"Nigeria should learn to consume what it produces to ensure constant GDP growth" - Dr. Austin Nweze

[vc_row][vc_column][vc_video link="https://www.youtube.com/watch?v=QySyHQlN8Zg"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text][Music] the national bureau of statistics during the week announced nigeria's gross domestic product grew year-on-year by 5.01 percent in the second quarter of 2021. although the growth rate was higher than the 0.51 recorded in the first quarter of 2021 the borough said the oil sector's contribution to gdp fell by 1.83 points to 7.42 percent in the second quarter of 2021 from 9.25 percent in the first quarter of 2021 mbs also disclosed that the known oil sector contribution to gdp rose by 1.93 points to 92.58 from 90.75 percent joining me to discuss this is a commentator on political economy and also a political affairs analyst dr austin wesley who is in abba kaliki in nigeria's eastern state of ebonyi good to have you on this day live dr austin wesley hello doctor and we say if you can hear me good to be here good evening we're very very very clear yes doctor on wednesday i like to ask is there anything spectacular about the gdp growth of five point zero one percent uh year on year in the second quarter of 2021 uh it's just uh or you know government has been celebrating some economics have been saying oh this is a product of a good management of the economy well what is really spectacular about this growth that's reported well let's uh remember there's nothing so spectacular about the group even though it's uh the sharing news that business activities are beginning to pick up remember covered 19 last year you know grounded all businesses and the companies have been trying to recover from the uh pandemic and from the last quarter of 2020 even up to now there's been a little growth and um and you know that once they uh this is spiking the price of oil it affects the um the gdp you know so and we have seen some little increases in price of all for you uh which has also contributed to uh uh to the group we are talking about now you're starting from almost a zero base and to something and um you know so it's not really something to care about but it's a welcome development and um we hope that the third quarter will be able to uh you know we watch what happens the third quarter to know whether the group can be sustained but again reuben you know this kind of growth is a jobless is true in the things that it doesn't accompany um you know uh uh employment for instance uh they currently the youth unemployment is up 53 and um the adult unemployment is about 33 so you add to that and you see how the the doctors are scrambling to go out to find job somewhere else because of the agreement with the federal government and so you see that you know really [Music] welcome back to this live sunday talk show here on the right news channel our guest is still dr austin umweiser a political economist and a political affairs analyst uh who is joining us uh again from abba kaliki our doctor wizard thank you for staying with us we had issues with audio connection with you but uh if i remember correctly you were talking about jobless growth being indicated indicated by the latest figures gdp figures okay what should be the priorities of government going forward how do we sustain this growth and what you will expect in the next quarter a leveling off or better growth what are expectations well we expect that the uh they should this growth should be sustained and uh if the policy remains you know progressive and we should look at all the how to improve the domestic production you know helping manufacturing and um i believe they should do more on agriculture and also um you know the trade is uh picking up uh and um the the um uh travels also picking up so we um we expect that the government should you know look at maybe um the um you know what i call the the uh the holy trinity the interest rate the foreign exchange and you know the inflation what has is that there has been a a policy on of inflation targeting which uh i believe they should try some you know because interest rate has a way you know so if they could reduce the interest rate as a um is you know engages in original equipment manufacturing we can manufacture what we produce by about whatever whatever we consume so if you can manufacture what you consume rather you know if we can say uh eighty percent of us percent of we consist manufactured within i think that we will also reduce our importance consumes the foreign exchange and uh forcing exchange is like we are adopting a policy that is a an economic strategy of the export oriented strategy you know whereby you start to discourage um and make your goods cheaper out there by developing your currency you know so using on the export okay we should produce domestic things so that we can also export uh some of these things to some foreign exchange so the government should be able to focus on the trend from the raw material side so we should encourage because to operate at capacity right now most industries are now operating at capacity maybe between 45 and 55 percent that way jobs can be created and also we look at the ic area you know which has also contributed a lot to the economy and we look at that and then because the whole economy is about consumption now when consumption is down you know it is the economy techniques okay but i see if you ask me rebecca i see what's happening now is that the majestic is this stuck okay unemployment breaks there's high so you know so when the when the economy is sell then unemployment that is targeting so and that is the state of if you ask me my personal opinion this is the state of uh the economy uh right now we are not out of this yet that we believe that with multiple policies to have impact in the in the uh in the in the in the fashion sector and also in the uh you know sectors as it is we have seen then who will begin to say yes and again reuben let me also add that lagos state hub and it's about 60 65 percent of nigeria's economy any growth in and all that it's all about happens in lagos other states some of them don't have that will go a long way so that other states and all that would also be in the class in the center of activities of nigeria's economy if anything happens in lagos it happens in the entire economy because five present okay uh doctor uh one concern is that uh the figures that have been announced uh you know for the viral sectors that these figures are in a sense esoteric and that what we should be more concerned about is how does gdp growth even if it is a nominal gdp how does that impact on the life of the ordinary nigerian how do i know that as an ordinary nigerian that there's been growth in gdp when i go to the market when i look at the minimum wage one thing is that this is a nominal uh just for inflation you know at least 5.1 percent will probably come to maybe two point something percent okay so which is not uh much you need that to grow so that you know if you go to the bed now you buy goods well okay i'm sure that that's an uh an interesting question that many nigerians should be interested in but we've again lost their connection with him we just have to rest it there uh with dr ostening with a political economist and political affairs public officer honors [Music]<br><!-- wp:image {"id":1776,"sizeSlug":"large","linkDestination":"none"} -->rn<figure class="wp-block-image size-large"><img class="wp-image-1776" src="https://en.videoencontexto.com/wp-content/uploads/2021/10/Nigeria_should_learn_to_consume_what_it_produces_to_ensure_constant_GDP_growth___QySyHQlN8Zg.jpg" /></figure>rn<!-- /wp:image -->[/vc_column_text][/vc_column][/vc_row]

"Nigeria should learn to consume what it produces to ensure constant GDP growth" - Dr. Austin Nweze

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