Home Business Business Process Outsourcing to generate 50,000 jobs as Nigeria signs MoU with Lab Four

Business Process Outsourcing to generate 50,000 jobs as Nigeria signs MoU with Lab Four

by Business News Report

Nigeria is poised to become a global hub for Business Process Outsourcing (BPO) after the Ministry of Industry, Trade and Investment signed a Memorandum of Understanding (MoU) with Lab Four to channel 50,000 full-time BPO jobs to the country over the next three years. “The Federal Government’s message through the launch of the National Talent Export Programme is clear – Nigeria is ready to become a global hub for talent exports and business process outsourcing!” said Dr. Doris Uzoka-Anite, Minister of Industry, Trade and Investment, at the signing ceremony in Abuja. She said “The Federal Government of Nigeria under the leadership of His Excellency, President Bola Ahmed Tinubu, as part of the Renewed Hope Agenda, is committed to diversifying the economy and creating sustainable employment opportunities, especially for the youths by creating millions of jobs.

“We have the vision and commitment, and we seek the partnership and trust of Nigerians and the global community as we embark on this mutually beneficial journey.” The MoU was signed today and will be executed by the National Talent Export Programme (NATEP), which was launched in 2023 to connect Nigerians with employment opportunities abroad. Dr Uzoka-Anite said that it was interesting that the global talent sourcing industry was valued at $620.381 billion in 2020 and is forecasted to be valued at $904.948 billion by 2027.  “With a youthful population and about 3 million graduates from higher educational institutions joining the workforce each year, Nigeria has the potential to provide high-quality talent for the global service export and outsourcing industry.” She said Nigeria has a “significant value proposition for regional and global markets for the export of services. We will actively target Greenfield and Brownfield job opportunities in the United States, Canada, Europe, Asia, among others. We will also take advantage of the African Continental Free Trade Agreement to access the African market.”

“Through NATEP, Nigeria can honourably export her talents in a mutually beneficial and reputation preserving way, significantly reducing illegal migration,” said Dr. Femi Adeluyi, National Coordinator of NATEP. NATEP is also positioning Nigeria as an outsourcing destination of choice as it catalyzes the growth and development of the micro, mini and mega BPO ecosystems and industries in Nigeria.” The new jobs will span various sectors including telesales, customer service, virtual administrative assistant, marketing/social media assistant and tech/cybersecurity. It is estimated that the generated jobs could attract up to $1.2 billion into the Nigerian economy annually through employee remuneration, on top of $60 million that could be used to develop the country’s BPO ecosystem. The signing ceremony was witnessed by representatives from the United States Embassy Abuja, Lab Four officials, and other dignitaries. The Minister also launched the NATEP Strategy document at the event.

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