The Manufacturers Association of Nigeria (MAN)’s Economic Review for second half of 2019 report released in Executive Summary format over the week revealed that the estimated cumulative manufacturing investment from 2013 to the second half of 2019 was N5.05 trillion based on data generated from surveys conducted by MAN over the period.
The report further stated that the second half of 2019, manufacturing investment stood at N257.66 billion, representing N10.58 billion (4.3 percent) and N19.21 billion (8.1 percent) increase over N247.08 billion and N238.45 billion recorded in the corresponding half of 2018 and the preceding half respectively.
According to the report manufacturing Investment by assets in the sector shows that Plant and Machinery ranked highest with investment worth N93.76 billion; investment in Asset under construction stood at N68.99 billion; Land and Building was N43.7 billion; Motor vehicle recorded N38.66 billion; and Furniture and Fittings stood at N12.55 billion in the second half of 2019. While Investment in Plant & machinery ranked highest with investment worth N100.92 billion, though lower than N110.47 billion recorded in corresponding half of 2018 but higher than N72.98 billion recorded in the second half of 2018.
The report also disclosed that the Asset Under construction trailed with investment worth N84.06 billion; Land and Building with investment worth investment worth N40.35 billion; Motor Vehicle with investment worth N7.97 billion; and Furniture and Fitting with investment worth N5.15 billion in the first half of 2019.