April 15, 2024

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Nigerian Company Recruits Sales Professionals to Increase Income in Difficult Economic Times

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A new report by Nigerian recruitment agency, MyJobMag, has revealed a surge in demand for sales professionals as companies race to increase revenue in Nigeria’s challenging economic environment.

The report, which analyzed 62,729 jobs posted on the MyJobMag platform between January and October 2023, shows that demand for sales/marketing/business development positions rose to 15.9 percent from 13.4 percent in the same period in 2022.

“Sales/Marketing, Finance, Engineering and ICT top the list of popular hiring areas in 2023, with Sales/Marketing accounting for more than 15 percent of the total,” the report said.

The report attributed the growing demand for sales professionals to the efforts of companies to increase their revenue streams in response to the country’s current economic conditions.

“In addition, the growth of emerging Small and Medium Enterprises (SMEs) also requires sales professionals to help them build and expand their businesses. On the other hand, other sectors such as human resources, driving, media and administration saw a decline between 2022 and 2023.”

Interestingly, the report observes a decline in the demand for technology professionals, suggesting a shift in recruitment strategies for technology positions. This shift may involve internal recruiting, referrals, social media platforms, and less reliance on hiring committees.

Business developers (often executives or senior sales reps) play a critical role in helping a company or client increase revenue. They develop and implement strategies to attract new clients and engage existing clients.

The report emphasizes that sales executives, sales representatives, sales managers, medical sales representatives, and salespeople are the most sought-after positions in the sales industry in 2023. These positions are the most numerous in the list of 2023 sales industry jobs.

Nigerian Company Recruits Sales Professionals to Increase Income in Difficult Economic Times

“Sales has always been a big deal and has become a demanding skill. The economy is very tight and businesses need to increase revenue or reduce expenses to stay afloat. Sales representatives come first,” explained Olamide Adeyeye, a human development researcher in Lagos.

Economic reforms such as the removal of petrol subsidy and the devaluation of the naira, implemented by the Tinubu administration in the second quarter of the year, have exacerbated inflationary pressures, bringing the rate to its highest level in 18 years.

The rising cost of living has eroded consumers’ purchasing power, while businesses are facing higher operating costs. The removal of petrol subsidies has doubled the price of petrol from NZ$184 to NZ$617, prompting public transport providers such as buses, tricycles and motorcycles to raise transport fares.

The latest monthly Purchasing Managers’ Index (PMI) released by Stanbic IBTC Bank showed that business activity contracted for the first time in seven months in October.

The strong demand for sales professionals despite the tough economic conditions underscores the critical role sales professionals play in driving business growth and ensuring the survival of companies in Nigeria’s competitive business environment.

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