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Industry Overview
Nigeria’s industry sector taking steps to fill its potential
Since the 1970s, Nigeria has neglected its manufacturing base, choosing instead to depend on the revenues from its oil and gas reserves to drive its economy. But Nigeria’s manufacturing industry is attracting more foreign investment than ever before, and as the government pushes to increase the sector’s share of GDP, there are many positive indicators for the future of manufacturing in Nigeria.
Manufacturing is increasingly important to Nigeria’s economy, as the government attempts to expand the non-oil sector to reduce its dependence on petroleum. The non-oil sector as a whole grew by 9.6% in 2007. The manufacturing industry in Nigeria accounted for 4.02% of GDP in 2007, up from 3.91% in 2006, registering growth as a percentage of GDP of 9.16%, as compared to 2006’s 9.39%. But with manufacturing capacity utilisation at just 53.5% in 2007, essentially unchanged from 2006’s 53.3%, there is plenty of room for manufacturing to expand. ...
