PUNCH
The Manufacturers Association of Nigeria has decried the increase in value of unsold inventory by 12.9 per cent from N1.24tn in the first half of 2024 to a record N1.4tn by the end of the past year.
MAN president, Francis Meshioye, revealed at the 2025 Presidential Media Luncheon held on Wednesday in Lagos that manufacturers were unable to sell their goods due to diminishing consumers’ purchasing power resulting from high inflationary effects.
“The manufacturing sector in 2024 faced a myriad of macroeconomic and infrastructural challenges that severely impacted its performance,” Meshioye stated. “Inflation in Nigeria reached an alarming 34.6 per cent by November 2024, diminishing consumers’ purchasing power and causing a decline in demand for manufactured goods. This inflationary burden also led to an accumulation of unsold inventory, which rose to N1.4tn across the manufacturing industries.”
He highlighted how the devaluation of the naira, which fell from N666/$ in mid-2023 to over N1,700/$ by mid-2024, compounded the sector’s woes by inflating the costs of imported raw materials and machinery. “The floating exchange rate worsened the already strained profitability of manufacturers,” Meshioye explained.
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