Nigeria’s Manufacturing Sector Anticipates 3.2% Economic Growth in 2024

The Manufacturers Association of Nigeria is optimistic about the country’s real sectoral growth, projecting a 3.2% increase in 2024. In an interview, Segun Ajayi-Kadir, the group’s director general, highlighted the anticipated challenges in the first quarter of 2024 but expressed confidence in a positive trajectory as the year progresses. Ajayi-Kadir emphasized that despite an expected tough start, policy reforms, enhanced commitment to domestic production, and a generally favorable outlook are anticipated to drive improvements in the manufacturing sector by the end of 2024. He also indicated that the sector’s real growth is forecasted to exceed 10% in its contribution to the economy. Additionally, the Manufacturers’ CEOs Confidence Index is expected to surpass the 55-point threshold by the close of Q4 2023. This projection aligns with President Bola Ahmed Tinubu’s signing of the N28.7 trillion budget into law, which anticipates a Gross Domestic Product growth of 3.88%. These developments signal significant potential for Nigeria’s economic landscape in the coming year.