The Manufacturers Association of Nigeria (MAN) officially presented its MAN CEOs Confidence Index (MCCI) report on May 23rd, 2024. Established in 2019, this report serves as a vital tool for understanding the current state, challenges, and opportunities within the Nigerian manufacturing sector.
The MCCI functions as both a quarterly report and an advocacy instrument.
It gauges CEO sentiment on industry performance and expectations while highlighting key manufacturing indicators.
This information is crucial for policymakers and stakeholders to grasp the sector’s health and make informed decisions.
The 2024 Q1 MCCI Report confirms a moderate improvement in the Aggregate Index Score (AIS) rising from 51.8 to 53.5 points for the first time in six quarters.
▪︎Director of Research and Economic Policy, Dr. Oluwasegun Osidipe, presented the report.
This indicates the sector’s potential for recovery. The marginal improvement is attributable to the undying resilience of manufacturers, reasonable gains recorded by the Naira in the latter part of the first quarter, expectation of a reasonable reduction in diesel price and hope for seamless disbursement of presidential intervention funds for the manufacturing sector.
While the report highlights a positive outlook, emerging policies may imperil this positivity.
The sector’s recovery is crucial for sustainable economic growth and development.
The Manufacturers Association of Nigeria urges the Government to prioritize the manufacturing sector by Implementing sector-specific recommendations contained in this report and providing required policy support and incentives. This is the surest way to revamp the sector and reposition the economy towards sustainable growth and development.