Leading professional services firm, PwC Nigeria, says programmers and software developers in Nigeria could attract up to $50 billion from global value chains (GVCs) over the next 10 years through remote working . It was even then that he revealed that countries like India, Kenya and a few others are already exporting brain capital from Nigeria and actively participating in GVCs.
PwC in a report entitled: “Nigerian Brain Exports: The Optimal Path to Growing the Nigerian Economy” noted that exporting brain capital to the global market will put Nigeria on the path to becoming a developed nation in record time.
According to the report, “Brain export occurs when a Nigerian physically in Nigeria is inserted into global value chains and exchanges their brain capital for foreign currency which is then remitted to the country where the talent is physically located.” He added that with a large population with an average age of 19, Nigeria has a huge advantage when it comes to brain capital.especially given the aging of the population in countries such as Germany, Japan, Italy and the United States.
It is estimated that the global working age population will decline by 10% by 2060. Japan in particular tops the list with 28% of its population over 65 and Italy comes second with 23%. PwC noted that in contrast, only 2.7% of Nigeria’s population is over 65, meaning Nigeria is strategically positioned to supply labor to the global market, presenting a strong advantage. comparative.
What they say
- PwC in the report states that: “With case studies from India and Kenya and some local examples of companies already exporting Brain Capital from Nigeria and actively participating in GVCs, the report has created a plausible scenario in which Nigeria captures 17% of global jobs from programming and software development. The revenue that will accrue to Nigerians carrying out these works is approximately $50 billion.
- “Based on market size and growth potential, Nigeria should have a target of two million teleworkers embedded in GVCs within ten years. This figure, according to the report, would drive growth in other sectors of the economy through increasing the purchasing power of people in the global value chain According to the report, it is essential that talent connected to GVCs is not located in a few selected places, but is distributed adequately across the country to ensure the prosperity of the nation.
- Commenting on the report, Andrew Nevin, Partner and Chief Economist, PwC Nigeria, said: “Nigeria can go from a developing country to a developed country in 10 to 20 years. However, to achieve this, the country must seek and follow a path different from the traditional path of development. We believe that the traditional development strategy is not the most effective way to improve the quality of life of Nigerians.
- “Given the times in which we live, with advances in research with technology and changes in working methods, there is a new optimal development path, reinforced by changing circumstances and the strengths and unique attributes of Nigeria. This pathway is where Nigeria exports Brain Capital to global markets for higher value-added services.
The report argues that Nigeria needs to start treating education as a development infrastructure, not a social service, especially digital education, as on-screen interactions have become as fundamental as reading and writing.
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