Manufacturing, others suffer as economy slows to three-year low

The nation’s Gross Domestic Product growth fell to 2.74 per cent in 2023 from 3.10 per cent in 2022, according to new GDP report released by the National Bureau of Statistics on Thursday.
This represents the slowest growth since 2020 when the economy contracted and entered into a recession by –1.92 per cent due to the COVID-19 pandemic.
The NBS in its ‘Nigerian Gross Domestic Product Report, (Q4 2023)’ released on Thursday, stated that growth in the agriculture and manufacturing sectors of the economy reduced in 2023, while the performance of the service sectors also reduced drastically in the year.
It said the growth in the manufacturing sector reduced by 1.40 per cent in 2023, lower than 2.45 per cent in 2022 on an annual basis while the agriculture sector grew by 1.13 per cent in 2023, down from 1.88 per cent in 2022.