The Lagos Chamber of Commerce and Industry. LCCI, has issued a statement on the state of the economy, which is also the industry has also preferred as solutions.
The statement was signed by its Director General, Dr. Tierra Armona, to usher in the year 2023.
Giving a background explanation to what LCCI and by extension, FCCI is all about, the Deputy President of the LCCI, Gabriel Idahosa, said LCCI looks at the entire economic space and not a specific sector. He added that LCCI is concerned about the whole economy and how it affects various sectors.
The LCCI scribe said this becomes necessary because the membership of the LCCI spreads across the entire economy, and any concerns in any sector of the economy directly becomes an affair of the FCCI.
Speaking on the impact of economic challenges on the sectors, the LCCI vice president said “As of today, a lot of sectors are heavily impacted negatively. The few sectors are doing extremely well. We are talking of SDIC, the entertainment industry. They are doing very well. A lot of other sectors are affected by various challenges from foreign stage to power to poverty, that is not allowing consumers to buy their production services and so on.
“Presently, key variables such as inflation and access to flowing exchange and the cost of borrowing. So there are quite a range of matters that continue to give concern to any operator Nigerian economy. And that all of that leads into the concerns that illegal Chamber of Commerce will always have to highlight those concerns. And as you said, also recommendations because we operate in the economy, so we see opportunities for addressing those concerns. And our consistent position is that if you take benefit opportunities that are there to address whatever challenges that we have. Because fundamentally the country is one of the top, perhaps top ten countries in the world with the kind of resources, opportunities to grow a very large leading economy.
Speaking further on the projections of the LCCI in 2023, Mr Gabriel says he expects to see growth in some sectors such as the manufacturing, agriculture, transport, telecommunications and trade. “Positive or negative growth? Essentially when we are talking about we are looking at positive growth, if we are talking about declines, then we’ll be addressing those sectors. Sectors you mentioned shown capacity to continue growing because of the pretty strong advantages that we have as a country, except also manufacturing, where growing manufacturing is against very strong challenges like Bar, for example. What narrations have shown, including those in manufacturing, is it resilience the capacity to address those challenges and not just cope with them, but be able to override them. So is that resilience given the groups that we are seeing?
“Essentially what we are saying is that where we can grow at 78 or 10% if the economic space was right, we are now seeing routes of one to two or 3% are closely secret. We have mentioned, except for telecom, that is probably doing more than four or 5%. So if you take out telecom, you take out the entertainment and the creative industry general the Telecom ICT, General Communications, telecommunications take out those industries. Every other sector, that is growing, growing at the low end of the space, which is one or 2% for a country like Nigeria that is that is growing in population about 2.5% to 3%. Anything below Zen gold in any sector does not really amount to significant real growth. So that essentially in the picture. LCI wants to let all countries see that we need to be growing generally at about 5%.
“Go back to where we were for many years as members of so called 7% growth countries that are that are growing at 1% or more. We were in that low for a long time. In times we are falling to session in some cases and in some cases just seeing growth of 2% 30%, which is not aspirations to become a mature economy, one of the top economies in the world. If we are growing anything below 45% in any year, we are not moving in that direction.”
Speaking on federal government’s intervention through targeted financing, Mr Gabriel identified security and infrastructure as two things that are needed to be done. ” Well, there are essentially two things needs to be done. One is security. We need to still genuinely fight for security secure enough for farmers, small or big, to go freely to their farms every day and do the only business they know without having to pay a lot of extra costs or personal security for themselves and security for their farms. That is in fact most important constraints. The other constraints, of course, are infrastructure. Infrastructure around this business or the agricultural business. The quality of roads, the quality of facilities, like power was a lot of agricultural activity required power, the quality of technical equipment, contractors to whatever habitats that they need for the big two ones are security. Security and essential infrastructure to get to farms, produce and get it out of farm to market or to processing facilities.
Mr Gabriel added that funding is not a very major issue, rather security and infrastructure that will enable farmers to freely do their business without fear for their lives or destruction of their crops when they have invested some more time and resources in growing those funds. He said until those two major issues are addressed, there cannot be any significant growth in the economy.
