The confidence index of chief executive officers in the manufacturing sector slipped slightly in the fourth quarter of 2022, falling from 55.4 points in the third quarter to the same level of 55.4 points in the fourth quarter. This modest decline in the Aggregate Index Score (AIS) of the Manufacturers CEOs’ Confidence Index reflected the challenging operating conditions during the period, according to the Manufacturers Association of Nigeria’s (MAN) MCCI report released on Monday.
“The decline in the AIS underscores the persistent challenges and waning confidence of manufacturers in the economy in Q4 2022 compared with the previous quarter,” the report stated. “The AIS fell in the quarter under review because of the continued rise in the Consumer Price Index, the ongoing erosion of the Naira’s value, difficulties in sourcing foreign exchange for productive use, high energy costs, insecurity, and the lingering effects of the Russia‑Ukraine war and its associated adversities.” These factors, among others, created a difficult operating environment that negatively impacted manufacturing activities in the country during the quarter.
The MCCI is a research and advocacy publication of MAN that tracks changes in the pulse of operators and trends in the manufacturing sector on a quarterly basis. It responds to macro‑economic shifts and government policies using primary data gathered from direct surveys of over 400 CEOs of MAN member companies.
Sectoral analysis in the report revealed that the index scores for Pulp, Paper, Printing and Publishing (49.6 points) and Motor Vehicle & Miscellaneous Assembly (48.4 points) fell below the 50‑point benchmark.
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