4 side hustles that can help Nigerians earn passive income during this tough period

As a Nigerian, supplementing your regular income with passive income can greatly improve your financial situation.

The current harsh economic realities, such as persistent increases in the price level, increasing transport fares, and plummeting purchasing power of the Naira, can make it challenging to make ends meet. However, making more money from your skills, current assets and passion without much hassle can be a blessing.

In the current digital age, technology has opened up incredible opportunities for people to generate wealth while embracing the convenience of the online world. Sometimes, all it takes is leveraging the available digital tools and soft skills to keep multiple streams of income.

Just so you know, passive income is money earned without actively working for it, and it can come from various sources such as investments, rental income, or online businesses.

Read also: 3 platforms that can help you earn passive income through crypto p2p lending 

Tech-driven strategies to earn passive income

This article explores four tech-driven strategies that can help you build a steady stream of income while embracing the digital landscape. From renting out your property with digital platforms to leveraging online courses and blogging, we’ve got you covered.

Lease out your apartment

Gone are the days when renting out your property or leasing out your apartment was a tedious task. Thanks to modern digital rental platforms like Airbnb and Booking.com, you can quickly turn your property into a money-making machine.

Apart from the inspiring stories of how some of these platforms, like Airbnb, have come to be, you will be shocked at how much you can make just from leasing out your apartments, especially in large and booming cities like Lagos and Abuja,

So, if you own an apartment in Nigeria’s biggest cities and probably you work mostly away from home, then you can put your apartment to good use while also ensuring safety. You can list your apartment on some apartment leasing platforms like Airbnb or booking.com and then let your money start rolling in.

You should be aware that renting out your apartment has drawbacks as well. There is a chance that your possessions could be stolen or destroyed. Yet thanks to the necessary safety measures and protections put in place to guarantee all parties are protected in various situations, these platforms have made it safer for hosts and clients to get the best experience.

It is important you check on the various requirements and conditions needed to list your apartment, and satisfy these conditions and requirements, before going forward with the business.

Create an Online Course

Nigerians are one of the most skilful and knowledgeable individuals in the world. They possess a wealth of knowledge and expertise that can be monetized through online courses.

With platforms like Udemy, Teachable, and Coursera, making money passively has become even easier through these means. These platforms offer a vast audience for your educational content. Whether you’re skilled in programming, digital marketing, or personal development, there’s an audience eager to learn from you.

There has been a significant increase in demand for online courses these past few years since the covid-19 pandemic. As a Nigerian, you can create an online course to share your expertise with others. It can be on any topic you know about, such as cooking, photography, or business.

You can sell the course on platforms like Udemy, Coursera, or Teachable. Once the course is created, you can earn passive income from it for years.

Start a Blog

You can profit from a blog, especially if you have a large and dedicated audience. Many of the current blogs weren’t started to make money but rather for people to write about hobbies, interests, and areas of expertise. Some blogs within this category have made money because they have become popular naturally.

Blogging is a great way to earn passive income as a Nigerian. Especially as you can write on any topic you are passionate about, such as fashion, food, or travel. Once you have a blog, you can earn money through advertising, affiliate marketing, or sponsored posts.

It’s important to be realistic when starting a blog. You won’t make passive income immediately. However, if you commit yourself to producing regular, high-quality content (try starting with at least two posts per week), you should see your blog pages ranking in search results for keywords that relate to your niche. It takes time to build a successful blog, and you need to grow your audience consistently.

What you can do, however, is choose a user-friendly Content Management System (CMS) like WordPress to set up your blog quickly. Implement Search Engine Optimization (SEO) techniques to boost your blog’s visibility in search engines. Use analytics tools to understand your audience and tailor your content to their preferences.

Additionally, explore partnerships with brands and businesses that align with your blog’s niche to monetize your content effectively. This will help to bring more and more traffic to your blog, and at this point, you can start exploring ways to make money with your blog. 

Invest in Real Estate

Investing in real estate has long been a popular way to generate passive income, but technology has transformed the landscape. You can now invest in real estate by buying a property and renting it out or investing in Real Estate Investment Trusts (REITs).

REITs are companies or platforms that own and manage real estate properties and pay dividends to their shareholders. Over the years, these REITs have emerged, and they can now help you manage your investments in real estate without you lifting as much as a finger.

It is even more exciting to note that with these platforms, you do not have to invest large sums initially to own properties or even earn dividends; you can invest as little as you can afford and sit back to earn dividends as the investments or properties mature and develop.

Investing in real estate will create monthly cash flow and can help you build your residual income over time. The one-time payment that an investment requires will be returned to you over time as the investment generates income.

Final words

Finally, earning passive income as a Nigerian is possible through various hustles. Renting out your property, creating an online course, investing in real estate, and starting a blog are some ways to earn passive income. Many others are not listed here.

However, it is essential to research and understand each hustle’s risks and rewards before investing your time and money. With the right mindset and strategy, you can create multiple passive income streams and achieve financial freedom.