Making money is currently the foremost concern for many Nigerians, particularly regarding online opportunities.
This concern arises because most Nigerians haven’t witnessed tangible salary increases. Simultaneously, inflation is devouring a significant portion of their take-home pay.
Many individuals are left with virtually nothing after covering transportation and food expenses, which have skyrocketed this year.
In Southwestern Nigeria, a bag of rice now costs ₦60,000, double the country’s minimum wage(₦30,000).
I could delve deeper into the plight of the average Nigerian, a reality you’re likely already aware of. However, we’ve consistently had two options:
- Continuously complain, expecting politicians to resolve all issues and provide handouts.
- Take full responsibility for our situations, focusing on seizing available opportunities to improve our circumstances.
If option 1 (blaming others) is your sole solution, this article may not resonate with you. But if option 2 (taking responsibility and seeking opportunities) appeals to you, keep reading.
Here are 7 ways to make money online in Nigeria in 2024.
I’ve conducted research, simplifying the process for you. Choose 1 or 2 methods, take consistent action, and avoid getting distracted by other seemingly attractive options.
Let’s explore these 7 methods:
1. Airdrops
I’m starting with Airdrops because it’s by far the easiest way to earn a lot of dollars in Nigeria in 2024 right from the comfort of your room using your phone and/or laptop.
It has been around for a while, but many people are not paying attention to it. For example, I stopped hunting (applying and participating) in Airdrops in 2018 when I made $1000 from the hydro airdrop.
As a NYSC corps member (National Youth Corps Member) then, I used the money to pay for my house rent in Yaba, Lagos, and I stopped Airdrop to focus on my NYSC activities.
This was a significant mistake because Airdrops eventually made some of my friends big money, turning many of them into multi-millionaires.
But it’s not too late. In 2023 (after 5 years), I resumed Airdrop activities, and after getting some recent wins, I can confidently say that Airdrops are here to stay for at least another 5 years.
The only thing about them is that they’re now more competitive than they used to be in the past, and many of them now require some investment to participate.
So, what are Airdrops?
Airdrops are incentives (free bonuses or gifts) in the form of cryptocurrency given to members of a crypto community to compensate them for the time and resources they used to market/promote that particular crypto.
Most crypto projects also incentivize early adopters who test out or use their products.
All you have to do is know how to research early crypto projects with good potential and then be an active member of their community.
I’ll also tell you for free that Airdrops are a numbers game, and the success rate is between 10% to 20%.
That means if you apply and participate in 10 Airdrops, you will only get compensated in 1 or 2 of the projects. So, get ready to learn about a lot of projects, apply to a lot of projects, and get rewarded in some of the projects.
Here is a comprehensive guide on how to start Airdrops and make life-changing profits in 2024.
Here is a video that goes in-depth into Airdrops.
Now let’s move to the second lucrative way to make money in Nigeria.
2. Cryptocurrency trading
Crypto trading stands as one of the most lucrative ways to make money online in Nigeria if you know what you’re doing. It involves buying assets low and selling them high, then repeating the process.
In Bitcoin, we have what’s known as the 4-year cycle, where the issuance (block reward) of Bitcoin reduces by half, also referred to as the halving. This halving tends to influence the price of Bitcoin and other crypto assets. Their price often rises a few months before and after the halving, followed by a price crash until the next halving.
To succeed in crypto trading, you need to research and identify good project coins, invest a substantial amount of money in them, and then have the patience to wait until their price skyrockets.
This strategy, known as spot trading, may take time but is the simplest way to trade crypto without risking too much. You buy low, wait, and then sell high.
Now, you might wonder, why not trade crypto futures for quick money? The truth is, as a beginner, you’re more likely to lose your hard-earned money in futures trading. Short-term trading is unpredictable and often akin to gambling and luck. Relying on it isn’t reliable. Time is crucial in trading—price movement from high to low takes time.
Finding a profitable futures trader online by asking for their track record, not just screenshots, is a challenge. I even tried this at a recent crypto gathering in Ibadan. I asked futures traders to raise their hands, then requested the profitable ones to present their track records. No one came forward.
To restate my point, there are two ways to approach crypto trading: the slow way and the fast way.
The slow method involves spot trading—buying low and selling high. This method is more secure, as long as you conduct your research and have the patience to wait for your crypto investments to rise, which could take 3, 6, 9, or even 12 months. Some individuals also purchase coins on Defi platforms before they get listed on top exchanges like Binance.
The fast way involves trading crypto futures/options using leverage. While it’s a rapid money-making approach, it also poses a high risk of losing everything. Statistically, 90% of traders lose money in futures trading, so if you’re a newbie, it’s best to steer clear of crypto futures trading.
3. Forex Trading
Forex trading stands as another lucrative means of making money online in Nigeria. While it’s simple to start earning from it if you know what you’re doing, it’s not as easy as most influencers make it seem online.
In fact, most influencers (98%) who flaunt winning screenshots of profits and flashy cars online don’t earn their money from trading. They make the majority of their income from training students and affiliate commissions they receive from forex brokers.
Before you nurture false hope that starting forex today will lead to buying cars and houses within three months, understand that it doesn’t work that way. A lot happens behind the scenes in the forex market. The reality is, you can make money, but it will take time. Efficiently mastering the skill is a prerequisite before generating income.
