February 27, 2025/CSL Research

According to the recently released Q4 2024 Gross Domestic Product (GDP) data by the National Bureau of Statistics (NBS), the manufacturing sector recorded a real GDP growth of 1.79% year-on-year (y/y) in the fourth quarter of 2024. This marks an improvement of 0.41 percentage points compared to Q4 2023 and 0.86 percentage points higher than the preceding quarter.

For the full year 2024, the manufacturing sector grew by 1.38% y/y to ₦6.85 trillion, slightly lower than the 1.40% y/y growth recorded in 2023, when the sector reached ₦6.75 trillion. The sector’s real contribution to GDP in Q4 2024 stood at 8.07%, down from 8.23% in Q4 2023 and 8.21% in Q3 2024. Overall, in 2024, the sector contributed 8.64% to total GDP, lower than the 8.81% recorded in 2023.

Click here to download full report: ​​​​CSL Nigeria Daily – 27 February 2025 – Economy.pdf​