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Nigeria Economic Research Highlights

Nigeria harnesses the services sector for economic diversification and infrastructure development

Oxford Business Group has launched The Report: Nigeria 2023, its 10th edition of the annual business intelligence report. The report focuses on the role of Nigeria's services sector in driving non-oil growth as the...

Focus Report: Exploring the role of women and youth in Africa's agriculture sector

The last few years have seen marked developments in the dynamic landscape of African agriculture. The continent’s cultivated land has expanded significantly since 2020, contributing to 52%...

Improving the resilience of Africa’s agriculture sector

Despite being home to 60% of the world’s arable land, Africa has yet to unlock its full agricultural potential. The 2023 edition of the “Agriculture in Africa Focus Report”, produced in partnership with OCP Group...

The Report: Nigeria 2023

Nigeria’s global strategic importance derives from its position as having both Africa’s largest population and economy, a reality undergirded by the entrepreneurial drive of its young population...

Nigeria Economic Spotlight

Overview

Non-oil sectors poised to drive economic growth in Nigeria
OBG
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Driven both by the size of its population as well as by its vast energy reserves, Nigeria is one of Africa’s most dynamic economies. Oil production still accounts for a significant part of government revenue, but the...

Interview

Omar Alieu Touray, President, ECOWAS Commission: Interview
OBG
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On how digitalisation and reform are catalysing investment in the region

Overview

How Nigeria aims to widen its capital markets
OBG
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While recent years have seen many more established capital markets in the red, Nigeria’s capital markets have shown positive growth. At the close of 2022 the Nigerian Exchange (NGX) had a 19.9% return on...

Analysis

Financial technology to play a growing role in Nigeria’s banking sector
OBG
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Banking has seen a major uptake in financial technology (fintech). The Covid-19 pandemic led to further development in the sector, with Nigeria experiencing the same global shift from...

Analysis

Nigeria's start-up ecosystem continues to attract investment
OBG
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While the first tech start-ups in Nigeria emerged in the early 2000s, the ecosystem truly began to develop in the years from 2012. Financial technology (fintech), e-commerce and retail technology enterprises...

Interview
Overview

Nigeria's natural and demographic resources to accelerate growth
OBG
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With a population of over 218.5m as of July 2022 and home to plentiful natural resources, Nigeria is simultaneously Africa’s largest economy and its most populous country. Since its independence in 1960...

Non-oil sectors poised to drive economic growth in Nigeria
Omar Alieu Touray, President, ECOWAS Commission: Interview
How Nigeria aims to widen its capital markets
Financial technology to play a growing role in Nigeria’s banking sector
Nigeria's start-up ecosystem continues to attract investment
Ngozi Okonjo-Iweala, Director-General, World Trade Organisation: Interview
Nigeria's natural and demographic resources to accelerate growth
 

The role of agriculture in Nigeria’s economic diversification

In this Growth & Recovery video, OBG explores how agriculture in Nigeria is a major contributor to both employment and revenue, and is especially important as the country works to diversify its economy...

Nigeria Economic Research & Views

Economic News

New cities set to alter investment landscape in Africa

With Africa’s population projected to double by 2050, countries are planning new cities to house increased industrial activity and urban populations, and address the constraints of many of the continent’s mega-cities. New urban developments around the globe are working to tackle issues surrounding population growth, sustainability and economic resilience. In 2015 Egypt announced that it would build a new capital. In addition to administrative offices, the New Administrative Capital is expected to host a stadium...


Economic News

Emerging markets invest in film media to extend their global reach

As audiences return to entertainment in physical venues following the Covid-19 pandemic, several emerging markets are looking to film and media to diversify economic revenue streams and extend their cultural reach abroad. Global cinema box office revenue saw a strong upswing in the first quarter of 2023, with the year’s gross revenue set to reach $32bn. While still 20% below the annual average recorded in the 2017-19 period, the figures show that the industry is well on its way to recovery...


