GDP rate not reflective of manufacturing sector reality — LCCI DG

The Lagos Chamber of Commerce and Industry (LCCI) has said that the 2021 first quarter 0.40 per cent Gross Domestic Product (GDP) increase, though a pleasant surprise, is not reflective of the manufacturing sector current realities.

Dr Muda Yusuf, Director-General, LCCI, said this in reaction to the National Bureau of Statistics (NBS) GDP Q1 2021 report on Sunday, in Lagos.

According to the report, the nation’s GDP rose from 0.11 per cent in fourth quarter of 2020 to 0.51 per cent in first quarter of 2021, translating to a 0.40 per cent increase.

Yusuf said the recovery of the manufacturing sector from a negative growth territory in Q4 2020 to a positive growth level of 3.4 per cent in Q1 2021 was a pleasant surprise.

He noted that the sector had been grappling with an unprecedented foreign exchange illiquidity crisis over the past few months.

The LCCI Director-General said that structural, irregular policies, institutional and macroeconomic challenges had also bedevilled the sector.

As a result, the LCCI DG stressed that the NBS data did not reflect the reality of the experiences of most manufacturers…………..TO CONTINUE READING CLICK ON

Leave a Reply