A former Director- General, West African Institute of Financial and Economic Management, Prof Akpan Ekpo, has said that Nigeria’s economy needs urgent structural transformation.
Ekpo stated this in Lagos while reviewing the 2018 economy and the expectations for 2019 at the Nigerian-American Chamber of Commerce breakfast meeting.
Commenting on the Gross Domestic Product statistics for the third quarter of 2018, the economist, who was also the guest speaker at the breakfast meeting, noted that the sub-sectors that were supposed to create jobs all recorded negative grow He listed the sectors as motor vehicle assembly plants, banking and financial services, real estate and others.
He noted that manufacturing in Nigeria was all about packaging, bottling and assemblying. He said, “The economy is still at the primary stage of production. It has not been transformed structurally. The economy did not do well in 2018.”