Oxford Business Group Portends Growth of Nigeria’s Economy in 2017

• Signs MOU with the Nigerian Investment Promotion Commission

The Nigerian Investment Promotion Commission (NIPC) has once again 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.”

OBG’s Country Director, Diana Rus, 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.”