In a bid to boost job creation and accelerate economic development, experts are urging Nigeria to prioritize services exports and promote business services outsourcing.
Recognizing the potential of this sector, the Nigerian federal government has set an ambitious target of earning $5 billion from exporting jobs in the outsourcing industry by 2024, according to Dr. Ezra Yakusak, the Executive Director of the Nigerian Export Promotion Council (NEPC).
Speaking at the National Conference on International Trade-in-Service organized by the council in Abuja, Dr. Yakusak shed light on the profound impact outsourcing can have on the Nigerian economy.
Under the umbrella of outsourcing, a diverse range of services can be offered, including financial, advertising, courier, customer support, and logistics. Dr. Yakusak emphasized that Nigeria is gradually shifting its focus towards exporting services, recognizing that this sector has long been overlooked.
Highlighting Nigeria’s strengths, Dr. Yakusak noted the country’s large population, cost-effective labor, and proficiency in the English language, making it an attractive destination for companies and businesses worldwide.
“The potential of Nigeria’s services sector is immense, and with the right measures in place, it can generate even greater revenue than the $4.8 billion currently earned from product exports,” remarked Dr. Yakusak.
The Nigerian government’s commitment to tapping into this lucrative economic avenue is evident in its determination to achieve the $5 billion services export target by 2024.
To achieve this goal, experts stress the importance of fostering a more export-focused approach and attracting foreign investments. However, Joachim MacEbong, a senior analyst at SBM Intelligence, highlighted that Nigeria still faces challenges in attracting foreign capital, which is vital for creating employment opportunities, especially for the nation’s youth grappling with high levels of unemployment.
MacEbong underscored the significance of becoming more welcoming to foreign investors, as this will enable Nigeria to leverage the opportunities presented by the Africa Continental Free Trade Agreement (AfCFTA).
Additionally, he emphasized the importance of language, suggesting that cultivating more French speakers in Nigeria can help bridge language barriers and further promote service exports.
With a renewed focus on services exports and business services outsourcing, Nigeria aims not only to bolster its economic growth but also to provide much-needed job opportunities for its burgeoning youth population.
As the nation adopts an export-oriented strategy, the hope is that it will attract foreign investments and implement language-friendly policies, ultimately propelling Nigeria toward its economic development goals in the years to come.
As the country embraces these opportunities, experts believe that Nigeria’s services sector has the potential to become a significant player in the global market, driving economic prosperity and positively impacting the lives of its citizens
