The Executive Director, Nigerian Export Promotion Council (NEPC), Ezra Yakusak said by 2024 Nigeria should be able to generate not less than $5 billion from the service sector considering all that has been put in place by the council.
Yakusak who spoke at the National Conference on International Trade-in-Services with emphasis on outsourcing and IT Enabled Services in Nigeria, with the theme, “Nigeria as a global outsourcing destination” in Abuja , said earnings from service sector is not product base, it is inter-changeable with so much potentials.
He added that the country could earn above $4.8billion from the service sector more above what is earned from exportable products, the earnings according to him should start rolling in by 2024 hopefully hitting the target of $5billion.
He said: “It is not in doubt that Services Sectors are a major part of the global economy, generating more than two-thirds of the global Gross Domestic Product (GDP), attracting over three-quarters of foreign direct investment in advanced economies, employing the most workers, and creating most new jobs globally.”
“Again, the outsourcing industry has the capacity to boost human capital, drive the economy and bring about emerging technologies among others. Some of these services outsourced are financial, advertising, courier, customer support services, logistics and others.
“The realization of the pivotal role of the services sector in the diversification of Nigerian export base, foreign exchange generation and creation of employment and incomes, motivated the NEPC to carve out the Trade in Services Unit in 2006 as the sole Unit responsible for issues of international trade in services. In pursuant to this, the Council came up with initiatives to identify and highlight the potentials of exportable services in the sector that could be packaged and marketed regionally and internationally in a purposeful and holistic manner in collaboration with the stakeholders.”
Yakusak said the Council collaborated with the Commonwealth Secretariat and developed a National Services Sector Export Strategy with four sectors identified as priority areas. The sectors are Finance, Information Communication Technology (ICT), Entertainment (Music & Film), and Education.