… Seun Faleye Advocates Social Protection for Informal Sector Workers
The Nigerian Business Process Outsourcing (BPO) market, valued at $980 million in 2023, is poised for significant growth, with projections indicating an annual increase of 12.56%, potentially surpassing $1.8 billion by 2028. This was disclosed by Mr. Chris Itsede, Chairman of Polar-Afrique Consulting, during the 10th Fellowship Investiture/Induction Conference of the Association of Outsourcing Professionals of Nigeria, held in Lagos.
Speaking on the theme “Unlocking the Nigerian Informal Sector for Sustainable Outsourcing Growth,” Itsede emphasized the critical role of the informal sector in Nigeria’s economy, contributing 60% of the nation’s $362.8 billion GDP in 2023 and employing 80% of the workforce. He called for structured plans to equip entrepreneurs with the skills needed to transform the informal sector into a driver of outsourcing growth.
Highlighting the challenges faced by informal workers, Mr. Oluwaseun Faleye, Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), stressed the importance of integrating these workers into social protection schemes.
Faleye stated, “The informal sector employs the majority of Nigeria’s workforce, yet workers often lack access to social protection, leaving them financially vulnerable to injuries, diseases, or other work-related risks. This gap undermines productivity and economic stability.” He urged stakeholders to collaborate effectively to close this gap and enhance economic resilience.
Adding to this, Kashifu Abdullahi, Director-General of the National Information Technology Development Agency (NITDA), reaffirmed the agency’s commitment to empowering the informal sector through digital literacy and entrepreneurship initiatives, positioning Nigeria as a global outsourcing hub.
President of the Association of Outsourcing Professionals of Nigeria, Ms. Mope Abudu, echoed these sentiments, emphasizing collective progress among members and expressing optimism for an improved business climate.
As Nigeria positions itself as a leader in the global outsourcing market, leveraging the potential of its vibrant informal sector could unlock unprecedented economic opportunities, further strengthening the nation’s BPO industry.