Despite the emergence of newer platforms, Facebook’s reach and 3 billion active user base make it a powerful medium for personal and business engagement. Following the June 27 development, creators in Nigeria can now monetise their content and earn money through various Facebook features, including in-stream ads, live ads, ads on reels, bonuses, and subscriptions.
In 2024, Facebook remains a social media giant. With over 3 billion monthly active users globally, 584.9 million monthly searches, and daily usage by over 64% of Android users, the platform’s potential for monetisation is clear.
So, the idea that the platform’s relevance is declining is debatable, as you can effectively leverage Facebook’s Nigerian audience to generate revenue.
We’ll be sharing 8 practical tips below to help you monetise your Facebook page in 2024.
Best ways you can make money on Facebook in Nigeria
So, how can you get in on the action? The good news is that the barrier to entry is low. You can start by using your existing account to create a Facebook Page—under Pages in your profile dashboard.
Now that you have your page, let’s explore the eight ways you can turn your content into cold, hard cash:
1. Grow a page, and offer value with a goal in mind
You can use your Facebook Page to showcase your skills in various niches. Admittedly, it could be entertainment you have to offer, and value could mean curating, and sharing unoriginal work while giving credit.
So, pick a niche and start by growing your own Facebook page to build a significant following and engagement. Remember to document your journey throughout.
Facebook has a couple of requirements in 2024 that need to be met before you can start earning on the platform. These include:
- Your page needs to have at least 5,000 followers, generate 30,000 one-minute views on videos that are at least three minutes long in the past 60 days, and meet Facebook’s monetization standards.
- Most importantly, your content must adhere to Facebook’s guidelines, prohibiting violent, sexually explicit, or hate speech content, and must be advertiser-friendly, appropriate for all audiences, and free of controversial or sensitive topics.
- You need to have set up a valid payment method in order to receive payments from Facebook Pay.
2. You can sell the community-building expertise as a service
Once you’ve successfully grown your page, you can leverage this expertise to offer community-building services to small businesses. You can help them grow their audience and improve their online presence. And there’s a bandwagon of business owners who don’t want that stress but want results.
The experience you have gained will help you understand what works on Facebook and effective strategies for organic growth. Now your clients would also be paying you for helping them get paid by Meta if you get my drift.
Start by showcasing your achievements and the growth metrics of your page to potential clients. Offer your packages in clear proposals (content creation, page management, and engagement strategies) so they’re not expecting magic or more
So go digging, e-networking and connecting with potential clients who need help achieving similar success.
3. Buy and sell products on Facebook Marketplace to earn a profit.
In Nigeria, one lucrative way to make money on Facebook is by finding undervalued items (high demand and low competition) in local deals, garage sales, or thrift stores and reselling them for a profit. Whether you want to start a small e-commerce business or engage in dropshipping, the Marketplace offers a vast audience and an easy-to-use interface.
To get started, identify or source your products either locally or through suppliers. Go ahead to create compelling listings with clear descriptions and high-quality images. And finally, engage with your potential buyers promptly to build a positive reputation and increase sales.
With the right eye for bargains and a bit of negotiation, you can turn these finds into a steady income stream. This approach not only helps you earn money but also allows you to connect with a wide audience on Facebook, making it a win-win situation.
4. Send traffic to Affiliate Sites
Affiliate marketing is indeed a powerful way to earn money through your Facebook page and in Nigeria at large. By sharing affiliate links to products or services, you can earn a commission for each sale made through your unique link. To maximise your success, choose a niche that aligns with your audience’s interests and promote products you genuinely believe in.
Create engaging content that incorporates your affiliate links, such as reviews, tutorials, or recommendations. The key is to provide value to your audience while subtly directing them to purchase through your links. This approach not only helps you earn commissions but also builds trust and credibility with your followers.
Read Also: 10 best ways to make money in Nigeria
5. Private member community subscriptions using Facebook Groups
Creating a private community on Facebook can be another money-printing venture. When you offer exclusive content, services, or products within a closed Facebook Group, you can generate income through member subscriptions.
To start, identify a niche that resonates with your audience and provides them with unique value. This could be anything from yoga classes and exclusive marketing webinars to one-on-one coaching sessions.
