Industries contributed immensely to recent GDP growth, says MAN
The President of the Manufacturers Association of Nigeria (MAN), Dr. Frank Jacobs Udemba, has stated that MAN members contributed greatly to the positive growth of the country’s GDP as announced on Tuesday by the National Bureau of Statistics.
Ufemba, who stated this on Wednesday, while announcing the association’s 45th AGM, noted that the Central Bank of Nigeria’s policy announced on February 21, 2017, accelerated MAN’s contributions in pulling Nigeria out of economic recession.
He said: “MAN believes that the Nigerian Economic Recovery and Growth Plan, in conjunction with the private sector, did the wonders in pulling the ailing economy out of recession. If the CBN policies are improved upon and sustained, we would do better, in terms of growth in GDP.”
He said,”It may be true to say that economic growth rate of 0.55 per cent is good. The question remains, is this growth real, is it sustainable, and can it engender inclusiveness? Technically, inclusivity is not something one can assume. The impact of positive improvement like this should ideally be felt by all classes of citizens in our country before one can boldly assert that growth experience is inclusive. ”
The 45th AGM, with the theme: “Recovery and Growth of the Nigerian Economy,” would be having His Excellency, the former President of the United Republic of Tanzania, Mr. Benjamin William Mkapa, as the special guest of honour, who will deliver public lecture on “Sustaining Economic Recovery: Gleaning From the Tanzanian Experience.”
The president, however pointed out that the growth rate is a positive development; and that the Nigerian economy has summarily exited recession in the second quarter of 2017, after five consecutive quarters of contraction.
Udemba said: “Our choice of the speaker was based on his experience in managing an economy that experienced serious economic challenges, like ours. Prior to His Excellency’s assumption of office in 1995, Tanzanian economy was a state-controlled, but by 2005, when His Excellency completed his tenure, Tanzanian economy moved from command economy to a market economy. We believe that the valuable experience he will share with us will further enrich our macroeconomic policy thrust.”
