Manufacturing sector investment hits N217.22b

Reports by the Manufacturers Association of Nigeria (MAN) have revealed that total investment in the Nigerian manufacturing sector rose to N217.22 billion in 2021, up from N118.52 billion in 2020.

The increase was driven by the gradual rebound of economic activities following the easing of economic and social restrictions meant to contain COVID-19.

According to the Second Half Economic Review 2021 (July-December 2021) released by MAN, investment in the manufacturing sector increased in the second half of 2021 to N73.18 billion, from N56.44 billion recorded in the corresponding half of 2020.

This indicated an N16.74 billion or 29.7 percent increase over the review period.

Investment in the sector, however, increased by N70.96 billion or 49.3 percent compared with N144.14 billion recorded in the preceding half.

MAN in the document, which was made available to reporters, said in the last year, significant investment has been recorded in the Pulp, Paper, Printing & Publishing (6Ps) sector with the establishment of five new paper mills that are into recycling waste papers to produce cartons.

The Association added that there is also the new BUA Group cement factory in Sokoto; and the new African Glass Limited factory that produces glass products.

A cross-sector analysis also showed that investment in the sector improved in most of the sectoral groups in the period under review over what was obtained in the halves of 2020.



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