The Federal Government has announced plans to focus on boosting services exports by enabling Nigerians to secure online contracts with foreign companies.
This was disclosed by Mr. Wale Edun, Minister of Finance and Coordinating Minister for the Economy, during the Access Bank Corporate Clients Forum 2024 themed “Nigeria’s Economic Renaissance: Hopes and Implications.”
Edun stressed that Nigerians can achieve this by taking advantage of the country’s large population and the opportunities available in the ICT sector.
He also noted that the government's ongoing reforms are already showing positive results, as efforts are being made to increase oil production and improve non-oil exports.
Citing the Philippines as an example, Edun stressed the importance of a skilled workforce and access to international markets.
He said, “An important area we need to consider when we look at non-dominant exports is services. We have the demographics and a relatively skilled population, which means we can export our services.”
“They have the demand and the procedures. So, instead of Nigeria going out and trying to export and find markets, we can take advantage of them. They can outsource some of the online services and some of these online service delivery centres to Nigeria. We can learn from them, benefit from them and actually outsource them.”
More details on the FG stabilization plan
He explained the federal government's stabilization plan, which includes interventions in agriculture, social safety nets, manufacturing and SME expansion. He mentioned that 360,000 farmers will be supported, mobilized and provided with resources to cultivate 360,000 hectares of agricultural land.
The government also expects production of 1.4 million metric tons of corn, wheat, cassava and tubers by January 2025, when the harvest is scheduled. He stressed the country's need to produce the food it consumes and allocate it for export and agro-industrial activities.
Online Gig Economy in Nigeria and Africa
In its 2023 report, “Working Without Borders: The Promise and Peril of Online Freelance Work,” the World Bank noted that the informal economy now accounts for about 12% of the global labor market.
- The report highlights a significant difference in the growth of gig work across regions. In sub-Saharan Africa, job postings for gig workers soared by 130% between 2016 and 2020, while in North America there was a more modest increase of just 14%.
- A study by invoicing software company Bookipi found that Nigerian freelancers are among the most affordable on the freelancing platform Upwork. Nigeria ranked 18th out of 40 countries, charging an average of $163 per job, while freelancers in Colombia, ranked as the least expensive, charge an average of $73.13 per job.
