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Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth - Business - Nairaland

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World Bank Reports Expansion In Nigerian Manufacturing Sector / Banking Sector Records Transactions Worth N32.48 Trillion In Q1, 2018 – NBS / Banking Sector Records Transactions Worth N29.44 Trillion In Q4 2017 – Nbs (2) (3) (4)

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Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by kahal29: 9:36am On Mar 13, 2016
The manufacturing sector of the economy recorded a growth of 6.93 per cent in the fourth quarter of last year amid lack of significant credit advance from the banking sector.

The growth was 2.13 per cent higher than the 4.80 per cent which was recorded in the third quarter of the year, according to the National Bureau of Statistics (NBS).

There has been increasing concern over the reluctance by commercial banks to advance significant credit to the real sector which is critical to resuscitating economic activities as oil revenues to government continue to decline due to the falling price of oil.

At the last monetary policy committee (MPC) meeting of January 2016, the CBN governor, Mr. Godwin Emefiele noted that though Net domestic credit (NDC) grew by 12.13 per cent, it remained below the provisional benchmark of 29.30 per cent for 2015 while growth in aggregate credit reflected mainly growth in credit to the Federal Government by 151.56 per cent in December 2015 compared with 145.74 per cent in the corresponding period of 2014.

Nevertheless, the apex bank had initiated a number of plans to increase lending to the real sector; hence, the recent growth in the manufacturing sector, which had hitherto being on a decline may be unconnected with recent interventions in the sector.
However, according to the fourth quarter GDP estimates released recently by the statistical agency, the sector contributed 9.09 per cent to Nominal GDP in Q4 2015 quarter, though lower than the 9.11 per cent recorded in the corresponding period of 2014, and 9.67 per cent in the third quarter of 2015.

It further noted that real GDP growth of the manufacturing sector slowed by 13.09 per cent to 0.38 per cent (year-on-year) from 13.47 per cent growth recorded in fourth Quarter of 2014.

Growth was however 2.13 per cent higher than rates recorded in Q3 2015 while on a quarter-on-quarter basis, the sector slowed on the margin by -0.03 per cent with oil refining and Motor vehicle and Assembly weighing on the sector manufacturing.

Notably, the manufacturing sector recorded a nominal year on year growth of 2.43 per cent in the period under review. This was 28.63 per cent lower than the 31.06 per cent growth rate recorded in the corresponding quarter of 2014, and 1.02 per cent lower than the growth rate of 3.46 per cent recorded in Q3.

Quarter–on-Quarter, the sector grew by 51.5 per cent. The contribution of electricity, gas, steam and air conditioning supply to Nominal GDP was 0.71 per cent in the Fourth Quarter of 2015 lower marginally when compared to the contribution made in the corresponding quarter of 2014 recorded at 0.74 per cent.

The NBS said:”In real terms, the sector grew by 1.20 per cent in the Fourth Quarter of 2015, 1.61 per cent points lower than the corresponding period in 2014, and lower than the Third Quarter 2015 growth rate, which stood at 2.14 per cent. Quarter-on-Quarter, the sector grew by 51.67 per cent.

“The contribution of Electricity, Gas, Steam and Air Conditioning Supply to real GDP was 0.51 per cent in the fourth quarter of 2015, roughly unchanged from the Fourth Quarter of 2014 , and slightly higher than the contribution of 0.34 per cent in the Third Quarter of 2015.”
http://www.thisdaylive.com/index.php/2016/03/13/despite-concerns-over-credit-facilities-manufacturing-sector-records-6-93-growth-in-q4-2015/

6 Likes 1 Share

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by olamide452(f): 12:46pm On Mar 13, 2016
Hmmmn


FTC
Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by isralkhaleed(m): 12:47pm On Mar 13, 2016
I've always bn expecting this after all some foreign goods have bn affected by the exchange rate of Naira to dollar...we are getting there

24 Likes 1 Share

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by seunakin231(m): 12:47pm On Mar 13, 2016
Gradually gradually, poco a poco.... we can only get better..

21 Likes

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by anonimi: 12:47pm On Mar 13, 2016
Good news but is it sustainable in the current situation?

1 Like

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by ekenetheorg(m): 12:48pm On Mar 13, 2016
How can we confirm this

7 Likes

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by Nobody: 12:48pm On Mar 13, 2016
I expect this to continue. Industries are beginning to look inwards for raw materials with attendant multipliers on the underlying economy.

33 Likes 3 Shares

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by Flexherbal(m): 12:48pm On Mar 13, 2016
Good to hear.

