The Lagos Chamber of Commerce and Industry has expressed concern over increase in population against declining Gross Domestic Product as shown in the report of the second quarter 2018.
In its quarterly report, the National Bureau of Statistics had stated that the GDP growth in the second quarter was 1.5 per cent, compared to the first quarter, which was 1.95 per cent.
While commenting on the report on Sunday, the chamber in a statement signed by its Director-General, Mr Muda Yusuf, said the decline was a cause for worry.
He stated, “With a population growth rate of three per cent and GDP growth of 1.5 per cent, there is a reason to worry about the wider implications for poverty conditions in the country.”
Commenting further, the chamber noted the positive performance of the service sector in the quarter under review, saying, “The sector currently contributes 54.64 per cent of GDP and 44.67per cent of total employment, and these should shape economic policy conceptualisation and implementation.
“The sector is also largely driven by indigenous players and has valuable inclusive attributes. The service sector deserves more policy and institutional support to unlock its full potential.”
The LCCI also expressed concern about the decline in performance of the real sector during the quarter under review.
The NBS had reported that performance in the agricultural sector dropped from three per cent in Q1 to 1.2 per cent in Q2; and the manufacturing sector declined from 3.4 per cent to 0.7 per cent.