WATCH THE VIDEO HERE The Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to develop a comprehensive industrialization strategy to boost local manufacturing capacity, among other policies. In a statement signed by the LCCI Director General, Dr. Chinyere Almona, FCA, the chamber suggested policies to the federal government that can help the country sustain growth in Gross Domestic Product (GDP) Naijaonpoint reported that Nigeria’s GDP recorded an overall growth of 3.40% in 2024, an increase from 2.74% in 2023. According to the latest data from the National Bureau of Statistics (NBS), the GDP grew in the fourth quarter of 2024 by 3.84% year-on-year, marking an improvement from 3.46% recorded in the same corresponding quarter of 2023 Naijaonpoint reported that the growth was driven by the non-oil sector, which accounted for 94.49% of the total GDP, while the Q4 growth was driven by the services sector. The LCCI expressed concern over the poor performances of the manufacturing and agriculture sectors, among others. The DG, in his statement, argued that the country’s reliance on trade and services, at the expense of industries is not healthy for the economy. “While the GDP growth figures indicate a positive trajectory, they raise critical concerns regarding real productivity and economic stability. The disproportionate reliance on the services sector, with declining contributions from agriculture and manufacturing, poses sustainability risks. “Economic growth driven largely by trade and finance must be complemented by robust industrial and agricultural expansion to create quality jobs, enhance value addition, and ensure food security,” he noted. Naijaonpoint reported that the manufacturing sector’s contribution declined to 8.07% from 8.23% in Q4 2023. The LCCI said this is due to “persistent structural constraints.” The chamber also acknowledged the limited contribution of the oil sector, although it recorded a slight improvement in the last quarter. “Oil sector volatility continues to expose the economy to external shocks, underscoring the urgency of diversifying the revenue base,” it noted. The chamber advised the Federal Government to “address structural bottlenecks that hinder productivity across key sectors,” in order to achieve “a sustainable and inclusive growth trajectory.” It urged the government to consider the following to boost the economy:
LCCI urges FG to boost local manufacturing capacity to sustain Nigeria’s GDP growth
