If you are a Nigerian who is living in Nigeria and have been following the news, there is hardly a day you wouldn’t come across the term ‘FOREX’.
Only last year, the federal government issued a statement directing the CBN to discontinue with the issuance of FOREX to importers of food and other agricultural produce.
That indeed came as a shocker as pundits opined that the policy would further skyrocket the already rising prices of food and other commodities, and it very much did.
A while ago, the federal government also announced a roughly 10% increase on the pump price of petrol.
These and many more are indicators that the naira is under immense pressure and stern measures are being taken to mitigate the ensuing economic downturn.
And many Nigerians are already experiencing severe hardship as a result of the government’s recent fiscal and monetary policies.
But here is the naked truth; the naira will continue to gradually lose its value as dollars run dry in Nigeria’s external reserves.
Consequently, the cost of importing equipment, raw materials and other essentials will rise in naira worth — and the prices of local items naturally follow suit. Soon, your fixed income of let’s say N100,000 might not be worth a plugged nickel.
Nonetheless, the situation isn’t completely hopeless. As much as the government claims to be doing its bit, we shouldn’t wait on the government.
It’s possible to work and earn foreign currencies like dollars, pounds, and euro from the comfort of your home — all you will need is a laptop, and of course Internet connection.
Here, I briefly outlined outlined some ways anyone can work and earn foreign currency.
Start a mini-export business
One of the most effective ways of earning foreign currency is through the export of local materials. The export market is huge and there is no limit to how much one can make from such businesses.
Many people assume that the Import and Export business is exclusively for those with a huge amount of capital. Others feel discouraged when they think of the trouble they will have to go through.
But all that was in the past. Thanks to eCommerce. Now, you can start a mini-export business by mailing your items in small parcels and grow along as you make some profit.
You can begin by going through the list of products that can be exported from Nigeria. Next, find the products and how much they cost. Then, find your customers and make a deal.
Become a freelancer
There are numerous Freelance websites where freelancers carry out tasks and are paid by international rates in dollars, pounds and Euro. All you will need to begin is a marketable skill, and of course a laptop.
Create and export content
Are you are an avid reader looking to further a career in writing? What are you waiting for? The good thing about writing is, it knows no limits — and the more you write, the better you will get at it.
You can start by sending your contributions to international magazines and online news hubs. If you they find your writing good enough, they might start paying for your content or hire you as a contributor or columnist. There are also websites like medium which pays as much as $35 or more per 1000 views.
Make your company global
Spread your tentacles beyond Nigeria. It doesn’t really take much — especially now that the world is literally a global village. You can start by creating a website, offering free services online, and then proceed to monetizing with ad companies like Google AdSense or by selling ad spaces.
Find work abroad
Many may find this unpatriotic at a glance. But, there is no better patriotism right now than working abroad, earning foreign currency and repatriating some of the funds back home.
Diaspora remittances amounted to 17.57 billion dollars in 2019 according to data from the Central Bank Of Nigeria.
These remittances help reduce the country’s trade deficit thereby giving the naira a boost.
It is surprising also that in the same year, Foreign Direct Investment FDI stood at a partly $1.17 billion.
In essence, you are better off working abroad and sending remittances than you will ever be working at home.
Other earning opportunities
- Start a niche blog
- Create and sell apps/digital content
- Become a YouTuber