Nigeria’s manufacturing sector experienced a staggering decline in growth, as its year-on-year (YoY) nominal GDP growth plummeted by 90.11% in the third quarter of 2024.
This is according to the latest Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS).
The sector’s growth fell from 36.59% in Q3 2023 to a mere 3.62% in Q3 2024, reflecting significant challenges across its sub-sectors and highlighting the urgent need for remedial measures.
What the data says
Despite recording a quarter-on-quarter growth of 31.67% in nominal terms, the sector’s contribution to nominal GDP dropped to 14.30% in Q3 2024, down from 16.18% in the same period the previous year.
The GDP report read: “Nominal GDP growth of the Manufacturing sector in the third quarter of 2024 was recorded at 3.62% (year-on-year), 32.97% points lower than the figure recorded in the corresponding period of 2023 (36.59%) and 1.72% points higher than the preceding quarter figure of…