The Federal Government is engaging with other countries to create remote work opportunities for Nigerian youths, Minister of Budget and Economic Planning Atiku Bagudu revealed on Monday. Speaking at the KPMG Budget 2025 event aired on Arise TV, Bagudu highlighted efforts to boost youth employment through outsourcing and digital skills development.
Citing the success of young Nigerians providing business services to European firms from Enugu, he said his ministry is leading negotiations with multiple nations to expand similar opportunities. He referenced the World Bank’s country director, who previously facilitated over 1.5 million outsourcing jobs in the Philippines, as a key advisor in these talks. Additionally, the Ministry of Digital Economy is training three million Nigerians in tech-related jobs to meet rising global demand.
Bagudu also emphasized that the government’s economic reforms—including petroleum price deregulation, foreign exchange market liberalization, and electricity subsidy reduction—are steering the economy in the right direction. He pointed to rising labor force participation rates as evidence of progress.
On financing, he assured that Nigeria’s debt servicing strategy remains stable, with innovative local bond issuances reducing reliance on Central Bank borrowing. If economic conditions improve as expected, the government may not need to spend the full N14 trillion projected for debt servicing in 2025.
In agriculture, he highlighted increasing investor interest from Brazil and Saudi Arabia, linking recent bumper harvests to improved security, favorable weather, and higher agricultural activity. The government has allocated ₦1.5 trillion to recapitalize the Bank of Agriculture, aiming to ease funding challenges in the sector and boost production.
KPMG Partner Wole Adelokun described the proposed naira exchange rate of ₦1,500 per dollar in the 2025 budget as realistic but warned of risks. He recommended strengthening market confidence, promoting import substitution, and attracting foreign direct investment to stabilize the currency. CFG Advisory’s CEO Tilewa Adebajo added that achieving true price discovery in the foreign exchange market is crucial for sustaining naira stability.
