Manufacturing hits N5.2t in second half of 2016, says MAN

…creates 10,061 new jobs

Manufacturers Association of Nigeria (MAN), has estimated that the value of manufacturing production in the country during the second half of 2016, reached N5.02 trillion. as against N4.08t recorded in the corresponding half of 2015. This, the group said, indicated N0.94t or 23.0 per cent increase over the period under review.

The figures, which were contained in the MAN’s second half 2016 report, also indicates that production in the manufacturing sector totalled N8.38t, as against N7.71t totals of 2015; thereby indicating N0.67t or 8.7 per cent increase over the period.

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

According to the report, at the end of 2016, estimated cumulative manufacturing investment from 2013 to 2016, stood at N3.79t based on data generated in the survey conducted by MAN 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.

However, In the second half of 2016, manufacturing investment increased to N448.94b from N309.33b recorded in the corresponding period of 2015; thereby indicating N139.61b increase over the period. It also, increased by N283.33b when compared with N165.61b recorded in the preceding half.

Joy Ekeke