Home Business Nigeria’s potential in services sub-sector enormous, says NEPC boss

Nigeria’s potential in services sub-sector enormous, says NEPC boss


Abuja – Nigeria has substantial potential in non-oil export, especially in the services sub-sector, the Executive Director, Nigerian Export Promotion Council (NEPC), Mr Olusegun Awolowo , has said.

Awolowo made the statement in Abuja on Tuesday during an interactive meeting on the review of the implementation of the National Strategy for the export of professional services in Nigeria.

He said the service sector was the second largest contributor to the country’s Gross Domestic Product.

“Nigeria has huge potential in export of services in sector, such as in the creative industry (Nollywood, music, among others), financial services, Information Communication Technology and others.

“ Nigeria is a leading exporter of banking services in West Africa with a strong financial services sector.

“`For instance, 11 Nigerian banks have established subsidiaries abroad in over 20 sub-Saharan countries; nine out of 11 also have branches in four continents outside of Africa,’’ Awolowo said.

He, however, said that one of the major challenges for companies in the services sector was access to information about opportunities in and requirements of foreign markets.

Awolowo said to overcome the challenges the council would collaborate with the International Trade Centre (ITC) under the Trade in Services Programme (TSP).

He said it would enable Nigerian companies to take advantage of ITC’s interventions in the Business Process Outsourcing and Information Technology sub-sectors..
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“As you are all aware, in 2009, the Commonwealth Secretariat in collaboration with the Nigerian Export Promotion Council formulated a strategy to develop the export of professional services in Nigeria.

“The overreaching goal of the strategy was to contribute to the country’s long- term objective to create wealth, employment generation and reduce poverty as enshrined in Nigeria’s National Economic Empowerment Development Strategy.’’ he said. (NAN)

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