Most people can use a little extra money on the side — but this is especially true for women. That’s because women tend to live longer compared to men and generally take more time off (due to having children). We also earn less. In fact, Nigeria’s gender pay gap was previously ranked one of the highest in the world by the United Nations Development Programme. Digging deeper, more recent available data also suggests that half of the female population of Nigeria occupy clerical positions, sales, health care, social care, and education roles. Most of these are not lucrative fields.
Given these realities, women need to do more than just save. We need to earn more. In this article, we suggest four small investments that can help you make money on the side.
This Day reports that online shopping is growing in popularity in Nigeria, and this will be the case moving forward as more people purchase goods online. A recent report predicts that e-commerce will account for 10% of the overall retail sales in Africa, with Nigeria’s active consumers playing a large role in that growth. This surge in popularity can be attributed to Nigerians craving convenience and personalisation when shopping, as well as the increased use of cashless payments.
So if you’d like to cash in on this rising trend, it’s best if your product fills a specific need. Today, electronics still dominate the local e-commerce market, so you can try to find success by selling televisions, cameras, audio equipment, and other gadgets online. Fashion, health, and beauty products are also in high demand and sell well on social media platforms like Instagram.
Foreign exchange (forex) trading is an effective way to earn money on the side, as you don’t have to do it full time. You also don’t need to make a sizable investment. Daily Post notes that traders deposit around $514 on a quarterly basis, which is equivalent to ₦185,550. While this may not generate much revenue, it will give you the confidence to gradually build up your trading knowledge as you learn more about the market. ‘What is Forex’ by FXCM explains how there are plenty of forex on-demand lessons and webinars available that can help you get up to speed with trading. Reputable sites even offer demo accounts so you can practice for free. We suggest you give these demos a try. The more you get familiarised with forex trading, the more money you will feel happy to invest and earn.
Peer-to-peer lending is as the name suggests: You lend money to your peers with interest. The future of peer-to-peer lending in Nigeria is bright, with companies like FINT continuing to grow. Founded in early 2017, FINT aims to “empower Nigerians by making loans more accessible and affordable; and lending more rewarding.” They screen borrowers thoroughly. This means only trustworthy borrowers capable of paying can secure a loan. With peer-to-peer lending gradually growing in popularity in Nigeria, this is a good market to invest in to make some extra money.
Similar to forex trading, trading in the stock market is an effective way to make money without investing too much time, as it is a passive way of earning. You can start by investing a little through online stock brokers. There are several online brokers that are perfect for those starting out as they don’t take commissions. You will have to do the research on the companies you want to invest in and ideally they should be performing well or have the potential be successful in the future. The more stocks you buy, the bigger the earning potential. As with any trading, you need to be aware of the risks and ensure that you are not putting yourself into financial difficulty by investing too much. Come up with a financial plan that will mitigate your losses.
As these four investment methods show, it is easy earn money on the side. All you need is the confidence to do so, and soon those small investments will start to generate big returns.