The Lagos Chamber of Commerce and Industry. LCCI, has issued a statement on the state of the economy, which is also the industry has also preferred as solutions.
The statement was signed by its Director General, Dr. Tierra Armona, to usher in the year 2023.
Giving a background explanation to what LCCI and by extension, FCCI is all about, the Deputy President of the LCCI, Gabriel Idahosa, said LCCI looks at the entire economic space and not a specific sector. He added that LCCI is concerned about the whole economy and how it affects various sectors.
The LCCI scribe said this becomes necessary because the membership of the LCCI spreads across the entire economy, and any concerns in any sector of the economy directly becomes an affair of the FCCI.
Speaking on the impact of economic challenges on the sectors, the LCCI vice president said “As of today, a lot of sectors are heavily impacted negatively. The few sectors are doing extremely well. We are talking of SDIC, the entertainment industry. They are doing very well. A lot of other sectors are affected by various challenges from foreign stage to power to poverty, that is not allowing consumers to buy their production services and so on.
“Presently, key variables such as inflation and access to flowing exchange and the cost of borrowing. So there are quite a range of matters that continue to give concern to any operator Nigerian economy. And that all of that leads into the concerns that illegal Chamber of Commerce will always have to highlight those concerns. And as you said, also recommendations because we operate in the economy, so we see opportunities for addressing those concerns. And our consistent position is that if you take benefit opportunities that are there to address whatever challenges that we have. Because fundamentally the country is one of the top, perhaps top ten countries in the world with the kind of resources, opportunities to grow a very large leading economy.
Speaking further on the projections of the LCCI in 2023, Mr Gabriel says he expects to see growth in some sectors such as the manufacturing, agriculture, transport, telecommunications and trade. “Positive or negative growth? Essentially when we are talking about we are looking at positive growth, if we are talking about declines, then we’ll be addressing those sectors. Sectors you mentioned shown capacity to continue growing because of the pretty strong advantages that we have as a country, except also manufacturing, where growing manufacturing is against very strong challenges like Bar, for example. What narrations have shown, including those in manufacturing, is it resilience the capacity to address those challenges and not just cope with them, but be able to override them. So is that resilience given the groups that we are seeing?
“Essentially what we are saying is that where we can grow at 78 or 10% if the economic space was right, we are now seeing routes of one to two or 3% are closely secret. We have mentioned, except for telecom, that is probably doing more than four or 5%. So if you take out telecom, you take out the entertainment and the creative industry general the Telecom ICT, General Communications, telecommunications take out those industries. Every other sector, that is growing, growing at the low end of the space, which is one or 2% for a country like Nigeria that is that is growing in population about 2.5% to 3%. Anything below Zen gold in any sector does not really amount to significant real growth. So that essentially in the picture. LCI wants to let all countries see that we need to be growing generally at about 5%.
“Go back to where we were for many years as members of so called 7% growth countries that are that are growing at 1% or more. We were in that low for a long time. In times we are falling to session in some cases and in some cases just seeing growth of 2% 30%, which is not aspirations to become a mature economy, one of the top economies in the world. If we are growing anything below 45% in any year, we are not moving in that direction.”
Speaking on federal government’s intervention through targeted financing, Mr Gabriel identified security and infrastructure as two things that are needed to be done. ” Well, there are essentially two things needs to be done. One is security. We need to still genuinely fight for security secure enough for farmers, small or big, to go freely to their farms every day and do the only business they know without having to pay a lot of extra costs or personal security for themselves and security for their farms. That is in fact most important constraints. The other constraints, of course, are infrastructure. Infrastructure around this business or the agricultural business. The quality of roads, the quality of facilities, like power was a lot of agricultural activity required power, the quality of technical equipment, contractors to whatever habitats that they need for the big two ones are security. Security and essential infrastructure to get to farms, produce and get it out of farm to market or to processing facilities.
Mr Gabriel added that funding is not a very major issue, rather security and infrastructure that will enable farmers to freely do their business without fear for their lives or destruction of their crops when they have invested some more time and resources in growing those funds. He said until those two major issues are addressed, there cannot be any significant growth in the economy.
