Nigerians no longer resort to desperate measures for job opportunities as in the past. The current economic conditions have caused a shift in their approach to employment. Many workers leave their low-paying jobs because the wages are insufficient to support them. Leaving a job to become an entrepreneur has become popular nationwide, with many people joining the movement. A wave of mass resignations is sweeping through workplaces. Many individuals have expressed frustration at the disconnect between rising product prices and shrinking wages, leading them to question the value of traditional employment.
After leaving his position as a sales representative at a beverage company in Lagos, Mr. Adejumobi Oluwatobiloba decided to venture into entrepreneurship by starting his own Logistics business. Running this new business allows him to work at his own pace and enjoy the freedom of being his boss. He claimed to be working as a sales rep for a company. Following a price increase on the items, their treatment took a turn for the worse. They pushed for a raise in the wages. Rather than meeting their request, the executives cut the Salaries in half and began paying a fraction of the previous earnings.
People transitioned from low-paying jobs to starting successful ventures.
Their previous earnings barely covered their expenses, but now they have been cut in half. Realising this, he seized the chance to begin his venture. Starting a logistics business with his savings, he purchased a bus and operated it alone, facing challenges but ultimately finding success due to his unwavering determination. In his narrative, he expressed his autonomy in choosing when to take breaks from work to ensure he has time for relaxation and mental peace. Also, Mrs. Ogba Helen, a food vendor, expressed regret for not realising sooner the higher profitability of selling food compared to her previous career in teaching. She admitted that had she known earlier, she would have switched professions a long time ago.
Furthermore, she dedicated a decade to educating students at a prestigious high school. In her final position, she faced numerous challenges. Taking three classes, she held lessons from early morning until late afternoon. Although the workload was overwhelming, her compensation amounted to only ₦40,000. Lamentably, there was a glaring absence of recognition or motivation. After leaving her job, she started a business selling food from a container shop. She earns at least ₦80,000 monthly and mentioned that she would rather work than scream all day and not be appreciated.
Educators and ex-bankers find better success and fulfilment in new careers.
Many skilled educators are choosing to pursue alternative career paths, particularly within the Private School sector, due to inadequate compensation and a lack of appreciation for the demanding nature of their work. Furthermore, after leaving her position as a cashier at a bank, Mrs. Sandra Michael expressed that working in the banking industry does not always bring fulfilment. Despite initially feeling thrilled about landing the job, she realised that her monthly salary of less than ₦70,000 did not align with her expectations.
She noticed the rising prices each day and concluded that the money she made from her job was insufficient to support herself and her family. Despite her efforts to save money, her husband would often contribute to it, but even then, it was insufficient, leading her to ultimately quit her job at the bank. Following some workshops, she ventured into point-of-sale (PoS) payment systems. She also expanded her business by selling household electrical devices and phone accessories. Having opened two shops within two years, she regretted not realising how lucrative self-employment could be sooner.
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The most recent Nigeria Labour Force report from the National Bureau of Statistics (NBS) has confirmed a rise in self-employment among many working-age individuals. According to NBS, 87.3% of employed Nigerians in the third quarter of 2023 (Q3’23) were self-employed, while 12.7% were employed as workers. When breaking down by gender, it was found that a higher percentage of women, at 90.5%, were working as self-employed compared to men, who had a self-employment rate of 84.2%. In urban areas, 80.3% of employed people worked for themselves; this figure was higher at 94.5% in rural areas.