A new report by global research and consultancy firm, Oxford Business Group (OBG), has unveiled Nigeria’s Economic Recovery and Growth Plan 2017-2020.The report titled: “Nigeria 2017” explored the moves to increase emphasis on industrialisation and diversification, while boosting capital inflows.
The OBG is leading national efforts to ease the impact of lower oil prices, to steer the country towards economic revival. The publication detailed the areas of the economy that have remained resilient.
Among the areas is agriculture, which has become a major employer of labour and benefiting from ease in lending constraints. Another is the Information Communications Technology (ICT) industry, which has made broader economic trends by performing strongly in recent years.
The group also examined the key part that a regulatory overhaul should play in helping to tackle the challenges that the sector had faced ahead of the implementation of new infrastructure.
It analysed the government’s far-reaching plans to modernise the country’s long-neglected public transport system. It also considered both the opportunities that the project pipeline would signal for investors and the difficulties in bringing the private sector on board for ventures.
The challenges that the Nigeria’s debt burden presents were also detailed in the coverage. It further explored the part that a move to relax capital controls should play in boosting foreign exchange liquidity, in addressing long-running issues relating to exchange rates.
President Muhammadu Buhari’s contributions, together with a detailed, sector-by-sector guide for investors were also stated in the report.It featured a wide range of interviews and viewpoints from other high-profile personalities, including the Minister of Finance, Kemi Adeosun, Minister for Economic Affairs and Energy, Germany, Brigitte Zypries, Governor of Lagos State, Akinwunmi Ambode and Governor, Central Bank of Nigeria (CBN), Godwin Emefiele.
OBG’s Editor-in-Chief, Oliver Cornock, disclosed that while lower oil prices had weighed heavily on the Nigeria’s economy, the government’s ambitious, medium-term strategy for recovery was already beginning to yield results.
He said: “Nigeria remains an appealing destination for investors and the fact that growth has begun to pick up, following a slower period for the economy. This would be 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, which marked more than six months of field research by a team of analysts from Oxford Business Group, is available in print and online.
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