The Chief Executive Officers (CEOs) of MAN member-companies across the six geo-political zones of the country and the ten Sectoral Groups of the Association agreed that multiple/over-regulation by Agencies of Government depresses productivity in the manufacturing sector.
Quite often, report disclosed that Agencies of the Federal, State and Local Authorities regulate the same manufacturing process resulting to man-hour loses, supervisory duplication and multiple regulatory charges. It is expedient that Government harmonize the operations, regulatory checklists and mandates agencies of Government at all levels to promote friendlier operating environment.
The report was contained in the third quarter of 2019 released on Thursday by the manufacturers CEOs Confidence Index (MCCI) an index created by the Manufacturers Association of Nigeria (MAN) to gauge the pulse of the economy on quarterly basis. MCCI deploys a set of Diffusion Factors which include, Current Business Condition, Business Condition for the next three months, Current Employment Condition, Rate of Employment, Employment Condition for the next three months and Production Level for the next three months to measure a quarterly perception and confidence of manufacturers in the economy. In addition to the set of Diffusion factors for which information is generated on, the general macroeconomic ambience in terms Foreign Exchange, Lending Rate, Credit to the manufacturing sector and Capital Expenditure of the Government behaviours including business operating environment issues such as Over-regulation, Multiple taxes/levies, Access to sea ports, Local raw-material sourcing, and Government patronage of Nigerian manufactured goods and Inventory are also measured.