The Nigerian Export Promotion Council (NEPC) on Wednesday in Abuja said that Nigeria targets to earn $5 billion from the outsourcing industry in 2024.
The Executive Director of NEPC, Dr Ezra Yakusak said this at the National Conference on International Trade-in-Service organised by the council, on Wednesday in Abuja.
According to Yakusak, the outsourcing industry has the capacity to boost human capital, drive the economy and bring about emerging technologies.
He said that some of the services outsourced are financial, advertising, courier, customer support services, logistics, etc.
“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.”
She said that to harness opportunities presented by outsourcing and ITES, Nigeria must adopt a multi-faceted approach that encompasses several key areas and create a competitive location and conducive business environment for the growth of the outsourcing industry.
NAN
