Data Science is the new FOREX Earner

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Tuesday, August 1, 2017 7:00AM / Data Science Nigeria 

Nigeria has what it takes to raise a new generation of world-class data scientists, who can tap into the $125 billion big data analytics. Facts from the IDC already indicate a need for almost 200,000 people with deep analytical skills in the US by 2018, and a requirement of five times that number for positions with added data management and interpretation capabilities. With concerted effort, Nigeria can become Africa's outsourcing hub and thus maximise foreign exchange earning with resultant impact on GDP via substantial job creation and ecosystem development.  

A 2% share of this global value may mean as much as 1 trillion naira in direct economic return. Today, India is a key outsourcing destination with a market share of 60% to 70%, as of 2014, as global enterprises are now increasingly outsourcing their data analytics processes to less expensive locations like India. This growth is validated by TechNavio's report on how the Global Data Analytics Outsourcing market will grow at a CAGR of 30.54% over the period 2014-2019. This leapfrog opportunity explains the growth in data science entrepreneurship in India, with an estimated 500+ start-ups providing analytics solutions to global companies. 

How is Data Science changing the GDP question?

It is therefore not a surprise that a McKinsey report indicates that big data analytics is one of the top 5 catalysts that can increase US productivity and raise its GDP in the next 7 years


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