Manufacturing yields 2.28% in Q4 2021, more projected in 2022
By Jeph Ajobaju, Chief Copy Editor
Manufacturing grew real Gross Domestic Product (GDP) 2.28 per cent in the fourth quarter ended December 2021 (Q4 2021), greater than 2.01 per cent in Q4 2020 but lower than 3.80 per cent in 2021.
Nominal GDP clinched 25.52 per cent or 0.92 per cent above the rate in Q4 2020 but dipped 7.21 per cent against Q3 2021, according to latest GDP report published by the National Bureau of Statistics (NBS).
Breakdown
- Manufacturing comprises
- 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
- Other Manufacturing
- Manufacturing contributed 14.28 per cent to nominal GDP in Q4 2021, higher than 12.87 per cent in Q4 2020 but lower than 15.59 per cent.in Q3 2021.
- It contributed 8.46 per cent to real GDP in Q4 2021 against 8.60 per cent in Q4 2020 and 8.96 per cent in Q3 2021.
- Manufacturing contributed 4.29 per cent to real GDP in Q3 2021 compared with 3.49 per cent in Q3 2020.
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Agusto & Co projects 4% GDP growth in 2022
Ratings agency Agusto & Co has projected Nigeria’s GDP growth of between 3 and 4 per cent in 2022, driven by services, manufacturing, oil, and gas, per reporting by Nairametrics.
Growth is expected to be fuelled by improved performance as businesses and households fare better than they did in 2021 and the world recovers from the pandemic.
However, the agency said returns delivered by key businesses will still be below expected returns (cost of equity) estimated at about 27 per cent while real wages will continue to drop and unemployment keep on rising.
