NBS says 5 manufacturing sub-sectors in Nigeria active, 8 inactive

Business News

NATIONAL Bureau of Statistics (nbs) says out of the 13 sub-sectors that make up the manufacturing sector in Nigeria, five recorded increase in economic performance between December 2017 and March this year while eight recorded decrease in productivity.

nbs in its report for the first quarter of this year, said “The five sub-sectors that recorded increase in economic performance are cement from N228.8 billion in December to N251.8 billion in March 2018; wood and woods products, from N78.85 billion to N82.14 billion; Pulps and paper products, from N23.67 billion to N23.77 billion; non-metallic products, from N104.17 billion to N110.21billion; and motor vehicle assembly, from N16.48 billion to N19.64 billion.”

Consequently

The report said that companies in the sector recorded a decline of about N30 billion in outputs in the first quarter of this year

An analysis of the Gross Domestic Product report prepared by the NBS showed that the sector recorded a total output of N2.66 trillion at the end of the fourth quarter of 2017.

However, the level of productivity in the sector dropped by N30 billion from the fourth quarter 2017 figure to N2.63 trillion in the first three months of this year.

It said that the sector had been badly hit by the harsh operating environment, which took its toll on the profit margins of many companies operating in that segment of the economy.

 

Leave a Reply