Industrial Sector’s Contribution To Nigeria’s GDP Hits Lowest In 12 Years Under Tinubu Amid Poor Policies
Nigeria’s economic sector is divided into Agriculture, Industries and Services.
Data provided by the National Bureau of Statistics (NBS) has shown that the contribution of the industrial sector to Nigeria’s Gross Domestic Product (GDP) has hit the lowest in 12 years under the current President Bola Tinubu-led government.
Nigeria’s economic sector is divided into Agriculture, Industries and Services.
Data review shows that the country posted an 18.65% contribution to the country’s GDP in 2023, a fall from the 19.02% recorded in 2022.
However this fall is the highest recorded since 2012, checks of the NBS data has shown.
In 2021, the contribution stood at 20.56%, and stood at 21.36% in 2020. 22.25% in 2019, 22.24% in 2018, 22.25% in 2017, 21.96% in 2016, 23.71% in 2015, 24.93% in 2014, 24.8-% in 2013 and 25.61% in 2012.
This development comes amid concerns on the business landscape in Nigeria with companies exiting the country citing high cost of doing business and unsustainable business environment.
These developments may not be unconnected with the dollar to naira crisis in the country and jerk up of the price of petroleum per litre under the Tinubu administration, a development which has driven up the cost of production and sales of many businesses and driven up their cost to revenue ratio.
