In this article, I’ll reveal my top 10 Best Passive Income Ideas in Nigeria to Make Money Easily. You’ll also get to see how to create multiple passive income streams in Nigeria, multiple streams of income ideas for Nigerians, and how to create an alternative source of income in Nigeria.
It is evident that the need to have an extra bit of money for emergencies and unexpected occurrences are required. The bills keep piling up with the rising inflation rate, and just one stream of income may not meet these bills. Passive income can provide this financial cushion as it brings in a steady flow of money from various sources, even if one is not working or available.
If the idea of making money quickly sounds good, then read on. The idea of making money effortlessly or while you’re asleep is a fascinating one and creating a passive income investment is the best thing that you’ll ever think of doing.
Warren Buffett once said, “If you don’t find a way to make money while you sleep, you will work until you die. It’s that simple. You have to quit your day job to start making passive income. There is no magic or blood money needed when it comes to creating passive income.
You just have to work hard for a couple of years, and when your investments start paying, you can reap the fruits of your labor. They are so many passive income ideas available for Nigeria, but before I show you the best passive income ideas, let me shine more light on passive income just in case you are still new to the whole thing.
What is Passive Income?
Passive income is a business where you make money from doing little or no work. This means your money keeps coming without actively working for it. You simply get paid over and over and over again for work that you did some time ago.’
Passive income doesn’t mean that you just have to start a business and go to sleep. No, that is not how this business idea works. Creating a Passive income takes time, effort, and resources before you can begin to see a badass increase.
The beauty of passive income is that when the money starts coming in, you will not need to spend any more time, money, effort, and resource on the project because you’re all set to make money while you are asleep.
You have built your business to a state where you can comfortably take your eyes off of it and let it make money for you. An excellent example of passive income, just in case you need more emphasis, is selling recorded music.
When a Nigerian Musician like Wizkid or Davido makes a song, they go to bed knowing that they make a lot of money, not just the song. After the song is released, they can play football, sleep, and dance but still receive bank alerts every time their song is sold.
The good thing about passive income is that they do not require much work on your part. This means that you are able to earn some extra cash without having to put in much work. Many of these ideas are also cheap and easy to start. Passive income ideas will also allow you to invest less and still earn more than if you were to just save up your money for a rainy day.
This whole money-making process becomes automatic when you create a passive income system.
I believe that there are two types of passive income: online passive income investments and offline passive income investments. In this article, I will be revealing 10 passive income ideas to make money offline.
You can click here to see how to make passive income online.
Top 10 Best Passive Income Investments in Nigeria
I’ve spent hours thinking about the top best 10 passive income ideas to make money easily in Nigeria and what I discovered is that you only need two things to establish a passive income stream, time and money.
Once your time and money are dedicated to your passive income investment, you can quickly even when you sleep.
They are officially the best passive income ideas in Nigeria.
1. Property Flipping
Believe me, and nothing says easy money from a passive income source in Nigeria, like property flipping. This is by far the best passive income idea to make money while you sleep. This passive income investment can work for virtually anyone, anywhere, and anytime.
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Have you noticed that some of the prices of the cheap lands in Lagos, Abuja, Imo, Port Harcourt, Oyo, and Kaduna have been rising? Since the prices of properties are on a constant rise, it means that your income is constantly increasing.
The only downside about this passive income idea is that it will take a lot of time and money before you get decent ROIs. After you’ve built your house, you can go to sleep and let the housing agents do all the work. As new tenants move in, you are paid for doing something you did long ago.
If you don’t want tenants, you can flip your house. That means you can sell it after building it. Yes, you can build a house for ₦20 million and sell it for ₦57 million; that is ₦37 million in profit after the sale. This is how property flipping works.
You can also buy a piece of land, leave it for a few years for its value appreciates, and then resell it for profit. This method is cost-efficient, and you won’t spend as much as you would have to build a house.
When you rent out or sell lands, houses, buildings, sports centers, markets, hotels, parks, event centers, apartments, shops, or office spaces, you can generate healthy monthly or annual revenue for an investment you made some time ago.
2. Build a Startup or Company
Building a company is another fantastic passive income investment to make money easily in Nigeria. A company is an entity that manufactures products or provides services as a commercial venture.
Starting a company is not as hard as it seems; it just requires a certain amount of money to set up then you’re good to go. You can start a company in your living room, and you can expand in time.
Do you have good taste in clothes? Then start up a boutique or a fashion company. Do you know how to gamble? Then start a bookie company that gives insights, tips, and risk-free predictions for your own casino.
Do you have a familiarity with a subject, discerning judgment, and good social skills? Then set up a consultancy firm on tech or relationships, blogging, law, agriculture…
The more you love something, the less work it becomes when you do it. You just have to figure out what you do best so you know what type of company to set up. If you feel starting a company is hard, you can also buy a successful business and profit from it with little or no effort at all.
3. Shareholding and Partnerships With Companies
This is one of the few reasons why the rich get richer. They put their money on the market to work for them while they stay at home eating and sleeping. Owning shares in a multinational company or partnering with other more prominent companies are business ideas that can increase growth and generate passive income.
If starting a company seems like a big deal, some entrepreneurs partner with some companies or buy shares owned by the company to make money as the business grows.
