The outsourcing industry is about to blow up in Nigeria, who will benefit?

<p>Nigeria sets a goal to become a key player in the global services market by capitalising on the increasing demand for outsourcing services worldwide.</p>, <span>President Bola Tinubu representing Nigeria in an international meeting. Presidency</span>, <h2>The Federal Government has announced ambitious plans to earn $5 billion from the outsourcing industry through international trade in services by the year 2024.</h2>, <p>The revelation came from Ezra Yakusak, the Executive Director of the Nigerian Export Promotion Council (NEPC), during the National Conference on International Trade-in-Service held in Abuja on Wednesday, July 19, 2023. Yakusak highlighted the pivotal role that outsourcing plays in the Nigerian economy and emphasised the need to prioritise this sector.</p>, <p>"Our high population, coupled with the advantage of a lower labor cost and widespread English proficiency, makes Nigeria an appealing choice for companies seeking to outsource their operations," Yakusak said.</p>, <p>He also pointed out that Nigeria has historically neglected the export of services, but now the government is keen on shifting its focus to this untapped potential. The Executive Director stressed that if the services sector is properly harnessed, it has the capacity to generate more revenue than the $4.8 billion earned from the country's physical products.</p>, <p>"We are looking at five billion dollars in 2024," he confidently declared.</p>, <h2>What is this 'outsourcing industry'?</h2>, <p>The outsourcing industry involves the practice of contracting out certain business processes or tasks to external service providers rather than handling them in-house. Companies or organisations often opt for outsourcing to take advantage of specialised skills, cost-effectiveness, and increased efficiency.</p>, <h2>Common areas of outsourcing</h2>, <p>1. Information Technology (IT) Services: Outsourcing IT tasks like software development, network management, technical support, and cybersecurity to specialised firms.</p>, <p>2. Business P