By Azeez Disu

The Manufacturers Association of Nigeria (MAN) in it’s MAN CEO’s Confidence Index (MCCI) revealed that only the Electrical & Electronics sector witnessed an improved performance in the second quarter of 2023.

According to the report, “Only the Electrical & Electronics sector witnessed an improved performance from 49.7 to 51.4 points due to increased supply of electricity which encouraged production and patronage in the sector during the reviewed period.”

It also stated that a close observation reveals that the operating environment impacted most negatively on the activities of the Motor Vehicles & Miscellaneous Assembly which deteriorated further below the benchmark from 48.6 to 46.7 points due to unpalliated subsidy removal and reduction in sales and low demand for new vehicles because of eroded

Other sectoral groups including Food, Beverage & Tobacco (57.6); Textile Apparel & Footwear (50.5); Wood & Wood Products (50.2); Pulp, Paper, printing & Publishing (51.9); Chemical & Pharmaceutical (56.6); Non-Metallic Products (50.2); Domestic/Industrial Plastic & Rubber (57.6) and Basic Metal, Iron & Steel (54.6) reflected reduced performances in the second quarter of 2023.

However, their indices stood above the 50-point benchmark. This suggests that manufacturers operating in the groups remain confident in the macroeconomy perhaps due to the expectation of more favourable business reforms by the new administration.