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Oxford Business Group signs MoU with Deloitte & Touche for 2023 economic report

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Oxford Business Group signs MoU with Deloitte & Touche for 2023 economic report

By Edozie Obasi-Eze

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.

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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.

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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. Ok

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Airlines Threaten Shutdown over Skyrocketing Fuel Price

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Alleging unbearable and unsustainable aviation fuel prices, domestic operators have set Thursday, April 30, 2026 as the shutdown date of local flights in Nigeria.

According to industry insiders, the airlines had engaged both the Federal Government and oil marketers without a breakthrough, and appeared left with no option but to ground flights from Thursday.

The looming shutdown comes after several complaints by operators, who have watched the price of Jet A1 surge by over 300 per cent compared to February levels, pushing operating costs to the brink.

Passengers, many of whom rely on domestic flights for business and urgent travel, now face uncertainty.

In a bid to avert the crisis, the Minister of Aviation and Aerospace Development, Festus Keyamo, convened a meeting with airline operators and fuel marketers in Abuja last week. However, findings indicate that the tripartite talks ended in a deadlock, with operators unwilling to shift their stance unless decisive action is taken.

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At the end of the two-day meeting, the minister announced a 30 percent reduction in aviation-related taxes as part of efforts to ease the burden on airlines. While the gesture was acknowledged, operators insist it falls short of addressing the root problem.

On the first day of the meeting, Vice President of the Airline Operators of Nigeria, Allen Onyema, welcomed the government’s intervention but maintained that fuel marketers must account for the sharp rise in prices.

Onyema said, “This government has helped the industry more than anyone since 1999, and the President is even willing to waive 30 percent of the debts airlines are owing.

“But the truth is that the marketers must be brought to book to explain how they came about the 300 percent increase when even Dangote is surprised because what he is selling to us is still the cheapest.”

At the end of the second day, Onyema issued a stark warning, giving a seven-day ultimatum from midnight last Thursday for action to be taken. “Since the advent of the US-Iran war, there has been a spike in aviation fuel in Nigeria, which we, the Airline Operators of Nigeria, feel is not proportionate to the hike internationally.

“We expect that in the next 48 hours something drastic should be done because no airline will fly in this country in the next seven days if nothing is done, not because they don’t want to fly, but because fuel may not be available to us at sustainable pricing.”

Providing further insight into the financial strain, Onyema disclosed that fuel prices have skyrocketed from about N900 per litre before the crisis to between N2,700 and N2,900, with some marketers selling as high as N3,500.

“Before the crisis, we were buying fuel at about N900 per litre. Now it has risen to between N2,700 and N2,900, with some selling as high as N3,300 to N3,500,” he said.

According to him, airlines are now operating primarily to service fuel costs. “All the airlines in Nigeria have been flying to pay fuel marketers only, and you don’t want to compromise safety,” he added.

Despite speculations about indebtedness, senior airline officials who spoke to our correspondent in confidence on Sunday, due to the sensitive nature of the matter, insisted that operators are up to date with payments to key aviation agencies, including the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA).

Consequently, the Airline Operators of Nigeria (AON) have formally requested additional relief measures from the government.

In the letter dated April 21 and signed by AON President Abdulmunaf Sarina, the group called for the immediate suspension of aviation taxes, fees, and charges for at least six months.

The operators argued that the unprecedented rise in fuel costs threatens not only airline operations but also jobs and the stability of the aviation sector. Among other demands, the AON proposed the introduction of a non-taxable fuel surcharge, a standard practice in international aviation to help airlines manage rising costs.

They also urged the government to direct oil marketers to issue credit notes to airlines affected by what they described as excessive and arbitrary price hikes. In addition, the group called for the establishment of an industry tax reform committee to review existing charges, assess their relevance, and align them with global standards.

As the deadline approaches, uncertainty hangs over Nigeria’s aviation sector. Another airline executive, who spoke anonymously on Sunday because he was not authorised to comment publicly, warned that the shutdown threat remains real. “If nothing is done, no airline will be flying by Thursday,” he said.

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Dangote Leads East Africa’s Industrial Revolution

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The ship of industrial revolution is about to berth in East Africa, with the continent’s leading industrialist, Alhaji Aliko Dangote, making clear his intention to take the driver’s seat on investments conceived to lead the continent into energy security and industrial revolution.