By building a portfolio of high dividend stocks, you can create passive income to make money while you sleep at an alarming rate. The money you can get by trading stocks is much higher than what you can get from bank investments.
Even as a business partner, you simply supply a business with the needed capital with the request of taking an equity position in the business. In contrast, the business owner does all the work. You just sit back and wait for payday.
Dividend income gets paid to shareholders of stocks in the form of cash in your bank account, and as a partner; you also get commissions or capital gains. A lot of financially independent people started by buying stocks from profitable businesses.
If you want to make a passive income for yourself through shareholding and partnership, make sure that you educate yourself, analyze the business, and pick solid stocks.
This is one of the most accessible passive income ideas in Nigeria on my list. You get paid to stand around or do certain things your client asks.
Modeling should be regarded as a passive income idea because, according to my definition, “where you make money from doing little or no work at all” and “get paid over and over and over again for work that you did once.” In modeling, there is little or no work involved.
Your pretty face or elegant body structure would do all the work for you, and I’m telling you, there’s a lot of money in modeling. Plus, models are somewhat getting closer and closer to entertainment. A lot of models are now featured being featured in music videos, movies, video games…
If you decide to become a professional model, you can get a modeling agency to help you out on your journey and focus on the goal you’ve laid out for yourself.
5. Write A Book
Writing a book is one of the best passive income ideas to make money while you sleep. You make money just by expressing yourself or sharing an idea. A lot of books have the 5th edition, revised edition, and updated copy but still, sell millions of copies and win awards.
Wring fictitious books, novels, biographies, autobiographies, novellas, fables, or plays can allow you to make residual severe income and profits while you sleep. This is one of my favorite passive income ideas.
You no longer have to wait for publishers to print and distribute your book; these days, self-publishing a book is the best idea. Even with the help of globalization, you can write a book and sell it on sites like Amazon, Kindle, Lulu, or Audible.
Once your book is published, you can immediately watch the money roll in and get a check for a book you wrote three months ago. If you want to succeed in this field, write a book that solves people’s problems.
Books like “How To Fix A Broken marriage,” “How To Rediscover Yourself,” and “How To Walk With God”… have the potential to make you a lot of money if your marketing strategy is alright.
If your books get to the right hand and he makes a quote from the book, it would sell like wildfire. A single reference or positive comment about the book from the right person can change your life.
6. Invest in Entertainment
The Nigerian entertainment niche is another high-paying passive income opportunity in Nigeria that you should venture into. This sector comprises social media marketing, TV advertising and subscriptions, television, the music industry, Nollywood, and TV stations.
The Nigerian entertainment and media market grew by 19.3% from 2014 to reach $6 billion at the end of 2019. If you are an entertainer, don’t be afraid, there’s a lot of money in this industry to feed everyone.
7. Set up a Factory
This is another passive income idea that will turn your life around for good is in the manufacturing sector. Owning a factory or plant specializing in making several products has proved profitable all around Nigeria.
You can easily set up a factory that makes sachet water, provision, cosmetics, skincare products, or agricultural materials. This passive income idea can easily make you rich and create develop your society at the same time.
With the advent of social media and digital marketing, you do not need to go from door to door to market it; you can easily set up an e-commerce site or a social media page to list and sell products if you want to start making money online, even as a manufacturer.
8. Invest In International Trade
It is no news that there is a lot of money in international trade. Importing, exporting, and other foreign trading businesses are some of the most accessible passive income investments you can start in Nigeria.
You just need a reliable foreign distributor if you want to sell the products locally or be a foreign distributor to foreign customers.
International trade makes generating revenue a breeze and is one of the best passive income streams in Nigeria; easy to start up, high demand for some foreign products, and low maintenance cost.
International trade allows you to buy and sell in foreign markets and still make a lot of money doing nothing other than tracking and marketing.
9. Invest In Agriculture
A passive income investment in the Nigeria Agric sector is also an excellent start to making money fast in Nigeria. There are a lot of profitable agric businesses that you can start to make money in Nigeria.
These businesses come with a lot of benefits aside from making money when you invest in agriculture. Even the Richest Man in Africa, Aliko Dangote started as a farmer before he started investing money in his refineries and factories.
This brilliant passive income stream has been known to generate revenue for up to three generations, and I strongly advise every Nigerian to venture into it. They won’t tell you to invest in agriculture for poor people. I am telling you to invest because that’s what wealthy people do.
10. Try Out Politics
Every Political System Is Big Business; You only need a handful of achievements, political influence, and wealth to get into the political affair of a state and begin making passive income. Politics may even be the weirdest passive income idea on this list.
There’s no passive income idea that is easier than being a politician. You only go to your office, sign different documents that need your approval, go home, and complain about how stressful your day was. How cool is that?
You can try politics after retirement when you become a successful businessman, actor, pastor, footballer, or contractor. That’s what most people do right? As long as you have a remarkable career, acquiring political power becomes more accessible than you think.
Some other brilliant ideas you could try:
- Create a Membership Website
- Invest in Transport
- Start A POS Business
- Sell Photos Online
- Building Online Courses
- Social Media Influencing
- Forex Trading
- Affiliate Marketing
These are Nigeria’s ten best passive income ideas to make money fast. I took my time to narrow it down so that you can easily decide which passive income stream works best for you. All ten passive income business ideas listed in this guide are very effective and profitable.
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