Manufacturing records N6.99tn growth, resists harsh environment

Manufacturing

Between December 2018 and December 2020, the aggregate monetary value of the manufacturing sector’s output rose from N12.45tn to N19.44tn.

This showed an increase of N6.99tn or 34.78 per cent in total manufacturing output within the two-years period.

The figures were arrived at after analysing the Gross Domestic Product report obtained from the National Bureau of Statistics.

The report also showed that out of the 13 subsectors that constitute the manufacturing sector, 12 recorded increase in economic performance between 2018 and 2020, while one subsector recorded a fall in productivity.

The 12 subsectors that recorded increase in economic performance included cement which recorded an increase of about N2.1tn from N1.34tn in 2018 to N3.44tn; food, beverage and tobacco which rose by N1.91tn from N5.33tn to N7.24tn, textile apparel and footwear from N2.96tn to N4.31tn, indicating a N1.35tn rise.

Also, the wood subsector rose by 26.61 per cent from N350.35bn in 2018 to N443.58bn; pulp, paper and paper products rose from N128.58bn to N255.2bn; chemical and pharmaceutical products from N279.93bn to N460.43bn; and non-metallic products rose by 89.7 per cent from N590.21bn to 1.12tn.

The report showed that plastic and rubber products sub-sector recorded an increase of about N215bn from N389.82bn in 2018 to N605.75bn, while electrical and electronics, basic metals, motor vehicle and other manufacturing grew from N9bn, N282.3bn, N114.02bn and N456.82bn to N13.86bn, N421.13bn, N489.66bn and N644.49bn respectively.

 

PUNCH

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