Manufacturing plays a significant role in economic development, as it drives industrialisation, innovation, and job creation. A strong manufacturing sector for developing countries like Nigeria can help reduce dependence on oil exports and diversify the economy. This report will explore the various evolutions of Nigeria’s manufacturing outputs, revealing the major trends influencing the country’s economic trajectory.
What Was Nigeria’s Manufacturing Output In The 1980s?
The 1980s marked a period of decline in Nigeria’s manufacturing output. Starting at $33.33 billion in 1981, it steadily decreased throughout the decade until it reached its lowest point at $8.08 billion in 1989. This decline reflects the economic challenges Nigeria faced at the time, including political instability and financial mismanagement.
The 1990s saw some recovery and major fluctuations in Nigeria’s manufacturing output. The decade started with a modest increase to $9.61 billion in 1990. However, this output was not constant, as it dipped in some years and peaked in others. For example, it peaked at $38.56 billion in 1997 before sharply dropping to $9.62 billion in 1999. At this time, Nigeria was attempting economic reforms and structural adjustments.
How Did the 2000s Impact Nigeria’s Manufacturing Output?
The new millennium ushered in a period of relative stability and growth for Nigeria’s manufacturing sector. Output gradually increased from $9.64 billion in 2000 to $27.73 billion by 2008. Despite a dip in 2009 to $23.12 billion, the overall trend was positive, suggesting that Nigeria had improved its industrial policies and was in a more favourable economic environment at the time.
What Were the Key Changes in the 2010s?
The 2010s were a period of considerable growth, starting at $24.05 billion in 2010 and surging to $55.33 billion in 2014. This was followed by a sharp decline to $35.12 billion in 2016 before recovering to $40.69 billion in 2018 and eventually reaching $54.68 billion in 2019.
How Did Nigeria’s Manufacturing Output Perform in the Early 2020s?
The early 2020s saw record highs in Nigeria’s manufacturing output. In 2020, its production was $54.75 billion, which increased to an all-time high of $64.41 billion in 2021 and slightly decreased to $64.25 billion in 2022. Despite global challenges like the COVID-19 pandemic, Nigeria’s manufacturing sector showed resilience and performed well during this period.
*All data cited in this report were sourced from:
