The Lagos Chamber of Commerce and Industry (LCCI) says Nigeria must promote trade and boost production in order to bolster growth in the gross domestic product (GDP).
Babatunde Ruwase, president of the LCCI, said at the opening ceremony of LCCI Member’s Day Exhibition, Networking and Sales Event held in Lagos that poor performance of Nigeria’s trade sector in the second quarter of 2019 shows that there is more to be done to promote commerce and trade.
He said the situation reinforces the need for credible platforms to facilitate trade, industry and commerce through easy access to the market.
“We can improve the performance of the trade sector if our entrepreneurs can conveniently have access to markets despite the structural economic challenges confronting our nation,” he said.
“The fact that some local products have issues with standards and certifications does not necessarily connote that they are fake or substandard,” he noted.
He stated that technological advancement and quality product development are mutually reinforcing, adding that businesses will make more investments in technology to improve products if they have better access to market.
Nigeria
Ruwase cited recent statistics released by the National Bureau of Statistics (NBS) which shows that Nigeria’s real GDP grew by 1.94 per cent (year on year) in the second quarter of 2019.
“Compared to the second quarter of 2018, which recorded a growth of 1.50 per cent, the growth observed in quarter 2, 2019, indicates an increase of 0.44 percent points. Unfortunately, the growth of the trade sector contracted by -0.25 per cent in quarter 2 2019 from 0.85 per cent in quarter 1 2019 and 1.02 per cent in quarter 4 2018. Also, the contribution of the sector (second after agriculture) in quarter 2 was down to 16.45 per cent in Quarter 2 2018,” he said.
Several firms such as Cross Resources Limited, DeWALT and Stanley brands hand tools, Spectra Industries Limited, Yemkem, CFAO Motors, Larabee Ventures, Renmoney Microfinance Bank, among others, exhibited at the event.
The LCCI event started seven years ago to provide a platform for the generality of members to showcase their innovations and exhibit their products to the world. Ruwase said the event has now grown in leaps and bounds to become a formidable platform for the promotion of innovation, networking, sharing of business ideas and a breeding ground for future enterprise leaders.
ODINAKA ANUDU
