Capacity utilisation in Nigeria’s manufacturing sector improved marginally to 57.0 per cent in 2024, up from 55.1 per cent in 2023, with a half-on-half analysis showing a 1.2 percentage point increase in H2 2024 compared to H1 2024.
The sector’s local raw material sourcing also increased to 57.1 per cent in 2024, up from 52.0 per cent in 2023, a shift which was largely driven by forex scarcity, high import costs, and government incentives promoting local content.
The Manufacturers Association of Nigeria (MAN) made these known in the executive summary of its ‘MAN Economic Review for Second Half of 2024,’ released yesterday.
Read more at Thenationonlineng
The sector’s local raw material sourcing also increased to 57.1 per cent in 2024, up from 52.0 per cent in 2023, a shift which was largely driven by forex scarcity, high import costs, and government incentives promoting local content.
The Manufacturers Association of Nigeria (MAN) made these known in the executive summary of its ‘MAN Economic Review for Second Half of 2024,’ released yesterday.
Read more at Thenationonlineng