The Lagos Chamber of Commerce Industry Mines and Agriculture has said its regular updates based on the indices coming out of the Nigerian Economy has shown that some Sectors are doing relatively well while Others are facing challenges posed majorly by the nations’ infrastructure deficit and lack of adequate power supply for manufacturing and Industrial Development.
Vice President of the LCCI, Gabriel Idahosa, made this disclosure while speaking on the Business Nigeria programme on TVC News on Friday afternoon with Kelly Egiga.
He added that the regular update by the Lagos Chamber of Commerce and Industry is not sector specific but meant to address the major challenges facing the Nigerian Economy especially for it which is the largest concentration of Businesses in Nigeria including Multinationals.
He said the reasons behind the regular update is for operators within the Economy to know the challenges they face and how they can conceivably overcome them.
He added that the recommendations made for operators to overcome the challenges are also based on the potential of Nigeria as one the ten Economies in the World which has opportunity for tremendous growth.
He disclosed that the LCCI expects positive growth in the year 2023.
Mr Idahosa disclosed that the LCCI expects the Manufacturing Sector to have some positive developments and Growth in the year.
He added that apart from the Telecomms, ICT, Creative, Entertainment Sectors who are growing at higher than 3 percent all other are showing very low growth which he said is not ideal for Nigeria.
According to Mr Idahosa, the nation which has a population growth rate of over 3 percent requires an Economic growth of between 5-7 percent to see the impact on the day to day lives of the ordinary Nigerian.
Going Further, He said any growth rate below 5 percent will not support Nigeria’s aspiration to be one of the world leading Economies anytime soon.
On how the spiralling food inflation in the country can be addressed, He said the nation will need to enhance Security especially for farmers to be able to go to their farms and work daily.
He also said the issue of Infrastructure that will allow farmers top their produce out of the farms and also processing facilities that will prevent waste of fresh produce need to be addressed.
He said Technical issues and equipment for farmers must improve so that farmers can scale up production.
He however said Security and Infrastructure must be addressed as a matter of fact before any significant growth can be seen in the Sector.
For the Manufacturing Sector, he said the growth needed in the Sector has to be sub optimal especially Infrastructure for movement of raw materials and manufactured goods that will aid all development within the sector.
He also said access to Foreign Exchange is a vital ingredient that must be addressed for real growth top occur.
