Nigeria’s new hustle economy: When degrees meet the street

For decades, the Nigerian dream was simple: Go to university, earn your degree, and step into a well-paying job preferably in oil and gas.

That line has since crumbled into a maze. The oil sector alone once accounted for 6 percent to 9 percent of Nigeria’s GDP and was the golden ticket to prosperity.

But the ground has shifted beneath the feet of today’s graduates, and the old playbook no longer works. Today, those opportunities have shrunk. Oil is no longer the only cash cow it once was, and the public sector appears less prestigious.

Even the once-glamorous legal and engineering professions are under pressure, with automation and global outsourcing changing the game.

Today’s graduates face fierce competition, shrinking formal job opportunities, and a job market that feels like it’s holding its breath. But while the old doors are closing, countless side entrances have flung open.

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The rise of the informal economy

Although many young Nigerians find it hard to secure a “white-collar” job, a parallel economy has exploded one that’s informal, digital, creative, and often just as lucrative. Whether it’s a food vendor using TikTok to attract customers or a fashion designer working from Instagram DMs, a new type of graduate is emerging: the one who builds, not just applies.

No office, no problem

Take the Information technology and communications (ICT) space, it now contributes approximately 16-18 percent to the country’s GDP as at 2024. Some reports indicate a slightly higher figure of 19.78 percent for the sector’s contribution in 2024.

This is a massive leap from under 4 percent two decades ago. But you don’t need to work for a tech giant to cash in. Many young Nigerians are learning skills online from coding to UI/UX design and freelancing for international clients. Some earn in dollars without ever stepping into a traditional office.

The same goes for content creation. With a smartphone and a solid sense of storytelling, graduates are becoming YouTubers, podcasters, and social media strategists. Some make more per month than what banks pay their new recruits.

Oil is out, hustle is in

Oil and gas, once the pride of Nigeria’s economy, now contributes just 6–9 percent to GDP and isn’t the gold mine it once was. Meanwhile, informal businesses tech-enabled, flexible, and often youth-led are thriving. From selling thrift clothes (“okrika”) online to running mobile salons and logistics startups, today’s graduates are rewriting success.

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Creative powerhouses and superstars

The creative industry is another major force. Nollywood, Afrobeats, fashion aren’t just cultural exports; they’re job creators. While not everyone becomes the next Burna Boy, many young Nigerians work behind the scenes as managers, stylists, producers, and editors and they’re getting paid.

Even sports tell this story. In 2000, Nigerian footballers earned modestly. But in 2025, top players like Victor Osimhen rake in tens of millions of euros. It’s not just the players winning; it’s their agents, physiotherapists, content teams, and trainers, many of them young and informally trained.

Read also: Nigeria’s creative economy: From vibes to value

Graduates in the new economy

Yes, the university wage premium is shrinking, and many graduates feel left out. But the informal economy offers a different kind of value, one that rewards agility, digital skills, and hustle over pedigree. In many cases, it’s not about what you studied, it’s about how quickly you adapt.

In today’s Nigeria, the degree is just your entry ticket. The game is happening elsewhere in online marketplaces, creative collectives, co-working spaces, and on your timeline. And if you play it right, you might just find that the informal path pays far better than the formal one ever could.