Investment in welfare, economy more important than GDP figures –CPPE

The Centre for Promotion of Private Enterprises (CPPE) has advised policymakers to prioritise key development indicators, saying citizens’ welfare and investment productivity in the economy matter more than the Gross Domestic Product (GDP) figures.

The centre noted that the critical developmental metrics on the basis of which the performance of the economy should also be measured include worsening poverty situation, high inflationary pressures, massive erosion of purchasing power, high energy prices, escalating production cost, sharp currency depreciation and many more.

The  Chief Executive Officer of the centre, Muda  Yusuf,  made the statement following recent report by  the National Bureau of Statistics (NBS), that Nigeria’s GDP grew by 3.40 per cent in 2021, year on year, which marks the highest GDP growth rate since 2015.

Yusuf said laudable growth performance was one thing, translating the growth to improved welfare, job creation, poverty reduction and economic inclusion was completely a different matter.

“The annual GDP data indicates that the following sectors and subsectors recorded positive growth: the rail transport (36.95 per cent), air transport (19.70 per cent), road transport (17.13 per cent), financial institution (10.53 per cent), insurance (6.24 per cent), Trade (8.62 per cent), cement production (6.64 per cent), chemical and pharmaceuticals (8.13 per cent), food and beverage (5.73 per cent), motor vehicles and assembly (4.23 per cent), construction (3.09 per cent), ICT (7.28 per cent), real estate (2.26 per cent).”