Nigeria’s Manufacturing sector recorded a real GDP growth of 2.28% (year-on-year) in Q4, an improvement from the corresponding quarter of 2020 but lower than the preceding quarter of Q3 2021 by 3.80% and 2.01%, respectively.
This information is contained in the quarterly Gross Domestic Product report, published by the National Bureau of Statistics.
The nominal GDP growth for the sector however, was recorded at 25.52%, reflecting a growth of 0.92% from Q4 2020 and a decline of 7.21% quarter on quarter.
Highlights
- The manufacturing sector comprises of thirteen activities which are; 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.
- The contribution of Manufacturing to Nominal GDP in Q4 2021 was 14.28%, higher than its contribution to Nominal GDP in the corresponding period of 2020 at 12.87% and lower than the contribution in Q3 2021 at 15.59%.
- In addition, real contribution to GDP in 2021 fourth quarter was 8.46%, a decrease compared to 8.96% recorded in third quarter of 2020 and lower than the 8.60% recorded in fourth quarter of 202o.
- In Q3 2021, the real GDP growth for the manufacturing sector stood at 4.29% (year-on-year) in the third quarter of 2021 compared to 3.49% recorded in the Q2 period of 2020.
