Experts Advocate Services Sector Development To Boost Export

Stakeholders in the Nigerian service sector have advocated the need for government to promote policies and regulations targeted at developing the sector for export.

The Service sector has remained the highest contributor to the National Gross Domestic Product as its contribution reached an all time high of 54.39 percent in the first quarter, 54.49 percent in the second quarter, and 47.64 in the third quarter.

Speaking at the Stakeholders Roundtable Discussion on Service Export, the experts noted that Services constitute the most dynamic area of national growth, as it creates high employment, as well as offering significant opportunities both in terms of increased exports.

PDF Bridge Service Export Expert, Abiodun Bankole, said that there is no systematic export promotion strategy for service in Nigeria.

He said, “Nigeria does not have competitive advantage in any of the service sub sector as there are deficit in some sub sectors such as insurance, transport and tourism among others.

“The government through the Nigeria Export Promotion Council, has often directed the bulk of export promotional work on goods export, while the service sector remained underdeveloped.”

Bankole said that service sector export can only be driven by sector targeted promotion policies, development of human capital, strong institutions as well as provision of critical infrastructure.

On promoting service sector growth, Bankole stressed on the need to implement policies aimed at enhancing the growth of priority sub-sectors, such as accommodation, food service, human health, transportation and utilities.

“There is need for the government to adopt a holistic service sector policy with strategic development plan for priority sectors.

“The government should provide market opportunities for service firms in the export market,” he added.

The President, Association of Outsourcing Professionals of Nigeria, Madu Obiora said that capacity building, service development and promotion remain the main drivers of service export.

He said there is need to strengthen the outsourcing channels, adding that Nigeria over the years has not been recognized as a service export destination.

“There is so much going on the service export space but Nigeria has not gotten there.

“We must identify our strengths in the service sector, and develop it to be competitive,” he added.