Nigeria is one of Africa’s economic powerhouses with its immense potential and abundance of vital minerals like petroleum and gas. However, the country grapples with limited employment opportunities, low wages, and a skyrocketing inflation rate of nearly 22.8%. On top of that, an unemployment rate of over 9.7% and high competition in job markets have become a major challenge for the country’s youth, who aspire to sustain their livelihoods and improve their quality of living.

That’s why there has been a growing interest among individuals to learn new skills that can generate a stable and steady income stream each month. According to NBS, the country boasted 521,108 master’s degree holders in 2020. This figure keeps growing yearly, given the country’s transforming industries and sectors demanding higher degree holders. Financial and metal ores sectors being the fastest growing in the country.

The ultimate aim is to switch from a modest five-figure income to a desirable six-figure salary. Although there is no one-size-fits-all formula for career success and high income, certain targeted skills can significantly increase your earning potential while living in Nigeria. Whether you’re a fresh grad or a working professional looking to make a career shift, check out the following high-income skills that can be your ticket to financial success in Nigeria:

Let’s get started:

1.  Data Analytics and Business Intelligence

Data analytics and business intelligence are undoubtedly among the most important skills for high income earners in Nigeria, with monthly salaries going above NGN 100,000 per month.

Data-driven decision-making has forever transformed the Nigerian business industry thanks to intelligent analytical tools and digital transformation. From the services sector to the oil and gas industry and corporate businesses, each sphere of Nigeria’s economic structure is now planning to benefit from business intelligence. That’s why we’ve seen an upswing in the Nigerian business intelligence software market, which will reach a whopping $35.77 million by the end of 2023. If you’re tech-savvy and good with numbers, business math, and statistics, you can enroll in an online degree program in business analytics and build a winning career in this field.

Business intelligence tools deal with data, analyze it, and apply various techniques and formulas to gauge a business’s performance and create forecasts. These tools take input from huge datasets collected from various online sources, the Internet of Things (IoT), and a business’s internal databases. A business intelligence analyst or data analyst then performs statistical analysis, data mining, and predictive modeling to dig out meaningful information from the data. They use various BI tools, like Power BI, Tableau, R, Google Analytics, etc., to create performance dashboards and reports. This way, the top management can understand the trends and patterns and make decisions based on precise information.

2.  Financial Planning and Investment

Nigeria is continuously facing economic uncertainties despite its strong oil export market. Inflation rates and the ever-changing import policies further make conditions hostile for businesses. Considering these factors, financial planning and investment expertise are highly sought after. Nigerian businesses are looking for highly qualified and skilled financial advisors, investment analysts, and wealth managers to help them make effective financial decisions that positively affect business outcomes.

If you’re well-versed in business accounting and finance, it’s time to upskill and earn certifications such as chartered financial analyst (CFA) or certified financial planner (CFP). Although a four-year degree program offers a more credible and comprehensive educational background, certifications can further enhance your credibility and earning potential in the financial services industry.

3.  Software Development and Coding

Nigeria’s services sector makes up over 43.7% of the total GDP, and information technology is among the fastest-growing industries within this sector. Basic software engineering skills like software analysis and design, coding, and software quality assurance will not only land you a lucrative job within Nigeria, but you can also explore work-from-home and freelancing opportunities from anywhere in the world.

If you plan to enter this field, we recommend learning basic data structures, algorithm designs, andcoding skills in programming languageslike C++, Java, and Python. Start making basic apps to polish your skills and gradually increase your skill level to develop complex enterprise-wide or dedicated apps.

Software developers often get paid way over NGN 100,000 per month. With time and experience, you can increase your income or engage in freelance projects or remote work. You can join some top-notch companies worldwideor generate an additional income stream through freelance projects. When you start earning in dollars, the overall inflation rate in Nigeria won’t affect your monthly income, purchasing power, and quality of life.

4.  Performing or Creative Arts/Content Creation

If you possess artistic capabilities and aspire to make a career in the music industry or wish to try your luck with writing or give acting a shot, performing arts could be the ideal domain for you.

The Nigerian arts industry and Nollywood are continuously expanding. Digital media, online entertainment forums, and social media platforms have further fueled the growth. You can use the power of social media and video streaming websites like YouTube to demonstrate your talent and capabilities.

Suppose you have an amazing talent in fields such as music, painting, performing arts, film, writing, photography, cinematography, and graphic design. In that case, you can become part of the mainstream media and earn substantial income. Above all, many Nigerian artists, influencers, and content creators have gained international recognition. If you can reach an international audience, you can further expand your income potential.

Conclusion

Despite the economic conditions of Nigeria, landing a stable career is possible with the right skills. Those striving to secure high-paying and stable professions must hone essential and in-demand skills. These skills range from data analytics to financial planning, content creation, coding, programming, and whatnot. Upskilling and improving your academic credentials will prove worthwhile in ensuring a stable career and high earning potential. But since the country’s market conditions keep advancing yearly, keeping an eye on the most important skills to boost your income is advised. This way, you may polish existing skills or acquire new ones.