Inflation looms as manufactured goods fall by 36%
The value of manufactured goods traded tumbled by 36 percent from N4.51tn in the second quarter of 2021 to N2.87tn in the corresponding period of 2022.
This is according to the foreign trade report by the National Bureau of Statistics for the second quarter of the year and its corresponding quarter of 2021, The Punch reports.
Foreign trade statistics measure goods traded between an economic entity and its economic counterparts within a given period.
The fall in the value of traded manufactured goods came as manufacturers continue to grapple with skyrocketing costs and a harsh operating environment.
Exports of manufactured goods also took a downward plunge within the period in review, from 211.67bn recorded in 2021 to N119.53bn in 2022, representing a 43.5 percent decline in 12 months.
It would be recalled that The Punch had reported earlier how manufacturers were adopting survival strategies amid a worsening operating environment.
In its “Manufacturers CEO’s Confidence Index,” the Manufacturers Association of Nigeria noted that its members had to resort to adopting survival strategies to improve production.
Speaking in an exclusive interview with The Punch, the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Olusola Obadimu said that given the prevailing economic climate, the decline in the value of manufactured exports was expected.
According to him, unresolved port-related issues have also made exportation more difficult for manufacturers.
He further stated that the insecurity crisis in the country had significantly affected farming activities, which, in large parts, account for raw materials used for production purposes.
Makinde pledges support for Mouka Foam to site factory in Oyo
Tinubu appoints house of reps speaker, Femi Gbajabiamila as Chief-of-staff
‘I don’t beat my wife’, Seun Kuti denies allegations of domestic violence
Police officer remanded in prison for N123 Million fraud in Lagos
Explosion at LASUTH destroys offices, shops
Drum rolls as Bigi and Sosa Fruit Drink of Rite Foods Share exciting moments with Children in Lagos
10 things you didn’t know about Raymond Dokpesi
I wish Tinubu every success in guiding our country towards stability – NDDC Gov Board member
Fuel subsidy removal: FG to meet NLC today
Nigerians groan as fuel scarcity hit major cities
Join our Facebook Fan page
News2 weeks ago
Heavily pregnant Lagos woman stabs maid for disobeying her
News1 week ago
Nigerian man traumatised as scammer poses as his friend to defraud him of millions using AI
News4 weeks ago
Tinubu: Court adjourns hearing on Peter Obi’s petition till May 10
News1 week ago
Nigerian youtuber comes under severe fire over BBC interview