‘ yet. Most people still take a lot of convincing to make an online purchase from Konga or Jumia. It is no longer as bad as it used to be but we are not quite there yet.
The business models listed in this article work very well for Nigeria. They could take a while to gain traction but they work perfectly and your prospects for building online wealth are very great.
5 Online Business Models that Work in Nigeria
The best online business model is one where you sell your own products. E-commerce in Nigeria has seen an upward surge in the last few years with marketplaces like Konga and Kaymu offering people a platform to sell their own products.
Selling online has moved from being a matter of convenience to a necessity for every business. If you have something people are willing to buy, you can even reach more people when you sell it online. There is still some skepticism about buying things on the internet but sites like Konga have started making profit and this speaks volumes. E-commerce is the way to go.
Social media sites like Facebook and Twitter also play major roles in how people advertise and sell their products online.
Now you don’t need to have an expensive website to start selling online. There are several ways you can start selling online without spending huge amounts of money.
Freelancing is the easiest online business for beginners to start on the internet. You don’t need anything much, only your skills and your internet enabled computer. Freelancing is the second best online model that works in Nigeria for Nigerians, and many Nigerians are making a killing from it.
There are many freelancing websites online, the most popular being Fiverr. The reason freelancing on Fiverr is so popular in Nigeria is because Fiverr has several payout options including Payoneer which is the best alternative to PayPal.
With the surge of e-commerce in Nigeria, people need more ways to get more online traffic. Having an online presence is useless if nobody sees what you are offering. This has created a lucrative niche for promoters and advertisers, people who create publicity for businesses.
Entertainment works everywhere, online and offline. You may have noticed the latest trend of people posting comedy images and short videos on social media. Some people have made a name for themselves just by entertaining people. Most of them start by posting entertaining videos on YouTube and Facebook.
In the midst of all the things we go through as a country, people just need to sit back and have a good laugh. You can tap into this niche if you have the creative flair.
Payment processing is another online model that works very well in Nigeria. It all has to do with the boost of e-commerce and online businesses. People need ways to receive payments for their products and services.
Many payment processing websites have made a burst to the stage and are staking their claim on the e-commerce market. From the robust and expensive like e-trazact to the simple and affordable like SimplePay. It would be good to see more companies bringing more creativity and ease of transaction to the Nigerian market.
There are many online business models you can choose from. The key here is to choose a certain model or models and develop your own share of the market, as the need for what you offer will increase over time.