Nigeria’s $3.6bn Talent Outsourcing Initiative: A Game-Changer for the Economy

The Nigerian government has signed a Memorandum of Understanding (MoU) with Lab Four to channel 50,000 full-time Business Process Outsourcing (BPO) jobs to the country.

The initiative, spearheaded by the National Talent Export Programme (NATEP), is set to attract $1.2 billion annually into the Nigerian economy over the next three years and unlock $60 million to develop the BPO ecosystem.

The NATEP, launched on the sidelines of the 2023 United Nations General Assembly, aims to connect Nigerians to employment opportunities outside the country through physical talent export and BPO.

This strategic move positions Nigeria as an outsourcing destination of choice, catalyzing the growth and development of the micro, mini, and mega BPO ecosystems and industries in the country.

Nigeria’s strategic advantages in the global market include its location and time zone, highly skilled workforce, cost-effective services, robust digital infrastructure, language and cultural compatibility, government support, and data privacy and security.

By 2030, an estimated 85 million jobs will remain unfilled globally due to skill shortages, resulting in a loss of $8.5 trillion.

Nigeria, with its large, youthful, and skillful population, can take advantage of this opportunity to significantly benefit its economy.

The partnership aligns with President Bola Tinubu’s 8-point agenda on job creation and addresses the issue of insecurity in the country.

The services industry has consistently contributed over 50% of Nigeria’s GDP in the last 10 years, averaging 51.96% between 2012 and 2022.

The government remains committed to strengthening the industry and using it as a catalyst for job creation.

With the global talent-sourcing industry valued at $620.381 billion in 2020 and forecasted to reach $904.948 billion by 2027, Nigeria has the potential to provide high-quality talent for the global service export and outsourcing industry.

The NATEP targets to create one million jobs for Nigerians over five years, with plans to explore opportunities in telesales, customer service, virtual administrative assistant, marketing/social media assistant, and tech/cybersecurity.

The collaboration with the Cybersecurity Institute at Lab Four will provide Nigerians with access to remote work opportunities in the West.

The initiative has been praised by the United States Embassy in Abuja as a “game-changer” for Nigeria, with the US playing its role to encourage the growth of the IT sector in the country.

As Nigeria embarks on this mutually beneficial journey, it seeks the partnership and trust of the global community in its mission to become a global hub for talent exports and business process outsourcing.