Nigeria’s manufacturing sector witnessed a decline in its contribution to the country’s gross domestic product (GDP) in the fourth quarter of 2023, dropping to 8.23 percent from 8.40 percent in the corresponding period of the previous year.
Despite a modest year-on-year increase of 1.38 percent in real GDP growth, challenges such as elevated energy costs, exchange rate fluctuations, and increased interest rates impacted the sector’s performance.
The sector’s nominal GDP, however, experienced significant growth, reaching 38.06 percent year-on-year, highlighting its substantial impact on the economy.
Manufacturers continue to advocate for government intervention to address persistent issues such as multiple taxation and energy sector inefficiencies.
