According to the Manufacturers Association of Nigeria (MAN), the first quarter of 2024 witnessed the first improvement in manufacturers’ confidence in the economy and government policies after six consecutive quarters.
This positive development was revealed in the MAN CEO’s Confidence Index Report (MCCI) for Q1’24, released recently.
The MCCI serves as an index to gauge changes in the quarterly outlook of CEOs of manufacturing firms concerning government policies and macroeconomic indicators.
Segun Ajayi-Kadir, Director General of MAN, commented on the report, stating, “The moderate improvement in the Aggregate Index Score (AIS), from 51.8 points to 53.5 points, signifies a positive shift in the manufacturing sector’s sentiment. This suggests a trajectory towards restoration and recovery, potentially reaching levels observed in Q3 2022, with optimism for further improvement in the coming quarter.”
He attributed this improvement to the resilience of manufacturers, recent gains made by the Naira, anticipated reduction in diesel prices, and expectations regarding the seamless disbursement of presidential intervention funds for the sector. However, Ajayi-Kadir cautioned that despite these positive indicators, emerging policies may pose challenges to this optimism.
Highlighting the significance of the manufacturing sector in driving economic growth and fostering prosperity, Ajayi-Kadir emphasized the need for the government to prioritize the sector by providing necessary policy support and incentives.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate