Manufacturing Sector Increases GDP Contribution To N6.616 Billion, Surpasses Oil and Gas Sector

Latest data from the National Bureau of Statistics have revealed that the contribution of the manufacturing sector to the nation’s Gross Domestic Product has increased by N6.616 billion. An analysis of the nine month revenue showed that the sector added N2.141 billion to the economy in the first quarter; N2.125 billion in the second quarter; and N2.35 billion in the third quarter.

The NBS report also indicated that the manufacturing sector surpassed the oil and gas industry in its contribution to the nation’s GDP by N1.93 billon, with the oil and gas sector contributing N4.677 billion to the economy.

Basically, the manufacturing activities noted in the data are the oil refinery, cement, food, beverage and tobacco; textile, apparel and footwear; wood and wood products; pulp, paper and paper products; as well as chemical and pharmaceutical products. Others include the non-metallic products; plastic and rubber products; electrical and electronics; basic metal, iron and steel; motor vehicles and assembly among others.

But the major revenue earners for the sector were given as food, beverage and tobacco, which contributed N3.15bn during the first three quarters of 2015. It further stated that the exploration of petroleum and natural gas was becoming unprofitable due to the fall in the price of crude oil in the international market.