Professionals tasked on contribution to GDP

A seminar organised by the Lagos Chamber of Commerce and Industry (LCCI) yesterday saw the professionals exploring ways of achieving the growth.

Ademola Ajayi, chairman of the chamber, said, "According to the Central Bank of Nigeria (CBN), the service sector accounts for 17.1 percent of the Nigerian GDP in 2006 as against 4.8 percent by the manufacturing sector."

Goodie Ibru, chairman, Ikeja Hotels plc, who was the guest speaker at the seminar, said the increase was possible as 60 percent of the wealth of many countries was derived from knowledge-based goods and services.

According to Ibru, projected budget of the Federal Government over a four-year period, stood at N11-trillion, presenting tremendous opportunities for discerning and opportunity-seeking professionals.

He, therefore, encouraged professionals such as lawyers, bankers, accountants, stockbrokers to identify good business opportunities and promote them. Ibru said this would lead to wealth creation, a remedy for poverty that had plagued Africa for many years.

He said, "Nigerian professionals must, therefore, graduate beyond a one-man professional practice and poorly run partnerships and establish great multi-specialisation corporate firms." He also encouraged professionals to set up thriving entrepreneurial firms and blue-chip companies.

Ibru advised the professionals to inculcate the separation of ownership from management, which is a key to organisational effectiveness, corporate success and wealth creation.

He urged the professionals to tap into the array of service opportunities in the New Partnership for African Development (NEPAD).

Ibru praised the role played by professionals in the consolidation of the banking industry and growth of the market capitalisation of the Nigerian Stock Exchange (NSE) from N1-trillion in 1999 to N9-trillion in 2007.