The Chairman of Polar-Afrique Consulting, Mr Chris Itsede, has revealed that the Nigerian Business Process Outsourcing market, valued at approximately $980m in 2023, is projected to grow annually at a rate of 12.56%, potentially exceeding $1.8bn by 2028.
Speaking at the 10th Fellowship Investiture/Induction Conference of the Association of Outsourcing Professionals of Nigeria, with the theme ‘Unlocking the Nigerian Informal Sector for Sustainable Outsourcing Growth’, on Thursday in Lagos, Itsede noted that the global outsourcing industry has recently witnessed remarkable growth, with global spending reaching an estimated $731bn in 2023.
He highlighted the critical role of the industry in today’s economy and the increasing reliance of businesses on outsourced services to drive efficiency, innovation, and scalability.
Itsede said, “Intuitively, we can infer that the intentional transformation and development of informal enterprises can unlock innovation, diversify services, and create a more robust outsourcing economic system by linking the informal sector with the outsourcing industry.”