Real sector contribution to Nigeria's economy dips to 2.2%

The latest Gross Domestic Product (GDP) report of the National Bureau of Statistics (NBS) indicates that the contribution of real sector to Nigeria’s economy dipped to 2.20% , year-on-year, in the second quarter of 2023.

The report showed that the growth rate of the sector on a quarter-on-quarter basis stood at -14.98 per cent.

The real contribution to GDP in the second quarter of 2023 was 8.62 per cent, lower than the 8.65 per cent recorded in the second quarter of 2022 and lower than the 10.13 per cent recorded in the first quarter of 2023.

The manufacturing sector comprises 13 activities: oil refining; cement; food, beverages and tobacco; textile, apparel, and footwear; wood and wood products; pulp paper and paper products; chemical and pharmaceutical products.

Others include non-metallic products, plastic and rubber products; electrical and electronic; basic metal and iron and steel; motor vehicles and assembly; and other manufacturing.

The drop in the sector’s contribution to the economy has been linked to an array of bottlenecks, which bedevilled the real sector of the economy in the second quarter of the year.


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