N83.17bn manufactured goods unsold in 2014 â€“ MANBy Bobricky 08:16 Tue, 13 Oct 2015 Comments
The value of unsold finished products manufactured in Nigeria in 2014 was put at N83.17bn, according to data released by the Manufacturers Association of Nigeria.
According to the data contained in the 2014 Annual Report of MAN, the amount was N44.08bn in excess of the N39.09bn recorded in the previous year.
The report attributed the high volume of unsold made-in-Nigeria products to the influx of cheap imported goods, high cost of transport and increased activities of insurgents in the North-Eastern part of the country.
A breakdown of the unsold finished goods across sectors indicated that the pulp, paper, printing and publishing sector had more inventory valued at N19.95bn in the second half of the year. The electrical and electronics sector had inventory valued at N15.57bn for the same period.
Across industrial zones, the Ogun zone recorded the highest inventory of unsold products with N53.59bn in the second half of the year, accounting for about 88.3 per cent of the total inventory for the period.
According to MAN, the high inventory in the Ogun industrial zone was due to the downturn in cement sales occasioned by the debate on the grade of the product during the year as well as huge unsold stock of finished electrical equipment amounting to over N15bn due to non-patronage from the electricity distribution companies.
Investment in manufacturing also fell to N691.81bn in 2014 as against the N2tn estimated for 2013.
Investment in plants and machinery ranked highest at N474.67bn in the period under review as against N843.44bn the previous year, while investment in asset under construction was put at N99.91bn last year as opposed to N297.72bn estimated for 2013.
A total of N96.76bn was invested in land and buildings in the course of the year as against the N332.15bn invested in 2013. Investment in vehicles last year was put at N10.26bn against N282.99bn the previous year, while N10.21bn was invested in furniture and equipment in 2014 as against N244.45bn in 2013.
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