Business

Nigeria’s Manufacturing Sector Records N30bn Loss

Nigeria's Manufacturing Sector Records N30bn Loss
Dr. Yemi Kale, Statistician-General of NBS

The country’s manufacturing sector had a loss of N30bn in output in the first quarter of the year, according to data from the National Bureau of Statistics (NBS).

A further breakdown of the figures showed that the sector had an output of N2.66tn at the end of the fourth quarter of 2017.

According to the NBS, however, the productivity rate in the sector reduced by N30bn from the fourth quarter 2017 to N2.63tn in the period under review.

Furthermore, out of the 13 sub-sectors, five got a hike in economic performance between December 2017 and March, 2018, with eight having a slump in productivity.

The five sub-sectors that recorded increase in economic performance are cement from N228.8bn in December to N251.8bn in March 2018; wood and woods products, from N78.85bn to N82.14bn; pulps and paper products, from N23.67bn to N23.77bn; non-metallic products, from N104.17bn to N110.21bn; and motor vehicle assembly, from N16.48bn to N19.64bn.

On the other hand, the sub-sectors that had decline in productivity are: oil refining, from N42.69bn to N41.55bn; food, beverage and tobacco, from N1.21tn to N1.19tn; textile, apparel and footwear, from N642.55bn to N610.64bn; and chemical and pharmaceutical products, from N58.91bn to N55.23bn.

Others include: plastic and rubber products, from N84.59bn to N83.99bn; electrical and electronics, from N1.9bn to N1.4bn; iron and steel, from N66.68bn to N58.82bn; and other manufacturing, from N109.53bn to N105.93bn.

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