The closure of the borders seemed to have boosted local production and manufacturing as the demand for locally-made goods and services increased and reducing inventory.tbiafrica.com reports.
Recall that the federal government had in August 2019 enforced closure of the country’s land borders following the spike in smuggling activities, and further extended it to contain the spread of the coronavirus pandemic in March 2020.
In a report released by the Manufacturers Association of Nigeria (MAN) at the weekend, the body noted that unsold inventory of locally manufactured goods declined by N23.73 billion.
MAN attributed this development to the closure of land borders within the ECOWAS regions, which forced many Nigerians to buy local substitutes as the import of foreign products became restricted.
“In the second half of 2019, inventory of unsold finished manufactured goods dropped marginally in the sector to at N202.16 billion, down by N23.73 billion (10.5 percent) when compared with N225.89 billion recorded in the corresponding half of 2018.
It however increased by N1.9 billion (0.9 percent) when compared with N200.26 billion recorded in the first half of 2019.
Inventory of unsold finished goods in the sector totalled N402.42 billion in 2019 and N375.42 billion in 2018.
The development can be attributed to the closure of land borders of the country within the ECOWAS regions which made Nigerians resulting to the purchase more of locally manufactured goods in the period.”
The survey further revealed that industrial zones such as the Ikeja zone recorded the highest inventory of unsold manufactured finished goods of 30.7 percent in the period, followed by Ogun with 26.2 percent and Apapa zone with 21.2 percent.
Confirming this development, the Acting DG of MAN, Mr. Ambrose Oruche said basic metal, iron & steel fabricated metal group amongst others recorded the highest inventory within the period.
It would be recalled that successive governments in Nigeria have advocated for the patronage of local products towards boosting the naira and promoting national revenue.
By Francis Ogwo
Source: tbiafrica.com
22 comments
Excellent read, I just passed this onto a colleague who was doing some research on that. And he just bought me lunch since I found it for him smile Therefore let me rephrase that: Thank you for lunch!
Its like you read my mind! You appear to know so much about this, like you wrote the book in it or something. I think that you can do with some pics to drive the message home a little bit, but instead of that, this is great blog. An excellent read. I will definitely be back.
I love your blog.. very nice colors & theme. Did you design this website yourself or did you hire someone to do it for you? Plz answer back as I’m looking to design my own blog and would like to know where u got this from. thanks
I am continually browsing online for posts that can help me. Thanks!
you are really a good webmaster. The web site loading speed is amazing. It seems that you are doing any unique trick. In addition, The contents are masterpiece. you have done a excellent job on this topic!
Very nice post. I just stumbled upon your weblog and wished to say that I have truly enjoyed browsing your blog posts. In any case I’ll be subscribing to your feed and I hope you write again very soon!
My spouse and I absolutely love your blog and find nearly all of your post’s to be precisely what I’m looking for. Does one offer guest writers to write content available for you? I wouldn’t mind creating a post or elaborating on a few of the subjects you write about here. Again, awesome web log!
I’m curious to find out what blog system you are using? I’m having some minor security issues with my latest website and I would like to find something more safeguarded. Do you have any solutions?
I beloved up to you’ll receive performed right here. The caricature is tasteful, your authored subject matter stylish. nonetheless, you command get bought an impatience over that you wish be turning in the following. sick undoubtedly come more before again as precisely the same nearly very regularly within case you defend this hike.
I’m not that much of a internet reader to be honest but your blogs really nice, keep it up! I’ll go ahead and bookmark your website to come back down the road. Cheers
I have read a few good stuff here. Certainly worth bookmarking for revisiting. I wonder how much effort you put to make such a fantastic informative website.
I used to be more than happy to find this internet-site.I wished to thanks on your time for this glorious read!! I positively enjoying every little little bit of it and I have you bookmarked to take a look at new stuff you blog post.
Hey very cool blog!! Man .. Beautiful .. Amazing .. I’ll bookmark your website and take the feeds also…I am happy to find a lot of useful information here in the post, we need develop more techniques in this regard, thanks for sharing. . . . . .
It’s arduous to find educated individuals on this matter, but you sound like you know what you’re talking about! Thanks
Hi there, I found your blog by the use of Google while searching for a similar topic, your website got here up, it looks great. I’ve bookmarked it in my google bookmarks.
I’m really impressed with your writing skills as well as with the layout on your blog. Is this a paid theme or did you customize it yourself? Anyway keep up the excellent quality writing, it’s rare to see a nice blog like this one today..
I am very happy to read this. This is the type of manual that needs to be given and not the random misinformation that is at the other blogs. Appreciate your sharing this best doc.
I have read several good stuff here. Certainly worth bookmarking for revisiting. I surprise how much effort you put to create such a excellent informative site.
An fascinating discussion is worth comment. I believe that you need to write more on this matter, it might not be a taboo topic but usually people are not sufficient to speak on such topics. To the next. Cheers
Do you mind if I quote a few of your posts as long as I provide credit and sources back to your weblog? My blog is in the exact same niche as yours and my users would truly benefit from some of the information you present here. Please let me know if this alright with you. Thanks a lot!
This actually answered my drawback, thanks!
Do you have a spam problem on this website; I also am a blogger, and I was curious about your situation; many of us have created some nice practices and we are looking to trade strategies with others, please shoot me an e-mail if interested.