Nigerian Investment Promotion Commission (NIPC) has signed a Memorandum of Understanding (MOU) with OBG for the publishing firm’s forthcoming report on the country. Under the MOU, the Commission will team up with OBG to compile and produce The Report: Nigeria 2017.
In the latest infographic produced by the global publishing, research and consultancy firm Oxford Business Group (OBG) charts Nigeria’s latest efforts to shore up its economy in the wake of a currency float and lower global oil prices.
The data highlighted the growing role that banks are playing in supporting business expansion, with lending to Nigeria’s private sector having almost doubled between 2010 and 2015. OBG’s infographic also noted Nigeria’s drive to improve efficiency across its energy sector, which has helped to increase gas production by almost 70% since 2014.
Other positive trends included heightened port activity, with container throughput up by 115% since 2007, the Group found, buoyed by higher levels of imports.
Yewande Sadiku, executive secretary/CEO, NIPC, said she expected OBG’s forthcoming report to sharpen its focus on Nigeria’s diversification efforts and priority areas of the economy, especially agriculture, infrastructure, solid minerals development, amongst others.
“With the current reality of lower oil prices, challenges with foreign exchange rates and liquidity, and lower government revenues despite Nigeria’s solid long term fundamentals, the current administration’s efforts at broadening Nigeria’s economic base, and directing investments to priority sectors demonstrate a commitment to improving the economy’s ability to cope better with such challenges in future,” she said. “I’m delighted that we will be working with Oxford Business Group once again and helping them to chart and bring to the fore, the opportunities that this transitional period in the country’s economic development presents for their readers.”
Diana Rus, OBG’s country director, agreed that like many of its peers, Nigeria currently faced several near-term challenges. “While its long-term domestic fundamentals remain attractive, Nigeria’s short-term outlook will depend heavily on how the country reacts to external pressures, including a rising dollar and global debt sell-offs,” she said. “With all eyes on the new government’s reform package, which includes privatization measures, I’m thrilled that we will once again benefit from the Nigerian Investment Promotion Commission’s insight in our research.”
The Report: Nigeria 2017 will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. It will also contain interviews with leading representatives from the public and private sectors. The Report: Nigeria 2017 will be available in print and online.
Topical issues relating to Africa’s largest economy will be analyzed further in The Report: Nigeria 2017, OBG’s forthcoming report on the country.
Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of the Africa, Middle East, Asia and Latin America and the Caribbean.
Through its range of print and online products, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments, including banking, capital markets, insurance, energy, transport, industry and telecoms.The Report: Nigeria 2017 will be produced in partnership with NIPC, Ajumogobia and Okeke, FBN Capital and SIAO.
The critically acclaimed economic and business reports have become the leading source of business intelligence on developing countries in the regions they cover. OBG’s online economic briefings provide up-to-date in-depth analysis on the issues that matter for tens of thousands of subscribers worldwide.
OBG’s consultancy arm offers tailor-made market intelligence and advice to firms currently operating in these markets and those looking to enter them.
Source: Financial Watch