To this end, Alhaji Dangote whose company operates the largest petroleum refinery on the continent has offered to lead a consortium to build a major crude oil refinery in East Africa, as governments across the region push for greater energy self-sufficiency following supply disruptions linked to the Iran conflict.

The cost profile of the proposed East Africa Refinery was not disclosed but the proposed facility, to be located in the Tanzanian port city of Tanga, is expected to mirror the scale and capacity of Dangote’s flagship refinery in Lagos, which processes about 650,000 barrels per day.

The project is being discussed as a joint regional initiative, with crude supplies expected from Democratic Republic of Congo, Kenya, South Sudan and Uganda.

Kenyan President William Ruto stated at a conference in London that the refinery would serve multiple East African economies, many of which remain heavily dependent on imported refined petroleum products.

The region currently relies largely on supplies from the Middle East, leaving it exposed to global price volatility and logistical disruptions, including those caused by instability around the Strait of Hormuz.

Dangote said he would take the lead in delivering the project if participating governments reached agreement, with a proposed construction timeline of four to five years.

The move reflects a broader shift across Africa toward building domestic refining capacity after recent geopolitical shocks exposed vulnerabilities in fuel supply chains.

ALSO READ: Why Osun is Tapping into $2 Trillion Global Creative Industry Economy

In Nigeria, Dangote’s refinery has already reshaped the domestic energy landscape since operations began in 2024, significantly reducing the country’s long-standing dependence on imported fuel despite being Africa’s largest crude producer.

The facility has also positioned the Dangote Group as a central player in regional energy markets.

The proposed East African refinery is expected to complement emerging upstream production in the region, particularly in Uganda, which is preparing to begin commercial oil output. Kampala has also announced separate plans for a smaller refinery project in partnership with a United Arab Emirates-based investor.

Beyond refining, Dangote indicated plans to expand industrial investments across the continent, including the development of around 20 fertilizer blending plants by 2028 to support agricultural productivity and reduce import dependence.

He also signaled that a future listing of the Nigerian refinery could be opened to African investors, encouraging broader continental participation.

According to Dangote, the expansion strategy is aimed at building integrated industrial capacity that keeps more value within Africa while reducing exposure to external supply shocks.

Analysts say the success of the Tanga project will depend on regional coordination, regulatory alignment and financing, but note that it represents one of the most ambitious attempts yet to create a shared energy infrastructure serving multiple African economies.

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NNPC Ltd Denies Selling Refinery Scrap

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The NNPC Limited has raised alarm over what it described as a growing wave of fraudulent claims suggesting that the company is selling refinery scrap materials and equipment to individuals and private entities.

‎In a public notice by its Chief Corporate Communications Officer, Andy Odeh, the company categorically dismissed the claims as false, clarifying that it has not initiated or approved any process for the sale of scrap metals, refinery components, or equipment from any of its facilities.

‎According to the company, it has neither issued requests for bids, tenders, nor expressions of interest relating to such transactions, contrary to information being circulated in some quarters.

‎More troubling, the company revealed that certain individuals have been impersonating NNPC officials, falsely presenting themselves as authorised agents to facilitate the sale of so-called refinery scrap.

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‎“These individuals are not authorised by NNPC Limited and are attempting to mislead members of the public,” the statement noted, highlighting the sophistication of the fraudulent scheme.

‎The development raises concerns about the exploitation of public trust and the potential financial risks to unsuspecting individuals and businesses.

‎NNPC therefore urged stakeholders, corporate organisations, and the general public to exercise vigilance and avoid engaging in any transaction linked to such claims.

‎“For the avoidance of doubt, NNPC Limited is not conducting, nor has it authorised, any sale of refinery scrap or equipment,” the company reiterated.

‎It further emphasised that any legitimate disposal of assets would be carried out through transparent, regulated processes and communicated through its official platforms.

‎The company also encouraged the public to report suspected fraudsters to law enforcement agencies, as part of efforts to curb the spread of such criminal activities.

‎NNPC reaffirmed its commitment to transparency, accountability, and the responsible stewardship of Nigeria’s energy assets.

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