The contribution of the manufacturing sector to Nigeria’s GDP in the fourth quarter of 2023 dropped from 8.40%, as recorded in the corresponding period of the previous year, to 8.23%, according to the GDP report for Q4 published by the NBS.
On a quarter-on-quarter basis, the sector’s contribution to GDP dropped by 0.19%, from 8.42% to the current figure.
The manufacturing sector’s Q4 2023 Real GDP growth stood at a 1.38% year-on-year increase, representing a slight decline from 2022 but an improvement from the previous quarter. Quarter-on-quarter growth stood at 9.54%.
The Manufacturing sector experienced a notable increase in Nominal GDP growth in the fourth quarter of 2023, reaching 38.06% on a year-on-year basis.
This marked a significant leap of 29.20 percentage points from the 8.86% growth observed in the same period of 2022, and a modest improvement of 1.47 percentage points over the previous quarter’s growth rate of 36.59%.
Additionally, the sector saw a quarter-on-quarter growth of 7.70% during the final quarter of the year.
Looking at the sector’s performance throughout 2023, there was a remarkable annual growth rate of 30.93%, a stark contrast to the 6.93% growth rate in 2022.
The Manufacturing sector’s contribution to the Nominal GDP in Q4 2023 was 16.04%, which represents an increase from the 13.49% contribution during the same quarter in 2022, though it slightly declined from the 16.18% recorded in the third quarter of 2023.
This data underscores the Manufacturing sector’s significant and growing impact on the overall economy.
