CPPE Warns Weak Manufacturing Threatens Nigeria's Economy

The Centre for the Promotion of Private Enterprise (CPPE) has issued a warning that Nigeria's economy cannot achieve sustainable structural transformation without a stronger manufacturing base. This statement follows the release of new data from the National Bureau of Statistics, indicating that Nigeria's real gross domestic product (GDP) grew by 3.89% year-on-year in the first quarter of 2026, compared to 3.13% in the same period of 2025.

The CPPE noted that while the manufacturing sector expanded by 3.29% in Q1 2026, its contribution to GDP remains below 10%, constrained by high energy costs, elevated interest rates, inadequate infrastructure, and policy uncertainty. The oil and gas sector's growth slowed to 2.57% in Q1 2026 from 6.79% in Q4 2025.

The CPPE emphasized that the next phase of economic reform should focus on enhancing industrial power sector reform and export competitiveness to ensure broad-based economic growth and social benefits.