MAN presents Q1 2024 CEO’s confidence index report, highlights sector’s advancement
By Oluwaseyi Lawal
The Manufacturers Association of Nigeria (MAN) unveiled the MAN CEO’s Confidence Index (MCCI) Report for Q1 2024 during an official event at MAN House in Ikeja, Lagos.
The event saw the attendance of prominent media representatives and key players in the manufacturing industry.
Otunba Francis Meshioye, President of MAN, expressed his pleasure in hosting the media and conveyed his gratitude for their ongoing support in promoting the growth of the manufacturing sector.
Meshioye said, “The MCCI Report, since its inception in 2019, has marked a significant milestone in the journey of the manufacturing industry in Nigeria. It provides invaluable insights into the current state of the industry, its challenges, and the opportunities that lie ahead.”
Meshioye acknowledged the recent decisions made by the Central Bank of Nigeria’s Monetary Policy Committee (MPC) and discussed their impact on the manufacturing industry. He stressed the importance of targeted interventions to address the cost-push factors driving inflation and called for strong cooperation between monetary and fiscal authorities to support the sector’s growth.
Segun Ajayi-Kadir, Director General of MAN, explained that the purpose of the event was to discuss the MCCI report, evaluate the sector’s progress, and collect feedback on MAN’s advocacy efforts. He emphasized that the MCCI is a vital tool for gauging the quarterly sentiments of manufacturing CEOs regarding government policies and macroeconomic indicators.
Ajayi-Kadir noted that the report indicated a moderate improvement in the Aggregate Index Score (AIS), which increased from 51.8 to 53.5 points, marking the first rise in six quarters. He credited this improvement to the resilience of manufacturers, gains by the Naira, and anticipated lower diesel prices. The report also projected positive outcomes for the next quarter, despite potential challenges from new policies.
Meshioye and Ajayi-Kadir stressed the importance of the government prioritizing the manufacturing sector. They called for the implementation of specific recommendations from the report and the provision of necessary policy support and incentives to revitalize the sector and promote sustainable economic growth.
Their recommendations include targeted interventions to address cost-push inflation, prioritizing foreign exchange and credit allocation for manufacturers, developing infrastructure within industrial hubs, investing in renewable energy nationwide, and providing incentives for investment in backward integration and local sourcing to reduce import dependence.
MAN encouraged Nigerians to participate in constructive dialogue and share their perspectives on the report to advance both the manufacturing sector and the Nigerian economy. The event highlighted MAN’s dedication to advocating for policies that improve the sector’s competitiveness and sustainability.
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