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Nigeria’s manufacturing shrunk by 12.1% in 2015

by Business News Report

Figures released by the National Bureau of Statistics indicate that the manufacturing sector contribution to the supply of goods and services in the country fell by 12.1 per cent. The NBS report said “Nominal GDP growth of Manufacturing in the Fourth Quarter of 2015 was recorded at 6.93% (year-on-year), 12.19% points lower than the 19.12% recorded in the corresponding period of 2014 partly as a result of higher operating costs. Growth was 2.13% points higher than the Third Quarter 2015 recorded at 4.80%. On a Quarter-on-Quarter basis, the sector grew by 0.33%. Contribution of Manufacturing to Nominal GDP was 9.09% in the fourth quarter of 2015, lower than the 9.11% recorded in the corresponding period of 2014, and 9.67% in the third quarter of 2015
In the Fourth Quarter of 2015, Real GDP growth of the manufacturing sector slowed by 13.09% points to 0.38% (year-on-year) from 13.47% growth recorded in fourth Quarter of 2014. Growth was however 2.13% points higher than rates recorded in the Third Quarter of 2015, (Figure 6). On a quarter-on-quarter basis, the sector slowed on the margin by -0.03%, with oil refining and Motor vehicle and Assembly weighing on the sector Manufacturing.
There are thirteen activities in the Manufacturing sector; 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.

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