10,291 Manufacturing Jobs Lost In 2017
Following the acute dollar shortage that hit Nigeria last year, the manufacturing sector suffered significantly, shedding no fewer than 5,212 jobs in the second half of 2017.
This brings the total number of manufacturing jobs lost within the year to 10,291, according to a new survey released by the Manufacturers Association of Nigeria, MAN.
The second half figure is against the 5,079 job losses recorded in the first six months of the year, according to the report.
Data from the various surveys conducted by MAN equally indicated that at the end of 2017, an estimated 1,649,612 historical cumulative jobs were created in the manufacturing sector.
The report noted that a total of 10,257 manufacturing jobs were created in the second half of 2017 as against 10,061 jobs created in the corresponding half of 2016.
The Food, Beverage and Tobacco sectoral group accounted for most of the jobs created with 3,994 in the second half of 2017.
The manufacturing sector had seen recovery and minimal growth following the recession of 2016, aided mostly by government policies that relaxed foreign exchange restrictions and sought to make the operating environment more conducive, said the report.
According to MAN, output in the sector had grown from -2.54% in the fourth quarter of 2016 to 0.14% in the fourth quarter of 2017. This indicated a 2.68 percentage points increase over the period.
It also increased by 2.99 percentage points when compared to the -2.85% growth recorded in the preceding quarter.
With the increase in local sourcing of raw materials and more foreign exchange made available to operators, the sector will keep growing, the President, MAN, Dr. Frank Jacobs, said.