The Lagos Chamber of Commerce and Industry. LCCI, has issued a statement on the state of the economy, which is also the industry has also preferred as solutions.
The statement was signed by its Director General, Dr. Tierra Armona, to usher in the year 2023.
Giving a background explanation to what LCCI and by extension, FCCI is all about, the Deputy President of the LCCI, Gabriel Idahosa, said LCCI looks at the entire economic space and not a specific sector. He added that LCCI is concerned about the whole economy and how it affects various sectors.
The LCCI scribe said this becomes necessary because the membership of the LCCI spreads across the entire economy, and any concerns in any sector of the economy directly becomes an affair of the FCCI.
Speaking on the impact of economic challenges on the sectors, the LCCI vice president said “As of today, a lot of sectors are heavily impacted negatively. The few sectors are doing extremely well. We are talking of SDIC, the entertainment industry. They are doing very well. A lot of other sectors are affected by various challenges from foreign stage to power to poverty, that is not allowing consumers to buy their production services and so on.
“Presently, key variables such as inflation and access to flowing exchange and the cost of borrowing. So there are quite a range of matters that continue to give concern to any operator Nigerian economy. And that all of that leads into the concerns that illegal Chamber of Commerce will always have to highlight those concerns. And as you said, also recommendations because we operate in the economy, so we see opportunities for addressing those concerns. And our consistent position is that if you take benefit opportunities that are there to address whatever challenges that we have. Because fundamentally the country is one of the top, perhaps top ten countries in the world with the kind of resources, opportunities to grow a very large leading economy.
Speaking further on the projections of the LCCI in 2023, Mr Gabriel says he expects to see growth in some sectors such as the manufacturing, agriculture, transport, telecommunications and trade. “Positive or negative growth? Essentially when we are talking about we are looking at positive growth, if we are talking about declines, then we’ll be addressing those sectors. Sectors you mentioned shown capacity to continue growing because of the pretty strong advantages that we have as a country, except also manufacturing, where growing manufacturing is against very strong challenges like Bar, for example. What narrations have shown, including those in manufacturing, is it resilience the capacity to address those challenges and not just cope with them, but be able to override them. So is that resilience given the groups that we are seeing?
“Essentially what we are saying is that where we can grow at 78 or 10% if the economic space was right, we are now seeing routes of one to two or 3% are closely secret. We have mentioned, except for telecom, that is probably doing more than four or 5%. So if you take out telecom, you take out the entertainment and the creative industry general the Telecom ICT, General Communications, telecommunications take out those industries. Every other sector, that is growing, growing at the low end of the space, which is one or 2% for a country like Nigeria that is that is growing in population about 2.5% to 3%. Anything below Zen gold in any sector does not really amount to significant real growth. So that essentially in the picture. LCI wants to let all countries see that we need to be growing generally at about 5%.
“Go back to where we were for many years as members of so called 7% growth countries that are that are growing at 1% or more. We were in that low for a long time. In times we are falling to session in some cases and in some cases just seeing growth of 2% 30%, which is not aspirations to become a mature economy, one of the top economies in the world. If we are growing anything below 45% in any year, we are not moving in that direction.”
Speaking on federal government’s intervention through targeted financing, Mr Gabriel identified security and infrastructure as two things that are needed to be done. ” Well, there are essentially two things needs to be done. One is security. We need to still genuinely fight for security secure enough for farmers, small or big, to go freely to their farms every day and do the only business they know without having to pay a lot of extra costs or personal security for themselves and security for their farms. That is in fact most important constraints. The other constraints, of course, are infrastructure. Infrastructure around this business or the agricultural business. The quality of roads, the quality of facilities, like power was a lot of agricultural activity required power, the quality of technical equipment, contractors to whatever habitats that they need for the big two ones are security. Security and essential infrastructure to get to farms, produce and get it out of farm to market or to processing facilities.
Mr Gabriel added that funding is not a very major issue, rather security and infrastructure that will enable farmers to freely do their business without fear for their lives or destruction of their crops when they have invested some more time and resources in growing those funds. He said until those two major issues are addressed, there cannot be any significant growth in the economy.
