Placing Nigeria at the Centre of Global Commerce and Putting Nigerians to Work
In Nigeria, the pressing challenges related to employment and economic survival demand proactive measures.
November 23, 2023
Content Table
In Nigeria, the pressing challenges related to employment and economic survival demand proactive measures. The country has been grappling with a host of economic issues. The Naira's depreciation in the parallel market to an all-time high of 1025 Naira against the US dollar and the surge in petrol prices to a record 580 Naira per liter have inflicted significant economic strain. Soaring inflation rate, currently at 26.72 percent as at September 2023, adds to the financial burden. Compounding these challenges is a youth unemployment rate of 42.6%, which not only hinders economic survival but also fosters social unrest and high crime rates among the young population. Urgent and innovative strategies are required to address these challenges.
The Promise of Offshoring in Nigeria
In this context, offshoring emerges as a beacon of hope, offering a dual advantage of providing employment opportunities for Nigerians and boosting Foreign Direct Investment.
Nigeria's potential as an offshoring destination is immense. It boasts a large and growing domestic market, with over 80 million youthful individuals between the ages of 15 and 35. The youthful workforce is an invaluable asset, offering dynamism and fresh perspectives for businesses. Furthermore, Nigeria's status as an English-speaking nation and its competitive labor costs make it an attractive destination for cost-effective offshore operations.
In addition to these advantages, Nigeria is rapidly evolving into a technology hub, offering innovative solutions and opportunities for technological advancement. The government's commitment to innovation, entrepreneurship, and youth employment creates a supportive environment for businesses, while Nigeria's strategic location positions it as a key regional hub connecting businesses to neighboring countries and opportunities.
Nigeria's emerging startup ecosystem further fuels innovation and growth, and the strong global diaspora network provides valuable connections and resources. However, amid this promise, several challenges must be addressed to make offshoring in Nigeria a success.
Challenges to Address
While there are challenges to overcome, they serve as opportunities for positive change. These include addressing inconsistent and expensive power supply, navigating economic instability, enhancing security measures, bridging the skills gap, simplifying regulatory frameworks, and combating corruption and fraud. The time zone difference with North America, a major job market, may require creative scheduling solutions. Additionally, establishing a comprehensive national outsourcing/offshoring framework, improving access to robust internet supply, enhancing the reliability of judicial systems, and upgrading transportation infrastructure are vital steps towards a more robust offshoring landscape. These challenges, though daunting, can be surmounted with the right strategies and collaborative efforts.
Conclusion
Positive offshoring initiatives can address socio-economic challenges through collaborative impact. Driven by a vision to empower young Africans to overcome socio-economic challenges, the Workforce Foundation is fervently committed to propelling this vital conversation forward. The imperative to bring together key players like development organizations, local technology and infrastructure providers, international corporate entities, diplomatic missions, educational institutions, certification bodies, and relevant government agencies alongside other passionate stakeholders is a shared commitment to fostering impactful global collaboration and economic empowerment.
Workforce Foundation is poised to catalyze a profound shift in Nigeria's employment landscape. By aligning our abundant talent pool with the global economy's demands, we are working to unlock unprecedented avenues for growth for the entire nation.
We are embarking on an extraordinary journey of transformation, where we transcend borders and surmount barriers to place Nigerians at the heart of the global workforce.
The future of work is upon us, and it is high time for Nigeria to assert its rightful position on this thrilling frontier!