The Manufacturers Association of Nigeria (MAN) proudly presented the MAN CEO’s Confidence Index (MCCI) Report for the first quarter of 2024 at an official event held at MAN House, Ikeja, Lagos. The event was graced by esteemed members of the media and key stakeholders in the manufacturing sector.
According to Otunba Francis Meshioye, President of MAN, expressed his delight in welcoming the media and thanked them for their continued support in fostering the growth of the manufacturing sector. “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 stated.
Meshioye acknowledged the recent decisions by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria, highlighting their implications on the manufacturing sector. He emphasized the need for targeted interventions to address underlying cost-push factors driving inflation and called for robust collaboration between monetary and fiscal authorities to support the sector’s growth.
In his address, Segun Ajayi-Kadir, Director General of MAN, elaborated on the purpose of the gathering, which aimed to deliberate on the MCCI report, assess the sector’s progress, and gather feedback on MAN’s advocacy positions. He highlighted the MCCI as an essential tool for measuring the quarterly pulse of CEOs in the manufacturing sector concerning government policies and macroeconomic indicators.
Ajayi-Kadir revealed that the report showed a moderate improvement in the Aggregate Index Score (AIS), rising from 51.8 points to 53.5 points, marking the first increase in six quarters. He attributed this performance to the resilience of manufacturers, gains recorded by the Naira, and expectations of reduced diesel prices. The report also pointed to positive projections for the next quarter, despite potential challenges from emerging policies.
Meshioye and Ajayi-Kadir emphasized the need for government prioritization of the manufacturing sector. They urged the implementation of sector-specific recommendations from the report and the provision of necessary policy support and incentives to revamp the sector and drive sustainable economic growth.
Some of their recommendations include- Targeted interventions to mitigate cost-push inflation factors, Prioritization of forex and credit allocation to manufacturers, Infrastructure development within industrial hubs and nationwide investment in renewable energy and Incentives for investment in backward integration and local sourcing to reduce import dependence.
MAN advised the Nigerians to engage in constructive dialogue and share views on the report’s content to advance the manufacturing sector and the Nigerian economy. The event underscored MAN’s commitment to advocating for policies that enhance the sector’s competitiveness and sustainability.
