In the second half of 2018, output by members of the Manufacturers Association of Nigeria (MAN) stood at N5.22 trillion as against N5.03 trillion recorded in the corresponding half of 2017.
This indicates N0.19 trillion or 3.8 percent increase over the period, according to MAN.
Similarly, it increased by N0.46 trillion or 9.7 percent when compared with N4.76 trillion recorded in the preceding half.
Output in the sector totalled N9.98 trillion in 2018 as against N9.7 trillion recorded in the 2017, representing N0.28 trillion or 2.9 percent increase over the period. The increased manufacturing production in the period was ascribed to increase in activity volume and the relative tranquility in the foreign exchange market.
“MAN considers H2’18 as another life time opportunity to consolidate on the achievements recorded during the first term in office (of President Buhari), accomplish the various laudable projects, initiate policy measures that would enhance competitiveness and deliberately set the manufacturing sector on the path of sustainable growth,” MAN said in a recent economic review of the second half of 2018 manufacturing performance.
“Association acknowledges that the performance of the economy in the year 2018 presented better economic scenario than what obtained in 2017. The manufacturing sector also witnessed improved performance in 2018 in terms of capacity utilisation, production and investment than in 2017. However, for the economy and the manufacturing sector to experience significant improvement in the years ahead, it is important that the various challenges limiting manufacturing performance and growth are adequately addressed,” MAN notes.
Sectorial Group analysis shows that production increased in almost all the groups in this period.
Food, beverages and tobacco group increased production in the H2’18 to N1.7 trillion as against N1.64 trillion recorded in the corresponding half of 2017.
Production in pulp, paper & paper products, printing, publishing & packaging (6Ps) group stood at N75.84 billion in second half of 2018, representing N10.39 billion (15.9 percent) increase from N65.45 billion recorded in the corresponding half of 2017 and N12.45 billion or 19.66 per cent when compared with N63.38 billion of the preceding half.
Also, output in chemical & pharmaceutical group stood at N373.81 billion in the second half of 2018, representing 4.6 per cent and 11.05 per cent increase from N357.63 billion and N336.61 billion recorded in the corresponding half of 2017 and the preceding half respectively.
Production in domestic & industrial plastics increased by N16.31 billion when compared with N166.21 billion recorded in the preceding half.
Basic metal, iron & steel group improved production to N316.44 billion in second half of 2018, representing N109.32 billion and N129.99 billion increase from N207.12 billion and N187.44 billion recorded in the corresponding half of 2017 and the preceding half respectively.
Blessing Bala
