Nigeria’s Manufacturing Sector Grew By 2.35% In Q4 2018
Nigeria’s manufacturing sector has struggled since 2015 when Nigeria faced acute dollar shortages making it impossible for operators to buy raw materials.
Many were forced to shut down or lay off workers, while some relocated their factories to Ghana and other neighbouring countries.
Since then, its contribution to the economy has lagged other sectors.
In the last quarter of 2018, the sector saw a marginal growth, recording a real GDP growth of 2.35% within the period, which is higher than the 0.14% recorded in the same quarter of 2017 and 1.92% recorded in the preceding quarter.
According to the Q4 GDP report released by the National Bureau of Statistics, NBS on Tuesday, “on a quarter-on-quarter basis, the sector’s growth rate stood at 5.46%, while the annual growth rate was 2.09% in 2018”.
“The annual growth rate was a significant improvement over the previous year’s growth rate of –0.21%. The sector’s contribution to real GDP in Q4 2018 did not change from its 2017 share (8.86%) and this was also reflected in the annual contribution, which rose only slightly from 9.18% in 2017 to 9.20% in 2018,” NBS said in the report.
The sector also recorded a nominal GDP growth at 33.57%, which is 24.37% points higher than the rate recorded in the corresponding period of 2017 (9.20%).
However, this is only 0.84% points higher than the preceding quarter’s 32.73%.
“Quarter on Quarter growth of the sector stood at 6.62%, while annual growth was 24.00% in 2018.
“The contribution of Manufacturing to nominal GDP in Q4 2018 was 10.11%, which is higher than its contribution in the corresponding period of 2017 (8.53%) and Q3 2018 (10.01%).
“For 2018, the sector contributed 9.75% to total nominal GDP, higher than its contribution, of 8.83% in 2017.”
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