Nigeria’s manufacturing output rose by 30.38% year-on-year to N5.34 trillion in H1 2024, according to the Manufacturers Association of Nigeria (MAN). However, unsold inventories surged by 357.57% due to shrinking consumer purchasing power, inflation, and naira devaluation, hitting N1.24 trillion.
MAN’s report highlighted a sharp rise in costs, with manufacturers spending N238.31 billion on alternative energy, driven by higher diesel and gas prices. Electricity tariff hikes by DisCos exacerbated operational expenses, reducing job creation by 37.83%.
Despite resilience in some sectors, economic challenges, inflation, and unreliable power supply remain pressing issues for the industry. MAN called for urgent reforms to stabilize the business environment and stimulate growth.