2 Likes

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by GeneralShepherd(m): 12:49pm On Mar 13, 2016
Sai baba

17 Likes 1 Share

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by Bolade005: 12:49pm On Mar 13, 2016
Please do not try to play on our intelligence by fabricating figures just so you can convince us the economy is working when we know the truth.

Obviously, we've been scammed by APC and Buhari. I always see through people's lies but I failed on this.

The hardship is unbearable. Give him time they say, it's about a year now and yet no policy direction. It's not even a matter of how "let's give this policy time, in so so months everything will balance". Even Lai Muh'd doesn't believe in Buhari no more. He can try to deny it as much as he want but we already got the point, the subtle message he was trying to pass across, "Y'all have been scammed".

No Light, we can't even get fuel to power our Generator. I used to on my gen from 7pm to 12am. Now I can only afford to on it for just 2hrs between 8 and 10pm.

What exactly is our sin? Why do we always get it wrong with our leaders?

23 Likes 2 Shares

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by hadura29(m): 12:49pm On Mar 13, 2016
There is progress. Nigeria is on refresh mode.

He go better.

4 Likes

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by AdemolaA2: 12:49pm On Mar 13, 2016
R
Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by mars123(m): 12:49pm On Mar 13, 2016
the good thing is that speculation doesn't CHANGE the reality on ground wink the country is in safe hands.

3 Likes

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by Pavore9: 12:49pm On Mar 13, 2016
Little by little.

1 Like

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by Obiodunukwe: 12:49pm On Mar 13, 2016
Haters wailers and IPOB can cry till they require throat transplant

Buhari is working

17 Likes

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by Megaflex(m): 12:50pm On Mar 13, 2016
All dis gibberish sef. abeg wen dem go release budget? i dey in serious need of a job

2 Likes

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by kennyman2000(m): 12:50pm On Mar 13, 2016
one good news of this week

2 Likes

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by gidson12(m): 12:51pm On Mar 13, 2016
lies.....this is how they cook up lies when people begin to find out their deception......Lies

8 Likes

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by sleemfesh: 12:52pm On Mar 13, 2016
Less than the 9.11 in the corresponding quarter of 2014. Hypocrites painting false pictures since May 29. Make your headline 'relative' growth.

2 Likes

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by onyemachius(m): 12:52pm On Mar 13, 2016
Ohk Noted..buh seriously I wish i can sell my prepaid meter and get hand fan, cant even remmb were I kept the card.. Just my 2cent

2 Likes

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by kindnyce(m): 12:52pm On Mar 13, 2016
And some ppl are not gonna like this news..
Gradually,Painfully,Slowly but surely we shall get there.....
Just Believe

3 Likes

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by Nobody: 12:52pm On Mar 13, 2016
What are the manufacturing?

2 Likes

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by Nobody: 12:53pm On Mar 13, 2016
With the current war against importation, this is expected, to make it even more effective let's buy more Nigerian made.

6 Likes

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by 400billionman: 12:53pm On Mar 13, 2016
So bugarri is working ?

The Nigerian economy always records its highest growth in Quarter 4 of October, November, December due to the yuletide frenzy.

For those who will shout Sai barber, some building materials cost have risen by 50 %.

7 Likes 2 Shares

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by Siberia101: 12:55pm On Mar 13, 2016
Nice one
Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by omojeesu(m): 12:55pm On Mar 13, 2016
Good news! May it keep rising!!
Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by Fury007: 12:56pm On Mar 13, 2016
Enemies of the state will not like this news.
Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by omojeesu(m): 12:57pm On Mar 13, 2016
Megaflex:
All dis gibberish sef. abeg wen dem go release budget? i dey in serious need of a job

Beg the Senate!

2 Likes 1 Share

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by ba7man(m): 1:01pm On Mar 13, 2016
Bolade005:
Please do not try to play on our intelligence by fabricating figures just so you can convince us the economy is working when we know the truth.

Obviously, we've been scammed by APC and Buhari. I always see through people's lies but I failed on this.

The hardship is unbearable. Give him time they say, it's about a year now and yet no policy direction. It's not even a matter of how "let's give this policy time, in so so months everything will balance". Even Lai Muh'd doesn't believe in Buhari no more. He can try to deny it as much as he want but we already got the point, the subtle message he was trying to pass across.
Ohhh shush it and take your wailing to your parents or your grave. angry angry angry

18 Likes 1 Share

Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by demarc001: 1:02pm On Mar 13, 2016
Buhari is working!
Re: Despite Concerns Over Credit, Manufacturing Sector Records 6.93% Growth by Nobody: 1:02pm On Mar 13, 2016
Seems like Buhari is Angry now!!

After the 3 days blackout, had almost 10hrs supply of light yesterday!! Lol

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