Manufacturing Production Value declines by N0.15trn close at N4.61 trn from N4.76 trn recorded in 2018

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The Executive summary of the economic review for the first half of 2019 by the group under the aegis of the Manufacturers Association of Nigeria (MAN) which was sent to the AmehNews disclosed that manufacturing production value has slowed to N4.61 trillion, which indicates N0.15 trillion (3.2 percent) decline from N4.76 trillion recorded in the corresponding half of 2018 It also slowed by N0.61 trillion (11.6 percent) when compared with N5.2 trillion recorded in the second half of 2018.Manufacturing production in the first half of 2019 was affected by the same challenges that hindered capacity utilization in the period such poor macroeconomic ambience, infrastructure issues and poor regulation by Government agencies.

 

According to the report analysis based on sectoral group performance shows that production value in almost all the groups slowed in the first half of 2019.

 

“The value of production in Foods, Beverage and Tobacco sector which stood at N1.43 trillion in the first half of 2019 declined by N0.12 trillion (7.7 percent) in the first half of 2019 from N1.55 trillion recorded in the corresponding half of 2018.  It also slowed by N0.27 trillion (15.9 percent) when compared with N1.7 trillion recorded in preceding half.

 

“Production value in Chemical & Pharmaceutical sectoral group declined to N313.16 billion in the first half of 2019; thus, indicating N23.45 billion (6.96 percent) and N60.65 billion (16.22 percent) decline when compared with N336.61 billion and N373.81 billion recorded in the first and second halves of 2018 respectively

 

“Production in Pulp, Paper & Paper Products, Printing, Publishing & Packaging (6Ps) group stood at N74.58 billion in first half of 2019, representing N11.20 billion (17.7 percent) increase from N63.38 billion recorded in the corresponding half of 2018.  It however, declined by N12.60 billion (16.6 percent) from N75.84 billion recorded in the preceding half.

 

 

Similarly, the report indicated that in Domestic & Industrial Plastic group, production value declined to N158.53 billion) in the first half of 2019 from N166.21 billion recorded in the corresponding half fin 2018; thus, indicating N7.68 billion ((4.62 percent) decline over the period.    I also declined by N23.99 (13.12 percent) when compared with N182.52 billion recorded in the second half of 2018.

On the other hand, in Electrical & Electronic sectoral group, Production value increased to N50.52 billion in the first half of 2019 from N46.6 billion recorded in the corresponding half of 2018; thereby indicating N3.92 billion (8.41 percent) increased over the period.  However, it declined by N7.25 billion (12.5 percent) when compared with N57.77 billion recorded in the first half of 2019.

 

Analysis based on industrial zones, shows that production fell in almost all the industrial zones.

 

“In Ikeja zone, production value declined to N2.05 trillion in the first half 2019 as against N2.65 trillion recorded in the second half of 2018; thereby indicating N0.6 trillion (22.64 percent) declined over the period.

 

However, it presents an increase of N0.08 trillion (4.1 percent) increase over N1.97 trillion recorded in the second half of 2018.

 

Also, in Ogun industrial zone, production value declined to N2.01 trillion in the first half of 2019 from NN2.11 trillion recorded in the corresponding half of 2018; thereby indicating N0.1 trillion (4.73 percent) decline over the period.

 

However, it increased by N0.37 trillion (22.56 percent) when compared with N1.64 trillion recorded in the first half of 2018.

Notwithstanding however, Ikeja maintains the position of the industrial hub of the Nigeria.

 

In the same vein, in the first half of 2019, production value in Apapa zone declined by N75.56 billion (19.27 percent) and N140.25 billion (30.99 percent) when compared with N386.79 billion and N452.48 billion recorded in the first and second halves of 12018 respectively.

 


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