• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, October 3, 2023
Leadership News
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sports
    • Betting
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • 2023 Elections
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sports
    • Betting
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • 2023 Elections
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership News
No Result
View All Result

Despite Harsh Operating Environment, Manufacturers Record 0.7% Growth In Q2

by Chika Izuora
1 year ago
in Business
Reading Time: 2 mins read
Manufacturer
Share on WhatsAppShare on FacebookShare on TwitterTelegram

Despite the harsh operating environment in the country due to high price of diesel, foreign exchange scarcity among other challenges,

the Manufacturers CEO’s Confidence Index (MCCI) of the Manufacturers Association of Nigeria (MAN), recorded a marginal 0. 7 per cent increase in the second quarter (Q2), 2022.

According to the MCCI released by MAN, the MCCI index increased to 54.6 points up from 53.9 points recorded in the first quarter of the year, despite the plethora of challenges, signaling manufacturers’ feeble hope in the economy.

The association listed such challenges to include poor access to Forex for importation of raw materials not available locally, effect of rising global inflation, aggressive drive for revenue by government, frequent collapse of the grid, increase in price of diesel, scarcity of wheat and other manufacturing inputs due to the ongoing war in Europe and wide spread insecurity that combined to limit productive activities in the economy during the quarter.

The association noted that the meagre improvement in the index score in the second quarter of 2022 implies that manufacturers’ confidence in the economy slightly improved above what obtained in the preceding quarter.

Manufacturers responded to the economic challenges that prevailed in the quarter with appropriate survival strategies and adjustments including remodeling of production operations, after the marginal slowdown experienced in the first quarter.

RELATED

Sokoto, Kebbi Customs Gets New Comptrollers

Customs Arrests Wanted Wildlife Smuggler

9 hours ago
Chevron Tasks Fedral Govt On Reliable, Affordable Energy Production

Chevron Commits $100m To Boost Economic Devt In Niger Delta

9 hours ago
Union Bank Rewards 5 Customers With N2.5m In Palli Promo

Union Bank, Fate Foundation Partner To Empower SMEs

9 hours ago
UAE Backs Out Of OPEC Pressure For Additional Production Cut

Nigeria’s Production Rise Boosts OPEC’s September Output

9 hours ago

The aggregate MCCI score increased to 54.6 points in the of 2022 from 53.9 points of the first quarter of the year.

In addition to the survival strategies adopted by manufacturers that improved production, the increase in the Aggregate Index score was attributed to the feedback on the anticipated improvement in business condition, employment condition and production level in the third quarter of the year.

Noteworthy, is the fact that business condition in the quarter under review was more challenging than what obtained in the first quarter of the year just as employment condition worsened.

Nevertheless, the operating environment in the quarter under review was fairly better than the condition in the preceding quarter due to compelling adjustments made by government, manufacturers and households in response to general increase in price, forex shortage, increasing cost of energy, scarcity of raw materials and many more, thrown up by the war in Europe.

Providing more information the Manufacturers disclosed that findings from the sectoral analysis shows that Index score of Wood & Wood Products sector is 49 points in the second quarter of the year, which is a marginal uptick from 48.9 point obtained in the first half of the year, even though it is below the 50 baseline points.

The index score of Electrical & Electronics group improved to 50 points from 49.9 points obtained in the preceding quarter, while the index of the Motor Vehicle & Miscellaneous Assembly moved above the baseline to 50.1 points from 49.2 points of the preceding quarter.

The MCCI 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 mined through direct survey on over 400 chief executive officers of MAN member-companies.

 

SendShareTweetShare
HOW CHINESE DOCTOR RECOMMEND THIS MAGIC DRUGS THAT HELP WOMEN PREVENT AND TREAT BREAST CANCER AND ALSO HELP MEN PREVENT AND CURE PROSTATE ISSUE PERMANENTLY
ADVERTISEMENT
Previous Post

Ericsson Completes Acquisition Of Vonage

Next Post

AEDC Receives 315 Consumer Complaints In Nasarawa, Resolves 281

YOU MAY LIKE

Sokoto, Kebbi Customs Gets New Comptrollers
Business

Customs Arrests Wanted Wildlife Smuggler

9 hours ago
Chevron Tasks Fedral Govt On Reliable, Affordable Energy Production
Business

Chevron Commits $100m To Boost Economic Devt In Niger Delta

9 hours ago
Union Bank Rewards 5 Customers With N2.5m In Palli Promo
Business

Union Bank, Fate Foundation Partner To Empower SMEs

9 hours ago
UAE Backs Out Of OPEC Pressure For Additional Production Cut
Business

Nigeria’s Production Rise Boosts OPEC’s September Output

9 hours ago
Next Post
MOJEC Deepens Meter Supply Capacity Across 11 DisCos 

AEDC Receives 315 Consumer Complaints In Nasarawa, Resolves 281

TRENDING

  • COUP D’ ETAT: Tinubu Rallies ECOWAS As Gen Tchiani Emerges Niger Leader

    JUST-IN: Tinubu Approves N35,000 Provisional Wage For Federal Govt Workers

    0 shares
    Share 0 Tweet 0
  • Ilebaye: 5 Things You Probably Didn’t Know About BBNaija All-Stars Edition Winner

    0 shares
    Share 0 Tweet 0
  • BREAKING: Tribunal Sacks Nasarawa Gov, Declares PDP’s Umbugadu Winner

    0 shares
    Share 0 Tweet 0
  • NDIC Begins Payment Of N16.18bn To Liquidated Banks’ Depositors

    0 shares
    Share 0 Tweet 0
  • UK Releases New Entry Requirement

    0 shares
    Share 0 Tweet 0

RECENT UPDATE

NDLEA Mulls Alternatives To Illicit Drug Production — Marwa
News

NDLEA Mulls Alternatives To Illicit Drug Production — Marwa

by Ejike Ejike
7 mins ago

Read more
Ex-militant Leader Assassinated In Bayelsa
News

Police Go After IPOB/ESN Members Over Burnt Buses, Motorcycles

by Obinna Ogbonnaya
44 mins ago

Read more
Manufacturer
News

Gov Otu Urges Sacrifice To Make Nigeria Great 

by Richard Ndoma
48 mins ago

Read more

© 2023 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sports
    • Betting
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • 2023 Elections
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2023 Leadership Media Group - All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In