The fishery sector in Lagos has witnessed a sharp rise in its contribution to the Gross Domestic Product (2nd quarter) of the country, climbing at a 5.68 growth rate.
The National Bureau of Statistics, NBS, had reported that the nation’s economy declined by -6.2 percent in Q2’20, on the backdrop of the impact of coronavirus, COVID-19 pandemic, with several sectors of the economy declining along the line.
The report, however, shows that the fishing sub-sector at 5.8 percent growth, surged exponentially above the 1.09 percent it recorded same period last year.
It also shows a huge jump in growth rate against the first quarter 2020, Q1’20, pace of 7.1 percent.
Over the six consecutive quarters of 2019 to 2020, the trend shows a W shape curve indicating sharp swings in fortune with the lowest performance of recorded in Q2’19.
According to a former Director kf6 Shipping Development at the Nigeria Maritime Administration and Safety Agency (NIMASA), Mr. Warredi Enisuoh, the rise during the lock down may not be unconnected to inability of these ships to export their catch.
He further said it could also be as a result of renewed efforts by government towards such alternative sources of income.
Sanwo-Olu re-elected as Lagos Governor
Babajide Sanwo-Olu has been re-elected as the governor of Lagos State. The Independent National Electoral Commission has declared the Lagos...
