The Minister of Budget and Economic Planning, Atiku Bagudu, has announced that the Federal Government is collaborating with other nations to create remote work opportunities for Nigerian youths. Bagudu made this revelation on Monday during the KPMG Budget 2025 Day event, which was broadcast on Arise TV.
Nigeria, home to one of Africa’s largest youth populations, has seen a decline in its unemployment rate, which dropped to 4.3% in the second quarter of 2024 from 5.3% in the first quarter, according to the National Bureau of Statistics. The Nigeria Labour Force Survey also indicated that the labour force participation rate among the working-age population rose to 79.5% in Q2 2024, up from 77.3% in Q1 2024.
Bagudu highlighted that the 2025 budget marks the first full-year budget following the deregulation of petroleum prices, the foreign exchange market, and the reduction in electricity subsidies through the introduction of tariff categories. He expressed optimism about the economy’s trajectory, stating that it is “headed in the right direction.”
Addressing questions on human capital development, budgetary allocations to education, and potential defaults in the Nigerian Education Loan Fund (NELFUND) scheme, Bagudu emphasised the importance of investing in education and skills development.
“The big story is that the economy is headed in the right direction. When public investment supports education and skills in such an economy, the private sector gains confidence in the availability of a skilled workforce to support private investment. This creates a mutually beneficial scenario,” he said.
Bagudu noted that both NELFUND and increased spending on education are designed to bolster this vision. He added that the government is engaging with several countries to explore legitimate avenues for Nigerian youths to provide outsourcing services and participate in business processing from within the country.
The minister shared insights from his recent visit to Enugu, where he inspected the European Business Park, supported by the Australian Development Corporation. He observed young Nigerians providing services to European companies remotely.
“We are in discussions with several countries to expand such opportunities. My ministry is leading this effort as part of our development cooperation mandate,” Bagudu said. He also mentioned that the current World Bank Country Director, who previously worked in the Philippines, is being engaged to share his experience in creating over 1.5 million remote jobs for Filipino youths.
Additionally, Bagudu revealed that the Ministry of Digital Economy is training three million Nigerians in technology-related jobs to meet the growing demand for skilled workers.
The minister highlighted the increasing global demand for Nigerian talent, particularly in the tech sector. “We have seen demand for software engineers from various countries. The Japanese ambassador recently told me that Nigeria is the first point of call for Japanese companies seeking software engineers,” he said.
While acknowledging potential risks, such as loan defaults, Bagudu expressed confidence in the success of the student loan scheme. He drew parallels with the more advanced student loan market in the United States, where government intervention is sometimes necessary.
“Even if circumstances require supporting beneficiaries through loan reductions, I believe Nigerians will welcome such measures,” he added.
The Federal Government’s efforts to create remote work opportunities and invest in human capital development underscore its commitment to leveraging Nigeria’s youthful population for economic growth and global competitiveness.
