Group Reveals Path to Nigeria’s Economic Growth

The Oxford Business Group (OBG), a global publishing, research and consulting firm has stated that despite the overhaul of the nation’s Gross Domestic Product (GDP) data after its rebasing last year, Nigeria requires significant private and foreign investment to attain its economic and human development goals.

The firm noted that though the nation was on track to become one of the world’s 20 largest economies by 2020, with average yearly growth of seven per cent in the past decade, sustained investments in key major areas of services, manufacturing, agriculture and banking, would aid the nation’s sustainable growth.

In its latest publication on the country’s economy titled: “The Report: Nigeria 2015,” and new infographic entitled “Nigeria: a post oil economy”, the OBG put a guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. OBG’s infographic is an essential, at-a-glance tool that provides investors with a facts-and-figures summary of Nigeria’s latest economic development. Brief and to the point, it complements the in-depth, sector-by-sector coverage. It revealed that with Nigeria reducing its reliance on oil, the services industry is moving centre stage. Figures from the Nigerian Bureau of Statistics show services now account for 52 per cent of GDP, with information and communications technology (ICT) a key driver of growth.

Similarly the report stated that Nigeria’s manufacturing sector had also expanded, increasing its contribution to GDP by five percentage points. A solid performance has prompted the government to set an ambitious target of boosting manufacturing’s role in the economy to 10 per cent by 2020.