Job Prospects in Nigeria - When will they improve?

If you are looking for a job in Nigeria today, then things may be a little difficult at this time. Following the balance of payments crisis and dollar shortages caused by the collapse in oil prices in 2016, the economy went into a free fall with companies unable to secure foreign exchange to run their operations. For the following couple of years, most companies laid of workers and shrunk their operations in a bid to survive. Many foreign investors exited the country and those that continued focused on survival.

Following the recovery in oil prices and some improvement in the availability of foreign exchange following devaluation of the Naira, there was a short term spurt in hiring as companies who had made deep cuts in headcount suddenly found themselves short staffed as demand started improving.

How do things look today? On the surface, there should be a continued recovery in the job market as the economy continues to recover, driven by higher oil prices and a more stable macroeconomic environment.

However, with Christmas just around the corner, and the prospect of elections in February, with results to be announced in May, we feel that many employers will delay their hiring decisions except for the most urgent requirements.

For those in Nigeria right now, what do you think? Are my fears justified or is the situation better than we suspect?

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Keywords: secure foreign exchange | recruiting senior talent | Many foreign investors | stable macroeconomic | talent acquisition