Economic News

The future of commercial drone delivery in global and local supply chains

Emerging markets are capitalising on commercial drone technology to overcome logistics challenges and revolutionise supply chains for many goods and services, with expected benefits for last-mile delivery. While unmanned aerial vehicles (UAVs) are often associated with military usage, commercial UAV usage has grown substantially in recent years as e-commerce and logistics companies increasingly look to drones to enable more efficient delivery. Research firm GlobalData predicts that commercial drones...


Economic News

How agri-tech start-ups are driving investment in emerging markets

Even as global funding levels drop, agri-tech start-ups remain a key driver of investment in emerging markets as they work to make farming greener, more productive and more climate resilient. Global investment in agri-tech start-ups totalled $10.6bn in 2022, down 13% from 2021 – a record funding year for global start-ups – but ahead of the 2020 figure of $7bn. This matched a general downwards trend in venture capital activity, as investors became more cautious amid global headwinds and deepening fears of recession...


CEO Survey Analysis

Global CEO Survey: What is on the horizon for emerging markets?

While the recovery period following the Covid-19 pandemic saw the unlocking of major capital in emerging markets, inflationary pressures, fluctuating commodity prices and geopolitical concerns have since tempered the global economic outlook for 2023. Balancing opportunity and risk has become a priority for shareholders and investors, but emerging markets have remained resilient. Some regions, such as the Gulf, are looking to funnel elevated hydrocarbons revenue into sustainable mega-projects, whereas leaders in Asia...


Economic News

Shifting oil market creates export opportunities for emerging markets producers

With EU bans on Russian oil and oil-product exports set to go into effect this year in response to Russia’s ongoing war in Ukraine, emerging market producers are poised to gain larger shares of an evolving market. EU bans against Russian oil products such as diesel were rolled out earlier this month, following bans on Russian seaborne crude oil exports that began last December. Last week, Patrick Pouyanné, CEO of France’s TotalEnergies, said that there is...


Economic News

African start-ups were a bright spot in the global funding ecosystem in 2022

As rising borrowing costs and recession concerns weighed on global venture capital investment in 2022, Africa’s start-up ecosystem attracted record funding. While most regions experienced double-digit declines in start-up funding last year, Africa posted gains in total investment volume, deals and number of investors. Start-up funding on the continent grew by roughly 5% in 2022, compared to a decline of 62% in Latin America and 39% in Asia Pacific. Globally, venture capital funding was down 35% at $445bn, albeit still well...


Economic News

Nigeria targets agro-processing as a future growth driver

As Nigeria looks to restructure its economy to be more diversified and sustainable, agro-processing is emerging as a key tool to improve agricultural value added while also bolstering the sector’s status as a driver of economic growth. As in many African countries, agriculture has long been an important part of Nigeria’s economy – not only in terms of food production, but also in terms of its economic impact and contribution to the overall workforce. However, the discovery of oil in the 1950s and the subsequent development...


Economic News

The role of industrial zones in SME growth in emerging markets

As governments across Africa look to bolster the economic potential of small and medium-sized enterprises (SMEs), industrial parks and special economic zones (SEZs) are emerging as key enablers of their development. SMEs are the backbone of the global economy, particularly in emerging markets, where they make up 90% of all businesses and create 50% of all jobs. The impact is higher in Africa, where SMEs employ around 80% of the continent’s workforce. But while SMEs are a major economic driver, there is also significant room for...


Ongoing efforts to strengthen Nigeria's health sector

Nigeria has made tangible progress on health indicators in recent years, although structural challenges remain. While the government will continue to play a central role in the pursuit of universal health care...

Nigeria within Africa: Regional Focus Reports

Focus Report

Focus Report: How Special Economic Zones are shaping Africa's industrial landscape

As Africa embraces the transformative power of the African Continental Free Trade Area (AfCFTA), Special Economic Zones (SEZs) emerge as pivotal catalysts for regional economic growth...

Focus Report

Focus Report: Post-pandemic trends and opportunities on African stock exchanges

Although stock exchanges on the continent were affected by the Covid-19 pandemic, recovery is starting to take shape. The crisis underlined the need to build resilience and diversify the investor base...

