The value of inventory of unsold manufactured goods stood at N149.23 billion in the first half of 2018, according to the Manufacturers Association of Nigeria (MAN).
This number represents a N10.36 billion or 6.5 percent reduction from N159.59 billion obtained in the corresponding period of 2017.
It also reflects a drop of N12.3 billion (7.6 percent) from N161.53 billion recorded in the second half of 2017.
“Inventory of unsold finished goods in the sector within the period was induced by low real consumption due to inflationary pressure, smuggling, counterfeiting and cloning of Nigerian manufactured products as well as high cost operating environment,” MAN said, in its Economic Review.
Inventory as used here is the value of goods not sold within the first six months of 2018.
In the Basic Metal, Iron & Steel Fabricated Metal group, inventory was valued at N28.41 billion or 19.03 percent, while it was N24.36 billion or 16.2 percent in the chemical and pharmaceutical sector.