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The opportunities for the private sector to play a part in Nigeria’s infrastructure development and support the expansion of key areas of industry identified as ripe for growth will be explored in a forthcoming report by the global research and advisory company Oxford Business Group (OBG).
The Report: Nigeria 2023 will highlight the sectors of the economy that are expected to drive recovery in the post-pandemic phase, with agriculture, services and ICT among those analysed in detail.
It will also shine a spotlight on Nigeria’s energy sector, specifically the Petroleum Industry Act, which was signed into law in 2021, and the key role earmarked for the private sector in unlocking the new legislation’s potential.
With the African Continental Free Trade Area now established, the opportunities for Nigeria to forge new partnerships across the continent and boost intra-regional trade will be another focus.
OBG has signed a new memorandum of understanding (MoU) with the Nigerian Investment Promotion Commission (NIPC). Under the agreement, the NIPC will team up with OBG to produce The Report: Nigeria 2023, alongside other related content.
The MoU was signed by Emeka Offor, Director for Human Resources Management, NIPC, and Wen Qian Chang, Country Director, OBG.
Commenting after the signing, Offor said Nigeria offered a wide range of opportunities for the global investment community, with the government keen to bring the private sector on board for a pipeline of infrastructure projects and the construction of new homes, alongside numerous other collaborative initiatives.
“Oxford Business Group is known for producing high-level, in-depth reports on emerging economies that contain the sectoral and industry-specific statistical data and information that enables investors to make informed decisions,” he said. “I’m delighted that we will be working with the Group’s representatives to identify and highlight the many openings in Nigeria for business leaders as the country navigates its post-pandemic recovery.”
Welcoming the NIPC on board, Wen Qian Chang, said the 2023 report came at a critical time for Nigeria, with key macroeconomic challenges still an issue and national elections approaching.
“Inflation and unemployment both remain a cause of concern for Nigeria. However, higher oil prices and rising remittances point to a bright outlook,” she said. “The Nigerian Investment Promotion Commission has long played a key role in attracting investment to the country, spearheading efforts to enhance the business environment and providing a one-stop hub for investors. I’m thrilled that we will benefit from their local knowledge and expertise as we begin work on this important project.”
The Report: Nigeria 2023 will be produced with the NIPC, the Lagos Chamber of Commerce and Industry and Precise Platforms. It will mark the culmination of more than a year of field research by a team of analysts from Oxford Business Group. The report 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: Nigeria 2023 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.