The Lagos Chamber of Commerce and Industry. LCCI, has issued a statement on the state of the economy, which is also the industry has also preferred as solutions.
The statement was signed by its Director General, Dr. Tierra Armona, to usher in the year 2023.
Giving a background explanation to what LCCI and by extension, FCCI is all about, the Deputy President of the LCCI, Gabriel Idahosa, said LCCI looks at the entire economic space and not a specific sector. He added that LCCI is concerned about the whole economy and how it affects various sectors.
The LCCI scribe said this becomes necessary because the membership of the LCCI spreads across the entire economy, and any concerns in any sector of the economy directly becomes an affair of the FCCI.
Speaking on the impact of economic challenges on the sectors, the LCCI vice president said “As of today, a lot of sectors are heavily impacted negatively. The few sectors are doing extremely well. We are talking of SDIC, the entertainment industry. They are doing very well. A lot of other sectors are affected by various challenges from foreign stage to power to poverty, that is not allowing consumers to buy their production services and so on.
“Presently, key variables such as inflation and access to flowing exchange and the cost of borrowing. So there are quite a range of matters that continue to give concern to any operator Nigerian economy. And that all of that leads into the concerns that illegal Chamber of Commerce will always have to highlight those concerns. And as you said, also recommendations because we operate in the economy, so we see opportunities for addressing those concerns. And our consistent position is that if you take benefit opportunities that are there to address whatever challenges that we have. Because fundamentally the country is one of the top, perhaps top ten countries in the world with the kind of resources, opportunities to grow a very large leading economy.
Speaking further on the projections of the LCCI in 2023, Mr Gabriel says he expects to see growth in some sectors such as the manufacturing, agriculture, transport, telecommunications and trade. “Positive or negative growth? Essentially when we are talking about we are looking at positive growth, if we are talking about declines, then we’ll be addressing those sectors. Sectors you mentioned shown capacity to continue growing because of the pretty strong advantages that we have as a country, except also manufacturing, where growing manufacturing is against very strong challenges like Bar, for example. What narrations have shown, including those in manufacturing, is it resilience the capacity to address those challenges and not just cope with them, but be able to override them. So is that resilience given the groups that we are seeing?
“Essentially what we are saying is that where we can grow at 78 or 10% if the economic space was right, we are now seeing routes of one to two or 3% are closely secret. We have mentioned, except for telecom, that is probably doing more than four or 5%. So if you take out telecom, you take out the entertainment and the creative industry general the Telecom ICT, General Communications, telecommunications take out those industries. Every other sector, that is growing, growing at the low end of the space, which is one or 2% for a country like Nigeria that is that is growing in population about 2.5% to 3%. Anything below Zen gold in any sector does not really amount to significant real growth. So that essentially in the picture. LCI wants to let all countries see that we need to be growing generally at about 5%.
“Go back to where we were for many years as members of so called 7% growth countries that are that are growing at 1% or more. We were in that low for a long time. In times we are falling to session in some cases and in some cases just seeing growth of 2% 30%, which is not aspirations to become a mature economy, one of the top economies in the world. If we are growing anything below 45% in any year, we are not moving in that direction.”
Speaking on federal government’s intervention through targeted financing, Mr Gabriel identified security and infrastructure as two things that are needed to be done. ” Well, there are essentially two things needs to be done. One is security. We need to still genuinely fight for security secure enough for farmers, small or big, to go freely to their farms every day and do the only business they know without having to pay a lot of extra costs or personal security for themselves and security for their farms. That is in fact most important constraints. The other constraints, of course, are infrastructure. Infrastructure around this business or the agricultural business. The quality of roads, the quality of facilities, like power was a lot of agricultural activity required power, the quality of technical equipment, contractors to whatever habitats that they need for the big two ones are security. Security and essential infrastructure to get to farms, produce and get it out of farm to market or to processing facilities.
Mr Gabriel added that funding is not a very major issue, rather security and infrastructure that will enable farmers to freely do their business without fear for their lives or destruction of their crops when they have invested some more time and resources in growing those funds. He said until those two major issues are addressed, there cannot be any significant growth in the economy.
