On Thursday, Vice President Kashim Shettima visited Enugu State to commission the Enugu State Fashion Hub and launch the 5th Expanded National Micro, Small, and Medium Scale Enterprises (MSME) Clinics project.
While addressing the audience, Shettima praised Enugu Governor Peter Mbah for his efforts in improving infrastructure, boosting security and creating opportunities for the youth in his state.
To give context to his commendation, Shettima cited data on crude oil export revenue and global talent shortages. He referenced a report from Korn Ferry, a UK-based consultancy, stating that the world would face a talent deficit of 65 million by 2035. Shettima also claimed that Nigeria’s highest income from oil exports was in 2011, when the country earned $35 billion.
“According to Korn Ferry, by 2035, there will be a global talent deficit of 65 million. The United States, Brazil, and Russia will each face a shortage of 6 million workers, but here in Enugu, the governor is championing Business Process Outsourcing (BPO),” he said.
Shettima also emphasised the potential of BPO, citing India’s projected revenue of over $100 billion from the sector in 2024.
“As I often remind people, the highest we’ve ever earned from oil exports was $35 billion in 2011, under President Goodluck Jonathan. Meanwhile, India is set to make over $100 billion from BPO alone this year. Ours is a young nation, with an average age of just 16.9 years. I’m not a racist, but the Nigerian version of English is easier to understand than the Indian version. By 2035, India will have a job surplus of only 1 million,” he added.
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CLAIMS: FIJ found several questionable claims in the vice president’s speech:
Global Talent Deficit of 65 Million by 2035: Shettima credited Korn Ferry for predicting a global talent shortage of 65 million by 2035.
India’s Job Surplus by 2035: He claimed that Korn Ferry predicted India would have a job surplus of 1 million by 2035.
Nigeria’s Highest Oil Export Revenue in 2011: He stated that the highest revenue Nigeria has ever made from oil exports was $35 billion in 2011.
VERIFICATION: FIJ put these claims to the test by reviewing Korn Ferry’s 2018 report, “The Future of Work: Talent Crunch.” The report projected a global talent deficit of 85 million by 2030. It also forecasted that India would have a talent surplus of 1.3 million by 2030.
FIJ further examined crude oil export data from Nigeria’s Foreign Trade Statistics, published quarterly by the National Bureau of Statistics (NBS). The oldest available report was published in 2012.
To arrive at the dollar equivalent of the figures, FIJ pulled the yearly average naira-to-dollar rate from the archives of the Central Bank of Nigeria (CBN) and Macrobond, one of the largest financial databases in the world.
YEARCRUDE OIL EXPORT N’Million (NBS)DOLLAR RATE (IFEM CBN, MACROBOND)AMOUNT IN DOLLARS20088,751,618.0118.9973,549,189,007.4820096,284,405.6133.3747,120,083,976.90620109,153,087.7151.0860,584,377,151.178201113,544,437.4155.7986,940,351,755.568201215,531,898.9158.7697,832,570,546.737201311,808,741.1159.2774,142,908,896.842201412,791,087.6164.8877,578,163,512.85820156,945,296.0195.5235,522,176,759.41120166,996,574.20253.4427,606,432,291.667201711,026,696.04305.7936,059,701,232.872201815,723,900.11306.0851,371,863,924.464201914,690,021.45306.9247,862,705,102.30720209,444,655.98358.81226,322,018,159.928202114,410,769.08399.0036,117,215,739.348202221,099,177.58423.0049,879,852,434.988202329,000,603.57645.0044,962,176,007.519
According to the available data, the highest Nigeria has made from exporting crude oil between 2008 and 2024 in dollars was $97 billion not $35 billion.
The figure was also recorded in 2012, not in 2011. In Naira, the highest income from oil exports was in 2023, when the NBS recorded oil exports income of over N29 trillion.
CONCLUSION: Korn Ferry did not predict a 65 million talent deficit by 2035, but rather an 85 million deficit by 2030. The firm also projected a 1.3 million talent surplus for India.
Most importantly, the claim that Nigeria’s highest revenue from oil exports was $35 billion in 2011 is also incorrect — the highest revenue was $86 billion in 2012.
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Meanwhile, This isn’t the first time FIJ has caught misinformation or outright falsehood in statements from the presidency. On October 1, FIJ reported how the president claimed the N30 trillion ways and means debt had been cleared when it was merely formalised and restructured. Just days earlier, FIJ also flagged another misleading statement from the presidency regarding Foreign Direct Investment (FDI).
VERDICT: The claim by the vice president that the world will face a 65 million global talent deficit is inaccurate. Korn Ferry projected an 85 million talent shortage by 2030. Additionally, the statement that Nigeria generated its highest oil export revenue in 2011 at $35 billion is false — it was $97 billion in 2012.
The post FACT-CHECK: VP Shettima Made False Claims About Nigeria’s Oil Revenue, Global Talent Deficit appeared first on Foundation For Investigative Journalism.