Nigeria’s manufacturing sector is navigating a challenging landscape in 2024, with a modest decline in real output and capacity utilization, according to the latest report from the Manufacturers Association of Nigeria (MAN).
Despite pressures from inflation, foreign exchange constraints, and sluggish consumer demand, manufacturers are increasingly shifting to locally sourced raw materials to mitigate import challenges.
What they are saying The report, presented by MAN President Otunba Francis Meshioye, revealed that capacity utilization—a critical indicator of manufacturing health dipped marginally to 56.4% in H1 2024 from 56.5% in the same period last year.
Nevertheless, the sector saw a slight recovery from the second half of 2023, with a 2.8% increase in capacity utilization, hinting at gradual stabilization despite broader economic challenges.
Read more at Nairametrics
Despite pressures from inflation, foreign exchange constraints, and sluggish consumer demand, manufacturers are increasingly shifting to locally sourced raw materials to mitigate import challenges.
What they are saying The report, presented by MAN President Otunba Francis Meshioye, revealed that capacity utilization—a critical indicator of manufacturing health dipped marginally to 56.4% in H1 2024 from 56.5% in the same period last year.
Nevertheless, the sector saw a slight recovery from the second half of 2023, with a 2.8% increase in capacity utilization, hinting at gradual stabilization despite broader economic challenges.
Read more at Nairametrics
