The Nigerian Export Promotion Council (NEPC) said on Wednesday in Abuja that Nigeria aims to generate $5 billion from the outsourcing business by 2024. Dr Ezra Yakusak, Executive Director of NEPC, stated this on Wednesday at the council’s National Conference on International Trade-in-Service in Abuja.
According to Yakusak, the outsourcing business has the potential to increase human capital, develop the economy, and usher in new technology. He stated that some of the services outsourced include finance, advertising, courier, customer support, logistics, and so on.
“In recent years, Nigeria has become an increasingly attractive destination for outsourcing, particularly in areas of call center operations, software development and back office support.
“The country’s high population and relatively low labour cost, favourable time zone, and English proficiency make it an appealing location for business seekers to outsource certain tasks or functions,’’ he said.
According to him, Nigeria is moving gradually and focusing more on export of services because it is an area that has been neglected for a long time. He said it was a sector where we could get high revenue exchange earnings.
“It has so much potential but if our services sector is well harnessed we can earn more than the 4 .8 billion dollars we are earning from our products.
“We are looking at five billion dollars in 2024,’’ he said. Yakusak said trade in services had emerged as the driving force that shapes the global economic landscape of countries. “In essence, the future of global trade is services,’’ he said.
Also speaking, Dr Evelyn Ngige, Permanent Secretary, Ministry of Industry, Trade and Investments, said that outsourcing, particularly in the field of information technology-enabled services revolutionised the global business landscape.
Represented by Mr Suleiman Audu, Director of Trade in the ministry, Ngige said that the sector transcended geographical boundaries and enabled organisations to leverage expertise. She added that it reduced costs and improved efficiency by tapping into talent pools around the world.
“Nigeria, with its immense human capital, has the inherent potential to become a leading player in this transformative industry.
“The country boasts of a large pool of educated and skilled professionals, including an English-speaking workforce, which is advantageous for English-language outsourcing services.
“Nigeria has seen growth in areas such as call centers, data entry, software development, and content moderation,’’ Ngige said.
She said that to harness opportunities presented by outsourcing and ITES, Nigeria must adopt a multi-faceted approach that encompasses several key areas.
Ngige emphasised that it was essential to create a competitive location and conducive business environment to the growth of the outsourcing industry.
“This involves implementing policies that create a favorable business climate, ensuring ease of doing business, and providing a level playing field for both local and international players.
“We must streamline bureaucratic processes, simplify regulatory frameworks and offer attractive incentives to investors and businesses seeking to establish or expand their operations in Nigeria,’’ Ngige said.
