Africa: An Economy Watch

The economy of Africa is a diverse one with few regions prospering and the rest striving to take their current fiscal scenario to a next level. Contrary to the fact that southern part of Africa is the only region that is flourishing, it’s now the western Africa, which is emerging as one of the powerful African regions.

According to experts, Africa still needs an industrial boost in order to bring out the best from its natural and metal resources. The hard facts reveal that Africa has almost 90% of the world’s cobalt, 50% of gold, 90% of platinum, 70% of tantalite and 98% of chromium. Such abundant resources can bring in a lot of wealth if used and directed correctly along with the right amount of foreign investments.

Amongst its emerging economies, Nigeria is one nation that has managed to awestruck the economic watchers all over the world. The country has not only moved a step ahead of all in terms of industrialization but has also given rise to an employment market, which is eyed upon by one and all. Let us have an inside perspective on Nigerian economy and job market:

Nigerian Economy and Job Market: An Inside Perspective(2014)

Nigerian Economy: History & Current Scenario (2014)

  1. The History: Rise of the Petroleum Industry

With some parts flourishing and some not, the economic watch of Africa as a whole has been a bag of mixed emotions. If we closely look at the history of the Nigerian economy, then it can be easily noticed that Agriculture sector has been the basic driving force behind the GDP figures in the late 70s and 80s.

The high GDP figures dipped in between the decade owing to negligence of the government towards the Agro sector and thus by 1975, Nigerian economy had become one of the known net importers of basic food items. It was in the late 80s, when the Petroleum industry picked up the pace and lured people working in other sectors to come and join in here. At that moment, the oil prices were high and export activities were given high importance. Following the league, Nigeria indulged into manufacturing of petroleum products.

  1. Nigerian Economy: Current Scenario (2014)

As per reports covering the current economic drivers in the Nigeria, Agriculture is one of the largest sectors in the economy, which accounts for about 42% of total GDP. Another industry that has been the major contributors in the revenue generation is the Petroleum and natural gas industry. The sector contributes to about 13.5 percent of the total wealth generated. There are other sectors that are booming in Nigeria in the present times are:

  • Wholesale
  • Retail
  • Trade & Telecommunication
  • Construction

These are some of the sectors that have been contributing to the economy, lately and have also been providing employment opportunities to job seekers, predominantly to the expats from all over the world. Adding to the insight here, according to a report by International Monetary Fund and commissioned on Oxford Business Group portal, Nigerian economy is anticipated to grow strongly in 2014; credits to be given to the expansion, which is continued to be driven by high oil prices and robust domestic demand.

Apart from this, Nigeria is also moving towards economic diversification, which will boost the non-oil sector to contribute towards revenue and employment generation. The initiative will not only attract foreign investments but will also enable global companies to come and open up their branches.

Let us now analyze the impact of economic conditions on Nigerian employment market:

Nigerian Employment Market: Here in 2014

Nigeria has been a favorite destination for expat job seekers ever since the country marked its foray in the Petroleum industry. The workforce in Nigeria can be divided into two basic categories; the first category of workers are employed in the fields that grows cocoa and other natural food items for export to different associated nations.

The other category comprises the urban populace that is working in the private and public sector companies. The urban populace has a higher percentage of expatriates from different parts of the world. The companies in the flourishing sectors of the Nigerian industry are open to expats who have excellent technical as well as cross-cultural skills to handle global clients, effectively. Apart from Oil & Gas sector, there are other fields that are on high in the present quarter of 2014 and are offering some of the career-enhancing and promising jobs in Nigeria:

  • Construction
  • Telecommunication
  • Retail
  • Energy sector
  • Oil & Gas Domain

Since, Nigeria is moving towards economic diversification; therefore, there will be more jobs on the floor for expats as well as nationals both. The best part about being employed here in Nigeria is that if the job seeker is female then chances are golden. The reason being, a statistical data shows that there are more female professionals in Nigeria than male. This proves that there is utmost gender equality and openness for females as far as their career is concerned.

Last Words

Africa is progressing and so are the constituting nations. Contrary to the belief that southern parts are flourishing, it’s now western Africa that is showing economic growth. One of them is Nigeria that has a good standard of living and a plethora of jobs for expats as well as nationals.