With the annual inflation in Nigeria at 21.34%, as of December 2022, the price of goods and services continues to increase across various sectors of the economy. This puts a strain on the disposable income of most Nigerians, especially those that are earning solely in naira. One way to beat the rising cost of living in Nigeria is to earn in dollars by offering certain highly-sought services to individuals and organizations across the globe or running an internet business. In this article, we will discuss 10 ways to earn in dollars in Nigeria.
10 ways to earn in dollars in Nigeria would be discussed below:
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Blogging
Blogging is a profitable online business that requires very little capital, presents no risk, is very easy to venture into, and can earn 4 to 5 figures (in dollars) monthly. But you should know you’ll need determination and hard work, the desire to write frequently (or pay someone to do so), and make lots of trials and errors to become a blogger whose blog makes him money – you don’t become rich through blogging overnight. With your blog, you can do affiliate marketing, sell your products, offer online tutorials, and earn from pay-per-click ads like Adsense, as well as from sponsored posts, sponsored ads, and so on.
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Website-Flipping
Flipping websites, or website-flipping, is another way you can earn in dollars in Nigeria. Flipping websites is simply setting up a website or blog with the intention of growing it by stuffing it with high-quality articles and building backlinks to it. This, in turn, will bring in lots of traffic. As a website flipper in Nigeria, you can decide to sell your high-traffic blog for a huge profit. Several websites have been flipped for as much as a million dollars. The amount you sell your website or blog depends on its profit potential.
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Coaching and Online Tutorials
If you are proficient in any skill (or knowledge), you can earn good money (and in dollars) by offering online coaching or tutorial classes to people who would be interested in the knowledge you are offering. You’d charge participants a fee to reveal your ‘trade secrets’ to them. You will need to know how to organize webinars and use video-conferencing software like Skype. You may consider owning a blog for your coaching and online tutorials to help you attract a larger audience, build trust, and establish yourself as an expert in your field.
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Creating and Selling Your Products
If you are proficient in any knowledge or skill that you think people would like to learn or use, you can package it into an information product and sell it for profit. If you’re a writer, you may create an ebook or develop an application if you are a programmer. Whatever your skill is, you can put it as an information product. Having a website or blog would help you reach a wider audience who may be willing to learn about what you’re offering, which means you make more sales. So, owning a blog or website can make you more money from selling information products.
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Freelancing
With the world turning into a global village by the day, you advertise your skills online and attract clients from across the globe who will hire you for your services. The skills you can advertise online include writing, programming, graphic design, data entry, video creation, web design, SEO, and much more. But before you can attract clients to hire you, you’ll have to build a compelling and professional portfolio showcasing the skill’s proficiency. You can get clients from freelance platforms like Upwork and Fiverr, social media platforms like Facebook, or a blog or website that you run.
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Affiliate Marketing
Affiliate marketing is one of the ten proven ways a lot of Nigerians earn in dollars. In affiliate marketing, you earn a commission whenever you convince customers to buy a product or service. However, to be able to do affiliate marketing, you’ll need to register with an online store like Clickbank, AliExpress, or Amazon and advertise products from those online stores. To reach more people who would be willing to buy these products that you advertise, you may need to consider owning a blog, where you could place the links on banner displays or blog posts. You can earn 4 to 5 figures (in dollars) every month from affiliate marketing, as long as your website or blog attracts massive traffic.
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YouTube Channel
First, you’d need to create a channel on YouTube. Then post unique audiovisual contents on it to gain subscribers. When the channel reaches 1000 subscribers and records 4000 hours viewing hours, you can apply to join the YouTube Partnership Program to monetize your unique content through Google Adsense. You earn on YouTube when subscribers and visitors to your channel watch ads displayed for extended periods and/or click on them. Drive traffic to your YouTube channel from your blog or social media platform to increase the earning potential of your channel.
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Amazon KDP
In the last year (2022) alone, over $350 million was disbursed to authors and publishers on Amazon KDP. If you can write a book such as a memoir, fiction, or low-content book, you can sign up on Amazon KDP, self-publish and earn income when someone buys or rents your book. To increase your earning capabilities, perform in-depth keyword research to know the topics that sell and create as many books as you can create using this principle. Ensure to adhere to the formatting guidelines of Amazon KDP, and create captivating covers to ensure your books get published and are attractive to potential readers.
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Virtual Assistant Jobs
Many companies of all sizes across several industries now view a virtual assistant as a cost-effective solution for administrative duties. This means, if you can perform duties such as research, bookkeeping, customer service, data entry, content management, and social media production, you can offer these services to one or more companies, as a remote employee. You can work as an independent contractor or a full-time remote worker, depending on the company or your preference. Fiverr, Upwork, and TaskRabbit are some platforms where you can land virtual assistant jobs, and earn dollars, while in Nigeria.
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Writing
There is a huge demand for writers who can produce readable web content capable of building an online presence, generating new leads, or compelling leads to become customers. Business owners and companies all over the world hire writers from across the world, whether on a freelance basis or in remote positions. As a writer in Nigeria, you can sign up for freelance platforms like Upwork and Fiverr to reach potential clients or run a blog to offer your writing service to a wider audience.