The Minister of Budget and Economic Planning, Atiku Bagudu, has disclosed that the Federal Government is engaging with various countries to create remote work opportunities for Nigerian youths.
Bagudu made this revelation on Monday during the KPMG Budget 2025 Day, which was aired on Arise TV.
Boosting Youth Employment and Outsourcing Services
Nigeria, home to one of Africa's largest youth populations, has seen an increase in labor force participation. The National Bureau of Statistics (NBS) reported that the country's unemployment rate dropped to 4.3% in Q2 2024, down from 5.3% in Q1 2024, while labor force participation increased to 79.5%.
Bagudu noted that the 2025 budget is the first full-year budget following the total deregulation of petroleum prices, foreign exchange market liberalization, and electricity subsidy reduction through tariff categorization. According to him, these reforms indicate that the economy is moving in the right direction.
He highlighted that the government is working on legitimate outsourcing partnerships that would allow Nigerian youth to provide business process services to foreign companies.
"We are engaging with multiple countries to see how our young people can provide outsourcing services from where they are and participate in business processing," he said.
Bagudu referenced his visit to the European Business Park in Enugu, where young Nigerians were already providing remote services to European firms. He also mentioned discussions with World Bank officials who previously facilitated the creation of 1.5 million outsourcing jobs in the Philippines.
Furthermore, the Ministry of Digital Economy is currently training three million Nigerians in technology jobs, preparing them for global opportunities in software engineering and IT services.
"We have seen demand for Nigerian software engineers from various countries. The Japanese ambassador informed me that Nigeria is now the first choice for Japanese companies seeking software engineers," Bagudu added.
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Economic Stability and Debt Management
Bagudu assured that the current economic trajectory would also ease debt servicing burdens.
"With innovative financing strategies, the government will not rely on the Central Bank of Nigeria (CBN) beyond legal limits. Instead, we will turn to local bonds and alternative financing models to ensure confidence in debt repayment," he explained.
He expressed optimism that improving economic conditions could reduce the need for excessive debt servicing.
Agriculture and Foreign Investments
Bagudu highlighted agriculture and food security as key priorities for the government, stating that agriculture remains crucial for poverty reduction, inflation control, and inclusive growth.
Recent bumper harvests across states, improved security, and favorable weather conditions have positively impacted food prices, he said.
To sustain this momentum, the government has allocated N1.5 trillion to recapitalize the Bank of Agriculture, ensuring better access to funding for farmers.
Foreign investors, including those from Brazil and Saudi Arabia, have also shown strong interest in Nigeria's agricultural sector, further bolstering the industry's growth.
Foreign Exchange Market and Naira Stability
Speaking on Nigeria's foreign exchange market, KPMG Partner, Wole Adelokun, noted that the 2025 budget's projected exchange rate of ₦1,500 per dollar was realistic but exposed to risks.
He suggested three strategies to ensure naira stability:
- Sustaining market confidence through strong fiscal policies.
- Implementing an import-substitution strategy to reduce foreign exchange dependence.
- Attracting foreign direct investment (FDI) through targeted economic policies.
Meanwhile, CFG Advisory CEO, Tilewa Adebajo, emphasized that achieving price discovery in the forex market remains crucial for stabilizing the naira.
Conclusion
The Federal Government's strategic partnerships with global markets for remote work, economic reforms, and investments in key sectors like agriculture and digital technology are positioning Nigeria for economic resilience. While challenges remain, experts believe that with sustained efforts and targeted policies, the country can achieve greater economic stability and growth.
