Industrialisation drive set for analysis in 2017 report

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After the MoU signing between Coronation Merchant Bank and Oxford Business Group team

• Nigeria Economic Summit Group signs MoU with Oxford Business Group

Nigeria's efforts to enhance its investment climate, as part of broader efforts to drive non-oil growth will be mapped out in a forthcoming report by the global research and consultancy firm Oxford Business Group (OBG).

The Report: Nigeria 2017 will chart the country’s plans to roll out a raft of industrial clusters in line with its vision of shifting the emphasis away from hydrocarbons and encouraging local manufacturing and consumption.

OBG’s publication will also explore a national drive under way to boost technical and vocational training as a means of tackling skills mismatches in the job market and addressing the growing problem of youth unemployment.

The latest developments in Nigeria’s important agricultural sector will be another focus, with coverage of both the opportunities emerging for investors as modernisation efforts take shape, alongside the challenges that producers face, including post-harvest losses.

The Report: Nigeria 2017 will also spotlight the country’s energy sector, with in-depth analysis of government plans to increase the contribution made by renewables to the mix. In addition, concerns relating to the country’s debt profile when compared with those of other African economies will be examined.

The Nigeria Economic Summit Group (NESG) has signed a further memorandum of understanding (MoU) with OBG for its forthcoming publication. Under the MoU, the group, which is a longstanding partner of OBG, will collaborate on The Report: Nigeria 2017.

Commenting after the signing, Laoye Jaiyeola, CEO, NESG, said he expected OBG’s new report to chart the reforms aimed at driving growth in the medium term, such as those being implemented in Nigeria’s energy sector, while also considering the issues that remained unaddressed, led by infrastructural gaps and the bottlenecks that businesses face.

“Despite several government-led initiatives, the poor condition of Nigeria’s roads, together with weak airport infrastructure, is driving up business costs and limiting the growth of the private sector, which is the country’s largest employer and its engine for job creation,” he said. “I look forward to working with Oxford Business Group’s team once again and analysing the steps taken to support private sector growth, while also highlighting the areas where industry players hope to see further improvements forthcoming.”

OBG’s country director, Diana Rus, welcomed the partnership with NESG, saying its representatives’ local knowledge of Nigeria’s investment landscape had helped to give the firm’s reports on one of Africa’s most important markets an edge.

“Like several other oil-producing markets, Nigeria is in the midst of a major economic restructuring exercise aimed at easing the pressure on government finances and boosting the contribution of the non-oil sector to the economy,” she said. “The Nigeria Economic Summit Group is actively involved in national efforts to galvanise growth in fledgling sectors of the economy and relay new openings to international investors. I’m delighted that we will have its insight to hand when undertaking the research for our forthcoming report.”

The Report: Nigeria 2017 will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. The publication will also contain contributions from leading representatives, including: President Muhammadu Buhari; Emmanuel Ibe Kachikwu, minister of state for petroleum; and Okechukwu E. Enelamah, minister of industry, trade and investments.