Manufacturers predict economic growth of 3.2% in 2024

Manufacturers predict economic growth of 3.2% in 2024

The Nigerian Manufacturers Association expects real sectoral growth to reach around 3.2% in 2024.

According to NAN, the group’s Executive Director Segun Ajay Kadir disclosed this in an interview on the outlook for the sector in 2024.

However, Ajay Kadir predicted a tough start for Nigeria's manufacturing industry in the first quarter of 2024.

“Broadly speaking, 2024 may start on a challenging note for manufacturing, but expected policy reforms, improved commitments to domestic production, and a generally positive outlook look favorable for manufacturing.” Therefore, it may end with some improvement.”

“Real sectoral growth in 2024 is expected to reach around 3.2%. The contribution to the economy will likely exceed 10% and the manufacturer CEO confidence index will reach 5.5% by the end of the fourth quarter of 2023. “We expect it to exceed the point threshold,” he said.

On Monday, President Bola Ahmed Tinubu signed into law a 28.7 trillion naira budget bill projecting a gross domestic product (GDP) growth rate of 3.88%.


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