The Manufacturers Association of Nigeria (MAN) executive summary and bi-annual review of the economy dated to July through to December 2020 report released recently showed the manufacturing sector production value has declined to N2.36 trillion in the 2nd half of 2020 from N7.38 trillion recorded in the corresponding half of 2019; thus, indicating N5.02 trillion decline over the period.
However, MAN noted that it increased by N0.32 trillion or 15.5% when compared with N2.04 trillion recorded in the 1st half of the year. Production value in the sector totaled N4.4 trillion in 2020 as against N11.99 trillion achieved in 2019, it was stressed.
The report further disclosed that uptick in manufacturing production in the 2nd half over the performance in 1st half of the year was due to the opening up of the economy for businesses after over 5 months of lockdown to contain the spread of COVID-19.
The report stated that MAN has to tutored government the way to managing COVID-19 by “Strike a balance in managing the economy and the second wave of COIVID-19 without implementing a second lockdown as Nigerian economy already in recession and cannot afford a second lockdown.
“Allow manufacturing to continue operation in all sub-manufacturing sectors notwithstanding any new wave of COVID-19 – These companies have already imbibed the new normal of COVID-19: they have built up the stock of capacity and adopted international measures needed to work under the current environment.
“Allow free movement of goods and persons across states but should be supported with best implementation of COVID-19 guidelines such as use of nose and face mask, social distancing, etc. Also interstate travel ban will impact negatively on productive activities by the private sector and will lead to loss of jobs.