Nigeria’s manufacturing sector grew by 5.89% (year-on-year) in real terms in Q1 2022, an increase of 3.61% points from the preceding quarter which recorded a growth rate of 2.28%.
Nominal GDP growth of the sector was recorded at 11.72% year-on-year in Q1 2022, showing a fall of 20.38% points from the same quarter of 2021 (32.10%). The sector contributed 10.20% to overall GDP in real terms in Q1 2022, higher than the contribution in the first quarter of 2021 and lower than the fourth quarter of 2021 which stood at 9.93% and 8.46%.
The National Bureau of Statistics (NBS) released its Q1 2022 GDP report on Thursday, which revealed this. According to the research, Nigeria’s Gross Domestic Product (GDP) increased by 3.11% in real terms in the first quarter of 2022.