The association said, despite the higher oil prices as well as the improvement in terms of trade, the expansion of the growth of the Nigerian economy remains sluggishly above the population growth rate.
The director-general of MAN, Segun Ajayi-Kadir said, the negative growth of the sector’s GDP sends a strong signal to potential investors in the sector, saying the impending result is negative investors’ sentiments and pessimism against provision of critical raw materials, technology and technical know-how required to promote the industry.
Recent report by the National Bureau of Statistics (NBS) revealed that year-on-year real GDP growth of the Nigerian economy stood at 2.25 percent in the third quarter of 2022.
