Domestic manufacturing value hits N5.2tr

• Domestic manufacturing value hits N5.2tr

The Manufacturers Association of Nigeria (MAN) has said the estimated value of manufacturing in the country during the second half of last year reached N5.02 trillion as against N4.08 trillion of the corresponding period of the previous year. This translates to N0.94 trillion or 23.0 per cent increase over the period, according to MAN’s second half of 2016 report.

This also indicates that production in the manufacturing sector totalled N8.38 trillion as against N7.71 trillion totals of 2015; thus indicating N0.67 trillion or 8.7 per cent increase over the period.

At the end of last year, estimated cumulative manufacturing investment from 2013 to 2016 stood at N3.79 trillion based on data generated in the survey conducted by MAN over the period.

In the second half of 2016, manufacturing investment increased to N448.94 billion from N309.33 billion recorded in the corresponding period of 2015; thereby indicating N139.61 billion increase over the period.

It also, increased by N283.33 billion when compared with N165.61 billion recorded in the preceding half.

Manufacturing investment totalled N614.55 billion in 2016 as against N489.45 billion of the 2015; thereby indicating N125.1 billion increase over the period.

A total of 10,061 manufacturing jobs were created in the second half 2016 as against 9393 jobs created in the corresponding half of 2015; thus indicating an increase of 668 jobs over the period.

Another 4,408 jobs were lost in the period under review as against 12,400 jobs lost in the preceding half; thereby indicating 7,992 decline over the period.