Manufacturing Sector Contribution To GDP Drops To 8.23% In Q4

The manufacturing sector’s contribution to Nigeria’s Gross Domestic Product (GDP) decreased from 8.40% in the corresponding quarter of the previous year to 8.23%, according to the National Bureau of Statistics’ Q4 2023 report.

Gatekeepers News reports that this represents a 0.19% quarterly drop from 8.42% to the current percentage.

The manufacturing sector’s Q4 2023 Real GDP growth increased by 1.38% year-on-year, which is a slight decline from the previous year but an improvement from the previous quarter. The quarter-on-quarter growth stood at 9.54%.

In the fourth quarter of 2023, the manufacturing sector experienced a significant increase in Nominal GDP growth, reaching 38.06% year-on-year. This marks a substantial leap of 29.20 percentage points from the previous year’s growth rate of 8.86% 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.

The manufacturing sector’s contribution to the Nominal GDP in Q4 2023 was 16.04%, representing an increase from the 13.49% contribution during the same quarter in 2022. However, it slightly declined from the 16.18% recorded in the third quarter of 2023.

Nigeria’s GDP grew by 3.46% in Q4 2023.