Focus Report

Focus Report: How are GRC trends evolving in West and Central Africa?

Business environments around the world are changing in response to new investor demands, moving towards tighter regulations and greater transparency. This Focus Report explores the...

Focus Report

Focus Report: Investment opportunities in African economic zones

Economic zones in Africa have had a significant impact on trade volumes across the continent, as well as on job creation and foreign direct investment inflows. The African Continental Free Trade Area...

Focus Report

Focus Report: Investment opportunities in West Africa's health sector

With over 391m inhabitants in 2019, West Africa is home to nearly 37% of the sub-Saharan population, but with the exception of South Africa, the subregion relies almost entirely on imports to meet its...

Focus Report

Focus Report: How is Africa positioned as a destination for data centres?

With a large youth population and growing network penetration, Africa has demonstrated its ability to innovate and technologically leapfrog mature markets. Multiple data centre clusters have emerged in...

Focus Report

Focus Report: How can West Africa boost its textile and garment industry in a sustainable way?

While West Africa is one of the largest producers of cotton, it has the ability to process less than 2% of the crop locally; around 90% is exported to markets in Asia, where value is added through spinning and weaving...

Focus Report: How Special Economic Zones are shaping Africa's industrial landscape
Focus Report: Post-pandemic trends and opportunities on African stock exchanges
Focus Report: How are GRC trends evolving in West and Central Africa?
Focus Report: Investment opportunities in African economic zones
Focus Report: Investment opportunities in West Africa's health sector
Focus Report: How is Africa positioned as a destination for data centres?
Focus Report: How can West Africa boost its textile and garment industry in a sustainable way?
 

Beyond Nigeria: Economic Analysis from African Nations

Growth & Recovery Video

Djibouti’s plan for sustainable economic growth

This Growth & Recovery Outlook video highlights Djibouti’s growth trajectory and potential moving forwards. The country has experienced strong economic expansion in recent years, driven...

Focus Report

Focus Report: How are Libya's free zones incorporating ESG norms into their business practices?

Given the supply chain disruptions since the Covid-19 pandemic, investment in ports and free zones has become more crucial to the global economy and the resilience of trade. With transport one of the...

Growth And Recovery Video

The Misurata Free Zone facilitates Libya’s economic expansion

This Growth & Recovery Outlook video highlights Libya’s Misurata Free Zone (MFZ), which is at the heart of the country’s economic expansion. Not only does the free zone connect Libya to landlocked countries...

Market Profile Video

Côte d'Ivoire’s Investment Promotion Centre enables investment opportunities

Oxford Business Group has now launched The Report: Côte d'Ivoire 2022. This Market Profile video highlights Côte d'Ivoire’s transition to one of the most dynamic economies in the ECOWAS. Thanks to its stable...

Market Profile Video

Highlights from The Report: Ghana 2022

Marking 10 years of Oxford Business Group’s coverage of the country, The Report: Ghana 2022 details how the West African nation navigated the Covid-19 pandemic crisis and has emerged in a position of comparative...

Global Platform

Kojo Aduhene, CEO, LMI Holdings

In this Global Platform video Kojo Aduhene, CEO of LMI Holdings, emphasises the importance of industrialisation for the African continent, as well as the key role the private sector can play in securing...

Focus Report

How Benin is attracting investment through industrial transformation

Although Benin is known as a cotton producer and is actively working to boost value-added activities in the textiles and garments sector, the country has also been looking to increase its industrial footprint...

Growth And Recovery Video

Highlights from our Morocco Economic Recovery Report

Oxford Business Group has recently launched its “Morocco Economic Recovery Report”, produced in partnership with the Moroccan Agency for the Development of Investment and Exports (AMDIE)...

