Manufacturing Output Hits N7tn In Q3′ 2021
According to data contained in the latest Gross Domestic Product report released by the Nigerian Bureau of Statistics, in the third quarter of the year, the manufacturing sector recorded a total output of N7.1tn.
The N7.1tn is higher than N5.4tn recorded in the second quarter of 2021.
The output of N7.1tn for Q3 2021 also represents an increase of N1.6tn when compared to the N5.5tn recorded in the Q3 2020.
According to the report, 11 out of the 13 sub sectors of the manufacturing sector recorded positive economic performance quarter-on-quarter while only two sub sectors experienced a decline in productivity.
The 11 sub sectors that recorded increase in economic performance include cement, from N1.1tn in Q2 2021 to N1.7tn in Q3 2021; food, beverage and tobacco, from N1.9tn to N2.3tn; textile, apparel and footwear, from N1.1tn to N1.4tn; and wood and wood products, from N107.6bn to N126.5bn.
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.
Meanwhile, the oil refinery sub sector recorded a significant decline in productivity within the period under review, from N6.7bn to N7.8bn.
Also, output from the motor vehicles and assembly sub sector fell slightly to N255.2bn from N255.3bn.
The growth recorded in the manufacturing sector in Q3 2021 was despite numerous challenges affecting the industry as highlighted by manufacturers and other stakeholders.