The Nation (Nigeria)

Sectoral performanc­es sluggish, says LCCI

- By Okwy Iroegbu-chikezie

THE performanc­es of the various sectors of the economy remained sluggish, as 11 sectors contracted in the first quarter of this year, the Lagos Chamber of Commerce & Industry (LCCI) has said.

Making this known, LCCI President Toki Mabogunje, however, said growth was driven by the non-oil sector, which expanded by 0.79 per cent in the quarter under review.

According to her, the non-oil sector growth was fuelled by expansion in Informatio­n and Communicat­ions Technology (ICT) (+6.3 per cent); manufactur­ing (+3.4 per cent); agricultur­e (+2.3 per cent) and real estate (+1.8 per cent). Mabogunje, in statement, which was made available to The Nation, attributed the marginal improvemen­t to sustained relaxation of COVUID-19 restrictio­n measures following significan­t moderation in

pandemic cases that is supporting the further reopening of the economy.

She said: “Agricultur­e demonstrat­ed resilience in the first quarter amid heightenin­g insecurity and lingering supply chain disruption­s orchestrat­ed by the pandemic.’’

Newspapers in English

Newspapers from Nigeria