Nigeria: Manufacturing contributes 9 pct to Country’s GDP in 2018

Business News

The Nigerian Economy Improved by 2.4 % in 2018Q4 and 1.9 % in 2018 Full Year Latest Release from the National Bureau of Statistics revealed that Q4 2018 GDP numbers grew by 2.4% compared to Q3 2018 growth of 1.8 % YoY.

This growth mirrored the performance of the non-oil sector which improved by 2.7 % YoY. The full year GDP improved by 1.9% better than 2017 of 0.8%.

This performance is still weak and fragile. It is also far below 3% annual population growth as this remain a cause for concern due to its wider on inclusive and sustainable growth in the country..

Manufacturing 

The manufacturing sector recorded an annual growth rate of 2.09% in 2018, this marks significant improvement of -0.21% in the previous year. This sector contributes about 9.20 % to overall GDP.

 

Agriculture

The sector expanded by 2.1% in 2018. This sector recorded the lowest growth since 1993. The major driver of this sector performance is Crop Production, which accounted for 88% of Agricultural output in 2018. In terms of contribution, Agriculture accounted for 25% of real output in the year.

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