Forex isn’t necessarily a method to make money; rather, it’s a way to grow your money. Allow me to explain further.
If you seek consistent earnings, get a job, start a business, or sell something. This guarantees returns at the end of the day or month.
In forex, no matter how effective your strategy, you aren’t guaranteed returns. There will be days, weeks, months, and even years when you’re not profitable. If you can’t handle this, consider opting for a job that guarantees a fixed monthly return. Start forex trading with a small portion of your income after securing the job.
Here’s a framework if you want to start forex trading:
1. Open a broker account with Exness and create a demo account.
2. Visit Babypips or find a reputable Forex academy to learn to trade and build a trading system.
3. Once you have a well-tested trading system and are confident in its edge and profitability, open a live account with Exness.
4. Fund your live account with $500 and ensure you limit your risk per trade to a maximum of 2% of your capital ($500), which is $10 per trade.
5. If you manage to grow the account, consider adding more funds. However, if growth is stagnant, revert to demo trading.
Also, ensure you unfollow social media gurus advocating risking your entire account per trade. Doing so will lead to a vicious cycle of funding your account and losing it to brokers. Even if you profit from risking your entire account, poor risk management can lead to greater losses in the future.
Remember, only invest what you’re willing to lose in the forex market to avoid emotional trading. Neglecting basic expenses before trading has led to personal losses in the past, so prioritize essentials like food, transport, and other expenses before diving into Forex trading.
4. Affiliate Marketing
Affiliate marketing is another easy way to make money online in Nigeria. All you have to do is:
1. Identify quality products and services that people are willing to pay for.
2. Find a company offering these products/services and make an agreement for a commission of 10% or more, or a fixed amount like $5, for every customer you refer to them.
3. Find people in need of these products/services and refer them to the company.
It’s as simple as ABC, but success in Nigerian affiliate marketing hinges on helping people make better choices, not solely on making money. Promote only quality products you’ve personally tested and can vouch for.
This approach reduces refunds and encourages repeat purchases based on your recommendations.
Companies you can do affiliate marketing for include:
– Cryptocurrency and forex companies like Binance & Exness that offer commissions per referred person.
– Information marketing platforms like Stakecut, providing up to 50% per person referred for purchasing ebooks, courses, or other info products.
– Website hosting platforms like Namecheap and HostGator that offer commissions for each hosting purchase via your unique referral link.
– E-commerce platforms like Amazon and Jumia, offering up to 10% commission per product bought via your referral link.
– Other sectors like banking apps, insurance companies, etc., offer affiliate commissions; further research can help identify opportunities.
Another method I employ in affiliate marketing is through my own e-commerce platform, Filta.ng. Here, I list other people’s products, adding a profit margin. When I receive an order, I pay the seller, handle the delivery, and retain the profit.
Remember, affiliate marketing should aim to assist people rather than purely making money. This approach avoids pressuring individuals into buying products they don’t need.
5. Article Writing
Article writing stands as another easy way to make money online in Nigeria in 2024. To succeed, become a proficient content creator or copywriter in trending niches such as crypto, blockchain, AI, forex, online business, and programming.
Many companies within these niches require content creation for product pages, sales pages, email sequences, blog posts, and social media.
Start by honing your skills, building a portfolio, and actively applying for jobs online.
The quickest route to securing jobs is by directly visiting various companies’ websites and submitting applications. I know individuals who write for cryptocurrency companies and earn monthly incomes simply by creating portfolios and applying to platforms like Cointelegraph and Coinspeaker.
Therefore, focus on mastering article writing and continually apply to job openings until you land a position.
6. Social Media Management
Social media management remains another lucrative way to earn money online in Nigeria in 2024. As most businesses operate online now, many struggle to engage their community and expand their social media presence. This is where you step in as a professional social media manager.
You can manage multiple companies’ social media accounts from the comfort of your home. I’d recommend taking a course in social media management and watching numerous YouTube videos to grasp the skills needed to grow social media channels and set rates for your services.
From my own experience in growing social media channels:
1. You need to tell stories with your content.
2. Share value through your content.
3. Stay updated with current trends in your niche and use them to boost your community.
4. Collaborate with other brands in your niche for cross-community collaborations.
Being adept at social media management can attract both local and foreign clients, especially if you excel at the task and boast a solid track record.
7. Youtube Channel
YouTube is another lucrative way to make money online in 2024, and I highly recommend it because it demands fewer resources. You don’t need to risk your money trading or apply to various companies for jobs.
At its peak, my YouTube channel generated about $120 per month, which translates to roughly ₦130,000. I believe you can achieve similar success if you:
1. Set up your channel properly in a niche with a large addressable market.
2. Create valuable, exclusive content.
3. Build a subscriber base exceeding 1,000 subscribers and 10,000 views, enabling you to apply for YouTube monetization.
4. Leverage trends to boost your channel’s visibility.
5. Collaborate with fellow content creators.
6. Partner with brands and companies.
7. Maintain consistency – a challenge many people face.
Consistency is key in maintaining and growing a YouTube channel.
Conclusion
These opportunities exist, but success demands skill, dedication, and avoiding get-rich-quick schemes. Choose wisely and commit earnestly to your selected path. Your financial freedom journey begins with proactive, informed decisions.
I’d love to hear your thoughts or any questions you might have! Whether it’s about the content or any additional information you’d like, I’m here to help.
Kindly use the comments section below.
