Shettima To Launch 'Outsource To Nigeria' Initiative, Targets $350bn Market
With its “outsource to Nigeria” initiative, Shettima hopes to capture a $350 billion market
Shettima is set to introduce the “outsource to Nigeria” initiative, aiming for a $350 billion market.
The government-enabled, private sector-led Outsource to Nigeria Initiative (OTNI), spearheaded by Vice President Kashim Shettima's office, will get underway.
Shettima announced on Thursday that the initiative will be launched in Gombe state on March 4, 2024, in a statement posted on his X account.
According to the statement, OTNI is intended to give Nigeria access to the $350 billion global outsourcing market while also generating jobs in the business process and technology-enabled outsourcing industries.
“The federal government has queued into the thriving global outsourcing market which has grossed almost $350 billion for seven top countries that engaged in it, with a view to tapping into its huge job opportunities for the nation's teeming youths,” Shettima said.
He said that the initiative is a part of the efforts and resolve to make President Bola Tinubu's administration's job creation agenda a reality.
Nigeria's unemployment rate increased to 5.0 percent in the third quarter (Q3) of 2023, according to the National Bureau of Statistics (NBS), which released its report on February 9, 2024.
This is an increase of 0.8 percent over the 4.2 percent seen in the second quarter of the previous year.
The bureau reports that the rate of youth unemployment rose from 7.2 percent in the second quarter of 2023 to 8.6 percent in the third.
According to NBS, youth refers to anyone in the 15–24 age range.
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