General
Nigeria’s GBS Market at $286.8m, S/Africa at $4.7bn, Egypt at $4bn
By Modupe Gbadeyanka
There are strong indications that in 2023, the global business services (GBS) market in Africa will worth $19.8 billion, higher than the current value, $15.1 billion.
According to the 2021 Africa GBS Benchmarking and Market Report by Knowledge Executive, the African continent will play a major part in the sector in the future because of its vast labour.
In the report, it was stated that business process outsourcing (BPO) and information technology outsourcing (ITO) are at the forefront of Africa’s rapid growth rates.
This growth, it said, is bolstered by multiple factors, including improved economic governance, relative political stability, an abundance of educated youth within the continent’s labour pool, comparatively lower salary and labour costs, in addition to focused efforts from African policymakers to support this crucial sector.
The report stated that the past year has accelerated outsourcing adoption to reduce costs and maintain revenue across the globe – and Africa has emerged as a significant beneficiary.
It was disclosed that the continent was in the developing stage of the GBS lifecycle, but already showing signs of global competitiveness and rapid maturity.
According to the report, South Africa is the continent’s largest GBS player by market share (domestic and international), valued at an estimated $4.7 billion.
The local sector employs over 261,082 domestic and international service workers from the country’s sizeable English-speaking workforce with competencies across most outsourcing services, including digitally-enabled contact centres and customer experience lifecycle management services. Surveyed enterprise executives rated the country best for contact centre voice, back-office processing and customer administration service delivery.
Egypt has the second largest domestic and international GBS market share on the continent, valued at $4 billion (excluding IT services).
The country offers a highly-skilled, multilingual, diverse talent pool, with competitive labour costs and the second-largest youth population in Africa (36.3 million citizens aged between 18-35 years). The native Arabic language also opens Egypt to the Arabic market of 300 million consumers.
Africa’s largest economy by GDP ($448 billion), Nigeria, boasts a well-established ICT sector – the largest on the continent.
This feature serves as an excellent foundation for developing the country’s GBS market, which is already valued at an estimated $286.8 million and employing approximately 16,540 workers.
Coupled with a focus on sector-specific skills and education, the country stands poised to take advantage of the largest population of English speakers in Africa and the highest number of youths aged between 18-35 years in Africa (53 million).
Smaller nations are also capitalising on this increasing international demand. Rwanda is an emerging GBS market with a large population of English and French speakers able to service English and Francophone countries. It offers reliable and advanced communications infrastructure with 95% LTE network coverage.
Botswana is another emerging GBS location. The country boasts macroeconomic stability and offers attractive investment incentives and a growing pool of educated, English-speaking workers.
Senegal has become a popular French alternative market for BPO services. Ghana boasts a scalable pool of English-speaking and computer literate talent and a growing youth population. Zimbabwe has bold GBS development plans based on its highly educated talent pool for niche services.
Investing and buying on the continent continues to be a venture filled with potential and undiscovered returns. And as more international businesses look to do so, insights such as those gleaned from the Africa GBS Benchmarking and Market Report will be invaluable in making informed decisions on outsourcing, co-sourcing or expansion.
The report said it got its findings from interviews with over 140 global enterprise executives from North America and European organisations that outsource, or plan to outsource, to Africa.
In addition, profiling surveys were conducted on over 500 GBS service providers and delivery centres across 19 African countries. These markets represent a mix of mature, emerging and nascent GBS locations in Africa that now serve as key locations for global and local investors and buyers.
By Adedapo Adesanya
The South African Consulate General in Lagos, in partnership with Brand South Africa and the Development Bank of Southern Africa (DBSA), is hosting the 4th edition of the South Africa Focus Week in Lagos, Nigeria, from April 22 – 26, 2026.
The annual platform continues to grow as a strategic initiative aimed at fostering social cohesion between South Africans and Nigerians while positioning South Africa as a preferred destination for business, tourism, and education. Since its inception in 2023, South Africa Focus Week has attracted over 1,500 participants, bringing together stakeholders from across sectors, including trade and investment, arts and culture, tourism, aviation, and the culinary industry.
The 2026 edition holds particular significance as it coincides with the 30th anniversary of South Africa’s democratic Constitution, enacted in 1996, as well as 32 years of unbroken diplomatic relations between South Africa and Nigeria, established in February 1994. These milestones underscore the enduring partnership between the two nations, rooted in shared history and strengthened through formal agreements and ongoing collaboration.
The 2025 economic relationship between South Africa and Nigeria reflects a strategically significant, multi-dimensional partnership anchored in trade, energy security, investment flows, and strong institutional cooperation. While bilateral trade remains structurally imbalanced – with South Africa exporting US$468.48 million and importing $1.69 billion, resulting in a $1.22 billion deficit – this dynamic is largely driven by South Africa’s reliance on Nigerian crude oil, positioning the relationship as one of strategic interdependence rather than imbalance alone.
