Manufacturers’ confidence in the Nigerian economy surged by 53.3 points in the first quarter of 2024, marking an increase from 51.8 points in the same period last year.
This data was disclosed by Segun Ajayi-Kadir, the Director-General of the Manufacturers Association of Nigeria (MAN), in the recently released CEO Confidence Index report.
The quarterly report, which gauges stakeholders’ concerns about changes in economic government policies, highlighted a moderate improvement in the Aggregate Index Score (AIS). Ajayi-Kadir commented on the findings, stating: “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.”
This rise in confidence comes amid significant economic changes implemented by President Bola Ahmed Tinubu’s administration, including the removal of fuel subsidies and naira devaluation policies. Despite these challenging conditions, the manufacturing sector has shown resilience and optimism.
However, the positive sentiment among manufacturers is juxtaposed with the country’s broader economic hardships. Nigeria’s inflation rate surged to 33.69 percent in April, driven by escalating energy costs. Diesel and fuel prices have seen substantial increases, with diesel reaching N1,415.06 per litre and fuel prices hitting N701.24 per litre.
