Oxford Business Report On Investments In Nigeria
The crucial role that Nigeria’s services sector is playing in fostering non-oil growth as the nation’s efforts to diversify its economy pick up speed is examined in a new report by the international research and consultancy firm Oxford Business Group (OBG).
Financial services, transportation and logistics, and telecommunications are just a few of the several economic sectors that are primed for growth, according to “The report: Nigeria 2003.”
It also draws attention to the mining sector, which is gaining more government backing as a result of newly discovered mineral resources and undiscovered mineral resources, notably lithium.
It also discusses Nigeria’s renewed emphasis on infrastructure as part of broader attempts to address socio-economic concerns, with projects related to transportation, electricity, and housing among those slated for prioritization.
Subscribers will discover specifics about ongoing initiatives in important states, including as Gombe and Delta States, where industrialization and infrastructural development are fostering economic growth.
The report includes interviews with a number of well-known figures, including Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), Omar Alieu Touray, President of the ECOWAS Commission, and Antonio Pedro, Acting Executive Secretary of the UN Economic Commission for Africa.
Oliver Cornock, Editor-in-Chief of OBG, commented following the introduction that while hydrocarbons continued to make up a sizable portion of government revenue in Nigeria, the non-oil sector’s contribution to GDP was rising, with the digital economy serving as a key driver of the new growth.
“Looking ahead, we expect Nigeria to continue strengthening its ICT ecosystem through enhanced connectivity, particularly in rural areas, paving the way for segments such as fintech and e-commerce to expand, while encouraging further innovation and an increase in start-ups,” he said.
Nigeria is in a good position to pursue its objectives for economic progress because it is the most populous country on the continent and has access to a wealth of natural resources, according to Harry van Schaick, managing editor of OBG for Africa.
“Although inflation and security issues remain challenges for Nigeria, the country benefits from several competitive advantages, which include a sizeable young population and vast energy reserves, supported by substantial remittance inflows,” he said.
“Against this promising backdrop, our report indicates that a priority is being given to the mobilisation of financial resources in national policies, which should be instrumental in galvanising new growth.”
This Report: The Nigerian Investment Promotion Commission, the Lagos Chamber of Commerce and Industry, and Deloitte collaborated on the creation of Nigeria 2023. It represents the conclusion of more than six months of fieldwork by a group of OBG analysts. The publication analyzes economic trends and changes, including those in banking, agriculture, ICT, and other sectors.
This Report: Nigeria 2023 is a print and online resource. It is one of a number of incredibly thorough, go-to research resources that OBG produces, such with Future Readiness and ESG Intelligence studies, a variety of Growth and Recovery Outlook articles and interviews, and so on.
