The Oxford Business Group(OBG) , a global publishing, research and consulting firm in its recent report a new infographic entitled “Nigeria: a post oil economy” illustrates the changing composition of Nigeria’s economy following the rebasing exercise of 2014. It noted that the overhaul to GDP data left Nigeria’s economy 89% larger than previously estimated, making it the biggest market across the continent.
The report is a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. It also contains interviews with leading representatives, including heads of institutions and government. OBG’s infographic is an essential, at-a-glance tool that provides investors with a facts-and-figures summary of Nigeria’s latest economic development. Brief and to the point, it complements the in-depth, sector-by-sector coverage.
It revealed that with Nigeria reducing its reliance on oil, the services industry is moving centre stage. Figures from the Nigerian Bureau of Statistics show services now account for 52% of GDP, with information and communications technology (ICT) a key driver of growth.
Similarly the report stated that Nigeria’s manufacturing sector has also expanded, increasing its contribution to GDP by five percentage points. A solid performance has prompted the government to set an ambitious target of boosting manufacturing’s role in the economy to 10% by 2020.
“West Africa’s largest banking sector has witnessed steady growth across both assets and lending in recent years, drawing a line under the 2008 crisis. Assets have increased by 53% in the five years from January 2009 to reach N24.38trn ($121.9bn)” the report said.
“A raft of new initiatives is supporting Nigeria’s efforts to boost yields and processing activities in agriculture. Crop production rose by almost one third in the six years from 2007, reaching almost 184m tonnes in 2013”, the report added.