16th August, 2010
The Infrastructure Concession Regulatory Commission (ICRC) says in spite of problems and poor infrastructure in the country, the nationâ€™s economy has grown considerably.
ICRC Director-General, Alhaji Mansur Ahmed, told the News Agency of Nigeria (NAN), on Sunday in Abuja, that the nationâ€™s
Gross Domestic Product (GDP) at 7 percent, was a positive indicator to the growth.
â€œI think it is fair to say that the Nigerian economy, in spite of all its problems and hurdles of poor infrastructure and so on, has still continued to grow positively.
â€œThe growth of the economy measured by GDP in this quarter and for the rest of this year is in the region of 7 percent and this is high.
According to him, this is high compared to the average growth of the most successful economies.
â€œThe economy is doing well and the growth unfortunately has not translated into real development and improved quality of life of the people.â€
He said the effort of government to expand the real sector of the economy was a step in the right direction.
â€œWe must make this growth meaningful to the people. That is why the government is doing a lot to improve agriculture,â€ he said.
He added that the idea of the Central Bank of Nigeria providing huge amount of money to revive the industries, especially the textile sector, would help create employment.
â€œIf we can revive our industry, we can reduce the level of unemployment by a significant proportion and we can do it in other sectors.
â€œGenerating employment through the revival of industry and agriculture has been a major success of this administration,â€ he noted.
He commended the effort of the government to improve power generation, saying the sector was critical to industrial growth.
â€œIn fact, the areas where government can rapidly improve peopleâ€™s lives are to help small industries and businesses by ensuring adequate electricity.
According to him, this is so because most commercial activities depend on electricity.
â€œThe hair dresser, welder, painter and every small business; if it has the infrastructure it requires, can increase its activities and generate more revenue and create more employment.