The global research and advisory company, Oxford Business Group (OBG) is conducting research for its upcoming annual economic study of Nigeria. This is a critical time for Nigeria and the country plans to put the private sector at the heart of the next phase of its economic development. This will be explored in OBG’s forthcoming report.
The Report: Nigeria 2023 will assess the resilience of Nigeria’s economy and will highlight the sectors of the economy that are expected to drive recovery in the post-pandemic era. Sectors like agriculture, services, energy, and information technology (ICT) among others will be analysed in detail.
The report will also examine the private sector’s role in unlocking the benefits of key legislation and initiatives, with specific focus on the Petroleum Industry Act and the African Continental Free Trade Area Agreement. It will evaluate the private sector’s capacity to plug lingering gaps in key industries by deploying capital to supplement ongoing governmental efforts. The report will also contain interviews conducted with public officials such as the Central Bank Governor, Godwin Emefiele, and key private sector leaders, such as the Chief Executive Officers of MTN and Microsoft Nigeria/West Africa.
OBG has signed a new memorandum of understanding (MoU) with Deloitte & Touche (Nigeria). Deloitte, a member firm of Deloitte Touche Tohmatsu Limited, is a leading professional services organization that provides, audit & assurance, tax & regulatory, consulting, financial advisory and risk advisory services.
Under the MOU, Deloitte Nigeria will work with The Report: Nigeria 2023’s editorial team, under the direction of the Country Editorial Manager to research out and complete the Tax Chapter.
The MoU was signed by Wen Qian Chang, Country Director, OBG, and Yomi Olugbenro, West Africa Tax Leader, Deloitte & Touche (Nigeria).
After the signing, Olugbenro commented that Nigeria is grappling with the consequences of economic recession, inflation, infrastructure deficits, and unemployment. He also stated that the federal government has increased its debt obligations to N20.144 trillion as of March 2022, pushing its debt to GDP ratio to 23.3%, and has imposed strict foreign exchange controls.
“However, the economic outlook is buoyed by higher oil prices and increased post-covid remittances, “he said. “Deloitte leverages different expertise across the firm which include industry specialists, accountants, lawyers, supply chain specialists, auditors etc., to provide evidence-based research and analysis in support of policies that leverage trade integration or spur economic growth and development in emerging markets.”
Deloitte and OBG have partnered previously, for the Tax Chapter in the 2017 report. Delighted with the renewal of this partnership, Chang said that this alliance would help the international investment community have access to well researched information with a view of driving foreign investment and economic growth.
“We once again are looking forward to working with Deloitte & Touche (Nigeria). Their in-depth knowledge of the country’s tax framework will be invaluable for investors weighing up Nigeria’s opportunities amid the changing political landscape,” said Chang.
The Report: Nigeria 2023 will mark the culmination of more than a year of field research by a team of analysts from OBG. It will be a vital guide on the many facets of the country, including its macroeconomics, infrastructure, banking, and other sectoral developments. OBG’s publication will also contain contributions from leading representatives across the public and private sectors.
The Report will be available online and in print. It will form part of a series of tailored studies that OBG is currently producing with its partners, alongside other highly relevant, go-to research tools, including ESG Intelligence and Future Readiness reports, country-specific Growth and Recovery Outlook articles and interviews.