Once you’ve identified your niche, promote your group by highlighting the benefits of joining. Emphasise the exclusive content and personalised services that members will receive, which can attract individuals willing to pay for the added value. Feel free to follow the steps in this article to create a paid Facebook group and start monetising your expertise.
6. Host virtual events and collect tips using Facebook Live
This tip is best combined with any other from the list of 1 to 8 as one of the legit ways to make money from Facebook, especially in Nigeria. Here’s how you can do it:
- Start by planning an engaging virtual event that appeals to your growing audience This could be anything from a live music performance, a cooking class, a fitness session, or a Q&A session.
- Promote the event in advance to build anticipation and ensure a good turnout.
- During the live event, interact with your audience to keep them engaged and encourage tipping through features like Stars, GoFundMe, and Buy Me a Coffee.
- Additionally, you can offer exclusive content or perks for those who tip, such as shout-outs, special requests, or access to a private follow-up session. This not only incentivises tipping but also enhances the overall experience for your audience.
Remember, consistency is key to generating steady income through tips on Facebook Live. If you’re new to Live events, Hubspot’s marketer’s guide can help you ace it.
7. Create Sponsored Content for brands
Partnering with brands to create sponsored content is an effective way to monetise your Facebook page. Brands are willing to pay for posts, videos, or stories that promote their products or services to your audience.
You can attract these sponsorships by maintaining a consistent posting schedule and showcasing proof of high engagement rates. Your ability to create compelling content that resonates with your followers is what your potential brand partners will be looking at.
Always use Facebook’s Branded Content tool to track your posts’ reach and engagement while providing valuable insights to your brand partners.
8. Engage in Influencer Marketing
The main difference between sponsored content and influencer marketing is that the latter typically involves a broader, multi-platform strategy, while sponsored content is more focused on specific posts or campaigns.
The initial steps remain the same: find your niche, create quality content, and cultivate your like-minded audience. Consistent, engaging content is key to maximising your online presence. As your audience grows, so does your potential for partnerships.
Don’t wait for brands to find you! Once you’ve established yourself as a niche authority, reach out to companies relevant to your content.
The ball is mostly in your court when it comes to negotiations. Remember, you’re offering valuable exposure to a targeted audience. So, set your rates based on the worth you bring and don’t be afraid to advocate for your expertise with confidence.
By building strong partnerships, you can unlock significant income streams on Facebook.
Optional method: Supercharge your efforts with Facebook Ads
Finally, if you have put effort into any of the methods from 1 to 7, Facebook Ads is an important monetisation tool on the platform. With Facebook’s advanced targeting options, you can reach demographics most likely to engage with your content, products, or services.
Start by defining clear goals for your ad campaigns — do you want to drive traffic to a monetised blog or promote specific products? Use Facebook’s Audience Insights to tailor your ads that resonate with your audience’s interests and behaviours.
Remember, continuous monitoring and strategic adjustments are key to maximising your return on investment with Facebook Ads.
To Wrap up
Despite varying opinions, Facebook’s relevance and influence in Nigeria and globally are undeniable. Whether through brand partnerships, service offerings, or other methods, long-term dedication and strategic growth are key to turning your Facebook presence into a profitable venture in 2024. Remember, Facebook is just one piece of the puzzle; expanding your presence on other platforms can further connect you with your audience and solidify your online brand.
Q: What is Facebook monetisation?
A: Simply put, Facebook monetisation is making money from something of value you provide to your audience.
Q: How much will Facebook pay me monthly?
A: Earnings vary based on engagement, ad performance, and monetisation methods.
How can I check my eligibility for monetisation?
Log in to Facebook’s Creator Studio, find the ‘Monetization’ box, and click ‘Check Eligibility’.
How many views do I need to monetise a Facebook page?
You need at least 5,000 followers and 600,000 total minutes viewed in the last 60 days.
Does monetising a Facebook page cost anything?
No, but investing in Facebook Ads may require a budget.
How do payouts work?
Depending on your region, payments can be received via bank transfer, PayPal, or other methods.
Can my monetisation eligibility be revoked?
Yes, if your content violates Facebook’s policies or engagement declines.
