Oxford Business Group, NIPC sign MoU to produce analysis on Nigeria’s economy
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Global research and advisory company, Oxford Business Group (OBG), has signed a memorandum of understanding (MoU) with the Nigerian Investment Promotion Commission (NIPC) to produce an economic analysis titled “The Report: Nigeria 2023”, alongside other related content focused on economic development.
The MoU was signed recently in Abuja by Emeka Offor, director for human resources management, NIPC, and Wen Qian Chang, OBG’s country director.
The forthcoming report promises to explore 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 highlight 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” and exploitation.
Furthermore, the report will shine a spotlight on Nigeria’s energy sector, specifically the Petroleum Industry Act (PIA), which was signed into law in 2021, and the key role earmarked for the private sector in unlocking the new legislation’s potential. Another point of focus is the need for Nigeria to take advantage of the African Continental Free Trade Area (AfCFTA) towards forging new and relevant economic partnerships across the continent through an expansion of intra-regional trade.
Welcoming the NIPC on board, Chang said the 2023 report came at a critical time for Nigeria, with key macroeconomic challenges still an issue and national elections approaching.
According to Chang, inflation and unemployment both remain a cause of concern for Nigeria, but higher oil prices and rising remittances point to a bright outlook.
“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,” she added.
On his part, Offor said Nigeria offered a wide range of opportunities for the global investment community. He added that the government is 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.
He further remarked that Oxford Business Group is renowned 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.
“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,” he said.
The Report: Nigeria 2023 marks the culmination of more than a year of field research by a team of analysts from Oxford Business Group and will be produced with the NIPC, the Lagos Chamber of Commerce and Industry (LCCI) and Precise Platforms.
OBG’s publication will contain contributions from leading representatives across the public and private sectors and is expected to serve as a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments.
The report, following its publication, will be made available online and in print. It will also 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.