Remember the days of the traditional career path where almost every individual dreamed of climbing the corporate ladder, retiring with years worth of compensation in the form of a pension?

Well, Dear reader, buckle up, because the world of work is undergoing a major transformation, and the gig economy is driving the change!


What exactly is the gig economy?

Before we begin, let me introduce myself 😊 My name is Chidera Praise and I recently just joined Creative Chaos Team and this is my first article on the CC Blog.

Back to the Economy… no, not Nigerian Economy 😭😭😭 Are you seeing what is happening? My God! 

I hope the things you’ll learn from this article and subsequent ones will help you greatly.

Now, think of the Gig Economy as a marketplace where short-term, independent work engagements take center stage. Instead of a single full-time employer, individuals can take on various ‘gigs’ like freelancing, contract work, or driving for ride-sharing services. It’s like having multiple employers, all rolled into one flexible and sometimes chaotic package.

Nigeria’s career landscape used to be a well-worn path. A university degree led to a secure office job, a steady paycheck, and the dream of a comfortable life. But something shifted. The economy started humming a different tune and before you know it, everyone had to reposition and adjust.

Lady teaching a man
Formal jobs became scarce, while smartphones became ever-present, creating a new system for people to make a living. This ushered a brand new era – the age of the side hustle.

Tech platforms like ride-hailing apps and delivery services bloomed, offering Nigerians the chance to be their own boss, set their own hours, and earn on the go. This flexibility resonated with a generation unwilling to wait for the traditional system to work.

Why is the Gig Economy trending?



The Nigerian spirit is often described as resilient, resourceful, and hustling. But this inherent drive wasn’t always directed towards the gig economy; the world of short-term, independent work that’s booming across the nation.

The truth is, harsh realities like job scarcity and economic hardship have forced many Nigerians to become architects of their own income, birthing a generation of entrepreneurs.

Imagine this: a graduate, armed with a good degree, spends months, even years, applying for jobs that seem to yield nothing . The frustration mounts, bills pile up, and the dream of a stable career fades. This, unfortunately, is the story of many young Nigerians.

Enter the gig economy; a marketplace where individuals can leverage their skills and passions to find work on their own terms. From driving for ride-hailing apps like Bolt and Uber to freelancing as graphic designers and writers on platforms like Fiverr and Upwork, the options are as diverse as the people themselves.

There are a few key reasons:

Technology:

Online platforms have made it easier than ever to connect businesses with skilled individuals, streamlining the gig-finding process.

High unemployment rate:

Nigeria faces a significant unemployment challenge, with official figures exceeding 30% according to the National Bureau of Statistics (NBS). This translates to millions of skilled and unskilled individuals struggling to find stable, full-time employment.

Flexibility:

Gig work offers individuals the freedom to choose their projects, work schedules, and even their workload. This is especially appealing to those seeking a better work-life balance or pursuing their own ventures.

Specialization:

In today’s knowledge economy, many businesses need specific skills for specific projects. The gig economy allows them to access a wider talent pool without the commitment of a full-time employee.

But is the gig economy all sunshine and rainbows?

Not quite.

Here are some potential drawbacks:

Income instability:

Gig work often doesn’t offer the same level of guaranteed income as a traditional job. This can make budgeting and planning for the future a challenge.

Benefits delay:

Health insurance, paid time off, and other benefits typically attached to full-time employment might be absent in the gig economy, requiring individuals to make alternative arrangements.

Job security concerns:

Gig workers are often seen as replaceable, lacking the job security and career progression opportunities associated with traditional employment.

So, is the gig economy the future of work?

It’s certainly a growing trend, but it’s unlikely to completely replace traditional employment models. The gig economy offers freedom and flexibility, but it also comes with challenges. The key lies in finding the right balance that suits your individual needs and career aspirations.
Speaking of career aspirations, are you yearning for more flexibility and control over your career?

The gig economy is booming, offering a wealth of opportunities for individuals to chart their own paths and monetize their skills.

This is where CREATIVE CHAOS MARKETING INSTITUTE (CCMI) comes in – a marketing institute dedicated to equipping individuals with the skills and knowledge they need to thrive in the ever-evolving gig economy.

That’s by the way…

From the graphic designer showcasing her talent on Fiverr to the lawyer spotlighting as a writer on Upwork, the gig economy has become a funnel for skills and aspirations. It empowers individuals to leverage their talents and carve their own paths to financial security, even if it means juggling multiple gigs and working long hours.

Remember, the future of work is not a one for all solution. Whether you’re a corporate climber, a dedicated freelancer, or somewhere in between, the key is to embrace the evolving landscape and find the work environment that empowers you to thrive. After all, in the evolving world of work, the most valuable skill might just be your ability to adapt and live the new normal.

This is the story of Nigeria’s hustle – a story still being written. Will the side hustle become the main hustle? One thing is for sure, Nigerians are rewriting the rules of what it means to have a successful career.

Chidera Praise 

Categories: Blog

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