Oxford Business Group Explores Nigeria’s Service Sector
According to a new report by the global research and advisory firm Oxford Business Group (OBG), it has explored the role that Nigeria’s services sector is playing in driving non-oil growth as the country’s efforts to diversify its economy gain pace.
‘The report: Nigeria 2023’ provides key analysis of the many economic segments that are ripe for expansion, such as the financial services, transport and logistics, and telecommunications.
In the report, there are interviews with several high-profile personalities, including Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala; President, ECOWAS Commission, Omar Alieu Touray; Acting Executive Secretary, UN Economic Commission for Africa, Antonio Pedro among others.
Speaking after the launch, Editor-in-Chief, OBG, Oliver Cornock, noted that while hydrocarbons still accounted for a significant part of government revenue in Nigeria, the non-oil sector’s contribution to GDP was on the rise, with the digital economy a key driver of new growth.
He said, “Looking ahead, we expect Nigeria to continue strengthening its ICT ecosystem through enhanced connectivity, particularly in rural areas, paving the way for segments such as fintech and e-commerce to expand, while encouraging further innovation and an increase in start-ups.”
Similarly, Harry van Schaick, OBG’s Managing Editor for Africa, noted that as the continent’s most populous nation, with an abundance of natural resources, Nigeria was well placed to pursue its economic expansion plans.
The Report: Nigeria 2023 which was produced with the Nigerian Investment Promotion Commission, Lagos Chamber of Commerce and Industry, and Deloitte, signifies the culmination of more than six months of field research by a team of analysts from OBG.
Also, it is available online and in print. It is one of several highly comprehensive, go-to research tools being produced by OBG, which include Future Readiness and ESG Intelligence reports, alongside a range of Growth and Recovery Outlook articles and interviews.