Unsold Goods In Nigerian Markets Reach N271 Billion In The First Half Of 2023 Due To Inflation

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In the realm of manufacturing, the landscape in Nigeria has witnessed significant shifts in the first half of 2023. The Manufacturers Association of Nigeria (MAN) reported a striking 45.4 percent increase in the inventory of unsold finished products, which surged to N271.96 billion from N187.08 billion in the corresponding period of 2022. This surge is primarily attributed to mounting inflationary pressures and the scarcity of the national currency in the first quarter of 2023, compounded by the federal government's subsidy removal.

Interestingly, when compared to the second half of 2022, this inventory situation shows improvement, with a 4.1 percent decline from N283.6 billion. This shift indicates the manufacturing sector's resilience in challenging economic times.

However, a less optimistic note comes with the loss of jobs. A total of 3,567 jobs were lost in the manufacturing sector during H1'23, a significant increase compared to the 1,709 job losses in the corresponding period of 2022 (H1'22) and even surpassing the 2,708 jobs lost in H2'22. This concerning trend is attributed to an unfriendly business environment and hastily implemented policies, such as the currency redesign that led to a shortage of currency notes in the early part of the year.

The manufacturing sector in Nigeria is navigating a complex economic landscape, balancing inventory challenges with employment concerns, highlighting the need for strategic interventions and policy adjustments to foster growth and stability.

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