NEPC TURNS TO SERVICES SECTOR EXPORTS TO ADDRESS NIGERIA'S FOREX CRISIS

The Nigerian Export Promotion Council aims to produce $5 billion for Nigeria by exporting services to other nations by next year, as the Federal Government fights to stop the naira from further depreciating as a result of the decline in FX earnings.

This information was provided on Wednesday in Abuja during the inaugural National Conference on Trade-in-Services in Nigeria by Dr. Ezra Yakusak, Executive Director/Chief Executive of the NEPC.

They focused on outsourcing and IT-enabled services in Nigeria, was held.

There is no question that the services sector more than two-thirds of global GDP, in the global economy, according to the NEPC Boss.

The industry attracted more than 75 percent of foreign direct investment, the most people, and generated the newest jobs worldwide.

According to Yakusak, the outsourcing sector has the potential to increase human capital, propel the economy, and usher in emerging technology.

He mentioned several of the outsourced services, advertising, courier, customer support, logistics, etc.

The NEPC Boss noted that the NEPC created the Trade in Services Unit in 2006 as the sole Unit responsible for issues of international trade in services in response to the realization of the crucial role of the services sector in the diversification of Nigeria, and creation of employment and incomes.

Accordingly, he added that the Council developed initiatives to find and emphasize the sector's potential for exportable services that could be packaged and promoted regionally and worldwide in conjunction with the stakeholders.

He said, The Council worked with the Commonwealth Secretariat to produce a National Services Sector Export Strategy, with four sectors areas, in acknowledgement of this fact.

The industries are education, entertainment (music and film), finance, and information and communication technology (ICT).

You might want to be aware that Nigeria has recently been more and more popular as a location for outsourcing, notably in the back office support, software development, and call center operations sectors.

The country is a desirable site for business searchers to outsource particular operations or functions because to its high population, relatively inexpensive labor cost, convenient time zone, and English fluency.

We are all aware of the COVID-19 outbreak and the ongoing Russia-Ukraine conflict, both of which have a significant impact on enterprises around the world. Despite these difficulties, Nigeria now has the chance to become a top outsourcing location.

The National Conference on International Trade-in-Services in Nigeria is being held as part of the NEPC's mandate to inform and empower the Nigerian business community.

She was represented by the Director of the Ministry's Commodities and Export Department, Suleiman Audu, who stated that Nigeria has a sizable population of highly educated and talented professionals, including an English-speaking workforce, which is helpful for outsourcing services in the English language.

“Nigeria has experienced growth in sectors like call centers, data entry, software development, and content moderation,” the speaker claimed.

“Today, we're gathered here to examine the numerous opportunities that are at hand as we use Nigeria's population of over 200 million people and the high rate of GSM usage to propel the country into a leading position in the world outsourcing business. ”To take advantage of the potential offered by outsourcing and ITES, we must create a multifaceted strategy that addresses a number of crucial issues. Through the lens of four theme areas that have defined our existing trade climate and will promote the interests of the outsourced industry in Nigeria beyond 2023, let me to underline these crucial elements that will shape our journey towards becoming Nigeria a global hub for outsourcing.

First and foremost, it's crucial to establish a competitive location and a supportive business climate for the expansion of the outsourcing sector. This entails putting in place regulations that foster an advantageous business climate, guarantee ease of doing business, and establish an even playing field for domestic and foreign competitors. We must simplify regulatory frameworks, expedite bureaucratic procedures, and provide enticing incentives to investors and companies looking to start or expand operations in Nigeria.

In order to have a workforce capable of providing top-notch services in the outsourcing and ITES industries, skill development is crucial. Our methods of education and training must be adapted to the changing needs of the sector. This includes developing inter-disciplinary knowledge and lifelong learning, as well as providing our youth with technical and digital skills. To close the skills gap and keep our workforce competitive in the global economy, collaboration between academic and industrial partners is essential. Thirdly, strong infrastructure and digital connectivity are key building blocks for the outsourcing industry's success. We must make investments in the creation of dependable, fast internet infrastructure, sophisticated telecommunications networks, and cutting-edge data centers.

This will make it possible for organizations to run smoothly, ensuring continuous service delivery and improved data security. To promote inclusivity and access to opportunities for all Nigerians, we should also look into ways to improve last-mile connectivity, especially in rural regions.

Fourthly, innovation and the deployment of new technologies are essential to achieving our goals in the outsourcing and ITES industries. Nigeria has a strong entrepreneurial talent pool and a robust technological environment. By offering support systems like incubators, accelerators, and funding possibilities, we must promote innovation and entrepreneurship.