Boost Local Manufacturing To Sustain Gdp Growth, Lcci Urges Fg

The Lagos Chamber ofCommerce and Industry LCCI has called on the federal government to develop a comprehensive industrialization strategy to boost local manufacturing capacity, among other policies.

In a statement, Director General, LCCI, Dr. Chinyere Almona, argued that the countrys 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.