The manufacturing sector’s contribution to the economy has dropped to three per cent from 7.7 per cent it was in 2019, Chair of the Nigerian Economic Summit Group (NESG), Olaniyi Yusuf, has lamented.
Yusuf, who stated this in his keynote address at the Manufacturing Association of Nigeria (MAN) Ikeja branch’s 58th Annual General Meeting (AGM), held in Ikeja, Lagos, said between 2019 and 2024, the sector’s share of GDP fell from 9.1 per cent to 8.2 per cent.
“Capacity utilisation has dropped, and more worrying, the sector is losing jobs rapidly rather than creating jobs,” he said.
The theme of the AGM was, ‘Driving economic growth: The role of MAN in advancing the Nigeria First policy for sustainable development.’
Yusuf argued that the role of a strong manufacturing base is vital, saying it is time to move from intention to execution in delivering a ‘Nigeria First’ economic strategy, which must place production, inclusion and national prosperity at the centre of the national development model.
