The manufacturing sector’s contribution to Nigeria’s Gross Domestic Product declined to 8.23 per cent in the fourth quarter of 2023 from 8.40 per cent in the corresponding quarter last year.
The National Bureau of Statistics disclosed this in its fourth-quarter 2023 report.
On a quarter-on-quarter basis, the sector’s contribution to GDP dropped by 0.19 per cent, from 8.42 per cent to the current figure.
The manufacturing sector’s Q4 2023 Real GDP growth stood at a 1.38 per cent year-on-year increase, representing a slight decline from 2022 but an improvement from the previous quarter. Quarter-on-quarter growth stood at 9.54 per cent.
The manufacturing sector experienced a notable increase in Nominal GDP growth in the fourth quarter of 2023, reaching 38.06 per cent year-on-year.
This marked a significant leap of 29.20 percentage points from the 8.86 per cent growth observed in the same period of 2022 and a modest improvement of 1.47 percentage points over the previous quarter’s growth rate of 36.59 per cent.
Additionally, the sector saw a quarter-on-quarter growth of 7.70 per cent during the final quarter of the year.
The manufacturing sector’s contribution to the Nominal GDP in Q4 2023 was 16.04 per cent, representing an increase from the 13.49 per cent contribution during the same quarter in 2022. However, it slightly declined from the 16.18 per cent recorded in the third quarter of 2023.
OsunDailyNG reports that the country’s GDP grew by 3.46 per cent in Q4 2023.