The Lagos Chamber of Commerce and Industry. LCCI, has issued a statement on the state of the economy, which is also the industry has also preferred as solutions.
The statement was signed by its Director General, Dr. Tierra Armona, to usher in the year 2023.
Giving a background explanation to what LCCI and by extension, FCCI is all about, the Deputy President of the LCCI, Gabriel Idahosa, said LCCI looks at the entire economic space and not a specific sector. He added that LCCI is concerned about the whole economy and how it affects various sectors.
The LCCI scribe said this becomes necessary because the membership of the LCCI spreads across the entire economy, and any concerns in any sector of the economy directly becomes an affair of the FCCI.
Speaking on the impact of economic challenges on the sectors, the LCCI vice president said “As of today, a lot of sectors are heavily impacted negatively. The few sectors are doing extremely well. We are talking of SDIC, the entertainment industry. They are doing very well. A lot of other sectors are affected by various challenges from foreign stage to power to poverty, that is not allowing consumers to buy their production services and so on.
“Presently, key variables such as inflation and access to flowing exchange and the cost of borrowing. So there are quite a range of matters that continue to give concern to any operator Nigerian economy. And that all of that leads into the concerns that illegal Chamber of Commerce will always have to highlight those concerns. And as you said, also recommendations because we operate in the economy, so we see opportunities for addressing those concerns. And our consistent position is that if you take benefit opportunities that are there to address whatever challenges that we have. Because fundamentally the country is one of the top, perhaps top ten countries in the world with the kind of resources, opportunities to grow a very large leading economy.
Speaking further on the projections of the LCCI in 2023, Mr Gabriel says he expects to see growth in some sectors such as the manufacturing, agriculture, transport, telecommunications and trade. “Positive or negative growth? Essentially when we are talking about we are looking at positive growth, if we are talking about declines, then we’ll be addressing those sectors. Sectors you mentioned shown capacity to continue growing because of the pretty strong advantages that we have as a country, except also manufacturing, where growing manufacturing is against very strong challenges like Bar, for example. What narrations have shown, including those in manufacturing, is it resilience the capacity to address those challenges and not just cope with them, but be able to override them. So is that resilience given the groups that we are seeing?
“Essentially what we are saying is that where we can grow at 78 or 10% if the economic space was right, we are now seeing routes of one to two or 3% are closely secret. We have mentioned, except for telecom, that is probably doing more than four or 5%. So if you take out telecom, you take out the entertainment and the creative industry general the Telecom ICT, General Communications, telecommunications take out those industries. Every other sector, that is growing, growing at the low end of the space, which is one or 2% for a country like Nigeria that is that is growing in population about 2.5% to 3%. Anything below Zen gold in any sector does not really amount to significant real growth. So that essentially in the picture. LCI wants to let all countries see that we need to be growing generally at about 5%.
“Go back to where we were for many years as members of so called 7% growth countries that are that are growing at 1% or more. We were in that low for a long time. In times we are falling to session in some cases and in some cases just seeing growth of 2% 30%, which is not aspirations to become a mature economy, one of the top economies in the world. If we are growing anything below 45% in any year, we are not moving in that direction.”
Speaking on federal government’s intervention through targeted financing, Mr Gabriel identified security and infrastructure as two things that are needed to be done. ” Well, there are essentially two things needs to be done. One is security. We need to still genuinely fight for security secure enough for farmers, small or big, to go freely to their farms every day and do the only business they know without having to pay a lot of extra costs or personal security for themselves and security for their farms. That is in fact most important constraints. The other constraints, of course, are infrastructure. Infrastructure around this business or the agricultural business. The quality of roads, the quality of facilities, like power was a lot of agricultural activity required power, the quality of technical equipment, contractors to whatever habitats that they need for the big two ones are security. Security and essential infrastructure to get to farms, produce and get it out of farm to market or to processing facilities.
Mr Gabriel added that funding is not a very major issue, rather security and infrastructure that will enable farmers to freely do their business without fear for their lives or destruction of their crops when they have invested some more time and resources in growing those funds. He said until those two major issues are addressed, there cannot be any significant growth in the economy.
