LCCI, economist: FG’s N2.3trn stimulus plan, others buffer for 3.40% GDP growth

Following the National Bureau of Statistics (NBS) announcement that Nigeria’s Gross Domestic Product grew by 3.40 per cent in 2021 year-on-year (YoY), the Lagos Chamber of Commerce and Industry (LCCI) and renowned economist, Dr. Muda Yusuf, have attributed the Federal Government’s projected N2.3 trillion spending under the Economic Sustainability Plan (ESP) stimulus plan as the buffer to the rebound of economic activities in major sectors of the economy.

 

The LCCI emphasized that the 3.40 per cent GDP growth performances,  adjudged the highest GDP growth rate since 2015, were a key reflection of the progressive recovery from the shocks of COVID-19 and the rebound of economic activities in some key sectors of the economy.

 

Former LCCI’s Director- General, Yusuf, pointed to the fact that some key sectors like oil refining, which contracted (47.94 per cent), crude oil production (8.3 per cent), textiles and apparel (1.27 per cent), wood and wood products (1.54 per cent), pulp and paper industry (0.32 per cent), accommodation and food services (0.45 per cent) did well.

 

However, President and Chairman of Council, LCCI, Dr. Michael Olawale- Cole, said the 3.40 per cent GDP growth performances for 2021 were laudable