Oil and gas

The Nigerian government should do more to drive activities in the non-oil sector, a top official with the Lagos Chamber of Commerce and Industry (LCCI) has said.

Operators in the non-oil sector were faced with several challenges with infrastructure, funding, high interest rate, technology and skills gap, LCCI Director-General Muda Yusuf said in Lagos, Nigeria’s economic hub, on Tuesday.

The agriculture sector is faced with a myriad of challenges, including insecurity arising from Boko Haram, lack of fund and climate change, he added.

He called for an improvement in the country’s business environment.

According to the National Bureau of Statistics, gross domestic product (GDP) rose 1.95 percent year-on-year in the first quarter of this year in real terms.

Yusuf said the growth rate is still fragile despite Nigeria’s recovery from recession, and that concerted efforts should be made across all sectors to achieve a robust and sustainable growth.

“The economy is not about the oil sector. It is about a whole lot of other sectors that are suffering very serious productivity problems,” he said.

Yusuf also stressed the need to encourage more domestic investors to participate in economic activities.

“Presently, we have an economy in which the foreigners are overruning the locals in almost all sectors which is not good for economic growth,” he said. Enditem

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