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LCCI Faults CBN's 2003 Annual Report By Crusoe Osagie Lagos Chamber of Commerce and Industry (LCCI) yesterday slammed the recently released Central Bank of Nigeria Economic Review for 2003 saying the 10 per cent Gross Domestic Product (GDP) rate of the economy, as stated by the CBN report was highly overstated. President of the Chamber,Chief Olusola Faleye said yesterday that the 33.4 per cent contribution to GDP of the oil sector as stated by the report was contestable. "The 2003 report of the Central Bank was released towards the end of last quarter and one striking feature of the report was the Gross Domestic Product Growth rate of 10 per cent recorded in year 2003. The report also ascribed a 33.4 per cent contribution to GDP to the oil sector. We have reservations about these statistics," he said." According to him, the 10 per cent GDP growth rate is the highest in the history of the country. He said the 43 per cent contribution to GDP of the oil sector also was the highest in the Nigerian economy's history. In 2002, the GDP growth rate was 3.3 per cent. It is therefore, astounding that the growth rate increased by over 300 per cent in 2003. It is difficult to perceive that anything dramatic had happened in the Nigerian economy in 2003 to generate such a significant leap in the GDP growth rate," he said. It is also startling that the oil sector, which had over the years, contributed less than 15 per cent to the GDP now suddenly accounts for 33.4 per cent," he added. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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