Good GDP with­out jobs, time bomb – NLC

Daily Trust - - NEWS - By John Chuks Azu

The Nige­rian Labour Congress (NLC) has warned that im­proved Gross Do­mes­tic Prod­uct (GDP) with­out com­men­su­rate jobs cre­ation and im­prove­ment of liv­ing stan­dards is a time bomb.

In a state­ment signed yes­ter­day by the Act­ing Pres­i­dent Prom­ise Adewusi, the union said liv­ing con­di­tions have been “pa­thetic” while “the un­em­ploy­ment fig­ures are fright­en­ing.” Fol­low­ing the re­bas­ing of the coun­try’s GDP by the Na­tional Bureau of Sta­tis­tics and other in­ter­na­tional agencies, the Min­is­ter of Fi­nance and Co-or­di­nat­ing Min­is­ter of the Econ­omy Dr Ngozi Okon­joIweala on Sun­day an­nounced that the coun­try’s GDP in 2013 at 89.22 is the largest in Africa, a po­si­tion pre­vi­ously oc­cu­pied by South Africa.

But NLC said “Govern­ment should worry that the per­for­mance in­dex of in­dus­tries dropped from 46.08% to 25.81% while ser­vice in­dus­try more than dou­bled to 50 % from 23.03%. This cer­tainly rep­re­sents a sig­nif­i­cant change in the econ­omy, a neg­a­tive change that points to con­sump­tion to the ex­clu­sion of pro­duc­tion.”

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