In a 2024 half-year review made available to BusinessDay, the Manufacturers Association of Nigeria (MAN) said investments in the manufacturing sector stood at ₦250.13 billion in the first half (H1) of 2024, representing a 29.63 per cent year-on-year increase.
However, MAN said this increase is primarily due to the depreciation of the naira, which inflated the cost of importing machinery and other essential assets.
“In real terms, investment spending did not increase, as manufacturers focused on maintaining current production levels rather than expansion due to the challenging economic environment.”
Dangote Group, BUA Group, Flour Mills of Nigeria and other members of MAN raised their investments by 30 per cent in the first six months of 2024 as they exploited opportunities in the economy.
Manufacturers had also raised their investments in plants, machines, buildings and other fixed assets by 32 per cent in 2023 on the back of rising confidence in the economy.
