The common belief that investment requires millions of naira is not totally correct. See investments as seeds – you plant, wait after germination then harvest. So, investments are usually small but consistent moves made for long-term goals.
The good news is that you can begin investment as a Nigerian from as low as #10,000. If you want to know the best ways to invest with #10,000, stay here.
- Invest in a High-Interest Savings Account
A high-interest savings account functions as a bank account where deposited money earns monthly interest. These accounts give you higher returns than standard savings options.
The amount of money you have expands gradually even as you don’t perform additional work. Certain Nigerian banks and fintech firms provide these accounts. Plus they have attractive rates too.
Two good examples are:
- PiggyVest Flex Naira Savings: Offers up to 10% interest per year.
- Kuda Bank Savings Account: Gives up to 15% interest per year.
- Mutual Funds
You can invest in multiple companies, stocks, and bonds through mutual funds without having to manage your investments yourself. Think about putting your money into an account where investment professionals use your funds to invest in several opportunities, while you don’t worry about risks taken at all. That’s exactly what a mutual fund is all about.
When you put ₦10,000 into a mutual fund, investment managers deploy your capital together with money from other investors to seek out profitable business opportunities. As an investor you receive profits monthly or yearly.
You can open a mutual fund account with Stanbic IBTC Mutual Funds and ARM Money Market Fund with initial investments starting from ₦5,000 to ₦10,000.
- Nigerian or US Stocks
Stock investment basically means purchasing fractional ownership in a corporation. Then that company’s growth and profitability result in increased stock value which allows you to sell your shares for higher returns in the future.
Nigerian investors have the option to purchase company shares from firms like MTN, Dangote as well as Zenith Bank. You can invest in US stocks like Apple or Amazon – products or services that most people use.
- Buy Self-Help Books on Wealth Creation
Reading texts on financial management and investment strategies teach you effective methods for building your wealth. Successful people who accumulated wealth reveal their secrets in these books which you can get at discounted prices.
Final Thoughts
The idea of investments is like seedlings to a farmer. The good news is that there are several options you can choose from. Check out Bamboo and Chaka apps and make a pick based on our recommendation.
UphivaBETAR
Joseph Busari
