The Aggregate Manufacturers CEO’s Confidence Index (MCCI) of the Manufacturers Association of Nigeria (MAN) for the second quarter of 2022 has increased to 54.6 points from 53.9 points in the first quarter of the year.
Despite the plethora of challenges including poor access to forex for importation of raw materials not available locally, effects of rising global inflation, aggressive drive for revenue by government, frequent collapse of the grid, increase in the price of diesel, scarcity of wheat and other manufacturing inputs among others; the index of MCCI marginally increased to 54.6 points up from 53.9 points recorded in the first quarter of the year, showing an increase of 0.7points.
MCCI of the Manufacturers Association of Nigeria (MAN) is a quarterly research and advocacy publication of the Association, which measures changes in the pulse of operators and trends in the manufacturing sector quarterly, in response to movements in the macroeconomy and government policies, using primary data mined through direct survey over 400 Chief Executive Officers of MAN member-companies.
The Index is computed using data generated on standard diffusion factors of Current Business Condition, Business Condition for the next three months, Current Employment Condition (Rate of Employment) and Employment Condition for the next three months and Production Level for the next three months.
It has a baseline score of 50 points and scores above the baseline indicate improvement in manufacturers’ confidence in the economy, while an index score of less than the baseline suggests deterioration in the environment.
Manufacturers have in the last six quarters beginning from the second quarter sustained improved confidence in the economy as index scores remained above the 50 baseline points.
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