Nigeria is a country for the bold and adventurous Senior Executive. Due to its petroleum basins and large domestic population, it has the same economic potential as the Brazilian or Indian markets; wealth can certainly be made by those who enter into this developing economy early. However, Nigeria remains somewhat daunting to many investors and job hunters; it is viewed as a dangerous market engulfed by strife and corruption. These internal issues are being remedied, however, slowly but surely. With these measures in place, there is great opportunity for investors and senior professionals to capitalise on a lucrative African venture; all they have to do is be willing to understand what the Nigeria of today is really all about. Key Industries The industry with the greatest opportunities continues to be the oil and natural gas sector. Although reform has been undertaken to lessen the economic dependence to crude oil prices, this continues to be the most important factor to Nigeria’s economic fortunes; this sector accounts for over twelve percent of the country’s official gross domestic product. Senior executive opportunities continue to exist within foreign multi-national corporations that conduct joint ventures with the Nigerian National Petroleum Corporation, a nationalised state corporation. Executive and management roles are present for those with skill sets in human resources, government relations, strategic planning, engineering, physical security and many other factors essential to the industry. While the industry may become less vital to the nation’s gross domestic product in relative terms,
it will certainly be an industry of prominence and continued growth.
Weak Areas One of the weak points of Nigeria’s economy in the past has been inadequate transportation infrastructure. Fewer than nineteen percent of the eighty-one thousand kilometers of roads are officially paved within Nigeria; even these, however, remain in poor condition by western standards. Extensive road repairs and new construction activities are gradually being implemented as state governments to update this economic obstacle. Foreign firms will play prominent roles in receiving these construction contracts. Private airlines are also a transportation subsector that is continuing to see growth. Nigeria’s domestic airlines are not perceived to be up to internationally accepted standards, leaving a demand for chartered flights and air travel for executives and government contractors. Star Sectors The telecommunications sector is one of the rising stars of Nigeria’s economic profile. According to reports from Pyramid Research, an international market analysis and consulting group, Nigeria’s telecommunications industry has become one of the most attractive markets for investors and Senior jobseekers in Africa and the Middle East. This is attributed to the nation’s large population, as well as the growth of its consumer spending. Profitable niche markets, like specialised telecommunication providers, have further developed under the government’s most recent reform programme; these include providers of mobile applications, mobile advertising as well as cloud services. Cloud services, for example, are expected to achieve revenues up to $250 million by 2017, according to several market forecasters. This is a monstrously increase from the $72 million revenues achieved only in 2011. Outlook The Nigerian market is certainly ascending. Nigeria’s largest city, Lagos, has the foundations to become one of the world’s capital hubs. It should not be a surprise to witness Lagos reach equal footing with Bombay or Sao Paulo as a global capital hub within the next decade. Nigeria has been one of the world’s four best-performing markets in recent years, outpacing the likes of developing markets such as China, India, and Russia. With a solid foundation in the oil and natural gas industry and promising opportunities within many other economic sectors, it is definitely worth considering a move abroad to cash in on what Nigeria has to offer. Find the latest CEO and Senior Executive roles in Nigeria and see what opportunities are available for your specialist skill set – search now. Make sure your profile on Career Intelligence is up to date and that your CV is uploaded so we can provide a free appraisal and ensure your CV is relevant and noticed by top recruiters looking to find Senior Executives in Nigeria. If Nigeria doesn’t suit your expertise, explore other emerging markets from Dubai to Qatar and Brazil when you search the latest CEO roles now.