Manufacturing output rebounds, hits N7tn amid unfavourable environment - Punch Newspapers

In the third quarter of the year, the manufacturing sector recorded a total output of N7.1tn.This is according to data contained in the latest Gross Domestic Product report released by the Nigerian Bureau of Statistics.

According to the report, 11 out the of the 13 subsectors of the manufacturing sector recorded positive economic performance quarter-on-quarter while only two subsectors experienced a decline in productivity. Other subsectors are pulp, paper and paper products, from N70.7bn to N96.5bn; chemical and pharmaceutical products, from N149.3bn to N168.5bn; non-metallic products, from N346.2bn to N448.4bn; plastic and rubber products, from N145.3bn to N199.2bn; electrical and electronics, from N3.7bn to N4.8bn; basic metal, iron and steel, from N96.9bn to N143.3bn; and other manufacturing, from N129.4bn to N255.8bn.

Speaking at the 49th annual general meeting of the Manufacturers Association of Nigeria in October, the President of the African Development Bank, Akinwumi Adesina, identified high cost and unreliable power supply as major obstacles to manufacturing in the country.

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