5 Passive Income Ideas in Nigeria that’ll Make You ₦500k in 28 Days
Are you looking for passive Income Ideas in Nigeria to boost your income? Exploring passive income ideas in Nigeria might be the perfect solution.
In a country bustling with entrepreneurial energy and rapidly evolving digital landscapes, Nigerians have a wealth of opportunities to create income streams that require minimal ongoing effort.
Whether it’s through real estate investments, dividend-paying stocks, online marketplaces, or affiliate marketing, these strategies not only provide financial security but also pave the way for long-term wealth creation.
In this blog post, we’ll explore some of the best passive income ideas tailored to the Nigerian market. These ideas will empower you to diversify your earnings and secure your financial future.
What’s Passive Income?
Passive income is a business model that doesn’t require your 100% involvement in the daily activities of generating income.
As opposed to active income, where you work for the money, in passive income, money works for you (no pun intended).
However, the beginning phases require you to put in the work to build systems that work.
5 Passive Income Ideas in Nigeria that’ll Make You About ₦500k in 28 Days
Here are the 5 passive income ideas in Nigeria that’ll make you about ₦500k in 28 days.
Wait. I hope you heard me say consistency and patience are required to see results in a passive income business; it’s not a magic wand for wealth. Awesome. Let’s go!
1. Invest in Real Estate
Till the sun stops shining land and housing remain a basic need, making real estate the #1 passive income idea in Nigeria.
Here’s how it works:
You buy landed properties for a cheap rate, allow them to appreciate, and then sell them for higher prices and profit from the sale.
It’s a passive income idea because you won’t be directly involved in the whole buying and selling process.
By locating and investing with reputable real estate companies in Nigeria, your passive income will start coming.
Some reputable real estate companies in Nigeria include:
- Alpha Nobis @ alphanobis.com
- Bamboo Real Estate and Construction Ltd @ bamboogroupng.co
- Frontier Group Ltd @ frontiergroupltd.com
- Gerry Mandy Realtors @ gerrymandyrealtors.com
- Scalozie Global @ sclozieglobal.estateagentsng.com
These real estate companies are handpicked to give you the best and most secured real estate deals at affordable prices.
#2. Peer-to-peer Lending
Can you risk giving out your money as capital for some business success for a higher ROI? “Yes”? Then you’re in for passive alerts.
I picked peer-to-peer lending as a passive income idea in Nigeria because it saved me from the financial crisis.
When I thought there wasn’t free money anywhere to solve some issues, I received credit alerts that met all expectations plus the chicken barbecues.
Admittedly, my Naija brothers may japa with your money. Protip: get licensed from the court as an official lender so that you won’t be denied when you request for your interest.
Alternatively, join and become a lender on platforms like Palm Credit, Branch, and FairMoney.
Their lenders are protected by the CBN Act (you’ll get your ROI whether borrowers pay back or not), and you get anywhere from 0.1% to 1% daily interest percent rate, making up for a whopping 36.5% to 360% per annum.
Related Posts:
- I need a loan of 50000 naira in Nigeria: Your Ultimate Guide
- 500k Loan in Nigeria: How to Get Approved Quickly
- 11 Super Simple Loan Apps That Can Borrow You 200k in Nigeria
- How to Borrow Money from Opay App: A Step-by-Step Guide
3. Affiliate Marketing
Affiliate marketing involves promoting people’s products to an interested audience and earning a commission for each purchase of a good or service through your link.
You don’t need to take inventory or perform order fulfillment; your work is copywriting (telling them about) the product and how it can solve their problems at an affordable price.
Leaving Affiliate marketing as the number 3 passive income idea in Nigeria is personal; this thing stresses me out because:
- I didn’t have a blog where I could insert affiliate links in the blog post.
- I didn’t have a significant audience for the product I was marketing.
- I didn’t know where to look for buyers.
Solution: Have at least 2k active followers on your social media handles. If hearing that hurts, run paid ads on your social media platforms (FB ads are the cheapest) and link back to a landing page that sells your affiliate products with the purchase link.
—You mustn’t own a blog to earn as an affiliate marketer (receive sense).
To get started, locate companies whose products resonate with your followers’ pain points, get their affiliate link, and that’s it.
Don’t know where to look? Jumia.com.ng, Konga affiliate program, PayPorte, and Web4Africa affiliate program are good starting points.
4. Create and Sell Digital Products
Creating and selling digital products is broad and lucrative. It involves everything digital, such as ebooks, online courses, and templates.
Selling digital products is a welcome passive income idea in Nigeria because it runs itself (can be automated).
Listen: You don’t have to know shishi before producing and earning with digital products. What do you want to sell? Digital courses, children’s books, storybooks, English lessons? Pay an expert for it. Set up a landing page with Selar, and finally, add your account details for receiving payments.
Next, market your product on social media handles, run paid ads, pay other marketers with significant followership, and start earning daily.
The most common is to register and upload your digital books with Amazon Kindle and earn in Dollars.
5. Car Rentals
In Nigeria, everyone uses one means of transportation to the office, workshops, and school, especially in cities with high economic activities like Rivers State, Lagos, and Abuja.
Don’t complain about lack of money with your vehicle (taxi, bus, keke) depreciating in the garage; rent it out and earn at least ₦10K daily.
Car rent is a passive income idea because it doesn’t put you behind the wheel. All you do is assign a driver in the morning and get paid in the evening with the agreed price.
On the creative side, can you register your business with a transportation company like AKTC or bolt and start raking in multiple thousands per week?
Pro tip: It’s one of the quickest ways of earning passive income in Nigeria.
FAQs
1. What is the fastest way to earn passive income in Nigeria?
The fastest way to earn passive income in Nigeria is through car rentals, investing in stocks, and having an e-commerce store. However, these still require significant initial work before smooth earnings ahead.
2. Can I earn extra income without capital?
Yes, you can make passive income without startup capital through affiliate marketing or by becoming a social media marketer or manager.
This entails owning a significant number of active followers and a large community willing to buy from you.
Another way to earn passive income without capital is to register on task websites like Fiverr, TaskRabbit, Swagbucks, Amazon Mechanical Turk, etc.
Conclusion
Ever wondered why I didn’t enlist content writing, copywriting, or other writing?
The aforementioned require recurring hours of research, writing, editing, proofreading, submission, and sometimes revisions; there’s nothing passive about them yet.
However, you can turn your writing skills (and other active income businesses) into a passive income model by setting up a structure that gets you off the work scene. Do this: employ writers and put in place departments for gig hunting and closures. Involve article writers, editors, and publishers, but you should be in charge of money.
However, as a beginner, stick to what is listed in this post, and you’ll get all the bucks you’ll ever need.
If you’re still curious about other passive income ideas in Nigeria, here are some more: dropshipping, an e-commerce store, blogging, cryptocurrency staking, renting your barber shop, and forex trading.
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