The Lagos Chamber of Commerce and Industry. LCCI, has issued a statement on the state of the economy, which is also the industry has also preferred as solutions.
The statement was signed by its Director General, Dr. Tierra Armona, to usher in the year 2023.
Giving a background explanation to what LCCI and by extension, FCCI is all about, the Deputy President of the LCCI, Gabriel Idahosa, said LCCI looks at the entire economic space and not a specific sector. He added that LCCI is concerned about the whole economy and how it affects various sectors.
The LCCI scribe said this becomes necessary because the membership of the LCCI spreads across the entire economy, and any concerns in any sector of the economy directly becomes an affair of the FCCI.
Speaking on the impact of economic challenges on the sectors, the LCCI vice president said “As of today, a lot of sectors are heavily impacted negatively. The few sectors are doing extremely well. We are talking of SDIC, the entertainment industry. They are doing very well. A lot of other sectors are affected by various challenges from foreign stage to power to poverty, that is not allowing consumers to buy their production services and so on.
“Presently, key variables such as inflation and access to flowing exchange and the cost of borrowing. So there are quite a range of matters that continue to give concern to any operator Nigerian economy. And that all of that leads into the concerns that illegal Chamber of Commerce will always have to highlight those concerns. And as you said, also recommendations because we operate in the economy, so we see opportunities for addressing those concerns. And our consistent position is that if you take benefit opportunities that are there to address whatever challenges that we have. Because fundamentally the country is one of the top, perhaps top ten countries in the world with the kind of resources, opportunities to grow a very large leading economy.
Speaking further on the projections of the LCCI in 2023, Mr Gabriel says he expects to see growth in some sectors such as the manufacturing, agriculture, transport, telecommunications and trade. “Positive or negative growth? Essentially when we are talking about we are looking at positive growth, if we are talking about declines, then we’ll be addressing those sectors. Sectors you mentioned shown capacity to continue growing because of the pretty strong advantages that we have as a country, except also manufacturing, where growing manufacturing is against very strong challenges like Bar, for example. What narrations have shown, including those in manufacturing, is it resilience the capacity to address those challenges and not just cope with them, but be able to override them. So is that resilience given the groups that we are seeing?
“Essentially what we are saying is that where we can grow at 78 or 10% if the economic space was right, we are now seeing routes of one to two or 3% are closely secret. We have mentioned, except for telecom, that is probably doing more than four or 5%. So if you take out telecom, you take out the entertainment and the creative industry general the Telecom ICT, General Communications, telecommunications take out those industries. Every other sector, that is growing, growing at the low end of the space, which is one or 2% for a country like Nigeria that is that is growing in population about 2.5% to 3%. Anything below Zen gold in any sector does not really amount to significant real growth. So that essentially in the picture. LCI wants to let all countries see that we need to be growing generally at about 5%.
“Go back to where we were for many years as members of so called 7% growth countries that are that are growing at 1% or more. We were in that low for a long time. In times we are falling to session in some cases and in some cases just seeing growth of 2% 30%, which is not aspirations to become a mature economy, one of the top economies in the world. If we are growing anything below 45% in any year, we are not moving in that direction.”
Speaking on federal government’s intervention through targeted financing, Mr Gabriel identified security and infrastructure as two things that are needed to be done. ” Well, there are essentially two things needs to be done. One is security. We need to still genuinely fight for security secure enough for farmers, small or big, to go freely to their farms every day and do the only business they know without having to pay a lot of extra costs or personal security for themselves and security for their farms. That is in fact most important constraints. The other constraints, of course, are infrastructure. Infrastructure around this business or the agricultural business. The quality of roads, the quality of facilities, like power was a lot of agricultural activity required power, the quality of technical equipment, contractors to whatever habitats that they need for the big two ones are security. Security and essential infrastructure to get to farms, produce and get it out of farm to market or to processing facilities.
Mr Gabriel added that funding is not a very major issue, rather security and infrastructure that will enable farmers to freely do their business without fear for their lives or destruction of their crops when they have invested some more time and resources in growing those funds. He said until those two major issues are addressed, there cannot be any significant growth in the economy.
