• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

Troubling figures in the Nigerian manufacturing sector suggest an economic crises

3 years ago
in Features, highlights, Home, home-news, latest News, Manufacturing, Markets
1 min read
0 0
0
128
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Troubling figures in the Nigerian manufacturing sector suggest an economic crises

A recent report by the National Bureau of Statistics (NBS) showed that Nigeria suffered a significant blow to its manufacturing sector, dropping 36% in profit margins from 2021 to 2022.

This report compared the Q2 figures for 2021, which came in at N4.51 trillion, to the N2.87 trillion for Q2 2022.

The exportation of manufactured goods also saw a substantial decline within the period in review, as its numbers dropped from N211.67bn recorded in 2021 to N119.53bn in 2022. A 43.5 percent decline in 12 months.

These alarming figures result from several factors, including insecurity and a higher cost of running a business. People within this industry find it more difficult to balance their sheets as the profit-to-cost ratio continues to widen.

The net profit of manufacturers continues to shrink as they subsequently invest more and more money into production with lower profit margins. The cost of operation also presents an issue, as that too is impacted by inflation.

Insecurity is a major catalyst in this decline. According to a report by Punch, the Manufacturers Association of Nigeria (MAN) noted that its members had to resort to adopting survival strategies to improve production.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

The same report also noted, following an exclusive interview, with the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Olusola Obadimu, that the downturn manufacturers are currently experiencing was foreshadowed. He mentioned that the insecurity farmers face has drastically affected their productivity and, by extension, units of goods produced.

A drop-off in farming activities affects the revenue expected from both agricultural products intended for exports and raw materials intended for manufacture.

A recent report detailed a similar issue in the Nigerian oil market. This report showed discouraging returns within Nigeria’s most profitable industry. These numbers denote an impending hike in the cost of living for Nigerians and an economic crisis.

Source: businessinsiderafrica
Via: norvanreports
Tags: Manufacturers Association of Nigeria (MAN)National Bureau of Statistics (NBS)Nigerian oil marketTroubling figures in the Nigerian manufacturing sector suggest an economic crises
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.