Manufacturing[vc_row][vc_column][eovo_advanced_image title=”Manufacturing” image=”4950″][ultimate_spacer height=”20″][vc_column_text]The size of the Nigerian economy as measured by the country’s GDP has increased by a compound annual growth rate (CAGR) of 20.68% (in nominal terms) between 2001 and 2006. A noticeable trend in the economy’s growth pattern is the increasing contribution of the non-oil sector, particularly the manufacturing sector. Nigeria’s manufacturing sector holds vast potential for economic development due to an abundant youth labor force coupled with the agrarian nature of the economy.
GDP growth in the manufacturing sector can be partly attributed to improved output capturing and documentation. Prior to rebasing in the early 2000s manufacturing included just three activities: oil refining, cement and other manufacturing. Now, the other manufacturing activity has been broken down into 11 different activities, bringing the total for the manufacturing sector to 13. Among the 13, food, beverages and tobacco are by far the greatest contributors of the total, followed by textiles, apparel and footwear.
At PANA Holdings we see a tremendous opportunity to develop the country’s production profile and give it a place among the preferred contract manufacturing countries in the Region. With a plan to spur production activities we have short-listed a number of areas that will soon enjoy the active involvement of PANA Holdings and of its international partners and are in the process of developing the required facilities in and around Rivers State.[/vc_column_text][/vc_column][/vc_row]