The Purchasing Managers Index (PMI) report, which gauges the level of activities in the real sector, has increased to 54.6 points in December on strong demand.
 
The report stated that customer demand improved again in the Nigerian private sector at the end of 2022, supporting further rapid increases in new orders and business activity.
 
The headline PMI reached 54.6 in December, up from 54.3 in November, signalling a marked monthly improvement in business conditions across the Nigerian private sector. Moreover, operating conditions have strengthened to the greatest extent since April 2022.
 
The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.
 
More details at:
https://leadership.ng/strong-demand-boosts-nigerias-manufacturing-activities-in-december
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The Manufacturer Association of Nigeria has said that its production value has recorded a 9 per cent increase to $9bn in the first half of 2022.
 
The Executive summary of the H1 2022 Economic Review report of the association made available to PUNCH on Friday, showed that the manufacturing sector factory output value increased to $9bn in the first half of 2022 (year-on-year) up from $8.3bn recorded in the same half in 2021. thus, indicating a $744mn rise during the period.
 
“It also increased by $586.2mn equivalent to 7.0 per cent (half-on-half) when compared with $8.4bn achieved in the second half of 2021,” the report said.
 
More details at:
https://punchng.com/man-production-value-hits-n3-99tn-in-h1-2022
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Nigeria ranks number 8 on the African Industrialization Index that was released by the African Development Bank (AfDB) Group in November 2022.
 
In the index, the top 10 countries are ranked as follows: South Africa, Morocco, Egypt, Tunisia, Mauritius, Eswatini, Senegal, Nigeria, Kenya, and Namibia.
 
More details at:
https://nairametrics.com/2022/12/02/nigeria-ranks-8-on-the-african-industrialization-index-by-the-afdb
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Foreign capital inflow into the production sector rose by 83 per cent, Year-on-Year (Y-on-Y) to $457.66 million in the first half year ended June 2022 (H1’22) from $245.22 million in the corresponding period in 2021.
 
Vanguard analysis of the Nigerian Capital Importation report for Q2’2022 showed that the inflow to the production sector recorded the highest growth in H1’22 with the banking and the financing sectors trailing behind, while inflow to shares took a downward turn.
 
A breakdown showed that capital inflow into the banking sector rose 47 per cent to $1.46 billion in H1’22 from $1.00 billion in H1’21, while inflow into the financing sector rose by 26 per cent to $396.67 million from $315.11 million in H1’21.
 
More details at:
https://www.vanguardngr.com/2022/11/foreign-capital-inflow-to-production-sector-up-83-to-457-7m
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Governor of Oyo State, Seyi Makinde, has unveiled Africa’s first cassava-based sorbitol factory, constructed by Psaltry International Limited (PIL) in partnership with First City Monument Bank (FCMB) and Unilever Nigeria, in Iseyin, Oyo State.
 
Speaking at the commissioning of the factory, Governor Makinde said: “This is another value addition to cassava, which Oyo State is known to produce in large quantities. We are glad that the strategies adopted to boost agribusiness in the state are yielding the desired results. We believe there cannot be urban transformation without rural development. Our government is in full support of Psaltry International Company Limited.”
 
Describing the economic impact of the Sorbitol factory, the Founder/CEO, Psaltry International, Mrs. Oluyemisi Iranloye, said: “This factory, which is the first of its kind in Africa is projected to create 25,000 direct and indirect jobs, while empowering 10,000 rural farmers and families living within an 80km radius covering more than 20 host communities around Oke-Ogun in Iseyin, Oyo State.
 
“The factory, which will produce 24 tons of cassava-based Sorbitol daily, was financed by FCMB through the Central Bank of Nigeria’s commercial Agriculture Credit Scheme and has Unilever as the largest off-taker as part of its localisation of raw materials for production.
 
More details at:
https://guardian.ng/business-services/fcmb-unilever-partner-psaltry-on-cassava-based-sorbitol-factory
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The Nigerian Bottling Company (NBC) has stated that its investment in Nigeria has reached over $1 billion over the past ten years, noting that the move demonstrates its confidence in the nation’s investment climate.
 
The Managing Director, NBC Limited, Matthieu Seguin, stated that the investment helped to boost its production capacity, build warehouses, invest in eco-friendly businesses that has provided job opportunities to thousands of Nigerians across the country.
 
More details at:
https://www.thisdaylive.com/index.php/2022/07/25/nbc-investment-in-nigeria-hits-e1bn-in-10-years 

Demand for paper and related products in Nigeria has grown to more than three million metric tonnes annually, the Printing and Publishing Group of the Lagos Chamber of Commerce and Industry (LCCI) has disclosed.
 
She, however, noted that the installed production capacity had stagnated at 200,000 metric tonnes, thus making the importation of raw materials and finished products inevitable.
 
“According to investment analysts, 4.3 million worth of investment machinery can produce 100 metric tonnes of paper per day,” she noted.
 
More details at:
https://dailytrust.com/nigerias-paper-demand-grows-to-3m-metric-tonnes-annually
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The Nigerian Content Development and Monitoring Board (NCDMB) has said over 420 metric tons of pipes are now manufactured in Nigeria annually.
 
The Executive Secretary of the board, Engr Simbi Wabote, who disclosed this yesterday while declaring open a sensitisation programme for law enforcement agencies in Yenagoa, Bayelsa State, said previously, that the production in the oil and gas industry was left to the exclusive preserve of the international oil companies. “Today, we are able to manufacture pipes in the country, about 420 metric tons of pipes are manufactured in-country..."
 
More details at:
https://dailytrust.com/nigeria-produces-over-420-tons-of-pipes-annually-ncdmb

The Purchasing Manager Index (PMI) of the Stanbic IBTC Bank Plc for the month of May 2022 stated that the manufacturing sector topped the growth experienced by the Nigerian private sector during the month under review.
 
The report said that the PMI headline reading was 53.9 in May, which was a little lower than the 55.8 recorded in April but sustained a twenty-three successive monthly improvement in business conditions in Nigeria’s private sector. The headline figure derived from the PMI survey above 50.0 signaled an improvement in business conditions on the previous month, while readings below 50.0 showed deterioration.
 
More details at:
https://www.thisdaylive.com/index.php/2022/06/10/pmi-report-manufacturing-tops-private-sectors-growth-in-may/
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Capacity utilisation in the manufacturing sector increased to 59 per cent in the second half of last year from 53.7 per cent recorded in the corresponding half of the previous year, indicating 5.3 percentage points increase over the period.
 
It increased by 6.6 percentage point when compared with 52.4 per cent recorded in the preceding half. Capacity utilisation in the sector averaged 58.9 per cent in 2021 from 49.5 per cent average of 2020.
 
The Manufacturers Association of Nigeria (MAN) ‘Second Half-Economic Review 2021’ (July-December 2021) attributed the increase in manufacturing capacity utilisation to the easing of economic and social restrictions meant to contain the COVID-19 pandemic and the full rebounding of economic activities globally and in Nigeria within the period…
 
More details through:
https://thenationonlineng.net/manufacturers-capacity-utilisation-hits-59/
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