LCCI tasks FG on dying sectors, economic growth in Q4
04 September 2024 |
3:54 am
The Lagos Chamber of Commerce and Industry (LCCI) has urged the government to urgently and proactively address key areas of the economy and enhance economic growth in the remaining months of the year.
The Lagos Chamber of Commerce and Industry (LCCI) has urged the government to urgently and proactively address key areas of the economy and enhance economic growth in the remaining months of the year.
Commending the performance of Nigeria’s Gross Domestic Product (GDP) in Q2 of 2024, Director-General, LCCI, Dr Chinyere Almona, said it signals a resilient economy.
Almona said the growth in Q2 2024 was primarily driven by the services sector just as the industry sector also showed a turnaround with a 3.53 per cent growth, recovering from the negative growth of -1.94 per cent recorded in Q2 2023. While still expanding, the agric sector exhibited a modest growth of 1.41 per cent, slightly lower than the 1.50 per cent recorded in Q2 2023.
She added that the oil sector recorded a 10.15 per cent growth in real terms, an improvement from the -13.43 per cent contraction seen in Q2 2023. She revealed further that the sector’s quarter-on-quarter performance however, dipped by -10.51 per cent, reflecting volatility in global oil markets and domestic production challenges.
“Meanwhile, the non-oil sector grew by 2.80 per cent, driven by financial and insurance services, information and communication, agriculture, trade and manufacturing.”
She urged the government to maintain the reforms and initiatives in the power sector to boost electricity supply, saying unmetered customers, numbering roughly 13.1 million as of July 2024, revealed the need for more efforts to be made in that regard.
“There is still massive room for improvement in the agric sector and to harness its full potential and drive production, we need to sustain the interventions introduced in the past months, such as import waivers to agriculture inputs as well as improve security around our farmlands. Additionally, improving rural infrastructure to reduce post-harvest losses and enhancing market access is critical,” she said.
Pointing out that the recent quarter-on-quarter decline in the oil sector highlighted the sector’s vulnerability, she urged the government to effectively deal with the sector’s problems including divestments, crude supply to local refineries, oil theft and pipeline vandalism.
“The trade sector also performed well recently and it is expected that the Naira depreciation against significant currencies should positively impact the balance of trade accounts by stimulating export growth while we curb imports. We need more investments in port infrastructure to boost exports,” she stressed.
She called for more attention for the information and communication and financial services sectors, saying continuous support for digital transformation, financial inclusion, and fintech innovations are vital in revitalising the economy.
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