The Senate has called on the 36 States of the Federation to earmark certain amounts in their annual budgets to establish cottage industries in one or two Local Governments Areas in their states.
This was disclosed by the red chamber via its Twitter handle on Tuesday.
It tweeted, “We urge the 36 States of the Federation to earmark certain amount in their yearly budget for the establishment of cottage industries on one or two Local Government Areas in their states.
“There is urgent need to promote the establishment and sustainable development of Cottage industries in the 774 LGAs of the country for the creation of job opportunities, reduction of poverty and rural-urban drift.
“Urge the Ministry of Special Duties and Inter-Governmental Affairs in conjunction with other relevant Ministries, Departments and Agencies to develop strategic framework for the promotion of the establishment and development of cottage industries in all the 774 LGAs of the country.”
— The Nigerian Senate (@NGRSenate) February 16, 2021
How to get it done
For proper follow-up, the legislators directed the State Committee on Special Duties to ensure aggressive oversight in the implementation of the Federal Government-funded policies and programmes in this direction.
Industrial index down by 0.72%, as shares of BUA Cement, Beta Glas, Cutix decline
NSE Industrial index declined by 0.72% to close at 1,922.02 index points.
The Nigerian Stock Exchange Industrial Index at the close of trading activities for the week ended 17th February 2021, depreciated by 0.72%, to close at 1,908.19 index points.
At the end of the seventh trading week, the Index shed 13.83 index points in total to close lower for the week at 1,908.19 index points, as shares of BUA Cement, Beta Glas, Cutix declined on NSE.
A preview of the performance of the index revealed that as of the close of trading activities on Friday 17th February 2021, the index stood at 1908.19 index points, from 1922.02 index points at the close of trade on Friday 12th February 2021.
What you should know
The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.
The index monitors the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.
The overall performance of the companies was relatively bearish as the index closed on a negative note with three losers and three gainers, while the other four companies closed flat.
BETAGLAS (-9.75%) led the loser’s chart for the week, while PORTPAINT (+14.44%) led the gainer’s chart.
- PORTPAINT up 14.44% to close at N3.25
- CAP up 5.56% to close N19.00
- WAPCO up 1.01% to close at N25.00
- BETAGLAS down 9.75% to close at N50.00
- CUTIX down by 5.70% to close at N2.15
- BUACEMENT down by 1.37% to close at N72.00
Nigeria’s manufacturing sector contracts by 2.75% in 2020
NBS report reveals that the real GDP of Nigeria’s Manufacturing Sector contracted by 2.75% in 2020.
The recent Gross Domestic Product (GDP) report released by the Nigerian Bureau of Statistics (NBS) has revealed that the real GDP of the manufacturing sector contracted by -2.75% in 2020.
This signals the end of a two-year run of real growth in the sector.
The contraction in the real GDP of the Manufacturing sector, leaves the sector in a vulnerable position, noting that the sector according to NBS computation grew by 0.77% in 2019 and 2.09% in 2018.
It is essential to understand that in nominal terms, without factoring in the change in prices in 2020, the Nominal GDP of the sector recorded a growth rate of 16.44% at the end of the year, compared to 34.73% in 2019.
- At the end of the fourth quarter of 2020: the manufacturing sector’s Real GDP contracted by –1.51% (year-on-year). This is lower than the corresponding quarter of 2019 and the preceding quarter by –2.75% points and –0.01% points respectively.
- The growth rate of the sector, on a quarter-on-quarter basis, stood at 5.60%.
- However, in nominal terms, the sector’s GDP growth at the end of the fourth quarter of 2020 was recorded at 24.60% (year-on-year), this is -1.69% points lower than 26.29% recorded in the corresponding period of 2019 but 11.06% points higher than the preceding quarter (13.54%).
- In nominal terms, quarter on quarter growth of the sector was recorded at 5.78%
- The Real contribution of the sector to the Nation’s GDP in the fourth quarter of 2020 was 8.60%, which is lower than the 8.74% recorded in the fourth quarter of 2019 and the 8.93% recorded in the third quarter of 2020.
- At the end of 2020, the annual contribution of the Manufacturing sector to Nigeria’s GDP stood at 8.99%.
What you should know
The Manufacturing sector is comprised of thirteen activities: Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood Products; Pulp Paper and Paper products; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber products; Electrical and Electronic, Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing.
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