The Nigerian Export Promotion Council (NEPC) has said that Nigeria targets to earn $5 billion from the outsourcing industry in 2024.
The Executive Director of NEPC, Dr Ezra Yakusak, stated this on Wednesday at the National Conference on International Trade in Services organised by the council 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, and logistics, among others.
“In recent years, Nigeria has become an increasingly attractive destination for outsourcing, particularly in areas of call centre 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 the export of services because it is an area that has been neglected for a long time.
He said it was a sector where Nigeria 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 noted that trade in services had emerged as a driving force shaping the global economic landscape of countries.
According to him, this involves implementing policies that create a favourable business climate, ensuring ease of doing business, and providing a level playing field for both local and international players.