MAN urges industrial reforms after Nigeria records 18.3% GDP growth through rebasing.
The Manufacturers Association of Nigeria (MAN) has cautioned the federal government not to interpret the 18.3% nominal increase in Nigeria’s Gross Domestic Product (GDP), revealed in the latest rebasing exercise, as a sign of genuine economic progress.
According to MAN, despite the statistical expansion, real GDP growth remains weak, averaging just 1.95% between 2020 and 2024, signaling deep-rooted structural weaknesses in the economy.
MAN Director-General, Segun Ajayi-Kadir, said the rebased figures merely confirm a bigger economy on paper but underscore the declining role of manufacturing, which fell from 27.65% in the 2010 base year to 21.08% in 2019.
“This is not evidence of transformation. Industry is shrinking in real terms, with the manufacturing sector recording an average negative growth of -0.76% in the last five years,” Ajayi-Kadir warned.
He stressed that without industrial reforms, the GDP expansion will remain a ‘hollow statistic’ with little impact on job creation and poverty reduction.
Ajayi-Kadir urged the government to prioritize re-industrialization, infrastructure development, and financing for manufacturers, warning that Nigeria’s dependence on primary commodities and informal activities is unsustainable.
While acknowledging that the rebased GDP now at $243 billion could boost investor confidence and improve macroeconomic ratios such as the debt-to-GDP metric, MAN emphasized that confidence is anchored on productivity and structural resilience, not size alone.
Similarly, the Nigeria Employers’ Consultative Association (NECA) welcomed the rebasing, describing it as a tool for better policy planning, but insisted that economic reforms, SME empowerment, and infrastructure upgrades are essential to unlock Nigeria’s growth potential.
NECA Director-General, Adewale-Smatt Oyerinde, said the rebasing reveals opportunities in real estate, telecoms, and trade, but also highlights the urgency of diversification beyond extractive industries.
“This rebasing is a wake-up call for action, not a celebration. A $1 trillion economy by 2030 is achievable, but only with coordinated reforms,” Oyerinde said.
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