According
to the National Bureau of Statistics, real GDP growth in the manufacturing
sector in the current quarter of 2018 was 3.39% (year on year), higher than the
same quarter of 2017 and the preceding quarter by 2.03% points and 3.26% points
respectively.
Similarly,
growth rate of the sector on a quarter-on-quarter basis was -3.16%. The
contribution to real GDP in Q1 2018 was 9.91%.
Manufacturers
and service providers had reported sustained improvement in overall business
conditions since April and May 2017 respectively, as the Manufacturing PMI in
the month of April stood at 56.9 index points, indicating expansion in the
manufacturing sector for the thirteenth consecutive month. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
Similarly,
the composite PMI for the non-manufacturing sector stood at 57.5 points last
month, indicating expansion in the Non-manufacturing PMI for the twelfth
consecutive month.
Based
on the NBS stratification, the manufacturing sector is comprised of thirteen
activities: Oil Refining; Cement; Food, Beverages and Tobacco; Textile,
Apparel, and Footwear; Wood and Wood products; Pulp Paper and Paper products;
Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber
products; Electrical and Electronic, Basic Metal and Iron and Steel; Motor
Vehicles and Assembly; and Other Manufacturing.
Nominal
GDP growth of manufacturing in the first Quarter of 2018 was recorded as 8.93%
(year-on-year), -7.70% points lower than figures recorded in the corresponding
period of 2017 (16.63%) and –0.27% points lower than the preceding quarter
figure of 9.20%. Quarter on Quarter growth of the sector is recorded at -1.04%.
The
contribution of manufacturing to nominal GDP was 9.27%, lower than growth
recorded in the corresponding period of 2017 at 9.31% but higher than the 8.53%
recorded in the fourth quarter of 2017. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
MAN
President, Dr. Frank Jacobs, had
earlier stated that the association’s deliberations with the government,
especially at the quarterly meetings, contributed immensely to recent positive
policy measures of the Government, some of which are already yielding results.
He said,
“Secondly, significant improvement in Foreign Exchange
(Forex) management policies of the Central Bank of Nigeria, which did not only
improve forex supply but also made allocation to the sector a priority, at that
time, was as a result of our sustained engagement with the Central Bank
Governor.”
He
added that MAN will continue to ensure greater improvement in the business
operating environment, including abolition of multiple taxation and its
unorthodox mode of collection by the three tiers of Government; enactment of
relevant manufacturing-friendly laws and abrogation of adverse and obsolete
business related legislations; and encourage the sustenance of the campaign for
patronage of Made-in-Nigeria products and advocate for sector-specific
incentives for national economic development.(Guardian)
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