MANUFACTURING STILL NIGERIA’S FASTEST-GROWING SECTOR

Nigeria’s manufacturing sector continues to record the fastest growth, according to the country’s National Bureau of Statistics.

Nigeria - Real GDP growth

7.1

(% change)

in 2014

Annual percentage growth rate of GDP at market prices based on constant local currency. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

“Other manufacturing activities among the fastest growing include non-metallic products, textile, apparel and footwear, and plastic and rubber products, all of which grew at a rate of close to 30 per cent,” the bureau said.

“The slowest second quarter growth was recorded under electricity, gas, steam and air-conditioning supply, which exhibited negative real growth of 20.57 per cent as electricity output slowed during the quarter.”

The bureau also stated that in the second quarter, Nigeria’s nominal Gross Domestic Product (GDP), at basic prices, was estimated at 21,734,829.86 million naira, and 16,084,622.31 million in real terms.

“As a result, the growth rate of real GDP was recorded at 6.54 per cent in the second quarter of 2014, higher than 5.40 per cent recorded in the corresponding quarter of 2013, and also higher than the 6.21 per cent recorded in the first quarter of 2014,” it said.