The Nation (Nigeria)
Sectoral performances sluggish, says LCCI
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.’’