The Manufacturing Association of Nigeria, MAN, has revealed that manufactured goods worth N83.17 billion were unsold in 2014.
MAN disclosed this in its annual report on finished products in Nigeria. It said the 2014 figure was N44.08 billion more than the N39.09 billion recorded in 2013.
It attributed the increased volume of unsold finished products in the country to influx of imported goods which have made the made-in-Nigeria goods less competitive due to their cheap prices.
The association also attributed the high volume to high cost of transport and increased activities of Boko Haram insurgency that has reduced the size of market in the North Eastern Nigeria.
According to MAN, the pulp, paper, printing and publishing sector had the most number of unfinished products with inventory valued at N19.95 billion in the second half of 2014 followed by the electrical and electronics sector with inventory of N15.57 billion in the same period
