According to the statement excerpted from Manufacturers Association of Nigeria (MAN) annual reports during the 47th Annual General Meeting (AGM) held in Lagos recently disclosed that manufacturing investment for the second half of 2018 stood at 247.08 billion; representing N70.39 billion (39.8 percent) increase from N170.69 billion recorded in the second half of 2017.
The report which was endorsed by Mr Segun Ajayi-Kadir, the Director General of MAN, however, showed a decline of N58.48 billion (19.1 percent) when compared with N305.56 billion recorded in the first half of 2018. Meanwhile, on annual basis, manufacturing investment stood at N552.64 billion in 2018 against N505.97 billion recorded in 2017.
“Among the manufacturing investment subhead plant & machinery ranting ranked first with investment worth N72.98 billion; this was trailed by investment in land & building worth N56.5 billion asset under construction was N54.32 billion; motor vehicle was N43.23 billion; Furniture and Equipment was N 20.05 billion in the second half of 2018. On annual basis, investment in plant & machinery stood at N183.45 billion in 2018 (159.91billion in 2017); asset under construction stood at N203.46 billion in 2018 (211.29 billion in 2017); land and building was N89.34billion in 2018 (N58.52 billion in 2017); motor vehicle was N52.16 billion in 2018(N43.91billion in 2017); and investment in furniture & fitting was N24.23 billion in 2018 (33.16 billion in 2017).
“On sectoral basis, the highest proportion of total manufacturing investment in second half 2018 went to food, beverage and Tobacco Group. investment in the sector stood at N123.13 billion in the second half of 2018;representing N 50.34 billion (69.16 percent) increase and N36.19 billion or 41.62 percent increase from N72.79 and N86.94 billion recorded in the first half of 2018. Year-on-year investment in sector totaled N210.07 billion in 2018 and N 163.86 billion in 2017.
“Industrial zones analysis shows that Ogun, Ikeja and Apapa zones received most of the manufacturing investment in the period under review.”
“Investment in Ogun zones stood at N91.16 billion in the second half of 2018 as against N51.11 billion and N 95.31 billion recorded in the corresponding half of 2017 and the preceding half respectively. Investment in the zone totaled N186.47 billion in 2018 and 144.87 billion in 2017.
“In Ikeja zones manufacturing investment stood at N85.76 billion in the second half of 2018 as against N42.46 billion and N54.8 billion recorded in the corresponding half of 2017 and the first half of 2018 respectively. Investment in the zones totaled N140.56 billion in 2018 and N109.73 billion in 2017.”
“Manufacturing investment in Apapa stood at N53.29 billion in the second half of 2018 as against N35.33 billion and N93.31 billion recorded in the corresponding half of 2017 and the first half of 2018 respectively. Investment in the zone totaled N108.09 billion in 2018 and N144.2 billion in 2017.
The Captioned Photo: The President, Manufacturers Association of Nigeria (MAN), Engr Mansur Ahmed