By 
By Osasome C.O
A recent survey by Duplo reveals that 22.8% of Nigerian finance professionals have migrated abroad over the past five years. The finding underscores the increasing loss of talent across the financial and other sectors. This alarming trend, fueled by economic instability and better career opportunities overseas, poses significant challenges to talent retention in Nigeria.
Economic Strain and Talent Drain
The survey, which engaged 593 finance professionals, identified economic instability (41.4%) and migration (34.5%) as the top threats to talent retention. Over 91.6% of respondents reported being adversely affected by inflation and exchange rate fluctuations, making the prospect of relocation more appealing.
“High inflation and frequent naira devaluation are compelling professionals to seek FX-linked compensation or roles abroad that offer financial stability,” the report noted.
A 2023 research by Tolulope Bamigboye of Osun State University corroborates these findings, pointing to poor remuneration, rigid work arrangements, increased stress, and heavy workloads as primary drivers of talent turnover in Nigerian banks.
Salary Stagnation and Migration
Among others, the Duplo 2024 Salary Report highlights stagnant salaries, and limited opportunities for inflation-adjusted compensation. It also listed unstable FX rates as key reasons for migration. Many professionals expressed dissatisfaction with inadequate salary progression, which they say undermines long-term career commitments.
“The current economic climate makes it difficult to see a sustainable future here,” the report stated.
A Growing Concern for the Economy
The migration trend aligns with data from Macrotrends, showing Nigeria’s net migration rate at -0.267 per 1,000 population in 2024, a further decline of 2.2% from 2023. The World Bank also reports an increase in skilled Nigerian professionals leaving the country in search of better opportunities abroad.
For Nigerian finance firms, this “Japa” phenomenon presents a critical challenge. Without improved compensation strategies and economic stability, the continuous talent drain could stifle innovation and hinder sector growth.
Recommendations for Retention
Yele Oyekola, CEO and co-founder of Duplo, emphasized the need for inflation-adjusted compensation to retain top talent.
“CFOs and finance leaders must prioritize transparent and inflation-adjusted pay packages to mitigate current economic pressures,” he said.
Oyekola also suggested exploring flexible work arrangements, performance-based incentives, and upskilling programs to improve retention without overwhelming budgets.
