Nigeria’s economy is generally classified as a mixed economy with a middle income level. It is a mix of private and state-owned businesses that generates a nominal GDP of $514 million per year. According to these estimates, it is Africa’s largest economy and the world’s 27th largest. Between 2000 and 2012, the country’s purchasing power nearly tripled. In terms of purchasing power parity, it currently ranks 24th on the global scale.
Naturally, much of this can be attributed to the growth of Nigeria’s telecommunications industry over the last decade, which has resulted in a significant increase in internet penetration throughout the country. According to DataReporting, between 2020 and 2021, the total number of internet users in Nigeria increased by 22%. (19 million people). As a result, it is clear that once widespread internet access is achieved, Nigeria will almost certainly develop into a thriving technological hub as well as a sizable technological market.
Flutterwave, a payment processor based in Lagos, announced in May 2021 that it had raised $170 million in venture capital investments. In October 2020, the Irish-American company Stripe paid more than $200 million to acquire Paystack, a well-known Nigerian payment processor. Stripe was able to expand its offerings to customers in Africa as a result of this move. All of this is evidence of the digital revolution that is currently taking place in Nigeria, where an ever-increasing portion of the population earns a significant portion, if not all, of their income online. This demonstrates the digital revolution that is currently taking place in Nigeria.
Participating in Online Surveys
The global market for online survey software was estimated to be worth $5 billion in 2020, and current projections show that it will be worth nearly $4 billion more annually by 2026. Polls conducted online not only help businesses reach more informed decisions about how to manage their operations, but they are also, without a doubt, one of the simplest ways for anyone to make money on the internet. All that is required of a person is to respond to pages of questions about a topic in which they have some or no experience. In order to be eligible for rewards, the vast majority of websites that provide this service require users to perform activities other than answering questionnaires.
These activities include watching videos and playing video games. Furthermore, they usually make payments once a week or once a month with gift cards, e-wallets, or cryptocurrencies. TimeBucks, TGM Panel, and SurveyTime are among the most popular survey websites in Nigeria, with thousands of people using them every day.
Marketing with Affiliates
Affiliate marketing is a type of performance-based advertising in which a company rewards its affiliates based on the number of new customers they bring in within a set period of time. Individuals, as well as businesses, can become affiliates; all that is required is the ability to direct customers to a specific service or retail location. Currently, the majority of research market firms believe that entities in this sector generate around $12 billion in global revenues each year.
Affiliate marketers have a wide range of profitable niches to choose from, with online iGaming being one of the most profitable options despite the fact that they do not target players in their immediate area. According to online research, the five most effective affiliate marketing programs in Nigeria are run by Expertnaire, Jumia, Konga, PayPorte, and Wakanow. They all have higher-than-average referral commissions.
According to Allied Market Research, the global market for virtual assistants will reach $44 billion by 2027, growing at a 37 percent annual rate. Grand View Research, on the other hand, forecasts a $6.4 billion annual revenue for the virtual tutoring market. Naturally, the global COVID-19 pandemic boosted both of these spheres, causing them to thrive in every location. The same can be said for Nigeria, which has seen a significant increase in online hubs such as CityTutors, ChatClass, Tuteria, and PrepClass over the last two years. The demand for virtual assistants has also increased significantly in Nigeria, as evidenced by a significant increase in the number of Nigerian job applicants on freelancing platforms such as Truelancer and Upwork.
Transactions with Cryptocurrencies
Over the last half-decade, the use of cryptocurrencies has grown in popularity in Nigeria. According to LocalBitcoin data, Bitcoin trading activity increased by 1,500% in Nigeria in 2017, making it the world’s second most active market after China. The craze for cryptocurrencies grew year after year in Nigeria, leading to the country’s central bank prohibiting all local financial institutions from working with cryptocurrencies in February 2021.
However, this only appears to have increased many Nigerians’ appetite to continue trading cryptocurrencies, as the national cryptocurrency transaction volume reached a record $44.4 million in August of 2021. Therefore, it would appear that preventing cryptocurrency exchanges from accessing the banking system only encouraged cryptocurrency activity to return to the underground, where it had initially flourished. Despite its fragility, Nigeria’s crypto industry has adjusted to the banking ban and is now thriving.
Copywriting
In the Western world, the term “copywriting” refers to the process of producing written content for the purposes of marketing that is intended to generate sales. On the other hand, in Nigeria, it also encompasses search engine optimization and standard content writing. Copywriters and content writers are the people who work in this profession.
They are the ones who provide online businesses with articles, reviews, and product descriptions. Those who wish to advance in this field, which is expanding at an annual rate of 16 percent, are required to have excellent English language skills. There are opportunities for copywriting on a variety of websites, including Upwork, Freelance, and others.