Nigeria’s manufacturing sector suffered a cumulative loss of about N1.2 trillion between 2019 and 2023, according to a recent Quartus Economics report titled ‘Inside Nigeria’s Quiet Recovery.’ The study analysed the economy after the National Bureau of Statistics (NBS) rebased GDP figures.
While the economy expanded by nearly 4.1 per cent year-on-year in 2024, the years of stall saw agriculture grow only 11 per cent, services 3 per cent, and manufacturing decline sharply by 21 per cent. Over half of Nigeria’s industrial categories declined or grew slowly during this period.
The report notes a modest recovery in 2024, with manufacturing growing 1.19 per cent, equivalent to N207 billion. Leading subsectors included chemical and pharmaceutical products (+N33.9 billion), food and beverages (+N81.5 billion), non-metallic products, motor vehicles and assembly, and basic metals.
However, some industries continue to underperform. Textile, apparel, and footwear dropped by N72 billion; oil refining contracted by 14.67 per cent; while pulp & paper and electrical & electronics showed minimal gains.
The NBS’s Q1 2025 GDP growth rate stood at 3.13 per cent, up from 2.27 per cent in Q1 2024, driven primarily by the services sector, which contributed 57.5 per cent of GDP. The Manufacturers Association of Nigeria (MAN) expressed concern over industrial underperformance and urged the federal government to prioritise manufacturing and industrialisation to align with the country’s true economic gains.
