On September 11th, we held our first business webinar on how to structure a business for increased profitability with business expert Fonia Tetenta (CEO, Bust Brain Training & Consultancy), hosted by Ikechukwu Ebere (Sales Coordinator at Parkway Projects).
The hour was spent delving into how businesses can increase profitability, challenges facing businesses and how bank3D solves payment challenges for business owners across Nigeria.
According to a recent report, Nigeria is one of the top 5 business process outsourcing (BPO) destinations in Africa. Only behind South Africa, Egypt, Tunisia and Morocco. Nigeria commands $285.8 million of the combined African domestic and international global business services (GBS) sub-sector estimated $15.1 billion and expected to grow to $19.8 billion by 2023.
Africa’s largest economy by GDP ($448 Billion), Nigeria’s well-established ICT sector, the largest on the continent, lays an excellent foundation for developing the country’s GBS/BPO sector. In Nigeria alone, Business process outsourcing (BPO) employs about 16, 540 people.
Nigeria is quickly emerging as an ideal location for the delivery of business process, customer experience and contact centre outsourced services to the global and domestic markets. Noted for being Africa’s largest economy, the country has a heavy reliance on natural resources, especially the export of oil. Therefore, there is a need to diversify the economy and capitalize on opportunities in the business process outsourcing (BPO) and customer experience (CX) industry.
The size of the BPO/CX businesses are relatively small, most of which employ 51 to 100 call/contact centre agents, indicating the developing stages of Nigeria’s outsourcing and offshoring market. However, there are larger service providers with 800 to 1000 frontline, specialist and back-office agents, such as Outsource Global, who is servicing markets such as Japan, the United States and the United Kingdom.