The manufacturing sector grew by 1.28 per cent year-on-year in the second quarter of the year, according to the Gross Domestic Product report of the National Bureau of Statistics (NBS) released on Monday.
The sector grew at a slower pace by 0.92 per cent when compared with the same quarter of 2023 and by 0.22 per cent against the Q1 2024 figure.
Slow growth in the manufacturing sector reflects the dwindling of industrial clusters, according to the Manufacturers Association of Nigeria.
Data from the NBS, which considered 13 categories in the manufacturing sector, showed that on a quarter-on-quarter basis, the sector contracted by -15.16 per cent.
Manufacturing growth as calculated by the NBS looked at the contributions of sectors, including oil refining, cement, food, beverages and tobacco, textile, apparel, and footwear, wood and wood products, pulp paper and paper products and chemical and pharmaceutical products, among others.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
