BY CHUKS OLUIGBO
Agriculture, energy, ICT and industry are among key sectors of Nigeria’s economy with high growth potential to be explored in a forthcoming report by Oxford Business Group (OBG), a global research and advisory company.
The report will also consider the important role that public-private partnerships are expected to play in supporting Nigeria’s infrastructure development, and will spotlight major projects such as the Lekki Free Zone and the Lekki-Epe road.
Titled “The Report: Nigeria 2023”, the OBG report will touch on the opportunities that are expected to emerge from the African Continental Free Trade Area (AfCFTA), providing in-depth analysis of the potential that the initiative holds for boosting exports and fostering new trade partnerships.
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It will also cover other topics such as an ongoing drive to encourage innovation and the introduction of tech solutions across the economic sectors, with the aim of galvanising growth in nascent segments, such as fintech.
To this effect, OBG has sealed an agreement with the Lagos Chamber of Commerce and Industry (LCCI) that will see the chamber working with OBG to produce “The Report: Nigeria 2023”, the Group’s first post-pandemic analysis of Nigeria’s investment opportunities and economic development, as well as other related content.
Chinyere Almona, director general, LCCI, who signed the memorandum of understanding (MoU) on behalf of the chamber, said that OBG’s new report comes at a time when Nigeria is looking to the private sector to unlock the potential of key legislative reforms put in place in recent years and spearhead a new era of growth.
“These have been challenging times for Nigeria, with recession and high inflation weighing on the country’s economic performance. However, higher oil prices and a rise in post-Covid remittances are combining to improve the outlook,” Almona said.
“Oxford Business Group is known for producing highly regarded, detailed resources on emerging economies and has consistently provided accurate, in-depth analysis of Nigeria’s economic development over the years. I look forward to working closely with its representatives to highlight the latest openings across the economy as the country prepares for a new chapter in its growth story,” she said.
Wen Qian Chang, country director, OBG, who signed for OBG, expressed delight to have the LCCI on board for the 2023 report on Nigeria, with the country looking to build on its strengths, led by an abundant supply of natural resources, a sizeable workforce and a vibrant business scene, in the recovery phase.
“Long a regional powerhouse, Nigeria is now assessing the impact of measures adopted during the pandemic aimed at strengthening resilience and enabling the economy to withstand future shocks,” Chang said.
“The private sector is recognised as the linchpin of Nigeria’s economic strength, with businesses ably supported by key organisations such as the Lagos Chamber of Commerce and Industry, which provides a broad range of services aimed at encouraging innovation and growth. I’m thrilled that our research into the many investment opportunities emerging in Lagos and beyond will benefit from the local knowledge and expertise of its members,” she said.
“The Report: Nigeria 2023” will mark the culmination of more than a year of field research by a team of analysts from Oxford Business Group. It will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. OBG’s publication will also contain contributions from leading representatives across the public and private sectors.
The report will be available online and in print. It will form part of a series of tailored studies that OBG is currently producing with its partners, alongside other highly relevant, go-to research tools, including ESG and Future Readiness reports, country-specific Growth and Recovery Outlook articles and interviews.