This partnership is further elevated by the relative economic weight of both countries. According to IMF projections, South Africa’s economy is valued at approximately $443.6 billion, while Nigeria’s stands at around $334.3 billion in nominal terms for 2026. As two of the largest economies on the continent, their bilateral engagement constitutes a central axis of African economic activity, with disproportionate influence on the success of continental integration efforts.
Beyond trade, the relationship is reinforced by deep two-way investment linkages. South African firms -including MTN Group, Shoprite, and Standard Bank – maintain a strong presence in Nigeria, while Nigerian companies such as Access Bank and Paystack have established a growing footprint in South Africa. Although investment flows are asymmetrical and some Nigerian firms have faced operational challenges, these exchanges reflect an emerging bi-directional economic corridor that extends beyond goods trade into services, finance, and digital innovation.
Aligned with Brand South Africa’s mandate to build the country’s global reputation and competitiveness, the week-long programme will convene leaders from government, business, civil society, academia, and the media. Discussions will focus on leveraging the African Continental Free Trade Area (AfCFTA) as a tool for market access and global positioning, with Nigeria serving as a key focal point.
The South Africa Focus Week has features a series of high-level engagements and cultural activities designed to deepen economic ties and promote collaboration: South Africa–Nigeria Infrastructure Investment Conference (April 22, 2026) which was held under the theme South Africa–Nigeria Partnership: Unlocking Infrastructure Opportunities,” the conference will bring together key stakeholders in infrastructure development to explore collaborative projects in road, rail, and transportation systems.
The forum also examined the role of Public–Private Partnerships (PPPs) and facilitated discussions on project financing and implementation with institutions such as the DBSA and Nigeria’s Infrastructure Concession Regulatory Commission (ICRC).
This was followed by the 2nd Economic Diplomacy Roundtable (Thursday, April 23, 2026), which was hosted in partnership with MTN Nigeria under the theme Role of Technology in Infrastructure Development, the roundtable will convene senior government officials, private sector leaders, and industry experts to identify investment opportunities and strengthen strategic partnerships.
Friday, April 24, was for Arts and Culture Experience, which is a dedicated cultural day will showcase Lagos’ creative spaces and features a panel discussion on South Africa’s arts, film, music, and culture. The programme includes a South African film screening, engagements with filmmakers, and a networking reception aimed at fostering collaboration between the creative industries of both countries.
The event continues on Thursday, April 25, with Freedom Day Celebration and Closing Ceremony. This commemorative event will celebrate 30 years of South Africa’s Constitution, 32 years of freedom and democracy, and the enduring diplomatic relations between South Africa and Nigeria. The ceremony will also provide an opportunity to reflect on outcomes from the week and outline future areas of cooperation.
The celebration forms part of Brand South Africa’s Global South Africans Programme, which recognises and connects South Africans in the diaspora as ambassadors of the nation’s values and identity.
The week climaxes with the 4th edition of the South Africa Golf Tournament at Ikoyi Golf Club on Saturday, April 26, 2026, which will be done in partnership with Crossflex International.
According to a statement, the event aims to strengthen people-to-people relations through sports diplomacy, bringing together South African and Nigerian golfers in a spirit of camaraderie and collaboration.
By Modupe Gbadeyanka
The former chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, has been apprehended by the Economic and Financial Crimes Commission (EFCC).
Spokesperson of the anti-money laundering agency, Mr Dele Oyewale, confirmed the arrest of the businessman on Friday but declined to provide further details, according to TheCable.
Mr Ayeni was accused of diverting the N36.5 billion and $30 million loans from Polaris Bank Limited to companies with which he has links.
He was alleged to have obtained the credit facilities for marine security, electricity distribution, and real estate projects, but moved them to telecom investments tied to NITEL/MTEL assets via a NATCOM account.
After the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank in 2018, it nationalised it to Polaris Bank.
The EFCC has been looking into the alleged diversion of funds by Mr Ayeni, resulting in his arrest in Abuja on Thursday, April 23, 2026.
He is being grilled over the matter and would be arraigned in court once the investigation is concluded.
This is not the first time Mr Ayeni has been nabbed and probed by the EFCC, as this happened a few months after his bank lost its licence.
The then acting spokesman for the EFCC, Mr Tony Orilade, said Mr Ayeni was quizzed by detectives over issues related to fraud and embezzlement allegedly committed by him when he was Chairman of the bank a few years ago.
By Adedapo Adesanya
“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities.”
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