The confidence index of Chief Executive Officers in the manufacturing sector declined marginally in the fourth quarter of 2022 from 55.4 points to 55.4 points in the third quarter of 2022.
The decline in the Aggregate Index Score of the Manufacturers CEO’s Confidence Index followed the challenging operating condition at the period.
The Manufacturers Association of Nigeria revealed this in the MCCI report on Monday.
“The decline in the AIS underscored the persisting challenges and the waning confidence of manufacturers in the economy in Q4’22 over the recorded points in the preceding quarter.
“The AIS declined in the quarter under review due to the persisting increase in the Consumer Price Index, continuous erosion in Naira value, difficulty in sourcing forex for productive use, high cost of energy, the issue of insecurity and the lingering Russian-Ukrainian war including the associated adversities.
“These issues among others are principally responsible for the difficult operating environment and its declining implication on manufacturing activities in the country during the quarter under review.
The MCCI is a research and advocacy publication of MAN, which targets changes in pulse of operators and trends in the manufacturing sector quarterly, in response to movements in the macroeconomy and government policies using primary data generated from direct surveys of over 400 CEOs of MAN member-companies.
“Sectoral analysis of the report shows that the Index Score of Pulp, Paper, Printing and Publishing (49.6 points) and Motor Vehicle & Miscellaneous Assembly (48.4 points) fell below the 50 benchmark points,” it added.
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