Photo from Internet

The Manufacturers Association of Nigeria (MAN) said the stock of unsold finished products of members of the association rose by 255 percent to N321.12 billion in 2017 from N90.43 billion in 2016.

Immediate past President of MAN, Dr Frank Jacobs, stated this in Lagos at the 46th Annual General Meeting (AGM) of the association which discussed the theme, “Mainstreaming. Policies to Catalyse Industrial Renaissance”.

Jacobs, whose four-year tenure ended at the AGM, noted that the inventory of unsold products, inadequate electricity supply, frequent increase in electricity tariff and abnormally high interest rates were some of the problems bedeviling the sector.

He stated: “Inventory of unsold finished goods increased to N161.53 billion in the second half of 2017 from N35.42 billion recorded in the corresponding period of 2016. Inventory of unsold manufactured goods amounted to N321.12 billion in 2017 against the N90.43 billion recorded in 2016, indicating a 255.19 percent increase over the period.”

He called for speedy actualisation of recommendations made by the association through its various advocacy submissions to the Federal Government to improve performance of the sector.