Nigeria’s industrial production fallen by 41% – AfDB

The African Development Bank has said that Nigeria’s industrial value dropped by 41 per cent between 2012 and this year. Nigeria’s industrial production fallen by 41% – AfDB
The African Development Bank has said that Nigeria’s industrial value dropped by 41 per cent between 2012 and this year.
The President, AfDB, Dr. Akinwumi Adesina, said this in a keynote address delivered at the opening ceremony of the 2018 Annual Meeting of the lender at the Busan Exhibition and Convention Centre, South Korea, on Wednesday.
Adesina said the African continent lost a total of $72 billion between 2012 and so far this year with Nigeria, South Africa, Egypt and Algeria accounting for most of the drop in value added through industrial production.
The AfDB boss said the loss of industrial production value was responsible for massive unemployment on the continent, adding that the bank planned to invest over $35 billion in the next 10 years in a bid to reverse the trend of de-industrialisation of the region.
According to Adesina, “Between 2012 and 2018, Africa’s industrial value added declined from $702 billion to $630 billion, a loss of $72 billion. Among countries with the largest industrial output, industrial value added dropped sharply by 41 per cent in Nigeria, 26 per cent in South Africa, 64 per cent in Egypt and 67 per cent in Algeria”.

The President, AfDB, Dr. Akinwumi Adesina, said this in a keynote address delivered at the opening ceremony of the 2018 Annual Meeting of the lender at the Busan Exhibition and Convention Centre, South Korea, on Wednesday.
Adesina said the African continent lost a total of $72 billion between 2012 and so far this year with Nigeria, South Africa, Egypt and Algeria accounting for most of the drop in value added through industrial production.
The AfDB boss said the loss of industrial production value was responsible for massive unemployment on the continent, adding that the bank planned to invest over $35 billion in the next 10 years in a bid to reverse the trend of de-industrialisation of the region.
According to Adesina, “Between 2012 and 2018, Africa’s industrial value added declined from $702 billion to $630 billion, a loss of $72 billion. Among countries with the largest industrial output, industrial value added dropped sharply by 41 per cent in Nigeria, 26 per cent in South Africa, 64 per cent in Egypt and 67 per cent in Algeria”.