Skip to main content

Manufacturers’ survey shows low confidence in economic policy

Coping with Sobowale’s expired ideas

MAN seeks improved management in 2021

By Yinka Kolawole

ECONOMY

Chief Executive Officers (CEOs) in the manufacturing sector under the aegis of Manufacturers Association of Nigeria (MAN) have passed a vote of no confidence in the management of the nation’s macroeconomic policies in 2020.

President, MAN, Engr. Mansur Ahmed, who disclosed this at a media luncheon organized by the association in Lagos yesterday, said that this was the key result of the Manufacturers’ CEOs Confidence Index (MCCI) survey for the fourth quarter 2020.

He therefore, called for improvement in the management of the macro-economy to enhance productive capacity in 2021.

READ ALSO:Northern governors agree to take first doses of Covid-19 vaccine

MCCI is an index created by MAN to gauge the  changes in manufacturing activities quarterly as a result of changes in the macroeconomic ambience and government policies.    It is the barometer used by MAN to garner the perceptions of CEOs of manufacturing companies on the impact of changes in the economy on manufacturing operations.

Ahmed stated: “Since the first quarter of 2020, aggregate MCCI scores have oscillated under the 50 neutral points – 44.4 points in Q1; 40.2 points in Q2: 43.3 points in Q3; and 42.06 in Q4 2020.

“The trend is a strong indication of lack of confidence of manufacturers in the economy in the whole of 2020 and that the manufacturing sector is indeed gasping for breath.

“Beginning with 2021 therefore, it is imperative that the management of the macro-economy is approached more pragmatically and the development of the productive capacities of nation enhanced intentionally.”

According to the respondent CEOs, some of the factors causing the low confidence in the economy by manufacturers include: difficult in accessing foreign exchange forex) for importation of raw-materials and machines, increased cost of electricity and high cost of transportation.

Others are low demand occasioned by sharp reduction in household purchasing power, high cost/unavailability of raw materials, high cost of shipment, high government taxes, levies and charges, poor infrastructure/bad road network, lack of or poor access to funds and, gridlock/congestion at ports.

“The sectoral performance of MCCI presents a scenario of further degeneration of confidence in the economy by manufacturers in the fourth quarter of 2020.      Consequently, it is important that while addressing the macroeconomic challenges including those thrown-up by COVID-19 and End-SARS, government needs to put in place fit-for-purpose sector specific incentives and measures that would improve disposable income of Nigerians, ramp up productions, increase employment, tax revenue and export proceeds,” MAN recommended.

 

The post Manufacturers’ survey shows low confidence in economic policy appeared first on Vanguard News.


https://ift.tt/2NCspP4 by Urowayino Jeremiah via Vanguard News Albert Einstein Fools of Fortune
Labels:

Comments

Post a Comment

Popular posts from this blog

How to jump-start Nigeria economy post-COVID-19 Pandemic

Nwali Tochukwu Watching with consternation the fall out of events, actions, and inactions of our Nigerian leaders on mitigating the negative impact of COVID-19 Pandemic disruptions on our social and economic lives. As a young dynamic business and entrepreneurship writer, and author cum small business owner, what came into my mind as we navigate the storms of COVID-19, was a common English phrase Adages, Proverbs, first recorded in Fuller’s Gnomologia, 1732: ‘A stitch in time saves nine’ which was translated to literally, solve the problems right now! Why procrastinating? If we, as a nation wants to break away from past mistakes, and present mistakes, we should hold the bull by the horn right now. And avoid the roads of political expediency. That is exactly what the stitch in time simply stood for. Promptly address issues posed by Coronavirus. By quickly sewing up of a small hole or tear in a piece of material, so saving the need for more stitching at a later date when the whole ha
2 comments
Read more

Where is Aguleri Located?

Aguleri is a prominent town often associated with the mighty river called Omabala wgiyflows through it. It is home to a lot of great men and women of Anambra Stare - notably Willie Obiano. History had it that it was the cradle of Igbo people established by Eri, son of Had, son of Jacob (you got to read your Bible babe). Where is Aguleri located? It can be foueat the north eastern part of Nigeria. They share boundaries with Kano, Umueri, Anam and Nando httpss://twitter.com/share https://google.com https://www.alexa.com/siteinfo/google.com https://www.quantcast.com/google.com https://sharedcount.com/?url=https://google.com https://www.similarsites.com/site/google.com https://facebook.com https://www.alexa.com/siteinfo/facebook.com https://www.quantcast.com/facebook.com https://sharedcount.com/?url=https://facebook.com https://www.similarsites.com/site/facebook.com https://youtube.com https://www.alexa.com/siteinfo/youtube.com https://www.quantcast.com/youtube.com
Post a Comment
Read more

A lot of people think of actresses as prostitutes ― Joke Lawal

On-the-rise actress, Joke Lawal is living up to the title bestowed on her in 2016 as Nollywood New Bride by White Cowry Awards as the one-time City People Awards nominee is rapidly becoming a force to reckon with in the make-believe world. The Moshood Abiola Polytechnic graduate who dumped her degree in Business Administration in pursuit of her passion for acting in a chat with Potpourri has revealed what she hates about being an actress and what she would love to see a change in the movie-making landscape. ALSO READ:  Buhari urges Nigerians to pray for peace, unity “I would like to change people’s perception of actresses. A lot of people think of actresses as prostitutes, they see us as people who are not worthy of marriage and having a family. If I have the power this is something I will like to change. I will also like to see a change in the way our stories are written and interpreted, and in the quality of our film productions. Another thing I would like to change too is, how po
Post a Comment
Read more