The Manufacturing Association of Nigeria (MAN) has revealed that manufacturing goods worth N83.17 billion were unsold in the year under review in Nigeria. The Manufacturing Association of Nigeria also revealed the reasons behind the billion worth of unsold goods in the country.
MAN disclosed this in its annual report on finished products in Nigeria. According to the MAN Annual Report, the 2014 figure was N44.08 billion more than the N39.09 billion recorded in the previous year.
MAN attributes the increased volume of unsold finished products in the Nigeria to the influx of imported goods which have made the made-in-Nigeria goods less competitive due to their cheap prices. The association also attributed the high volume to high cost of transport and increased activities of Boko Haram insurgency that has reduced the size of market in the North Eastern part of Nigeria.
According to the MAN report, the pulp, paper, printing and publishing sector had the most number of unfinished products with inventory valued at N19.95 billion in the second half of the year (H1 2014) followed by the electrical and electronics sector with inventory of N15.57 billion in the same period.
