- Production value hit N7tr in 2021 as against previous year’s N4.4tr
The Manufacturers Association of Nigeria (MAN) has declared that the country’s manufacturing sector grew in several indices during the second half of 2021 compared to the preceding year.
It made this known in a statement issued at the weekend by President of the association, Mansur Ahmed, and available to The Trumpet in Lagos.
A MAN report revealed that the manufacturing sector production increased to N3.73 trillion in the second half of 2021 from N2.36 trillion in the corresponding half of 2020 indicating an increase of N1.37 trillion or 58.1 per cent rise.
It also showed that the sector increased by N0.07 trillion or 1.9 per cent, when compared with N3.66 trillion recorded in the preceding half, while production value in the sector amounted to N7.03 trillion in 2021 compared to N4.42 trillion in 2020.
“The increase in the manufacturing production value in the second half of 2021 was associated with increased cement production due to the new BUA Cement Factory in Sokoto, the new factory of African Glass and activities of the five new paper mills.
“This is also highlighted by the increased production value in the non-metallic mineral production sector to N374.41 billion in the second half of 2021 from N74.18 billion and N249.79 billion recorded in the corresponding half of 2020 and the preceding half,” the statement reads.
The report further showed that capacity utilisation in the manufacturing sector increased to 59 per cent in the second half of 2021 from 53.7 per cent recorded in the corresponding half of 2020, indicating 5.3 per cent increase over the period.
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It added that investments in the manufacturing sector increased to N73.18 billion from N56.44 billion recorded in the corresponding half of 2020, indicating N16.74 billion or 29.7 per cent increase over the period.
The statement noted that activities of the sector increased by N70.96 billion or 49.3 per cent when compared with N144.14 billion recorded in the preceding half with manufacturing investments amounting to N217.22 billion in 2021 as against N118.52 billion in 2020.
“Investments in manufacturing have been gradually recovering following the return of economic activities, as issues of COVID-19 pandemic were continuously resolved.
“In the last one year, significant investments have been recorded in the pulp, paper printing and publishing sector with the establishment of five new paper mills that are into recycling of waste papers to produce cartons,” the statement added.
According to the report, no fewer than 8,508 new jobs were created in the sector in the second half of 2021 as against 3,451 jobs recorded in the corresponding half of 2020, 7,451 jobs in the corresponding half of 2020 and 7,602 jobs created in the preceding half.
“The total net employment recorded in the sector in 2021 after adjusting for job losses was 3,257,” the statement added.
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