3,903 jobs lost in six months, say Nigerian manufacturers

A total of 3,903 jobs were lost in the manufacturing sector in the second half of last year, the Manufacturers Association of Nigeria has said.

MAN said on Tuesday in its economic review for the second quarter of 2020 that the COVID-19 pandemic had a crushing impact on the sector.

“At the moment and following the impact of COVID-19, productivity in the sector is at the lowest,” it said, adding that the sector required deliberately orchestrated action to rekindle significant productive activities.

The association said at the end of the second half of 2020, an estimated 1,655,331 historical cumulative jobs were created in the sector in the last eight years.

“A total of 3,451 new manufacturing jobs were created in the second half of 2020 compared to 10,735 jobs created in the corresponding half of 2019 and 5,241 jobs in the first half of the year. However, a total of 3,903 jobs were lost in the sector in the period,” MAN said.

According to the report, manufacturing investment declined to N56.44 billion in the second half of 2020 from N257.66 billion recorded in the corresponding half of 2019 and N62.08 billion in the first half of 2020.  

It said, “Manufacturing investment totaled N118.52 billion in 2020 as against N496.11 billion achieved in 2019.

“Manufacturing investment declined in the period following the depressing fallouts from COVID-19 that gave no impetus for new investments in the sector.”

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