Nigeria Investment Promotion Commission (NIPC); a government agency mandated with attracting and facilitating foreign investment into Nigeria has signed a memorandum of understanding (MOU) with OBG for the publishing firm’s 2016 report on the country. Under the MOU, the Commission continues to work with OBG to compile and produce The Report: Nigeria 2016.
Initiatives to boost state coffers in the wake of low oil prices will be given wide-ranging analysis in the report by the global publishing firm Oxford Business Group (OBG).
The Report: Nigeria 2016 will look at the impact of recent moves by the central bank to increase access of hard currency to players in the economy relying on imported goods for their business. There will also be detailed coverage of the importance of collaboration among public and private sectors to carry out large-scale projects. In addition, OBG’s report will also look at the outcome of the current administration’s budget to stimulate the economy through increased spending, setting the stage for inclusive growth.
Hajiya Ladi Katagum, acting executive secretary of NIPC, said that even though the country is experiencing a downturn in revenue from the oil sector, heightened activity outside the oil sector indicated opportunities for growth. “We expect our partnership with Oxford Business Group in the coming months to concentrate on ensuring that investors eyeing the country as a destination are given the latest updates on on-going reforms as well as sectors that are ripe for development, such as agriculture and mining,” she said.
Izabela Kruk, OBG’s country director in Nigeria, said OBG was delighted to have NIPC on board for its 2016 report, which came as Africa’s biggest market moved to increase its competitiveness on the global stage.
“Oil has traditionally accounted for two thirds of government income,” she said. “The government’s ongoing efforts to broaden Nigeria’s economic base, while increasing political stability, are expected to spark new levels of investor interest. We look forward to continuing our longstanding collaboration with the Nigeria Investment Promotion Commission as we prepare to analyse and map the country’s new economic reality.”
The Report: Nigeria 2016 will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. The publication will also contain interviews with leading dignitaries and representatives, including: President Muhammadu Buhari; Godwin Emefiele, governor of Central Bank of Nigeria; Kemi Adeosun, Minister of Finance; and Babatunde Fashola, Minister of Power Works and Housing. Oxford Business Group’s report will be published with the Nigeria Investment Promotion Commission, the Nigerian Economic Summit Group, Ajumogobia and Okeke, FBN Capital and SIAO. It will be available in print and online.