Nigeria’s manufacturing sector recorded a real GDP growth of 4.29% (year-on-year), an improvement from the corresponding quarter of 2020 and the preceding quarter of Q2 2021 by 5.80% and 0.80%, respectively.
This information was contained in the quarterly Gross Domestic Product report, published by the National Bureau of Statistics. The nominal GDP growth for the sector however, was recorded at 32.73%, reflecting a growth of 19.18% from Q3 2020 and a decline of 5.60% quarter on quarter.
The contribution of Manufacturing to the Nominal GDP in the third quarter 2021 was 15.59%, higher than its contribution to the Nominal GDP in the corresponding period of 2020 at 13.56% and higher than the contribution in Q2 2021 at 14.18%.
In addition, real contribution to GDP in 2021 third quarter was 8.96%, an increase compared to 8.93% recorded in third quarter of 2020 and higher than the 8.69% recorded in second quarter of 2021.
What you should know
- In Q2 2021, the real GDP growth for the manufacturing sector stood at 3.49% (year-on-year) in the second quarter of 2021 compared to a decline of 8.78% recorded in the corresponding period of 2020.
- The manufacturing sector comprises thirteen activities which are; Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood products; Pulp Paper and Paper products; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber products; Electrical and Electronic; Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing.