03-04-2020, 02:25 PM
Manufacturing output rose by N4.33tn to N16.7tn
[color=rgba(0, 0, 0, 0.9)]
Within a one-year period covering January to December 2019, the total monetary value of the manufacturing sector’s output rose by N4.33tn to N16.78tn.[/color]
[color=rgba(0, 0, 0, 0.9)]
An analysis of the Gross Domestic Product report from the National Bureau of Statistics showed that the monetary output of N16.78tn represents an increase of 34.78 per cent when compared to the 2018 output of N12.45tn.
There are 13 subsectors that make up the manufacturing sector.[/color]
[color=rgba(0, 0, 0, 0.9)]
Out of the 13 subsectors, 12 recorded increase in economic performance between 2018 and 2019, while one subsector recorded decrease in productivity.[/color]
[color=rgba(0, 0, 0, 0.9)]
The 12 subsectors that recorded increase in economic performance were cement which recorded an increase of about N900bn from N1.34tn in 2018 to N2.24tn; food, beverage and tobacco which rose by N1.05tn from N5.33tn to N6.38tn, textile apparel and footwear from N2.96tn to N3.92tn.[/color]
[color=rgba(0, 0, 0, 0.9)]
Also, the wood subsector rose by N83.07bn from N350.35bn in 2018 to N433.42bn; pulp, paper and paper products from N128.58bn to N206.21bn; chemical and pharmaceutical products from N279.93bn to N460.43bn; and non-metallic products which rose by N337.03bn from N590.21bn to N927.24bn.[/color]
[color=rgba(0, 0, 0, 0.9)]
The report showed that plastic and rubber products subsector recorded an increase of about N258.bn from N389.82bn in 2018 to N648.17bn, while electrical and electronics, basic metals motor vehicle and other manufacturing grew from N9bn, N282.3bn, N114.02bn and N456.82bn to N15.29bn, N452.67bn, N198.97bn and N743.95bn respectively.[/color]
[color=rgba(0, 0, 0, 0.9)]
The subsector that recorded decline in productivity was oil refining which dropped by N61.87bn from N210.65bn to N148.78bn.[/color]
[color=rgba(0, 0, 0, 0.9)]
The government in its Economic Recovery and Growth Plan had said it would pursue manufacturing promotion policies that would enable the sector record an average annual growth rate of 8.48 per cent between 2018 and 2020.[/color]
[color=rgba(0, 0, 0, 0.9)]
This is expected to rise from -5.8 per cent in 2017 to 10.6 per cent by 2020. The ERGP was expected to build on the Nigeria Industrial Revolution Plan to address the key challenges in manufacturing.
Some of these challenges are limited access to credit and financial services, poor infrastructure and unreliable power supply that forces businesses to rely on generators, thus increasing their input costs and reducing their overall competitiveness and profitability.[/color]
[color=rgba(0, 0, 0, 0.9)]
Speaking on the economic output, the President, Abuja Chamber of Commerce and Industry, Adetokunbo Kayode, said that to unlock the potential of the manufacturing sector said that the government must continue to collaborate with the private sector to stimulate the manufacturing sector.[/color]
[color=rgba(0, 0, 0, 0.9)]
He also said the attention currently being paid to crude oil should be reduced while efforts should be focused on developing the crude oil value chain.
He said, “Our GDP will continue to go up if we continue to place less emphasis on oil. Why did we go into recession? It was because the price of crude oil was going down. It’s not that we are not productive as a country but we need to take our eyes away from crude oil. We need to emphasise opportunities and open new doors.[/color]
[color=rgba(0, 0, 0, 0.9)]
“We are not a poor country because we are potentially rich. We are depending on crude oil without focussing on the oil value chain, we import diesel, petrol and petrochemicals.[/color]
[color=rgba(0, 0, 0, 0.9)]
“This is unbelievable. What is difficult in turning these into opportunities for people. Let’s leave oil where it is, develop the value chain and stimulate our manufacturing sector.”[/color]
[color=rgba(0, 0, 0, 0.9)]
He added that it was important that the government continued to engage with the private sector to enhance economic development.[/color]
[color=rgba(0, 0, 0, 0.9)]
Within a one-year period covering January to December 2019, the total monetary value of the manufacturing sector’s output rose by N4.33tn to N16.78tn.[/color]
[color=rgba(0, 0, 0, 0.9)]
An analysis of the Gross Domestic Product report from the National Bureau of Statistics showed that the monetary output of N16.78tn represents an increase of 34.78 per cent when compared to the 2018 output of N12.45tn.
