Nigerian manufacturing output falls by a massive 33.12% during the second quarter of 2022

NIGERIAN manufacturing output fell by a whopping 33.12 percentage points during the second quarter of 2022 when compared with the previous year according to statistics just unveiled by the National Bureau of Statistics (NBS).

Apparently, the nominal gross domestic product (GDP) growth in the sector stood at a mere at 5.21% on a year-on-year basis. According to the Nigerian GDP report for the second quarter of 2022 published by the NBS, this was 33.12 percentage points lower than the figure recorded in the corresponding period of 2021.

In part, the report read: “Nominal GDP growth of the manufacturing sector in the second quarter of 2022 was recorded at 5.21% (year-on-year), 33.12% points lower than the figure recorded in the corresponding period of 2021 (38.33%) and 6.51% points lower than the preceding quarter figure of 11.72%. Quarter-on-quarter, growth of the sector was recorded at -14.50% during the quarter.

"The contribution of manufacturing to nominal GDP in the second quarter of 2022 was 12.97%, lower than the figure recorded in the corresponding period of 2021 at 14.18% and lower than the first quarter of 2022 at 15.06%.”

Also, the NBS report indicated that real GDP growth in the manufacturing sector in the second quarter of 2022 was 3% on a year-on-year basis, lower than the same quarter of 2021 and lower than the preceding quarter by 0.48 percentage points and 2.89% respectively.