Manufacturers Earn N1.67trn From Exports In Nine Months

Between January and September 2019, manufacturers earned a total of N1.67trn through exports of manufactured products, report from the National Bureau of Statistics (NBS) has indicated.
A breakdown of the amount showed that manufacturers earned about N462.33 billion in the first quarter of last year.
The amount, according to the report, represents 10.2 per cent of the total export for the nine-month period.
Out of the N462.33 billion, the sum of N312.8 billion was earned in January while February and March fetched N98.41billion and N51.12 billion respectively.
A further analysis of the report showed that manufactured goods such as vessels and other floating structures valued at N202.6 billion were exported to Angola in the first quarter.
In addition, refrigerated vessels worth N69.6 billion were exported to Ghana, while other light vessels valued at N12.6 billion were also exported to the United States during the period under review.
For the second quarter of last year, manufacturers’ earnings dropped by N355.43 billion from the first quarter figure of N462.33 billion to N106.9 billion.
A breakdown of the N106.9 billion showed that goods valued at N32.65 billion were exported by manufacturers in May, N62.36 billion in June while July had N11.08 billion.
During  the  second quarter, vessels  and  other  floating  structures  valued  at  N27 billion,  N12.6 billion  and  N3.3 billion  were  exported  to Cameroon,  Argentina,  and  Namibia  respectively.
Other floating structures worth N7.7 billion were  exported to the United Arab Emirates, according to the NBS data.
In addition, other cigars, cheroots, cigarillos and cigarettes with other tobacco products worth N2 billion were exported to the Niger Republic.
For the third quarter of 2019, the amount earned by manufacturers from exports rose from the second quarter figure of N106.9 billion to N996.78 billion.
A further analysis of the report showed that goods worth N162.93 were exported in July, while August and September recorded N66.98bn and N766.87 billion respectively.
It said this was driven by exports of cable sheaths of iron and steel valued at N750.3 billion exported to Ghana.
The report added that floating and submersible drilling platforms were exported to Ghana and valued at N117.4 billion.
It put vessels and other floating structures for breaking up exported to Cameroon at N41.7 billion.
The Manufacturers Association of Nigeria said the infrastructural deficit had continued to impede industrial growth and denied the country the much-needed foreign direct investment.
It also said that multiple levies and taxes and other anti-investment policies of the agencies of the government must be addressed in the new year.
The Director-General, MAN, Mr Segun Ajai-Kadir, noted that there appeared to be challenging times ahead, given the current policies of the current regime and its objectives.