Lagos Chamber of Commerce and Industry (LCCI) says overall, the performance of the major ten economic sectors in Nigeria with potentials to spur economic diversification was weak between 2015 and 2019.
In its Economic Performance Review, spanning 2015-2019, LCCI said the fact that full year data is not available for 2020; we reviewed the performance in 2015 against 2019 for a fair assessment and comparative analysis.
From the data above, the ten major economic sectors was largely weak particularly, the real sectors of economy (agriculture, manufacturing, trade and constructive) continues to under perform as result of growth and productivity challenges.
The impact of the 2016-17-Naira devaluation also contributed to their poor footing,” said Dr. Muda Yusuf, Director-General, LCCI.
“While growth of the manufacturing sector advanced to 0.77% in 2019 from -1.46% in 2015, present realities provide evidences that the sector failed to improve within reviewed period due to myriad challenges such as poor infrastructures, weak purchasing power, competition, high production cost and unfavourable economic conditions.
“We note the strong growth performance in ICT & Communication and Transport & Storage. The performance in ICT could be ascribed to the increasing ICT application in many sectors, notably the financial services sector.
“The general increase in the tempo of economic activities, especially in the distributive trade sector, was a major driver of growth in the transport & storage.”