LCCI worried over World Bank, IMF’s position on food crisis

The Lagos Chamber of Commerce and Industry (LCCI) has raised the alarm that more production activities will be constrained in Q4’20, even as it expressed concern over the World Bank and International Monetary Fund (IMF)’s report revealing that the livelihood of 345 million people was in danger from acute food shortage, insecurity, persistent shocks, due to the pandemic and Russia- Ukraine war. President of the LCCI, Dr. Michael Olawale- Cole, stated these during the state of the economy address in Lagos yesterday.

He said growth of 1.2 per cent recorded for agriculture and three per cent for manufacturing sectors in Q2’22 indicated that the country’s real sector of the economy was facing threat. Olawale-Cole said: “The growth of 1.2 per cent recorded for agriculture and three per cent for manufacturing are comparatively low compared to other sectors that grew above five per cent. “This also indicates threats facing these sectors that power Nigeria’s real sector.”