Yemisi Izuora
Nigeria’s manufacturing sector has recorded a decline of about N30 billion in output in the first quarter of this year, according to the National Bureau of Statistics have revealed.
An analysis of the Gross Domestic Product report prepared by the NBS showed that the sector recorded a total output of N2.66tn at the end of the fourth quarter of 2017.
However, the level of productivity in the sector dropped by N30bn from the fourth quarter 2017 figure to N2.63tn in the first three months of this year.
The sector had been badly hit by the harsh operating environment, which took its toll on the profit margins of many companies operating in that segment of the economy.
There are 13 sub-sectors that make up the manufacturing sector.
Out of the 13 sub-sectors, five recorded increase in economic performance between December 2017 and March this year, while eight recorded decrease in productivity.
The five sub-sectors that recorded increase in economic performance are cement from N228.8bn in December to N251.8bn in March 2018; wood and woods products, from N78.85bn to N82.14bn; pulps and paper products, from N23.67bn to N23.77bn; non-metallic products, from N104.17bn to N110.21bn; and motor vehicle assembly, from N16.48bn to N19.64bn.