Have you been looking for ways to double your money in Nigeria, without having to lose it to Ponzi schemes, then you are in the right place.
Many Nigerians have always wanted to ensure their money is not just kept in their bank accounts while they earn very little or nothing as interest on their savings account.
Many have been scammed and some who have not fallen into the hands of these scammers already have fears of losing their money through experiences of their family members or neighbors.
One of the best practices to successfully double your money in Nigeria is to study whichever program, investment or business you want to put your money.
Ensure you know how it operates, what you should be expecting, how long it will take to get your money doubled (i.e. the tenure or duration), and study the terms and conditions very well.
Another thing to take note of while considering the ways to double your money in Nigeria is “greed”. Don’t be greedy, most people that are not conscious of this act of greed end up losing all their hard-earned money.
People who bring up programs as a means to take away people’s hard-earned money play on human psychology, they use greed to attract people knowing lots of humans are greedy and would easily fall into this trap.
Lastly, in the process of doubling your money, don’t go for what is more than your financial capacity, Sometimes the unforeseen happens, (it’s a risk even if it is a calculated one). If the unforeseen happens and you lose, you know what that means. So, act wisely.
Below are some carefully selected ways you can double your money in Nigeria.
1. Put your assets to work:
this does not necessarily need to invest much money especially if you have the asset you would like to put to work ready. Most people possess assets that just serve their personal use. Putting them to work will fetch you more than you’ve ever expected. It more like starting a business. A good example is a car, instead of parking that car in the garage you can get a driver to take people to their destination and bring back money in return. The driver gets paid at the end of the day based on agreements while you keep the remaining to yourself and for car maintenance.
2. Buy shares:
you can double your money in Nigeria by buying company shares or bank shares. When the prices of the shares increases, you sell it and get back your money with profits. This is a good way to double your money without risk of losing your money, but you have to know the company’s terms and conditions and as well as the companies cashflow to know the time to buy or sell.
3. Dividend re-investment:
small amounts of money reinvested can grow into much larger sums if you used to buy more shares of stock that pay dividends in turn. Dividend reinvesting means repeatedly directing cash flows back into the investment to regularly “double down” and go for the maximum overall growth of the position and maximum overall return over time. Go for High-yield dividend stocks. This can help you double your money in Nigeria.
4. Federal Government of Nigeria (FGN) bonds:
FGN Bonds are debt securities (liabilities) of the Federal Government of Nigeria (FGN) issued by the Debt Management Office (DMO) for and on behalf of the Federal Government.
The FGN has an obligation to pay the bondholder the principal and agreed interest as and when due. When you buy FGN Bonds, you are lending to the FGN for a specified period of time. The FGN Bonds are considered as the safest of all investments in domestic debt market because it is backed by the ‘full faith and credit’ of the Federal Government, and as such it is classified as a risk-free debt instrument.
They have no default risk, meaning that it is absolutely certain your interest and principal will be paid as and when due. The interest income earned from the securities are tax exempt. FGN bonds are handled by the debt management office. To learn more on how to invest visit their website here
5. Forex trading:
This is simply the trading of foreign currencies and it can double your money in Nigeria. It is the buying and selling of foreign currencies. The strategy behind this is that, the values of currencies in the stock market increases and decreases with respect to many factors such as the economy of the host currency.
So, when the value of a currency drops or it is perceived to increase with time, forex traders buy and hold the currency till it appreciates (i.e. till the value increases) and at this point, they sell in exchange for their desired currency. Forex trading is very profitable when you know how the market works and could lead to a loss if not properly done.
6. Cryptocurrency trading:
this is very similar to fired trading but in this case, cryptocurrencies are used in trading. Popular cryptocurrencies that can be traded during this period includes bitcoin, Ethereum etc.
7. Cryptocurrency investment platforms:
if you don’t have the knowledge on how to trade crypto currency, you can invest with trusted crypto currency investment platforms or individuals with the know-how, who offers partners trading. They can double your money in Nigeria.
Partner trading is simply a form of cryptocurrency investment where a trader takes certain amount from people and trade on their behalf while he/she pays them after an agreed period of time with an agreed return on investment (ROI).
When using this strategy, ensure to make enough search about the platform or individual as the case may be, and ensure they can be trusted.
8. Setting up a side hustle:
This is a very good way to double your money in Nigeria. Any business can do well as a side hustle. That is, you still run your salary job, or whatever you currently do, while you take money you earn from it to set up a business. The major source of finance could be from the existing paying job. With time the business will grow and will not only double your money but could replace your current one.
this is also a good and profitable means to double your money in Nigeria. There are different ways to venture into farming. It could be crop production or livestock farming. The two a good to start with and are very wide.
For crop production, it is good to consider region, season and availabilities of some needful e.g. certain crops needs enough water supply to survive and therefore access to water supply for irrigation would be needed, while some crops as well survive in temperate regions etc.
Livestock as well must be well studied and planned before launching to avoid loss or disease outbreaks amidst the animals.
10. Farm investment:
if you don’t know how to farm or you probably don’t have the time to farm, you can invest in companies and individuals who offer investment on farming. I.e. you provide the needed money while they handle the rest. At an agreed period of time when the investment is matured, you get back your money plus the return on investment (ROI).
11. Real estate investment:
Every now and then, buildings and properties are being sold or leased out for residential, industrial, official, or religious purposes. You can invest your money in this and double your money in Nigeria from your investment depending on the terms. If the building or property was bought by you, then that is a lifetime investment unless the building collapses, the property diminishes (fails to serve its purpose). or you sell it out.
12. Non-convertible debentures:
Non-banking financial companies (NBFCs) and Corporate bodies offer higher interest rates for non-convertible debentures and corporate deposits. This interest is quite higher when compared to fixed deposits of banks. The rate of return for these deposits is usually ranges from 9 to 10% while sometimes it is higher depending on the financial company and it takes 5-8 years for the money invested to be doubled.