There is no true successful and wealthy person today that hasn’t built a passive stream of income in our world today. Look around you, this people have sources of income that have gone beyond their regular jobs. Living pay cheque to cheque every month is a risky idea, especially with companies laying off staffs, artificial Intelligence replacing humans, government policies and so on, it is advisable you build a stream of income that will generate money for you without you fully involved while having your full time job or doing other businesses.
Below are 5 passive income ideas you can start with just 1 million naira or less in Nigeria. Do remember to do your personal research as businesses varies based on your location and business goals.
1. Rentals:
this has been a steady source of income for most people for the years. You don’t have to have a whole duplex or apartment to rent out, you can rent a piece of it. Maybe you leave in a 4 bedroom duplex, or an apartment; you can rent out a room or 2 and generate a source of income from it.
Apart from real estate rentals there are other form of rental you can do eg. Sound systems for indoors and outdoors events and party antennary.
2. Pos/Cash Business:
Nigeria has not fully gone cashless, and the use of cash still play a major part of doing business. I know this is quite saturated already but it depends on your location this is still a great business under 1 million that can generate passive income for you. You have to get a good location for visibility and have someone to run the business for you. You can generate between 50 -100k monthly profit doing this.
3. Transportation:
especially if you stay within the major cities in Nigeria like Lagos, Portharcourt, Abuja. With less than 1m naira You can get a mini bus aka Kurupe or a Keke Nappe and generate income with it. Find a trusted driver and do your due diligence as regards taxes these buses pay and then know what you would be expecting at the end of the day’s work. You can generate over 100k – 300k monthly depends.
4. Dividend stocks:
Investing in dividend-paying stocks can be a good way to earn passive income in Nigeria. Some companies pay regular dividends to their shareholders, which can provide a steady stream of income over time. You can use the Bamboo app to buy stocks in the USA from here in Nigeria. It is required you do your research before investing.
5. Education Business:
People will always want to keep learning and improving their skill, and there are ways you can take advantage of this and provide for yourself a stream of income passively. With the experience you have now in your job, work and business; you can teach people and document the process using videos or through a book and the resell. This is where is power of social media comes to play and in todays economy, social media is the new résumé get more work and get more cliential.
6. Bonus Tip ( Drop Shipping):
Drop shipping is another cool way to make passive income, you search for products from AliExpress or any alternative website, market it and when you get an order you then proceed to make the actual order from AliExpress which is way cheap and you sell for a profit. This may require work from your end like research, marketing, negotiating and delivery. You can make as much as 100-500k depending on the scale of the business and product offering.
