Rebased GDP shows industry lagging — MAN urges FG to prioritise manufacturing
The Manufacturers Association of Nigeria (MAN) has urged the federal government to prioritise industrialisation and structural reforms, saying Nigeria’s newly rebased Gross Domestic Product (GDP) does not reflect genuine economic progress.
Segun Ajayi-Kadri, director general of MAN, said while recent GDP figures show signs of recovery, policymakers must resist the temptation to treat the rebound as evidence of real growth.
His comments follow data from the National Bureau of Statistics (NBS), which showed that Nigeria’s GDP grew by 3.13 percent in the first quarter (Q1) of 2025.
“The rebasing confirms that Nigeria’s economy may be statistically larger, but it is not more productive, nor more industrialised,” Ajayi-Kadri said.
He noted that industry’s share of GDP had declined from 27.65 percent in 2010 to 21.08 percent under the 2019 rebased structure.
Ajayi-Kadri described the rebasing as “a strong call for structural industrial reforms,” and urged the government to build a more productive economy by reducing its reliance on primary commodities and informal trade.
He also called for targeted support for struggling sectors such as textiles and vehicle assembly, and recommended policies to enhance competitiveness.
These, he said, should include improved energy supply, local content incentives, and efficient trade facilitation.
His warning aligns with recent comments by Bismarck Rewane, economist and chief executive of Financial Derivatives Company, who also urged policymakers to look beyond statistics.
Rewane, in an interview on Channels Television, said economic growth should be felt by citizens — not just measured on paper.
“Growth should not just be numerical — the people must feel it,” he said.
Rewane welcomed the 3.13 percent Q1 GDP growth as a good sign but cautioned against over-celebration.
“Nigeria’s GDP rebase is approximately $250 billion. Nigeria is still the fourth largest economy in Africa behind South Africa, Egypt and Algeria,” he said.
“In the world, it is number 40. The goal before was for Nigeria to be within the top 20 countries in the world. We are now number 40.”
