A new report by the global research and advisory firm Oxford Business Group (OBG), has explored the key role that Nigeria’s services sector is playing in driving non-oil growth as the country’s efforts to diversify its economy gain pace. ‘The report: Nigeria 2023’ provides detailed analysis of the many economic segments that are ripe for expansion, which include financial services, transport and logistics, and telecommunications. It also shines a spotlight on the mining industry, which is benefiting from higher levels of government support on the back of untapped mineral resources and new finds, including lithium. Nigeria’s renewed focus on infrastructure as part of broader efforts to tackle socio-economic challenges is also given coverage, with transport, energy and housing projects among those set to be prioritised. Subscribers will find details of specific projects underway across key states, including in both Delta State and Gombe State, where industrialisation and infrastructure development are supporting economic expansion. The report contains interviews with several high-profile personalities, including Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala; President, ECOWAS Commission, Omar Alieu Touray; Acting Executive Secretary, UN Economic Commission for Africa, Antonio Pedro among others. Commenting after the launch, Editor-in-Chief, OBG, Oliver Cornock, said that while hydrocarbons still accounted for a significant part of government revenue in Nigeria, the non-oil sector’s contribution to GDP was on the rise, with the digital economy a key driver of 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. Harry van Schaick, OBG’s Managing Editor for Africa, added that as the continent’s most populous nation, with an abundance of natural resources, Nigeria was well placed to pursue its economic expansion plans. “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.” The Report: Nigeria 2023 has been produced with the Nigerian Investment Promotion Commission, Lagos Chamber of Commerce and Industry, and Deloitte. It marks the culmination of more than six months of field research by a team of analysts from OBG. The publication assesses trends and developments across the economy, including those in, agriculture, ICT, banking and others. The Report: Nigeria 2023 is available online and in print. It is one of several highly comprehensive, go-to research tools being produced by OBG, which include Future Readiness and ESG Intelligence reports, alongside a range of Growth and Recovery Outlook articles and interviews.
June 22, 2023
June 22, 2023