The Lagos Chamber of Commerce and Industry. LCCI, has issued a statement on the state of the economy, which is also the industry has also preferred as solutions.
The statement was signed by its Director General, Dr. Tierra Armona, to usher in the year 2023.
Giving a background explanation to what LCCI and by extension, FCCI is all about, the Deputy President of the LCCI, Gabriel Idahosa, said LCCI looks at the entire economic space and not a specific sector. He added that LCCI is concerned about the whole economy and how it affects various sectors.
The LCCI scribe said this becomes necessary because the membership of the LCCI spreads across the entire economy, and any concerns in any sector of the economy directly becomes an affair of the FCCI.
Speaking on the impact of economic challenges on the sectors, the LCCI vice president said “As of today, a lot of sectors are heavily impacted negatively. The few sectors are doing extremely well. We are talking of SDIC, the entertainment industry. They are doing very well. A lot of other sectors are affected by various challenges from foreign stage to power to poverty, that is not allowing consumers to buy their production services and so on.
“Presently, key variables such as inflation and access to flowing exchange and the cost of borrowing. So there are quite a range of matters that continue to give concern to any operator Nigerian economy. And that all of that leads into the concerns that illegal Chamber of Commerce will always have to highlight those concerns. And as you said, also recommendations because we operate in the economy, so we see opportunities for addressing those concerns. And our consistent position is that if you take benefit opportunities that are there to address whatever challenges that we have. Because fundamentally the country is one of the top, perhaps top ten countries in the world with the kind of resources, opportunities to grow a very large leading economy.
Speaking further on the projections of the LCCI in 2023, Mr Gabriel says he expects to see growth in some sectors such as the manufacturing, agriculture, transport, telecommunications and trade. “Positive or negative growth? Essentially when we are talking about we are looking at positive growth, if we are talking about declines, then we’ll be addressing those sectors. Sectors you mentioned shown capacity to continue growing because of the pretty strong advantages that we have as a country, except also manufacturing, where growing manufacturing is against very strong challenges like Bar, for example. What narrations have shown, including those in manufacturing, is it resilience the capacity to address those challenges and not just cope with them, but be able to override them. So is that resilience given the groups that we are seeing?
“Essentially what we are saying is that where we can grow at 78 or 10% if the economic space was right, we are now seeing routes of one to two or 3% are closely secret. We have mentioned, except for telecom, that is probably doing more than four or 5%. So if you take out telecom, you take out the entertainment and the creative industry general the Telecom ICT, General Communications, telecommunications take out those industries. Every other sector, that is growing, growing at the low end of the space, which is one or 2% for a country like Nigeria that is that is growing in population about 2.5% to 3%. Anything below Zen gold in any sector does not really amount to significant real growth. So that essentially in the picture. LCI wants to let all countries see that we need to be growing generally at about 5%.
“Go back to where we were for many years as members of so called 7% growth countries that are that are growing at 1% or more. We were in that low for a long time. In times we are falling to session in some cases and in some cases just seeing growth of 2% 30%, which is not aspirations to become a mature economy, one of the top economies in the world. If we are growing anything below 45% in any year, we are not moving in that direction.”
Speaking on federal government’s intervention through targeted financing, Mr Gabriel identified security and infrastructure as two things that are needed to be done. ” Well, there are essentially two things needs to be done. One is security. We need to still genuinely fight for security secure enough for farmers, small or big, to go freely to their farms every day and do the only business they know without having to pay a lot of extra costs or personal security for themselves and security for their farms. That is in fact most important constraints. The other constraints, of course, are infrastructure. Infrastructure around this business or the agricultural business. The quality of roads, the quality of facilities, like power was a lot of agricultural activity required power, the quality of technical equipment, contractors to whatever habitats that they need for the big two ones are security. Security and essential infrastructure to get to farms, produce and get it out of farm to market or to processing facilities.
Mr Gabriel added that funding is not a very major issue, rather security and infrastructure that will enable farmers to freely do their business without fear for their lives or destruction of their crops when they have invested some more time and resources in growing those funds. He said until those two major issues are addressed, there cannot be any significant growth in the economy.
