Oxford Business Group Launch First-Time Country Report

NigeriaEconomy

Event

8 Mar 2010
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New business guide to chart African state’s economic progress as reforms gather pace

Nigeria’s bid to push ahead with its roadmap for national development, including the ambitious expansion of its non-oil sector and an overhaul of the country’s infrastructure, is mapped out in a ground-breaking business guide just published by Oxford Business Group (OBG).

The Report: Nigeria 2010, which marks OBG’s first publication on the country’s economic activity and investment opportunities, will be launched on 8th March 2010 at the Transcorp Hilton Hotel in the presence of key representatives from the fields of politics and business.

The leading global publishing, research and consultancy firm’s report will offer in-depth analysis of the transformation that Nigeria’s economy is undergoing, despite challenges prompted by the global downturn, including rapid expansion in both the financial services and telecommunications sectors.

The report includes a detailed, sector-by-sector guide for foreign investors, together with a wide range of interviews with the most prominent political, economic and business leaders, including the President of the Federal Republic of Nigeria, Alhaji Umaru Yar’Adua. Other key figures interviewed include the Minister of Finance, Mansur Muhtar, the Governor of the Central Bank of Nigeria, Lamido Sanusi, and the Minister of State for Energy (Petroleum), H. Odein Ajumogobia.

High profile international figures, such as the President of ECOWAS Commission, Mohamed Ibn Chambas and the Former Secretary-General of the UN, Chairman of the African Progress Panel, the Alliance for a Green Revolution in Africa and the Kofi Annan Foundation, Kofi Annan, also give their views on Nigeria’s economic development.

As the government moves forward with its ambitious Vision 2020 plan, in a bid to make Nigeria one of the world’s top-20 economies by 2020, OBG’s report analyses the development strategies aimed at improving Nigeria’s power supply and providing a more attractive business environment for the private sector.

Widely anticipated to be the most comprehensive English language report on the country’s business activity to date, The Report: Nigeria 2010 looks in detail at the reforms earmarked for the African state, which come on the back of another year of growth thanks to healthy revenues from the still-dominant hydrocarbons industry.

The Report: Nigeria 2010 also includes comprehensive coverage of the plans slated for the telecommunications industry, which is currently enjoying a huge boom. The reforms are expected to give businesses operating in the field a further boost by bringing about reductions in start-up costs and increased internet capacity.

As Nigeria, together with the other 14 member states of ECOWAS, forge links in a bid to develop key sectors across the continent, OBG’s report maps out the long-term goals which it is hoped regional cooperation will achieve. With an agreement in the offing between ECOWAS members and the EU, the business guide charts the large-scale reforms aimed at ensuring that the states meet the criteria for a full Customs and monetary union.

The Report: Nigeria 2010 has been produced in partnership with the Nigerian Investment Promotion Commission. Contributions have also been made by Ajumogobia & Okeke as OBG’s legal partner and PricewaterhouseCoopers Nigeria as its accountancy partner.

Andrew Jeffreys, OBG’s Editor in Chief, said that OBG’s first report on Nigeria’s economic activity came as the country was beginning to reap the rewards of its ambitious reforms, despite the ripple effects of the world financial crisis.

“The country’s hydrocarbons industry has ensured that Nigeria’s GDP continues to rise, while providing the building blocks for the government’s development strategies,” he said. “Even if the downturn reduces the speed of Nigeria’s economic progress, the country has shown its determination to push forward with its reforms and I am confident that OBG has captured this resoluteness in its report.”

Jeffreys also paid tribute to OBG’s partners, saying they had made an invaluable contribution to The Report: Nigeria 2010. “OBG recognises the importance of teaming up with partners that have an in-depth knowledge of the local economic landscape,” he said. “Our partners in Nigeria have proved to possess outstanding levels of expertise in their field which has provided the Group’s team with high-level credible and accurate analysis for our new report.”

The Report: Nigeria 2010 marks the culmination of more than ten months of groundbreaking field research by a team of analysts from OBG, assessing trends and developments in all major sectors of the economy, including energy, industry, finance, banking, tourism, transport and real estate.

The report forms part of the range of OBG's publications, which are renowned as leading sources of information on developing and emerging economies around the world. The Report: Nigeria 2010 will be available in print form and online.

About Oxford Business Group

Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic and political intelligence on the markets of Africa the Middle East, Asia, Eastern Europe and the Caribbean. Through its range of print and online products, OBG offers comprehensive and accurate analysis of political, macroeconomic and sectoral developments, including banking, capital markets, insurance, energy, transport, industry and telecoms.

The critically acclaimed economic, political and business reports have become the leading source of business intelligence on developing countries in the regions they cover. OBG's online economic briefings provide up-to-date in-depth analysis on the issues that matter for tens of thousands of subscribers worldwide. OBG's consultancy arm offers tailor-made market intelligence and advice to firms currently operating in these markets and those looking to enter them.

For more information please contact:

Oxford Business Group, Dubai, PO Box 502 659, Dubai, UAE

Kate Taylor, PR Manager

Phone: +971 44 264 642

E-mail: ktaylor@oxfordbusinessgroup.com