- July 16, 2021
- Posted by: adminer
- Category: Social Economic, Trade and Industry
The Nigeria Employers’ Consultative Association (NECA) has urged policy rejuvenation in key sectors like Agriculture, Mining/ Quarrying, Telecommunication, Manufacturing and Construction as several sub-sectors witnessed declining growth.
NECA’s President, Mr Taiwo Adeniyi made the call at the association’s 64th Annual General Meeting held on Thursday in Lagos.
Adeniyi said the oil sector contracted by 2.21 per cent from 19.76 per cent in Q4, 2020 and 5.06 per cent in Q1, 2020, while the non-oil sector grew by 0.79 per cent compared to 1.69 per cent in Q4, 2020 and 1.55 per cent in Q1, 2020.
He said noticeable sectors with positive growth included Agriculture, 2.28 per cent; Manufacturing, 3.4 per cent; Gas, 8.66 per cent; Water Supply, Waste Management, 14.8 per cent; Construction, 1.42 per cent and Telecommunications, 7.69 per cent.
“There is the need to intensify efforts and make more sectors and sub-sectors achieve higher growth levels in subsequent quarters.
“This can be achieved by developing and implementing more friendly investment driven policies, most especially in the manufacturing and telecommunication sectors, among others.
“Nigeria requires more than just a resurgence of its economy; it must also increase the inclusiveness of its growth.
“Government and relevant stakeholders must work together to address the constraints to value-chain development in high-growth and employment-elastic sectors.
“Such sectors include manufacturing, construction, trade, education, health, and professional services, with ICT and renewable energy sectors serving as growth enablers, ” he said.