Service Export Viable Alternative for Diversification, Says Expert

Omolabake Fasogbon

The federal government has been urged to consider service export as a key diversification focus to boost national revenue. 

 In achieving this, formalising the sector by drafting a policy framework and instituting regulatory measures to direct activities were said to be crucial and fundamental in establishing the sector for buoyant returns. 

Chairman of Multimix Academy, Dr. Obiora Madu, while briefing the media about his new book, ‘Service Export in Practice’ stated that lack of comprehensive service export strategy had left sector and players operated in the vacuum and denied the country of its diversification opportunities and competitiveness in global service export industry. 

Madu, stressed the need for a locally designed policy that would suit reality, adding that one drafted  10 years ago by the Commonwealth was now outdated.

“This policy must focus on identifying key services sector with export potentials. It must outline clear objectives, target and action plans for promoting services export,” he advised. 

Projecting positive outlook for the sector already valued at $4.41 billion, the expert submitted that deliberate efforts be put on infrastructure development and marketing of the country as services providing country to be able to propel anticipated growth. 

“This will spur development in all sectors related to services including Information Technology, logistics, transport network and tourism, amongst others, while enhancing Nigeria’s competitiveness globally.

“Attention must also be paid to improving trade facilitation process such that would reduce paper work, expediting custom clearance and also implementing electronic trade platform,” he said. 

Of importance too according to Madu, was also the need to promote investment in skills development and capacity building necessary to deliver high quality services to export. 

“There is need to enhance market intelligence and change strategy for export promotion. We must also be able to monitor and evaluate progress as we seem not to be measuring a lot of things.

“We must develop KPls to track progress, conduct regular evaluation and adjust strategy as need be. By so doing, Nigeria will be able to unlock multiple opportunities for economic growth and attract opportunities that would enrich the country’s investment inflows”, he said.