The depreciation of the naira by the administration of President Bola Tinubu in 2023 has led to mixed fortunes in the performance of the manufacturing sector.
The sector recorded a significant increase of 32.56 percent in investment in the year, while employment generation plunged by 37.83 percent and capacity utilisation inched down by 1.3 points to 55.1 percent from 56. 4 percent recorded in 2022.
Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, alluded to this in his presentation of the 2023 Annual Report at the 52nd Annual General Meeting of the association.
Ajayi-Kadir noted that accumulated investment in the sector in 2023 rose to N429.47 billion compared to N323.98 billion recorded in 2022, indicating an increase of 32.56 percent, adding that total jobs created in 2023 stood at 10,133, a 37.83 percent reduction compared to 16,300 jobs recorded in 2022.
He stated: “The manufacturing sector witnessed investment growth in naira terms during the second half of 2023, reaching N236.57 billion from N192.89 billion recorded in the first half of the year. This represents a significant rise of N43.68 billion or 22.65 percentage points when comparing the two periods.”
