Total manufacturing investment in Nigeria reached N217.22 billion in 2021, up from N118.52 billion in 2020.
It is being propelled by the gradual recovery of economic activity following the relaxation of economic and social restrictions imposed to contain COVID-19.
According to the Manufacturers Association of Nigeria (MANSecond )’s Half Economic Review 2021 (July-December 2021), investment in the manufacturing sector increased to N73.18 billion in the second half of 2021, up from N56.44 billion in the corresponding half of 2020.
This represented a N16.74 billion or 29.7% increase over the review period.
Investment in the sector, on the other hand, increased by N70.96 billion, or 49.3 percent, compared to N144.14 billion in the previous half.
According to a document made available to The Nation by MAN, significant investment has been recorded in the Pulp, Paper, Printing & Publishing (6Ps) sector with the establishment of five new paper mills that recycle waste papers to produce cartons.
The Association also mentioned the new BUA Group cement factory in Sokoto, as well as the new African Glass Limited factory, which manufactures glass products.
A cross-sector analysis also revealed that investment in the sector increased in most of the sectoral groups during the review period compared to the halves of 2020.
For example, investment in the Food, Beverage, and Tobacco sector increased to N52.02 billion in the second half of 2021, up from N10.10 billion in the first half.
However, investment fell by N13.55 billion, or 20.7 percent, compared to N65.57 billion in the previous half.
In 2021, investment in the sector totaled N305.02 billion, up from N28.87 billion in 2020.
Investment in 6Ps increased to N4.15 billion in the second half of 20201 from N1.23 billion in the first half of 2020, representing a N2.92 billion increase over the period.