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Wednesday, October 5, 2022

Remote work: Nigerian programmers, software developers could earn $50 billion – PwC – Nairametrics

Leading professional services firm, PwC Nigeria, has said that programmers and software developers in Nigeria could attract up to $50 billion from Global Value Chains (GVCs) in the next 10 years through remote work. This is even as it disclosed countries like India, Kenya, and a few others are already exporting brain capital from Nigeria and actively participating in the GVCs.
PwC in a report titled: “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. It added that with a large population that has an average age of 19 years, Nigeria has a significant brain capital advantage, especially considering the aging population in countries such as Germany, Japan, Italy, and the United States.
It is estimated that the worldwide working-age population will see a 10% decline by 2060. Japan in particular tops this list with 28% of its population above 65 and Italy comes second with 23%. PwC noted that, in contrast, only 2.7% of the Nigerian population is above 65 which means Nigeria is strategically positioned to supply labour to the global market, thus presenting a strong comparative advantage.
The report opines that Nigeria needs to start treating education as an infrastructure for development, not a social service, especially digital education, as screen-based interactions have become as fundamental as reading and writing.
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