DG MAN Highlights Essence of Bi-Annual Presentation of Q1 2024 MAN CEO’S Confidence Index Report
The Director General of Manufacturers Association Of Nigeria (MAN), Segun Ajayi-Kadir, mni has highlighted the essence of the bi-annual presentation of Q1 2024 MAN CEO’S Confidence Index Report with the theme “WHY WE ARE HERE” at the press conference held on May 23 , 2024 at the MAN House, Lagos, noting that it provides manufacturers with another opportunity to deliberate on the content of the report; inform on the status of the sector; assess the level of progress of the sector, if any and obtain valuable feedback on the advocacy positions of MAN on vital manufacturing indicators.
Ajayi-Kadir extended his sincere appreciation to the Media for the longstanding support towards deepening the advocacy mandate of MAN, adding that the media has remained a veritable partner and an indispensable avenue for the advancement of the aspiration for a virile and competitive manufacturing sector in Nigeria.
DG MAN explained that “ The MCCI is an index constructed to measure changes in quarterly pulse of CEOs of manufacturing concerns in relation to changes in government policies and movement in macroeconomic indicators.
“Since 2019, the MCCI has effectively served as a veritable advocacy instrument for quarterly review of the performance and expectations of operators in the manufacturing sector. I have no doubt that the content of the report will provide quality advocacy materials useful for evidence-based reportage, which can be serialized in the news for the next three months.”
Ajayi-Kadir stated further, “Interestingly, the report that we are presenting today confirms a moderate improvement in the Aggregate Index Score (AIS) evidenced by the meagre increase from 51.8 points to 53.5 points for the first time in the last six quarters. Notwithstanding, this performance shows that the manufacturing sector is set on the path of restoration and recovery, at least to the level recorded in Q3 2022 with the hope of improvement in the next quarter.
“This is further buttressed by mild performance recorded at the sectoral and zonal levels as well as the positive projections of confidence indices for the next quarter, even though emerging policies are pointing to the contrary and may imperil this positivity.
“Clearly, this performance is attributable to the undying resilience of manufacturers, the reasonable gains recorded by the Naira in the latter part of the first quarter and the expectation of reasonable reduction in diesel price. Others include the hope that the presidential intervention funds for the manufacturing sector will be disbursed seamlessly, and the policy direction of the Government will become clearer.
“Undoubtedly, the manufacturing sector remains the most sustainable driver of steady economic growth, inflow of foreign exchange and enduring shared prosperity. MAN is therefore expectant that the Government will intentionally prioritize the manufacturing sector by implementing the sector-specific recommendations contained in this report and providing the required policy support and incentives. This is the surest way of revamping the sector and repositioning the economy towards sustainable growth and development.”
He implored all to listen to the presentation of the report with rapt attention and feel free to ask questions and share their views dispassionately on the content in the best interest of the manufacturing sector, the Nigerian economy and the over 225 million Nigerians.
