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NIGERIA —The manufacturing sector contributed N5.024 trillion to boost the economy in the nine months representing, 1.2 per cent year-on-year, YoY increase from N4.96 trillion in the corresponding period of 2023.
The Gross Domestic Product, GDP report for Q3’24, by the Nigeria of Bureau of Statistics, NBS, showed that the ratio of manufacturing sector to total GDP fell to 8.7 per cent in the nine months ending September, 2024 from 8.8 per cent in the corresponding figure of 2023.
According to the NBS, the sector recorded marginal real GDP growth of 0.9 per cent in Q3’24 to N1.652 trillion from N1.637 trillion in Q3’23.
According to NBS: “The Manufacturing sector is comprised of thirteen activities: Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood products; Pulp Paper and Paper products; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber products; Electrical and Electronic; Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing.
“Real GDP growth in the manufacturing sector in the third quarter of 2024 was 0.92% (year-on-year), higher than the same quarter of 2023 and lower than the preceding quarter by 0.44% points and 0.35% points respectively. The growth rate of the sector on a quarter-on-quarter basis stood at 6.74%. The Real contribution to GDP in the 2024 third quarter was 8.21%, lower than the 8.42% recorded in the third quarter of 2023 and lower than the 8.46% recorded in the second quarter of 2024.
Nominal GDP growth of the Manufacturing sector in the third quarter of 2024 was recorded at 3.62% (year-on-year), 32.97% points lower than the figure recorded in the corresponding period of 2023 (36.59%) and 1.72% points higher than the preceding quarter figure of 1.91%. Quarter-on- quarter, growth of the sector was recorded at 31.67% during the quarter. The contribution of Manufacturing to Nominal GDP in the third quarter of 2024 was 14.30%, lower than the figure recorded in the corresponding period of 2023 at 16.18% and higher than the second quarter of 2024 at 12.68%.”
