Bisola David
The manufacturing sector’s actual GDP contribution to Nigeria fell to 8.42% in the third quarter of 2023.
According to The Times, compared to the 8.62% contribution of the sector in the second quarter of 2023, this statistic is lower by 0.20%.
The sector’s economic contribution was 8.59% in the quarter that compared to the same period in 2022, which is likewise less than the current amount.
This is in line with the NBS’s third-quarter 2023 GDP report.
In the third quarter of 2023, the manufacturing sector’s actual growth rate was 7.12%, a 1.72% increase over the previous quarter.
The manufacturing industry saw a real year-over-year GDP growth of 0.48% in the third quarter of 2023, surpassing the corresponding quarter in 2022 by 2.39%.
The sector had a nominal increase of 36.59% year over year, which was 34.39 per cent greater than the growth reported in the corresponding quarter of 2022.
Additionally, it is 6.69% higher than the second quarter of 2023.
The manufacturing sector’s share of the nominal GDP in the third quarter of 2023 was 16.18%, higher than in the same period in 2022 (13.75%) and 2023 (24.55%).
The manufacturing sector includes industries including rubber and plastic, food and beverage production, oil refining, cement manufacture, textiles, and pharmaceuticals.
The performance of the manufacturing sector has suffered recently as a result of the country’s new administration’s changes.
Notore, BUA Cement, and Dangote Cement—three well-known manufacturing companies listed on the NGX, all recorded a cumulative foreign exchange loss of -N129.811 billion.
The “controlled devaluation” of the naira by the CBN in June as a result of the FX market’s unification led to the FX loss that was recorded.
President Tinubu pledged to examine tax complaints from industry participants and offer N75 billion in single-interest loans to manufacturers in an effort to ease their suffering following the loss of subsidies.
The Presidential Committee on Fiscal Policy and Tax Reforms was established by the President early in his administration, and it has so far issued a report titled “Quick Win.”
