The contribution of the manufacturing sector to Nigeria’s GDP in the fourth quarter of 2023 dropped from 8.40% recorded in the corresponding period of the previous year to 8.23%.
Nominal GDP growth of the Manufacturing sector in the first quarter of 2023 was recorded at 17.85% which is 6.13% points higher than the figure recorded in the corresponding period of 2022 (11.72%).
The CPPE has stated that the recent GDP report has further underlined the dominance of the non-oil sector which accounted for 93.67% of the GDP.
The Finance and Insurance sector grew at 29.90% as a whole in nominal terms year-on-year in the second quarter of 2022.
Andrew Nevin has expressed his optimism about the Nigerian economy.
