The manufacturing sector in Nigeria is grappling with an unprecedented crisis, with unsold finished products skyrocketing by 357.57% year-on-year to reach N1.24 trillion in the first half of 2024.
According to a press release issued on Monday by Francis Meshioye, President of the Manufacturers Association of Nigeria (MAN), this alarming increase is a direct result of declining consumer purchasing power, fueled by escalating inflation, subsidy removal, and the devaluation of the naira.
“The inventory of unsold finished products in the manufacturing sector surged by 357.57 per cent year-on-year, reaching N1.24tn in H1 2024,” Meshioye stated in a press release on Monday.
“This alarming increase is attributed to declining consumer purchasing power due to escalating inflation, subsidy removal, and the devaluation of the naira.”
The manufacturing sector’s woes are further compounded by a significant decline in employment generation. Only 2,606 jobs were created in the first half of 2024, representing a 37.83% decline year-on-year.
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Meshioye attributed this downturn to “economic uncertainties, inflationary pressures, and an unfavourable business environment.”
Key Challenges Facing the Manufacturing Sector
– Declining Consumer Demand: Elevated energy costs, forex scarcity, and declining consumer demand have increased production costs and hindered growth in the sector.
– Energy Costs: A 200% increase in electricity tariffs has significantly raised operational expenses for manufacturers.
– Forex Scarcity: Unreliable national grid supply and rising diesel and gas prices have driven manufacturers to spend N238.31 billion on alternative energy sources.
“The high levels of unsold inventories reflect the challenges faced by consumers and the need for interventions to stimulate demand and improve the sector’s performance,” Meshioye emphasized. He reiterated the importance of “decisive and coherent economic reforms” to stabilize the sector and urged policymakers to prioritize improving the business environment and reducing inflation.
The post Manufacturing sector faces unprecedented challenges as unsold goods hit N1.24trn appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.
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