Djibouti’s plan for sustainable economic growth
Focus Report: How are Libya's free zones incorporating ESG norms into their business practices?
The Misurata Free Zone facilitates Libya’s economic expansion
Côte d'Ivoire’s Investment Promotion Centre enables investment opportunities
Highlights from The Report: Ghana 2022
Kojo Aduhene, CEO, LMI Holdings
How Benin is attracting investment through industrial transformation
Highlights from our Morocco Economic Recovery Report
 

Agriculture at the heart of Nigeria's economic development plans

Recent years have seen renewed policy focus on agriculture as an important source of revenue for a diversified Nigerian economy, with plans to revitalise the sector centred on increasing local production...

ESG Analysis - Nigeria & Beyond

Economic News

Capacity expansion supports Djibouti’s efforts to realise its green power potential

Efforts in Djibouti to increase energy capacity and accelerate the shift from hydrocarbons to renewables moved forwards in September 2023 with the inauguration of the Ghoubet wind farm.


Economic News

The effectiveness of water-management strategies in emerging markets

With extreme weather events such as drought or flooding becoming more common due to climate change, countries around the world are looking to innovative solutions for water management. Water scarcity captured global headlines last summer, as Europe experienced its worst drought in 500 years and China’s Yangtze River reached record low levels, derailing hydropower operations. Elsewhere, widespread flooding affected Nigeria, India, Pakistan and other parts of the world. Due to population growth, climate change and...


ESG Intelligence Report

Report: How can West and Central Africa use ESG to boost value-added activities in special economic zones?

As the international community reaches a landmark agreement to protect ocean resources, emerging markets are looking to balance conservation and the exploitation of marine resources. In the first week of March 2023 UN delegates in New York finalised the text of an international treaty outlining the sustainable use of marine resources beyond national jurisdiction. Popularly known as the UN High Seas Treaty, the document is the result of two decades of talks and represents the first international treaty on ocean protection...


Economic News

Creative climate finance in Africa

While uncertainty abounds in global energy markets amid Russia’s ongoing invasion of Ukraine, African leaders are increasingly looking to the private sector to finance investment in clean energy ahead of the COP27 UN Conference on Climate Change, to be held in Sharm El Sheikh, Egypt in November 2022. The COP27 agenda will consider more than 140 projects in Africa, 19 of which are considered ready for implementation and investment, including four in Egypt that carry an estimated cost of $17.4bn but need additional private...


CEO Survey Analysis

ESG CEO Survey: Is the board room getting greener?

Across government departments, corporate board rooms and management meetings, the implementation of environmental, social and governance (ESG) strategies is at the forefront of current planning. It is not just a symbolic tick in the box either. Shareholders and investors are increasingly factoring ESG strategy and trajectory into their decision-making, and consumers are similarly becoming more aware of the fairness and sustainability of the goods they use, the clothes they wear and the services they pay for...


ESG Intelligence Report

Report: The road to a zero-emission automotive industry in the Middle East and Africa

Automotive stakeholders are increasingly aware that the business-as-usual scenario that has sustained the industry for more than 100 years is no longer tenable. Regulatory changes and emissions-reduction targets at the national and global level are spurring a pivot to low-carbon and zero-emissions vehicles. This transition requires a period of intense innovation to develop new technologies that make electric vehicles (EVs) appealing, safe, reliable and affordable...


Economic News

Can West Africa lead the way in creating a more sustainable textiles industry?

With textiles and fashion expected to constitute an important post-Covid-19 growth driver for West Africa, stakeholders and key players in the industry are exploring ways to implement sustainable practices and make the sector more environmentally friendly. While one might not instinctively include it among the world’s heaviest polluters, the textile and fashion industry is a key contributor to climate change, accounting for around 10% of global carbon emissions. Indeed, with pre-pandemic annual emissions of 1.2bn tonnes...


ESG Intelligence Report

Report: How can Saudi Arabia finance sustainable industrial development?

Guided by the Vision 2030 strategy for diversification, rapid advancements are being made in Saudi industry, mining, logistics and renewable energy. As the Kingdom works towards reaching net-zero carbon emissions by 2060, corporations and supporting bodies such as the Saudi Industrial Development Fund are taking actions to reduce their carbon footprints and adopt clear environmental, social and governance (ESG) policies to ensure future expansion is sustainable and inclusive...


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