Thursday, 9 November 2017

New Report Maps Out Nigeria's Plans For Recovery And Growth

A new report just produced by the global research and consultancy firm Oxford Business Group (OBG) shines a spotlight on Nigeria’s Economic Recovery and Growth Plan 2017-20, which is leading national efforts to ease the impact of lower oil prices.



The Report: Nigeria 2017 explores moves under way to increase the emphasis on industrialisation and diversification while boosting capital inflows, which are helping to steer the country towards economic revival.

OBG’s publication also looks in detail at the areas of the economy that have remained resilient in difficult times, such as agriculture, which has become a major employer and is benefiting from an ease in lending constraints.

Nigeria’s ICT industry, which has bucked broader economic trends by performing strongly in recent years, is another focus. OBG examines the key part that a regulatory overhaul should play in helping to tackle the challenges that the sector faces ahead of the implementation of new infrastructure.

The Report: Nigeria 2017 also analyses the government’s far-reaching plans to modernise the country’s long-neglected public transport system. It considers both the opportunities that the project pipeline will signal for investors and the difficulties in bringing the private sector on board for ventures.

The challenges that Nigeria’s debt burden presents are also detailed in OBG’s coverage. The Report: Nigeria 2017 explores the part that a move to relax capital controls should play in boosting foreign exchange liquidity, thereby helping to address long-running issues relating to exchange rates.

The Report: Nigeria 2017 contains a contribution from President Muhammadu Buhari, together with a detailed, sector-by-sector guide for investors.

It also features a wide range of interviews and viewpoints from other high-profile personalities, including: Kemi Adeosun, Minister of Finance; Brigitte Zypries, Minister for Economic Affairs and Energy, Germany; Akinwunmi Ambode, Governor of Lagos State; and Godwin Emefiele, Governor, Central Bank of Nigeria.

Commenting after the launch, OBG’s Editor-in-Chief, Oliver Cornock, said that while lower oil prices have weighed heavily on Nigeria’s economy, the government’s ambitious, medium-term strategy for recovery was already beginning to yield results.

“Nigeria remains an appealing destination for investors and the fact that growth has begun to pick up following a slower period for the economy will provide the country with a welcome boost, as its efforts to develop and diversify the economy gain pace.”

OBG’s Managing Editor for Africa Robert Tashima agreed that while Nigeria had experienced a challenging couple of years, it appeared to have turned a corner, emerging from recession with a floating currency and more bullish expectations for the coming 12 months.

“There are still a number of hurdles that need to be cleared – ranging from issues such as power shortages and underemployment to limited foreign exchange revenues – but the economy is clearly gathering momentum,” he said.

The Report: Nigeria 2017 marks the culmination of more than six months of field research by a team of analysts from Oxford Business Group. The publication assesses trends and developments across the economy, including those in macroeconomics, infrastructure, banking and others. The Report: Nigeria 2017 is available in print and online.

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