In spite of a series of bottlenecks, the Nigerian manufacturing sector grew by 4.29 percent year-on-year in real terms in the third quarter (Q3) of 2021, the National Bureau of Statistics (NBS) reported last week.
The growth was high than the same quarter of 2020 when COVID-19 plunged the sector and higher than the second quarter by 5.8 percent and 0.08 percent, respectively.
On a quarterly basis, the manufacturing sector rose at a 14.40 percent rate in the quarter and contributed 8.96 percent to the real economy, slightly higher than the 8.93 percent recorded in the third quarter of 2020.
Nigeria’s manufacturing sector comprises 13 subsectors, 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.
In nominal terms, the manufacturing sector expanded at 32.73 percent year-on-year, representing a 19.18 percent increase when compared to the 13.54 percent posted in the corresponding period of 2020 and 5.60 percent points lower than the preceding quarter figure of 38.33 percent.
On a quarterly basis, growth of the sector was recorded at 26.78 percent. The manufacturing sector 15.59 percent to nominal GDP in the quarter, higher 13.56 percent filed in the corresponding quarter of 2020 and 14.18 percent recorded in the second quarter of 2021.
Meanwhile, Investors King reported that the Nigerian economy grew by 4.03 percent in the third quarter of 2021. The oil sector contracted by 10.73 percent year-on-year but posted 12.05 percent growth on a quarterly basis. The sector contributed 7.49 percent to total real GDP.
The non-sector as expected carried the Nigerian economy, growing at 5.44 percent in real terms and contributing 92.51 percent to real GDP.
The non-oil sector was driven by growth in trade, Information and Communication (Telecommunication); other drivers include Financial and Insurance (Financial Institutions); Manufacturing (Food, Beverage & Tobacco); Agriculture (Crop Production); and Transportation and Storage (Road Transport), accounting for positive GDP growth.
