Index performance reflect manufacturers operating in these sectoral groups-MAN

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The Manufacturers Association of Nigeria (MAN) through its Manufacturers Confidence Index (MCCI) index constructed to measure changes in quarterly pulsation of manufacturing activities in relation to movement   in the macroeconomy and Government policies.  According to the report sent to The Ameh News by MAN corporate saying The Index is therefore barometer used by MAN to aggregate the views of CEOs of manufacturing companies on changes in the economy within the country in Q4 2021. The report stressed that standard factors considered in the MCCI processes are include the 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.

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MCCI also measures changes in key macroeconomic indicators including sector specific factors that represent Government activities and policy measures in the economy. Consequently, the effects of movements in Foreign Exchange, Lending Rate, Credit to the manufacturing sector and Capital Expenditure of the Government were also measured.

In addition, the report observed that it gauges the outcome of changes in business operating environment factors which include Over-regulation, Multiple taxes/levies, Access to seaports, Local raw-material sourcing, Government patronage of Nigerian manufactured goods and Inventory of unsold manufactured products.

 

The survey was administered on the 400 Chief Executive Officers (CEOs) of MAN member-companies across the six geo-political zones and Sectoral Groups of the Association through MAN’s branch networks which disclosed that the index also measured  Sectoral Group specific  confidence on the economy  using the same diffusion  factors such as Business Condition, Employment Condition and Production level.

The Index scores in Figure ‘ii’ shows that there is growing confidence in the economy across all sectoral group in the period under review despite prevailing economic and health challenges.  All the Index scores were above the 50 points which is the benchmark, though in differing magnitudes.

http://www.manufacturersassociation.org

The further revealed that the index for Food, Beverage and Tobacco sectoral group increased by 2.8 points in the fourth quarter of 2021 from 55.9 points recorded in the preceding quarter. Similarly, Index for Chemical and Pharmaceutical Products group increased by 1.8 points in the quarter under review from 60.3 points obtained in the preceding quarter.

 

In the same vein, Index for Motor Vehicle and Miscellaneous Assembly maintain positive growth reading of 51.3 points in the fourth quarter of 2021 from 50.7 points obtained in the preceding quarter; thus, indicating 0.6 points increase over the period. The trend therefore generally indicates increasing level of confidence of manufacturers operating in these sectoral groups in the economy.   


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