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News » Nigeria targets $5Bn revenue from outsourcing by 2024

Nigeria targets $5Bn revenue from outsourcing by 2024

Nigeria targets 5Bn revenue from outsourcing
Photo from NEPC

ABUJA, NIGERIA — The Nigerian Export Promotion Council (NEPC) is looking to generate around $5 billion of revenue from the outsourcing sector in 2024. 

During the National Conference on International Trade-in-Service, NEPC Executive Director Ezra Yakusak said that the outsourcing industry has the substantial potential to elevate human capital, boost the economy, and usher in advanced technologies.

“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 labor cost, favorable time zone, and English proficiency make it an appealing location for business seekers to outsource certain tasks or functions,’’ he stated.

Yakusak further revealed that Nigeria is steadily pivoting towards service exports, a sector with immense potential for high revenue earnings. The country aims to hit the $5 billion mark by 2024, exceeding the current $4.8 billion revenue from products.

Meanwhile, Ministry of Industry, Trade, and Investments Permanent Secretary Evelyn Ngige noted how outsourcing has transformed business landscapes globally, especially in IT-enabled services. 

Ngige stated that Nigeria, with its immense human capital, “has the inherent potential to become a leading player in this transformative industry.”

The trade secretary stressed the importance of a conducive business environment and competitive location to foster the growth of the outsourcing industry. 

Further, she encouraged implementing policies that streamline bureaucratic procedures, promote a favorable business climate, and provide enticing incentives for investors.

Read more here.

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