By Samuel Ogunsona
Faced with dwindling economic fortunes, half of Nigerian professionals are set to leave Nigeria, their fatherland.
A recent survey by Phillips Consulting says about (52%) Nigerian professionals are currently considering leaving their jobs for a better life abroad.
Visits to the passport offices by our correspondents confirm the desperation of Nigerian professionals to quit the country which for many has become too hot for them to bear. Many cite the harsh economic realities, rising cost of the essentials of life, insecurity, corruption and leadership irresponsibility.
According to the Talent Management Report tagged tagged “A New World Order: Shifting Paradigms In Addressing the Brain Drain,” which was presented during the quarterly meetup of the Nigerian Human Resources Directors Network in Lagos, Nigeria may lose more than half of her professionals in few years to come
Africa’s most populous country is faced with galloping inflation, unemployment, corruption and ineptitude all combined with terrorism and widespread violence in some parts of the country.
The bulk of those leaving Nigeria are doctors, nurses, accountants, lawyers, scientists, technicians and university teachers.
The report evaluates that a lot of Nigerian professionals are looking to migrate preferably to Canada, UK or the United State where they can get better pay jobs.
At home, low skilled artisans are also leaving their jobs for activities that earn them quick money without commensurate contributions to economic growth.
This is in the face of the the Ukraine/Russia war which started February, 2022 and has seen the economy and financial market of the world recede
The report noted that the war has also contributed to volatile and elevated commodity and energy prices, which exacerbated food shortages and stoked inflation in many regions across the world.
The World Economic Situation and Prospects 2023 launched early this year has estimated some of the economic consequences of the war.
Ukraine’s economy suffered heavy losses, contracting by over 30 per cent in 2022 according to preliminary national data, and after the end of the conflict, will need large-scale and expensive reconstruction efforts.
According to data from the National Bureau of Statistics (NBS), The ongoing Russia/Ukraine war has brought about decline in Nigeria importation which already has negative effects on the country’s economy.
Phillips Consulting survey reveals that 88% individuals who plan to quit their jobs within a year are millennials and Gen Z. More than 50% of those surveyed said they would consider canceling their migration plans if Nigeria met specific conditions.
“Nigeria has been grappling with various challenges, such as unemployment, weak currency, and insecurity, even before the Ukraine crisis. Sadly, the situation has only worsened due to the skyrocketing cost of living. This has impacted employees’ finances and workplace productivity significantly. The resultant socioeconomic issues and the unprecedented rise in living costs have left an indelible mark on Nigerian industries and the job market. Financial stress, reduced purchasing power, reduced job satisfaction, and increased job mobility/migration are some of the effects that have been observed”
“As labour shortages continue to rise globally, there is intense competition for talent, especially in low-to-middle-skilled occupations. To address this, countries are expanding temporary labour mobility schemes to attract highly educated migrants worldwide”
“The impact of skilled labour mobility on Nigeria’s economy can be beneficial and detrimental. While remittances and knowledge transfer can foster economic expansion, the damaging consequences of brain drain in Nigeria must be addressed. The loss of valuable human capital will undoubtedly hinder the country’s economic growth and development, particularly in crucial areas such as Banking, ICT, and Manufacturing. A shortage of expertise will pose significant challenges in addressing pressing social and economic issues”.
“This report provides in-depth insights into Nigeria’s business environment, examining the impact of brain drain on the nation’s economy and the effects of rising living costs on different industries and employees”