There are 13 subsectors that make up the manufacturing sector.[/color]
[color=rgba(0, 0, 0, 0.9)]
Out of the 13 subsectors, 12 recorded increase in economic performance between 2018 and 2019, while one subsector recorded decrease in productivity.[/color]
[color=rgba(0, 0, 0, 0.9)]
The 12 subsectors that recorded increase in economic performance were cement which recorded an increase of about N900bn from N1.34tn in 2018 to N2.24tn; food, beverage and tobacco which rose by N1.05tn from N5.33tn to N6.38tn, textile apparel and footwear from N2.96tn to N3.92tn.[/color]
[color=rgba(0, 0, 0, 0.9)]
Also, the wood subsector rose by N83.07bn from N350.35bn in 2018 to N433.42bn; pulp, paper and paper products from N128.58bn to N206.21bn; chemical and pharmaceutical products from N279.93bn to N460.43bn; and non-metallic products which rose by N337.03bn from N590.21bn to N927.24bn.[/color]
[color=rgba(0, 0, 0, 0.9)]
The report showed that plastic and rubber products subsector recorded an increase of about N258.bn from N389.82bn in 2018 to N648.17bn, while electrical and electronics, basic metals motor vehicle and other manufacturing grew from N9bn, N282.3bn, N114.02bn and N456.82bn to N15.29bn, N452.67bn, N198.97bn and N743.95bn respectively.[/color]
[color=rgba(0, 0, 0, 0.9)]
The subsector that recorded decline in productivity was oil refining which dropped by N61.87bn from N210.65bn to N148.78bn.[/color]
[color=rgba(0, 0, 0, 0.9)]
The government in its Economic Recovery and Growth Plan had said it would pursue manufacturing promotion policies that would enable the sector record an average annual growth rate of 8.48 per cent between 2018 and 2020.[/color]
[color=rgba(0, 0, 0, 0.9)]
This is expected to rise from -5.8 per cent in 2017 to 10.6 per cent by 2020. The ERGP was expected to build on the Nigeria Industrial Revolution Plan to address the key challenges in manufacturing.
Some of these challenges are limited access to credit and financial services, poor infrastructure and unreliable power supply that forces businesses to rely on generators, thus increasing their input costs and reducing their overall competitiveness and profitability.[/color]
[color=rgba(0, 0, 0, 0.9)]
Speaking on the economic output, the President, Abuja Chamber of Commerce and Industry, Adetokunbo Kayode, said that to unlock the potential of the manufacturing sector said that the government must continue to collaborate with the private sector to stimulate the manufacturing sector.[/color]
[color=rgba(0, 0, 0, 0.9)]
He also said the attention currently being paid to crude oil should be reduced while efforts should be focused on developing the crude oil value chain.
He said, “Our GDP will continue to go up if we continue to place less emphasis on oil. Why did we go into recession? It was because the price of crude oil was going down. It’s not that we are not productive as a country but we need to take our eyes away from crude oil. We need to emphasise opportunities and open new doors.[/color]
[color=rgba(0, 0, 0, 0.9)]
“We are not a poor country because we are potentially rich. We are depending on crude oil without focussing on the oil value chain, we import diesel, petrol and petrochemicals.[/color]
[color=rgba(0, 0, 0, 0.9)]
“This is unbelievable. What is difficult in turning these into opportunities for people. Let’s leave oil where it is, develop the value chain and stimulate our manufacturing sector.”[/color]
[color=rgba(0, 0, 0, 0.9)]
He added that it was important that the government continued to engage with the private sector to enhance economic development.[/color]
