The Manufacturers Association of Nigeria (MAN) has expressed serious doubts about Nigeria’s ability to achieve a $1 trillion economy by 2026, citing a confluence of challenges stacked on its path.
According to MAN, the growth rate of 2.18 percent of the manufacturing sector clearly falls short of the six percent average targeted by the Tinubu administration.
The association made the remark following the GDP report for the third quarter of 2024 as released by the National Bureau of Statistics, which showed that Nigeria’s economy recorded a significant improvement in the third quarter of 2024, with the manufacturing sector recording the least growth rate of 2.18 per cent during the period under review.
Director General of MAN, Segun Ajayi-Kadir, explained that the growth rate points to the fact that the sector is being choked by interest rate hikes, high exchange rates, and escalated energy costs.
The NBS GDP report for the third quarter of 2024 showed that Nigeria’s economy recorded a significant improvement in the third quarter of 2024, with a growth rate of 3.46% compared to 2.54% in the same period of 2023 and 3.19% in the previous quarter.
