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 has disagreed in their the third quarter 2019 of all the MAN CEOs saying Level of Unsold Manufactured Products that is Inventory of unsold manufactured products in the country has reduced over the last three months
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 said that this differing positions of manufacturers underpins the need for Government to introduce fiscal policy measures that would be in sync with existing monetary policies to improve the purchasing power of the citizenry in order to stimulate household consumption in the country.
Inventory of unsold manufacturing products has reduced over the last three months in the sector and shows that manufacturers’ confidence in the economy improved in the third quarter. Nevertheless, the slight improvement in performance was attributed to the doggedness of manufacturers as the operating environment remained very challenging.
The indexes of Current Business Condition in the third quarter dropped to 41.5 points from the 43 points recorded in the second quarter; Current Employment Condition which stood at 35 points in the second quarter of the year also improved to 42.3 points in the third quarter, while production expectation in the next 3 months increased marginally from 64 points recorded in the second quarter to 66.4 points in the third quarter of the year.