Nigeria’s Manufacturing Sector Grows by 3.40 Percent in Q1 2020

Manufacturing activities in Africa’s largest economy Nigeria grew by 3.40 percent year-on-year in the first quarter (Q1) 2021, stated the National Bureau of Statistics (NBS).

The growth was higher than the 2.97 percent recorded in the same quarter of 2021 and 4.92 percent higher than the preceding quarter.

On a quarterly basis, the sector grew at -0.66 percent, according to the report.

The sector contributed 9.93 percent to the real GDP, higher than the 9.65 percent posted in the first quarter of 2020 and 8.60 percent posted in the fourth quarter of 2020.

The Manufacturing sector is comprised of thirteen activities: Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood products; Pulp Paper and Paper products; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber products; Electrical and Electronic, Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing.

Nominal GDP growth of the Manufacturing sector in the first quarter of 2021 was recorded at 32.10 percent (year-on-year), 3.62 percent points higher than recorded in the corresponding period of 2020 (28.47 percent) and 7.50 percent points higher than the preceding quarter figure of 24.60 percent. Quarter-on-quarter growth of the sector was recorded at 9.03 percent. The contribution of Manufacturing to Nominal GDP in the first quarter of 2021 was 15.27 percent, which was also higher than the corresponding period of 2020 at 12.98 percent and the fourth
quarter of 2020 at 12.87 percent.