The Manufacturers Association of Nigeria (MAN) has called on the federal government not to see the nominal increase of 18.3 per cent year-on-year Gross Domestic Product (GDP) growth recorded in the latest rebasing of Nigeria’s economy as evidence of significant economic progress.
It explained that this is because it might have obscured some of the economy’s deep-rooted challenges as real GDP’s average growth remained weak at 1.95 per cent between 2020 and 2024.
MAN also said the declining performance of the manufacturing sector from 27.65 per cent in the 2010 base year to 21.08 per cent in 2019 as seen from the rebased GDP was a strident call for structural industrial reforms.
These views were expressed by the Director General of MAN, Mr. Segun Ajayi-Kadir, in his response to THISDAY’s questionnaire on the National Bureau of Statistics (NBS) rebasing exercise of the economy.
Ajayi-Kadir pointed out that although the GDP’s rebasing has confirmed that Nigeria’s economy has become statistically larger; it has also made it plain that Nigeria’s economy is neither more productive, nor more industrialised.
