Dike Onwuamaeze
A survey conducted by the Manufacturers Association of Nigeria (MAN) has revealed worsening impacts of macroeconomic environment on the manufacturing sector.
The survey’s report, which was titled, “Manufacturers’ CEO Confidence Index (MCCI),” covered the impact of macroeconomic environment on key manufacturing indicators such as production and distribution costs, capacity utilisation, volume of production, investment, employment, sales volume and cost of shipment in the first quarter of 2024 (Q1’24).
Its unequivocally verdict was that, “A cursory observation of the analysis reveals that all the manufacturing indicators recorded unfavourable changes due majorly to high and unstable exchange rate, prolonged foreign exchange scarcity, escalated cost of energy, unstable import duty rate, high cost of borrowing and further rise in inflation.
“All of these grossly escalated the cost of manufacturing operations, distorted the…
Source: Thisday Newspaper
