In a recent survey conducted by the Manufacturers Association of Nigeria (MAN), the Manufacturers Confidence Index (MCCI) shed light on the varying levels of economic confidence among Nigerian manufacturers. The MCCI, a meticulously designed index, serves as a vital tool for assessing the sentiments of Chief Executive Officers (CEOs) within MAN member-companies across the nation’s six geo-political zones and various sectoral groups represented by the Association’s branch networks.
The survey, which covered 400 CEOs of MAN member-companies, aimed to gauge the pulse of the Nigerian manufacturing sector. The findings were presented in Figure III, which provides a comprehensive zonal breakdown of the MCCI.
A close analysis of the 14 industrial zones reveals intriguing trends in economic confidence. Notably, the industrial zones of Abuja, Rivers/Bayelsa, Cross-Rivers/Akwa-Ibom, Kano, Kaduna, and Oyo/Ondo/Ekiti/Osun all recorded low confidence scores, with index scores falling below the critical threshold of 50 points. These regions seem to be grappling with economic uncertainty, as their confidence in the economy waned during the quarter under review.
Conversely, the zones of Apapa, Ikeja, Ogun, Kwara/Kogi, Edo/Delta, Imo/Abia, and Bauchi/Benue/Plateau displayed a more optimistic outlook. These regions scored above the 50-point standard on the MCCI, indicating a higher degree of confidence among manufacturers. What’s particularly noteworthy is that, with the exception of Ikeja, these zones displayed incremental improvements in their confidence levels compared to the previous quarter. This suggests a positive trend and a continuous strengthening of the manufacturers’ confidence within these regions.
The MCCI survey thus provides valuable insights into the economic landscape for manufacturers in Nigeria, showcasing the diverse attitudes and perceptions of industry leaders across different regions. It underscores the importance of monitoring and understanding these fluctuations in confidence as they can impact investment decisions, business strategies, and ultimately, the overall health of the Nigerian manufacturing sector. The Manufacturers Association of Nigeria remains committed to using the MCCI to support evidence-based advocacy and contribute to the growth and stability of the nation’s manufacturing industry.