Sunday, May 16, 2021

MAN laments poor sale of locally manufactured goods in 2020



The Manufacturers Association of Nigeria says manufactured goods valued at N577.61bn were unsold last year as the COVID-19 hit patronage.

MAN, in its bi-annual review of the economy, said the inventory of unsold finished manufactured goods increased to N303.22bn in the second half of 2020 from N202.16bn in the same period of 2019 and N275.39bn in the first half of 2020.

The association attributed the increase in inventory in the period to the general low consumption and renewed imports in the economy as global economies generally opened after months of lockdown.

MAN said the pandemic had a crushing impact on the sector as a total of 3,903 jobs were lost in the manufacturing sector in the second half of last year.