Nigeria to join $221.5bn global business outsourcing market

Nigeria through its National Information Technology Development Agency (NITDA) has started the process of joining the over $221.5 billion global process outsourcing market.

Director-General of the Agency Mr Kashifu Abdullahi Inuwa stated this while addressing participants at a virtual event on the National Outsourcing Strategy in Abuja, recently.

He said the draft national outsourcing document was to accelerate digital economy and transformation in Nigeria and therefore, called for experts’ review of the document.

“Basically the use of technology has increased tremendously over a very short time.  Given these changes that we are rapidly adapting to we will most probably not go back to business as usual.

“There will be a new normal established. The question is, to what extent are we ready to identify opportunities, grab them and be part of shaping that “new normal”?

“With the recent government initiative to make Nigeria a leading digital economy coupled with the government promise to lift 100 million Nigerians out of poverty, NITDA under the supervision of Ministry of Communications and Digital Economy has refocused its effort to of the National Digital Economy Strategy.

“Our Digital Economy Strategy has eight pillars, digital services is one of them.

“Business Process Outsourcing is of the emerging services we can provide digitally. In 2019, according to Grand View Research, the global business process outsourcing market size was valued at $221.5 billion USD and was expected to grow at a compound annual growth rate (CAGR) of 8.0% from 2020 to 2027. Covid-19 is forcing organisations to cut bottom line cost.

Therefore, many organisations will leverage on the benefits of outsourcing for some business processes and focus on core competencies,” he said.

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