The value of unsold manufactured goods in Nigeria soared to ₦2.14 trillion in 2024, marking an 87.5% rise from the ₦1.14 trillion recorded the previous year, according to new figures from the Manufacturers Association of Nigeria, MAN.
In its Economic Review for the second half of 2024, released on Monday, MAN attributed the sharp increase to faltering consumer demand, rising production costs, and continued erosion of purchasing power across the country.
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Despite the overall surge in inventory, the report noted a 27.9% decline in unsold goods in the second half of 2024 when compared to the first, suggesting a modest recovery in sales towards year-end.
Capacity utilisation in the manufacturing sector also showed slight improvement, inching up to 57.0% in 2024 from 55.1% the year before—a reflection, MAN said, of gradual stabilisation in some sub-sectors despite the broader economic headwinds.
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