Manufacturers’ confidence on the Nigerian economy weakened in the second quarter of 2019 (Q2’19) with the aggregate Manufacturers CEO’s Confidence Index, MCCI, shrinking to 50.9 points, indicating a contraction of 0.4 points from 51.3 points recorded in the first quarter (Q1’19).
This was revealed by Manufacturers Association of Nigeria, MAN, CEO’s Confidence Index, MCCI, Report released yesterday.
MAN noted in the report that although MCCI for the quarter was slightly above the 50 points benchmarks of good performance, it depicts a weaker manufacturing performance and shows that manufacturers’ confidence in the economy is waning.
The report stated: “The weak performance is attributable to the persistence of numerous operating challenges limiting manufacturing activities.
“The indexes of Current Business Condition in the second quarter dropped to 43 points from the 45.5 points recorded in the first quarter; Current Employment Condition which stood at 38 points in the first quarter of the year also weakened to 35 points in the second quarter, while production expectation in the next three months decelerated marginally from 65.5 points recorded in the first quarter to 64.5 points in the second quarter of the year.
“However, indexes of ‘Business Condition for the next ‘three months’ improved from 54.5 points recorded in the first quarter to 59 points in the second quarter of the year.”