Nigeria’s manufacturing sector grew by 5.89% (year-on-year) in real terms in Q1 2022, an increase of 3.61% points from the preceding quarter which recorded a growth rate of 2.28%.
Nominal GDP growth of the sector was recorded at 11.72% year-on-year in Q1 2022, showing a fall of 20.38% points from the same quarter of 2021 (32.10%). The sector contributed 10.20% to overall GDP in real terms in Q1 2022, higher than the contribution in the first quarter of 2021 and lower than the fourth quarter of 2021 which stood at 9.93% and 8.46%.
The National Bureau of Statistics (NBS) released its Q1 2022 GDP report on Thursday, which revealed this. According to the research, Nigeria’s Gross Domestic Product (GDP) increased by 3.11% in real terms in the first quarter of 2022.
Highlights of sectoral performance
- 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.
- Other activities in the sector include Non-metallic Products, Plastic and Rubber products; Electrical and Electronic; Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing.
- The Q1 2022 GDP report revealed that the manufacturing sector grew by 5.89% (y-o-y) in real terms, an increase of 2.49% points from the corresponding period of 2021, and an increase of 3.61% points from the preceding quarter of Q4 2021.
- In Nominal terms, Quarter-on-Quarter, growth of the sector was recorded at -2.96% during the quarter. However, in real terms, growth rate of the sector on a quarter-on-quarter basis stood at 2.85%.
- “The contribution of Manufacturing to Nominal GDP in the first quarter of 2022 was 15.06%, lower than the figure recorded in the corresponding period of 2021at 15.27% and higher than the fourth quarter of 2021 at 14.28%,” it stated.
- The sector’s real contribution to GDP in 2022 first quarter was 10.20%, higher than the 9.93% recorded in the corresponding quarter of 2021 and higher than the 8.46% recorded in the fourth quarter of 2021.