Plastics, foam emerge top industry performers

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Friday, August 9,2019

Domestic and industrial plastics as well as rubber and foam emerged the manufacturing industry’s best performers in the first and second quarters of 2019.

The sector gained 62.6 point, 12.6 points above the 50 points benchmark of good the performance established by the Manufacturing CEO Confidence Index.

It was closely followed by the pulp, paper and paper products, printing, publishing and packaging subsector that scored 60.5 points.

The second runner up was the motor vehicle and miscellaneous assembly sector that scored 56.6.

Food, beverage and tobacco, textile, wearing apparel, carpet, leather and leather footwear, wood products, including furniture recorded a minimum performance of 50 points.

Four subsectors recorded below 50 points in the following order: chemical and pharmaceuticals, 47.5; electrical and electronics, 46.8; basic metal, iron and steel, fabricated metal, 44.1.

In that category also were the non-metallic mineral products that recorded 44 points.

In the second quarter, the plastics sector led the performance, along with the motor vehicle assembly sector with each of them scoring 54.5 points. They gained one point above the food, beverage and tobacco sector that scored 53.5 points.

Further analysis of the sectors showed that the pulp, paper and paper products printing, publishing and packaging subsector scored 52.0; both textile, wearing apparel, carpet, leather and leather footwear and chemical and pharmaceuticals sector recorded 51 points; while electrical and electronics subsector stood at 50.5 points.

The three subsectors that recorded below 50 points in the second quarter were wood and wood products, 48; non-metallic mineral products, 47.5, basic metal, iron and steel, fabricated metal, 46.5 points.

Speaking on the performance, the President, Manufacturers Association of Nigeria, Mr Mansur Ahmed, said, “It is pertinent to note that even though majority of the subsectors recorded fairly improved level of performance, there is still a need for the government to initiate robust support measures that will not only stimulate better performance in all the subsectors but save those with performances below the 50-point threshold from imminent collapse.

He said top on the list of subsectors that required urgent attention were those in the basic metal and non-metal.

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