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Published On: Thu, May 22nd, 2014

Nigeria’s GDP to rise to $558.45m in 5 years’ time – Minister

The Minister of Industry, Trade and Investment, Dr, Olusegun AgangaBy Clem Khena-Ogbena

The Nigeria’s Gross Domestic Product (GDP) is expected to increase from its present level of $510million to $558.45 million in 2018, representing 10percent within the first five-year implementation period of the National Quality Policy (NQP).

The Minister of Industry, Trade and Investment, Dr, Olusegun Aganga, said yesterday, at the second meeting of the National Steering Committee (NSC) on Nigeria National Quality Policy, organised by the Standards Organisaton of Nigeria (SON), in Abuja, even as the Director General, SON, Dr. Joseph Odunmodu, stated that the full implementation of the policy could help save about $500million for the country.

According to Aganga, the rise in the service sector from the previous 26 percent to 51percent indicated the huge contributions of the service sector to the economy.

The minister stressed: “With the NQP in place, a skyrocked increase is anticipated from our GDP (at $510m-2013 to $558.45m by 2018) at 10 % growth within the first five years implementation period.The increase in the service sector from the previous 26% to 51%, shows the tremendous contribution of the service sectors to the economy.

Meanwhile, Odumodu lamented that over 90 percent of Nigerian companies were handled by non-professionals, adding that there was need to add value to the country’s own products, for the acceptability of its good in the world market.

The SON boss said that the government inaugurated the committee for national quality policy to boost economic growth through an articulated industrial revolution plan known as the NQP.

He stated, “In the next three weeks will be going on a road show in all the six geo-political zones of the country, because we want our programme to be acceptable not only to the formal sector, but the generality of the people.

According to Odumodu, the committee works would continue after the submission of the report. He further noted that it was an enduring document capable of lasting till the next five years, while saying that there were some policy documents that were as old as Africa itself.

 

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