The contribution of Nigeria’s manufacturing sector to the Gross Domestic Product (GDP) has crashed to a record low N1.5 trillion in the second quarter of 2023, which ended in June, reports made available to VERY SERIAL has revealed.
This decrease signifies a 17.24 percent drop from the previous quarter’s N1.8 trillion contribution in the first quarter of the year.
Nigeria’s economy grows 2.51% in Q2, 11th consecutive quarter of expansion
According to the Nigerian Bureau of Statistics (NBS), the nation’s economy grew by 2.51% in the second quarter, a growth rate higher than the 2.31% recorded in the first quarter.
This marks the 11th consecutive quarter of economic expansion, although it’s lower than the 3.54% recorded in the first quarter of 2022.
The real GDP for the second quarter was N17.72 trillion, slightly lower by 0.17 percent compared to N17.75 trillion in the first quarter.
The manufacturing sector’s percentage contribution to real GDP also declined from 10.13 percent in the first quarter to 8.40 percent.
However, the sector’s real GDP growth for the second quarter was 2.20 percent, an improvement from the preceding quarter’s growth rate of 1.61 percent.
Dr. Muda Yusuf, the CEO of the Center for Promotion of Private Enterprise, mentioned that the Nigerian economy is undergoing essential reforms to rectify distortions and drive recovery and growth, although implementing these reforms poses challenges with social impacts.
