BUSINESS and FINANCE, POLITICS and GOVERNMENT

Nigerian Industrial Sector Records N8.9 Trillion in Output

The Nigerian industrial sector recorded an increase in output to record N8.9tn for the year ended 2015. The reports indicate that the manufacturing sector has recorded a significant growth and it will improve the efficiency and the economy of the West African nation.

According to a recent report released by the national bureau of statistics, the Nigerian manufacturing sector recorded an increase in output by N298bn up from the previous N8.68bn to the current N8.94tn. Nigerian bureau of statistics indicates that there are thirteen activities, which have contributed to the output in the country. Oil refining, cement, food, beverages, tobacco, textile, apparel, wood, and wood products, footwear, pharmaceutical products and chemical products all contributed to the increase in the output. Other non-metallic products, which contributed to the increase in the output, included electrical and electronic, motor vehicles, basic metal, and iron among other aspects.

The analysis indicates that the output of the manufacturing sector improved despite the harsh operating climate in the country. There has been a major job cuts in the manufacturing sector. This caused by dollar shortage because of the ban imposed by the central bank of Nigeria on forex. Oil refinery recorded a decline in the output posting N137.79bn. there was an increase in the production of cement recording an increase of N145.32bn to record N749.93bn.

According to the national statistics board in terms of quarterly performance, the manufacturing sector recorded a nominal growth in the fourth quarter of 2015 and recorded a decline of 6.93% in the same time. The growth was 2.13% higher in the third quarter when compared to the second quarter of the year. It is indicated that the contribution of the manufacturing sector was 9.09 % in the fourth quarter a reduction from 9.11% recorded the same time in the previous year. Analysts in the sector indicate that despite tough economic times in the country the production sector has recorded resilience and still improved to record such a high output.

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