Oil Refining Sector Left Out As Other Sectors Of Manufacturing Industry Experience Growth

The manufacturing sector of the economy improved by 3.49%, generating N5,547,468,590,000  in the second quarter of 2021, Compared to 2020 the total revenue was valued at N4,010,345,000,000 in Q2 2021. The manufacturing industries in Nigeria is an economic sector that brings approximately 10 percent of total GDP (Gross Domestic Product) each year.

Manufacturing activity is concentrated in large cities like Lagos, Port Harcourt, and Ibadan, in the south of the country. Millions of people are involved in producing household goods, consumer products, automobiles, agriculture, mining, cement and building materials etc.

The GDP at the current base price(%) 

MANUFACTURING INDUSTRY

• Cement industry experienced a 18.14% increase in GDP at CBP % with a 65.23% increase

• Food Beverage & Tabacco Sector had a slight improvement comparing 2020 Q2 to 2021 Q1  with a 12.44% increase.

• Motor Vechile & Assembly Sector between Q2 2021 and Q2 2020 shows a large percentage decrease  a 72.99% decrease. The government intervention may have affected the productivity of the automotive industry. Government intervention is any action carried out by the government or public entity that affects the market economy.

• After the introduction of the nigerian automative industry development plan (NAIDP) in 2013 to revilalize the automative industry according to data from OICA industry interveiw, vehicles production improved from 63,000 to 10,200 but after the 2020 finance act was indicted it cancelled the (NAIDP). The action was to control the importation of automoblies, Thus the unstable nature of the automative industry caused a drastical difference in the quaters in this context. In 2021 Q2 the CBP% has shown steady signs of progress.

                           REAL GDP GROWTH RATE

• Manufacturing industry had a real GDP growth Rate of  3.49%

  9.  Oil Refining  -46.78% decrease

  10. Cement 3.89%  increase

  11. Food, Beverage and Tobacco 4.87% increase

  12. Textile, Apparel and Footwear 1.75% increase

  13. Wood and Wood Products  0.09% increase

  14. Pulp, Paper and Paper  Products  1.23% increase

  15. Chemical and  Pharmaceutical Products  9.24% increase

  16. Non-Metallic Products 3.10% increase

  17. Plastic and Rubber products  2.06% increase

  18. Electrical and Electronics 1.63 increase

  19. Basic metal , Iron and Steel 1.44% increase

  20. Motor vehicles &  assembly 4.36% increase

  21. Other Manufacturing 4.36 % increase