- Nigeria employment at 35% in 2021 and direct selling contributing to much-needed labor market diversification
- , economists say offers a bright future for the economic growth of the country’s young population.
- The internet and its growth are also having a positive impact on direct selling and its potential to counteract Nigeria’s rising unemployment rate strong>
Lagos – One expert, Biriam Fall, said that understanding the potential of direct selling can help, both economically and economically Problems solving financial challenges, especially for younger generations.
Fall made this input at a recent forum to discuss the empowerment of African youth.
If remarks are based on the ne uesten Direct Selling Report, published by the World Federation of Direct Selling Associations (WFDSA).
The report shows that global direct sales increased 2.3 percent year-on-year, from $175.3 billion in 2019 to $179.3 billion in 2020.
He pointed out that this jump in direct sales is despite estimates by the International Monetary Fund, which pointed to a 4.4 percent contraction in the global economy in 2020 – a time when most of the world’s economies struggled with rising unemployment.
Due to the positive changes in the industry and the projected growth for e-commerce, Fall challenged youth to use direct selling as another source of sustainable economic and financial empowerment.
Case, who is also the regional general manager for Sub-Saharan Africa for QNET is one of the world’s leading international e-commerce based direct selling companies, said the direct selling model brings advantages of selling products directly to customers without the use of third parties.
“Direct selling differs from traditional selling because it is primarily based on referrals, which requires sincere and serious hard work.
“It removes intermediaries involved in the product distribution chain, such as distribution centers or wholesalers. If you are a distributor (i.e. a sales representative) working with a direct selling company, the manufacturer gives you the products to sell directly to the consumer.
“This builds trust and relationships with people and provides a high level of service and personal attention.”
He added that many stores and Companies around the globe use the model to promote unique products and services in categories such as wellness and nutrition, personal and beauty care, and home care products, among others.
According to him, Youthha have the potential to become micro-entrepreneurs and promote sales business by becoming official promoters of distribution companies.
Biram stressed the enormous potential that direct selling has in itself holds:
“Africa currently has the largest youth population in the world. This number continues to grow and has resulted in an extremely competitive job search environment and limited employment opportunities.
“Africa’s workforce is projected to expand by 200 million young people over the coming decades, indicating a need to create more job opportunities and diversify innovative income streams for them.”
NESG Holds National Business Dialogue to Address Nigerian Economy Challenges
Meanwhile, the Nigerian Economic Summit Group (NESG) has announced that it will hold a national economic dialogue to outline possible solutions to Nigeria’s myriad socio-economic problems.
Challenges include weak and non-inclusive economic growth, macroeconomic instability, infrastructure deficit e, human capital and skills gaps, national insecurity and weak economic competitiveness.
Nigeria’s economy grows 3.40% in 2021, the strongest growth under Buhari
The National Bureau of Statistics released its latest fourth-quarter GDP report on Thursday, February 17. This shows that Nigeria’s economy grew by 3.4 percent in 2021.
According to the report, Q4 2021 GDP also saw a strong recovery of 3.98 percent – but less than the 4.03 percent in the third quarter.