Improve your standard of living with these 13 passive income ideas for Nigerians
Are you worried about your current financial status? Here are 13 passive income ideas for Nigerians that can improve the standard of living.
If you want to increase your earnings in this modern digital era, it is better to think about passive income ideas in Nigeria and turn them into cash streams. While you may struggle with many of the passive income streams at first, time and hard work will pay off.
There are lots of passive income ideas for Nigerians that can help them supplement their normal income.
- 1 What is the definition of passive income?
- 2 Best passive income ideas for Nigerians
- 2.1 1. Investing in real estate ( Rental Properties)
- 2.2 2. Kindle Self-Publishing
- 2.3 3. Blogging
- 2.4 4. Create a course or a guide for online use
- 2.5 5. Selling items on the internet
- 2.6 6. Make a name for yourself on social media by becoming a social media influencer.
- 2.7 7. Renting out a vacant room
- 2.8 8. Offer Your Skill For Sale
- 2.9 9. Startup a Business
- 2.10 10. Modeling
- 2.11 11. Development of software
- 2.12 12. Copy Writing
- 2.13 13. In charge of the ceremony (MC)
- 2.14 Related
What is the definition of passive income?
The money you make from assets/skills is passive income. You don’t have to labour to make money passively. It’s the money you make without having to do too much.
Two factors must be easily available in order to build an effective passive income stream. Time and money are two of these issues.
The amount of time and money you invest will influence how much profit you can make in addition to what you earn as an individual.
Read Also: Ways to make money as a student in Nigeria
Best passive income ideas for Nigerians
1. Investing in real estate ( Rental Properties)
Rental properties provide owners with a much more regular income than any other passive income, and the internet has simplified the process to the point where anyone may now invest in rental properties with ease.
Your aims and interests will dictate what you do, whether it’s to invest in large residential or commercial properties as a partner or to buy homes and be a landlord entirely online.
2. Kindle Self-Publishing
Publishing books is a fantastic strategy to generate money for a long time. When done correctly, incomes from book sales can last a lifetime.
However, the majority of people face the issue of finding a publisher ready to publish and sell their work.
You don’t need a publisher to get your work into the hands of readers if you use Amazon Kindle. The best part is most of the work will be done for you.
Simply create an Amazon account, attach your book, and fill in the data about your book using the prompts.
Your book is now available for purchase, and Amazon will handle the rest. They’ll advertise your ebook to their audience and take care of the logistics.
Though, at first, you might wish to promote your book on your own in addition to what Amazon will do. This is a great passive income idea for Nigerians since there are a lot of Nigerians that are very talented in writing.
Thanks to bloggers like Linda Ikeji, owning a blog is a big business in Nigeria these days.
For those who don’t know, blogging is the skill of writing short essays about various topics of interest and sharing them online. They can be about your personal life, society, politics, entertainment, gossip, or all of the above.
You only need a computer, phone, laptop, or tablet to get started. You can start blogging in minutes, and there are several videos on the internet that explain how to do so.
Advertisers see your visitor numbers and are willing to pay top Naira for the privilege of having their adverts on blogs. So when you have a large number of visitors to your blog, you can lot of money.
4. Create a course or a guide for online use
Online education is a rapidly growing business. You can make a course on almost any topic. Everything from how to tie a fishing knot to cat grooming to how to chat with girls, I also mentioned earlier how to create a blog.
In short, you can take a course on anything you have a clear understanding of. You could also make research to see if you are up-to-date on your knowledge.
Teachable.com is a really simple place to create and distribute your course. Teachable boasts over three million students and is an excellent method to get your material in front of new audiences.
5. Selling items on the internet
There has never been a better moment to sell things on the internet. With over 4.6 billion people online today, the possibility of growing a successful online business is high.
There are hundreds of online marketplaces where you can sell your items. Some specialize in certain areas, such as video games or handcrafted items, while others allow you to sell everything you choose.
You’ll need to develop a group of people who appreciate similar themes to become a social media influencer (someone who can affect another person’s purchasing decisions).
Do you enjoy reading comic books? Create an Instagram account and start posting about the latest Marvel and DC shows on a regular basis. If you’re interested in sports, scuba diving, house decor, or even general culture, the same rules apply.
You can get passive money from your audience in a variety of ways if they are engaged. Also, you can work with both big and small companies to market their items to your audience. You can also generate money by selling your own goods.
7. Renting out a vacant room
Is there a spare room in your apartment? Or are you planning a one-month road vacation and don’t want to leave your home unoccupied? You can rent out your spare space by partnering with a rental provider like Airbnb.
Airbnb connects homeowners with vacationers searching for a place to stay. Many people like Airbnbs since they are frequently less expensive than hotels, which means that your spare space as an Airbnb host will be in great demand.
8. Offer Your Skill For Sale
One of the best passive income ideas for Nigerians is selling their skills, as it is one of the easiest ways to make money without really investing any money. You become an asset and, as a result, self-employed as you improve your skills.
Design, cooking, singing, painting, and teaching talents are just a few of the skills available. You can use them on a part-time basis and be compensated for your services.
9. Startup a Business
Another excellent passive income investment in Nigeria is the formation of a company/firm/industry. A business entity that creates items or offers services is known as a firm.
Starting a business is not as difficult as it may appear. All you really need is a small sum of money to get started as well as a good or service to produce, and then you’re ready to go. You may start a business in your living room and grow it over time.
When you love something, it becomes less of a chore to do it. All you have to do now is figure out what you’re good at so you can figure out what kind of business to start. If you think starting a business is difficult, you might want to consider buying an already established business and profit from it with little or no effort.
On my list of passive income ideas for Nigerians, this is one of the simplest. You are compensated for standing around or moving as directed by your client.
Your lovely face or graceful body structure would do all the work for you, and believe me when I say modelling pays well.
11. Development of software
We live in a world where a lot of things are becoming digitalized, and mobile apps make it easier to access items that you’d find on most websites.
As a result of this insight, the industry for software development – particularly for smartphones – has exploded. You could even work on your own and develop apps. This is also one of the high paid jobs that don’t require a college degree.
12. Copy Writing
It’s another type of writing you may utilize to generate passive income in Nigeria, and there are many places that pay for it. To start earning with this method, you don’t need a lot of technical knowledge.
Copywriting, like email marketing, has the primary goal of “selling.” Before you start, you must be a skilled and convincing writer.
Related: How to become a copywriter with no experience
13. In charge of the ceremony (MC)
Every event will require the services of an M.C., and what better way to generate passive income in Nigeria than to organize and pay for events?
Being an M.C. requires self-confidence, which you can develop if you don’t already have it, as well as public speaking skills, which you can easily learn.
Also, if you know how to make people laugh, that’s an added bonus.