Manufacturing Sector Creates 1.64 Million Jobs

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The Manufacturers Association of Nigeria (MAN) has disclosed that it recorded an increase at the end of the first half of 2019. It gathered that an estimated 1,644,392 historical cumulative jobs had over time been created by the sector. 

The Association made the disclosure in during it economic review for the first half of 2019 on Friday in Lagos. It noted that in the first half of 2019, the Summary indicated that new manufacturing jobs increased by 2674 and 3111 jobs from 9320 and 8883 jobs created in the first and second halves of 2018 respectively. In the first half of 2019, Chemical and Pharmaceutical sector accounted for most of the jobs created in the manufacturing sector with 2784 employments. 

The report revealed that total job loss declined by 2753 from 6050 recorded in the first half of 2018 but increased by 710 jobs when compared with 2587 jobs lost in the second half of 2018. The summary also revealed that improvement, albeit marginally was recorded in electricity supply to manufacturers particularly from the distribution companies since the second half of 2018. Following the slight improvement in electricity supply to the sector, expenditure on alternative energy in the first half of 2019 declined to N32.68bn from N43.18bn and N49.92bn recorded in the first and second halves of 2018 respectively.

On cost of funds to manufacturers, the association stated that the high cost of borrowing has continued to pose a perennial challenge to the sector.