Nigeria’s manufacturing sector witnessed a decrease in its contribution to the Gross Domestic Product (GDP) to 8.23% in the fourth quarter of 2023, down from 8.40% in the same period in the previous year. The National Bureau of Statistics revealed these figures in its latest report.
In a quarter-on-quarter comparison, the sector’s GDP contribution fell by 0.19%, from 8.42% previously. Despite this decline, the manufacturing sector’s Real GDP in Q4 2023 exhibited a 1.38% year-on-year growth, signaling a slight decrease from the figures in 2022 but a notable improvement from the preceding quarter, with a quarterly growth rate of 9.54%.
The Nominal GDP growth for the manufacturing sector in Q4 2023 saw a significant uptick, registering a 38.06% year-on-year increase. This marked a substantial rise of 29.20 percentage points from the growth rate of 8.86% seen in the same period of 2022, with a slight enhancement of 1.47 percentage points compared to the preceding quarter’s growth rate of 36.59%.
Furthermore, the sector experienced a quarter-on-quarter growth of 7.70% in the final quarter of the year. The manufacturing sector’s contribution to the Nominal GDP in Q4 2023 amounted to 16.04%, rising from 13.49% in the same period of 2022, albeit showing a slight decline from the 16.18% recorded in the third quarter of 2023.
According to reports from Media Talk Africa, Nigeria’s overall GDP expanded by 3.46% in Q4 2023.