The Lagos Chamber of Commerce and Industry. LCCI, has issued a statement on the state of the economy, which is also the industry has also preferred as solutions.
The statement was signed by its Director General, Dr. Tierra Armona, to usher in the year 2023.
Giving a background explanation to what LCCI and by extension, FCCI is all about, the Deputy President of the LCCI, Gabriel Idahosa, said LCCI looks at the entire economic space and not a specific sector. He added that LCCI is concerned about the whole economy and how it affects various sectors.
The LCCI scribe said this becomes necessary because the membership of the LCCI spreads across the entire economy, and any concerns in any sector of the economy directly becomes an affair of the FCCI.
Speaking on the impact of economic challenges on the sectors, the LCCI vice president said “As of today, a lot of sectors are heavily impacted negatively. The few sectors are doing extremely well. We are talking of SDIC, the entertainment industry. They are doing very well. A lot of other sectors are affected by various challenges from foreign stage to power to poverty, that is not allowing consumers to buy their production services and so on.
“Presently, key variables such as inflation and access to flowing exchange and the cost of borrowing. So there are quite a range of matters that continue to give concern to any operator Nigerian economy. And that all of that leads into the concerns that illegal Chamber of Commerce will always have to highlight those concerns. And as you said, also recommendations because we operate in the economy, so we see opportunities for addressing those concerns. And our consistent position is that if you take benefit opportunities that are there to address whatever challenges that we have. Because fundamentally the country is one of the top, perhaps top ten countries in the world with the kind of resources, opportunities to grow a very large leading economy.
Speaking further on the projections of the LCCI in 2023, Mr Gabriel says he expects to see growth in some sectors such as the manufacturing, agriculture, transport, telecommunications and trade. “Positive or negative growth? Essentially when we are talking about we are looking at positive growth, if we are talking about declines, then we’ll be addressing those sectors. Sectors you mentioned shown capacity to continue growing because of the pretty strong advantages that we have as a country, except also manufacturing, where growing manufacturing is against very strong challenges like Bar, for example. What narrations have shown, including those in manufacturing, is it resilience the capacity to address those challenges and not just cope with them, but be able to override them. So is that resilience given the groups that we are seeing?
“Essentially what we are saying is that where we can grow at 78 or 10% if the economic space was right, we are now seeing routes of one to two or 3% are closely secret. We have mentioned, except for telecom, that is probably doing more than four or 5%. So if you take out telecom, you take out the entertainment and the creative industry general the Telecom ICT, General Communications, telecommunications take out those industries. Every other sector, that is growing, growing at the low end of the space, which is one or 2% for a country like Nigeria that is that is growing in population about 2.5% to 3%. Anything below Zen gold in any sector does not really amount to significant real growth. So that essentially in the picture. LCI wants to let all countries see that we need to be growing generally at about 5%.
“Go back to where we were for many years as members of so called 7% growth countries that are that are growing at 1% or more. We were in that low for a long time. In times we are falling to session in some cases and in some cases just seeing growth of 2% 30%, which is not aspirations to become a mature economy, one of the top economies in the world. If we are growing anything below 45% in any year, we are not moving in that direction.”
Speaking on federal government’s intervention through targeted financing, Mr Gabriel identified security and infrastructure as two things that are needed to be done. ” Well, there are essentially two things needs to be done. One is security. We need to still genuinely fight for security secure enough for farmers, small or big, to go freely to their farms every day and do the only business they know without having to pay a lot of extra costs or personal security for themselves and security for their farms. That is in fact most important constraints. The other constraints, of course, are infrastructure. Infrastructure around this business or the agricultural business. The quality of roads, the quality of facilities, like power was a lot of agricultural activity required power, the quality of technical equipment, contractors to whatever habitats that they need for the big two ones are security. Security and essential infrastructure to get to farms, produce and get it out of farm to market or to processing facilities.
Mr Gabriel added that funding is not a very major issue, rather security and infrastructure that will enable farmers to freely do their business without fear for their lives or destruction of their crops when they have invested some more time and resources in growing those funds. He said until those two major issues are addressed, there cannot be any significant growth in the economy.
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