NIGERIAN FOREIGN BASED PROFESSIONALS RUSH BACK HOME FOR JOBS

At about this time last year, the average American based Nigerian professional would not give much thought to a proposition for him to come back to Nigeria and pick up a job. The scenario has, however, changed over the last six months. With massive jobs losses arising from an inclement economic storm that suddenly came upon countries in the highest hierarchy of development, foreign based Nigerian professionals are now becoming more receptive to overtures made to them by Nigerian companies to come back home to work.

The option to come back home has actually been embraced by these foreign based Nigerian that have become victims of massive layoffs in the United States of America especially or are being threatened to be laid off.

The job loss statistics don’t seem to favour Nigerians, the Labour Department had announced that this past October was the tenth straight month of job losses with another 240,000 lost in the preceding month.

Companies that once were the stars of the business firmament were losing their shines and declaring losses. Citigroup announced last month it cut 11,000 jobs in the third quarter, bringing the total number of job cuts in 2008 to 23,000. According to Bloomberg, Citigroup aims to shrink its workforce to about 290,000 employees by next year from 352,000 as of Sept. 30.

Fidelity and Mattel have also announced 1,300 and 1,000 job cuts, respectively just as Ford had said it would cut its North American salaried workforce by an additional 10 percent. General Motors Corp., has also reported big losses and figured to be announcing even more job cuts before long.

Regulators, meanwhile, shut down Houston-based Franklin Bank and Security Pacific Bank in Los Angeles, bringing the number of failures of federally insured banks this year to 19. DHL has also said it would significantly reduce its air and ground operations in the United States and cut 9,500 jobs within the country

Still, the Labor Department’s unemployment report provided stark evidence that the economy’s health was deteriorating at an alarmingly rapid pace. The jobless rate was 4.8 percent just one year ago.

About 10.1 million people were unemployed in October, the most since the fall of 1983. With employers slashing jobs every month so far this year, some 1.2 million positions have disappeared, over half in the past three months alone. Factories, including auto makers, construction companies, especially home builders, retailers, mortgage bankers, securities firms, hotels and motels and educational services, all cut jobs. Private companies cut 263,000 jobs, the most since the country was beginning to emerge from the 2001 recession. It marked the 11th straight month of such reductions.

All the economy’s woes — a housing collapse, mounting foreclosures, hard-to-get credit and financial market may have set a new tone for Nigeria’s gain as some banks and other corporate organizations feverishly woo the foreign based Nigerian professionals.

Just last week, one of the many foreign based that are taking positions in Nigerian banks and other companies resumed at a new generation bank head office in Lagos. He had opted out of Arthur Anderson’s Illinois office for the new job in Nigeria. His reasoning is that business was shrinking for the audit practice of the company because most of the companies on the audit list of Arthur Anderson were more or less folding up.

Another returnee told FORTUNE&CLASS that there is a resurgence of hope in the economic development of Nigeria in the rank and file of Nigerian communities abroad. For this returnee, like another one that spoke with FORTUNE&CLASS the remuneration offered foreign based Nigerian professional to move back to the country are quite better than what their total package in the USA for instance.

Another attraction for Nigerian based foreign professional to start heading back home is the contemplation of his freedom to interact with his or her kith and kinsmen back home in Nigeria.