The contribution of Nigeria’s manufacturing sector to the economy has fallen sharply to three per cent, down from 7.7 per cent recorded in 2019.
Chairman of the Nigerian Economic Summit Group (NESG), Olaniyi Yusuf, disclosed this in his keynote address at the 58th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), Ikeja branch, held in Lagos.
Yusuf noted that between 2019 and 2024, the sector’s share of GDP declined from 9.1 per cent to 8.2 per cent, describing the trend as alarming.
“Capacity utilisation has dropped, and more worrying, the sector is losing jobs rapidly rather than creating jobs,” he said.
The AGM, themed ‘Driving Economic Growth: The Role of MAN in Advancing the Nigeria First Policy for Sustainable Development’, focused on strategies to strengthen local manufacturing.
Yusuf stressed the importance of a strong industrial base to Nigeria’s development, calling for a shift from policy intentions to actionable steps that prioritise production, inclusion and national prosperity.
