x

Manufacturers Association of Nigeria Reports Loss of 3,567 Jobs and Unsold Goods Valued at N272 Billion

By Daniel Edu

In the first half of 2023, the manufacturing sector experienced a significant setback, with the loss of 3,567 jobs, according to data revealed by the Manufacturers Association of Nigeria (MAN). This sobering information was unveiled in MAN’s biannual economic review, released on Tuesday.

The report indicates that job creation within the manufacturing sector plummeted to 6,428 during the first half of 2023, reflecting a stark 32.8% decline in employment generation capacity when contrasted with the 9,559 jobs created in the same period in 2022.

The report reads, “In the same period, a total of 3,567 jobs were lost, marking an increase of 1,855 job losses compared to the 1,709 reported during the corresponding half of 2022, and an additional 850 jobs lost when compared with the 2,708 reported in the latter half of 2022.”

MAN attributes this decline in job creation to the challenging business environment resulting from hasty policies and the lingering impact of the currency redesign policy, which led to a scarcity of the naira.

Furthermore, the report highlights a concerning increase in the inventory of unsold finished products within the manufacturing sector, reaching N271.9 billion during the first half of 2023. This figure represents a substantial rise of N84.88 billion or 45.4% when compared to the N187 billion recorded in the same period in 2022. However, it also reflects a slight decline of N11.64 billion or 4.1% compared to the inventory value of N283.6 billion reported in the latter half of 2022.

The report attributes this inventory surge to weakened consumer purchasing power, stemming from dwindling real household incomes due to escalating inflationary pressures. The scarcity of the naira in the first quarter of the year and the repercussions of subsidy removal also contributed to this challenging economic climate.

The removal of subsidies and the unification of exchange rates in the latter part of the first half of the year have left the economy in a state of uncertainty, eroding investor confidence and hindering economic growth prospects and recovery. The cumulative result of these factors is a heightened inflationary pressure that escalates production costs, diminishes consumer purchasing power, and exerts a significant impact on manufacturers.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

NFF Donates N20M to Support Goalkeeper Stanley Nwabali for Parents’ Burial

The Nigeria Football Federation (NFF) has extended a gesture...

Abiodun Rewards Falcons, Lionesses with N30m, Eyes More Sports Hosting in Ogun

Ogun State Governor Dapo Abiodun has reaffirmed his administration’s...

Tinubu, Shettima, Northern Governors Mourn the Passing of Prof. Jibril Aminu at 85

President Bola Ahmed Tinubu, Vice President Kashim Shettima, and...

Tinubu Hails Dangote Refinery as “Phenomenon of Our Time,” Commissions Lekki Port Access Road

President Bola Ahmed Tinubu has praised the Dangote Petroleum...

MBF opposes interception of 164,000 live shotgun cartridges in Anambra, says possession not illegal

By Achadu Gabriel, Kaduna Nigeria’s indigenous Middle Belt Forum (MBF),...

N4.6bn: Kaduna ALGON threatens Wakili with court action over false accusations

By Achadu Gabriel, Kaduna The Kaduna State chapter of the...

CDS at North Central Peace Summit urges border fencing to curb insecurity

By Israel Adamu, Jos Chief of Defence Staff (CDS) General...

Sokoto Police finalize security arrangements for Eid Kabir celebration

By Muhammad Ibrahim, Sokoto The Sokoto State Police Command has...
spot_img

Related Articles

Popular Categories

spot_imgspot_img