The Manufacturers Association of Nigeria (MAN) has reported that the inventory of finished products unsold saw a dramatic rise in one year. The warehouses of members of the association rose by 255%, from N90.43B in 2016 to N321.12B in 2017.
At the 46th Annual General Meeting (AGM) of the association, former president, Dr Frank Jacobs noted that the inventory of unsold products, inadequate electricity supply, frequent increase in electricity tariff and abnormally high interest rates were some of the problems crippling the sector.
In his speech, he said, “Inventory of unsold finished goods increased to N161.53 billion in the second half of 2017 from N35.42 billion recorded in the corresponding period of 2016. Inventory of unsold manufactured goods amounted to N321.12 billion in 2017 against the N90.43 billion recorded in 2016, indicating a 255.19 percent increase over the period.”
He reiterated the need to see to the objectives set by the association to meet through its various advocacy submissions to the Federal Government to improve performance of the sector. and urged expediency.
At the event, Director-General, MAN, Mr Segun Ajayi-Kadri, contributed, saying action should be taken to resuscitate domestic refining of crude oil, support the efficiency of the generation, transmission and distribution companies and operability of independent power producers for on/off grid power generation.