Unsold Goods Value Surges 357.6% to N1.24 Trillion in Nigeria
Written by Olakunle Oke on November 12, 2024
The value of unsold goods in Nigeria has skyrocketed by 357.6% to N1.24 trillion, according to recent data. This significant increase raises concerns about the country’s economic stability and the challenges faced by manufacturers and retailers.
Key Statistics:
– Unsold goods value rose from N269.12 billion in 2022 to N1.24 trillion in 2023.
– The manufacturing sector accounts for the largest share of unsold goods, valued at N744.85 billion.
– The retail sector follows closely, with unsold goods valued at N342.58 billion.
Expert Insights:
Analysts attribute the surge to various factors, including:
– Economic uncertainty
– Reduced consumer spending
– Overproduction
– Inefficient supply chain management
Implications:
The rise in unsold goods value may lead to:
– Increased inventory costs
– Reduced profitability for businesses
– Potential job losses
– Decreased economic growth
Recommendations:
To mitigate these challenges, experts suggest:
– Conducting market research to understand consumer demand
– Implementing efficient supply chain management systems
– Adopting flexible production strategies
– Enhancing product quality and competitiveness
This development underscores the need for Nigerian businesses to adapt to changing market conditions and prioritize strategic planning to minimize losses.
