Manufacturers project 3.2 per cent economic growth in 2024

The Manufacturers Association of Nigeria says real sectoral growth will hit about 3.2 per cent in 2024.

According to NAN, the group’s director general, Segun Ajayi-Kadir, disclosed this in an interview on the outlook for the sector in 2024.

However, Ajayi-Kadir predicted a tough start for Nigeria’s manufacturing sector in the first quarter of 2024.

“In broad terms, the year 2024 may start on a tough note for manufacturing but may end with some measured improvements because the envisaged policy reforms, improved commitment to domestic production, and general positive outlook seem favourable for the sector.

“In 2024, sectoral real growth is expected to hit about 3.2 per cent; contribution to the economy will most likely exceed 10 per cent, and the Manufacturers’ CEOs Confidence Index is predicted to rise above the 55 points threshold by the end of Q4 2023,” he said.

On Monday, President Bola Ahmed Tinubu signed the N28.7 trillion budget into law with a projected Gross Domestic Product growth of 3.88 per cent.