The Manufacturers Association of Nigeria (MAN) Chief Executive Officers confidence index for the fourth quarter of 2022 decline to 55.0 points down from 55.4 points recorded in the third quarter of 2022.

According to the report released by MAN, the decline in the Aggregate Index Score  (ASI) underscored the persisting challenges and the waning confidence of manufacturers  in the economy in the  fourth quarter of 2022 over the recorded points in the preceding quarter.

The AIS declined in the quarter under review was due to the persisting increase in the Consumer Price Index (CPI), 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.

The Manufacturers CEO’s Confidence Index (MCCI) of the Manufacturers Association of Nigeria (MAN) is a quarterly research and advocacy publication of the Association, which measures 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 survey of over 400 Chief Executive Officers of MAN member-Companies.

MCCI 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),

Employment Condition for the next three months and Production Level for the next three months. The Index has a baseline score of 50 points and scores above the baseline indicate improvement of manufacturers’ confidence in the economy, while index score of less than the baseline suggests deterioration in the operating environment.