The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to focus on manufacturing and industrialisation as a means to achieve real economic progress, despite the recent improvement in the country’s rebased Gross Domestic Product (GDP).
Speaking in Lagos on Tuesday, MAN Director General Segun Ajayi-Kadri reacted to Nigeria’s 3.13% GDP growth in the first quarter of 2025, a modest rise from 2.27% recorded in the same period last year. He said the economy shows signs of recovery, but the underlying structure remains fragile.
Ajayi-Kadri explained that the rebased GDP, revised to $243 billion, largely reflects better data collection in agriculture, services, and informal sectors—not actual economic productivity. He warned that nominal GDP growth should not be mistaken for tangible development.
“Industry’s share of GDP fell from 27.65% in 2010 to 21.08% under the 2019 rebased structure,” he noted, describing it as a shift away from production toward low-productivity services. “Nigeria’s economy may be statistically larger, but it is not more industrialised.”
He urged the government to seize this moment to implement structural reforms focused on reviving industry, especially manufacturing. This includes targeted policies, long-term financing, infrastructure development, and support for ailing sub-sectors such as textiles and vehicle assembly.
“The rebasing should not be a celebration but a call to action,” he said. “Without a strong industrial base, GDP growth will remain hollow, and economic gains unsustainable.”
