Business
UNEMPLOYMENT: 10,291 jobs lost in manufacturing sector in 2017
No fewer than 5, 212 jobs were lost in the manufacturing sector in the second half of 2017, bringing the total for the year to 10,291, a new survey released by the Manufacturers Association of Nigeria (MAN) has revealed.
According to the report, the job lost in the second half rose by 2.6 percent from the 5, 079 job losses recorded in the first six months of the year.
The report also revealed that a total of 10,257 manufacturing jobs were created in the second half of 2017 as against 10,061 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.
However, the figures may worsen in the second quarter of 2018 over the introduction of a new excise duty on alcoholic beverages and tobacco products by the Federal Government which commenced on June 4, 2018.
Read also: Anxiety in Nigeria’s oil sector as N’Delta group threatens attacks
The Chairman of Distillers and Blenders Association of Nigeria (DIBAN) under the auspices of MAN, Patrick Anegbe, had expressed worry over how 25,000 jobs in the sector were being threatened by the excise duty.
But according to MAN, output in the sector had grown from -2.54 percent in the fourth quarter of 2016 to 0.14 percent in the same quarter in 2017, indicating 2.68 percentage points increase over the period.
When compared to the preceding quarter, the sector output increased by 2.99 percentage points from -2.85 percent growth.
The President of MAN, Dr. Frank Jacobs, expressed optimism that the sector will keep growing with the increase in local sourcing of raw materials and more foreign exchange made available to operators.
By Oluwasegun Olakoyenikan….
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