Nigeria’s manufacturing sector recorded real GDP growth of 3.49% (year-on-year) in the second quarter of 2021 compared to a decline of 8.78% recorded in the corresponding period of 2020. This is according to the GDP report released by the National Bureau of Statistics (NBS).
Nominal GDP growth of the manufacturing sector in the second quarter of 2021 was recorded at 38.33%, which is 38.47% points higher than the figure recorded in the corresponding period of 2020 (-0.14%) and 6.23% points higher than the preceding quarter figure of 32.10%.
Quarter on quarter growth of the sector was recorded at -9.22% in nominal terms. The contribution of Manufacturing to Nominal GDP in the second quarter of 2021 was 14.18%, higher than the figure recorded in the corresponding period of 2020 at 11.79% but lower than the first quarter of 2021 at 15.27%.
On the other hand, Real GDP growth in the manufacturing sector in the second quarter of 2021 was 3.49%, 0.09% higher than the preceding quarter of Q1 2021 (3.40%). On a half-year basis, the growth rate of the sector stood at 3.44% compared to -4.07% recorded for the half-year 2020.
Real sector contribution to GDP in Q2 2021 was 8.69%, lower than the 8.82% recorded in the second quarter of 2020 and the 9.93% recorded in the first quarter of 2021.
The manufacturing sector comprises of thirteen (13) activities, namely 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.
What you should know
Nairametrics had earlier reported that Nigeria’s real GDP grew by 5.01% in Q2 2021, indicating a significant boom compared to the 0.51% expansion recorded in the previous quarter (Q1 2021) and 6.1% decline recorded in the corresponding period of 2020.