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NIGERIA’S MANUFACTURING SECTOR
Nigeria’s manufacturing sector experienced a staggering decline in growth, as its year-on-year (YoY) nominal GDP growth plummeted by 90.11% in the third quarter of 2024.
Nigeria’s manufacturing sector is navigating a challenging landscape in 2024, with a modest decline in real output and capacity utilization, according to the latest report from the Manufacturers Association of Nigeria (MAN).
In 2023, Nigeria's manufacturing sector, which contributes approximately 8% to the nation’s GDP, saw significant financial movements despite facing several economic challenges.
The Central Bank of Nigeria (CBN) increased the monetary policy rate (MPR) by 400 basis points, elevating it to a historic high of 22.75% to combat inflation and foster economic stability.
Nigeria's Manufacturing sector recorded a real GDP growth of 2.28% (year-on-year) in Q4.
9 Russian companies are interested in investing $500 million into Nigeria's manufacturing sector.
Nigeria’s manufacturing sector has continued to gain momentum as it rallied to build on the growth recorded in the third quarter of 2019.
Data from the NBS disclosed that the business activity in Nigeria’s manufacturing sector expanded at a stronger pace, with the PMI coming in at 58.2 index points in October.
The CBN Purchasing Managers’ Index shows that Nigeria’s manufacturing sector slowed down in the month of September 2019.