MANUFACTURERS CEOs Confidence Index (MCCI) declined to 42.06 points in the last quarter of 2020, from 43.3 points recorded in the third quarter of the year, indicating 1.24 points decline over the quarters.
The trend is a strong indication of lack of confidence of manufacturers in the economy in the whole of 2020, as the CEOs confidence oscillated under the 50 neutral points: 44.4 points and 40.2 points in the first and second quarters, respectively.
According the President, Manufacturers Association of Nigeria, MAN, Engr. Mansur Ahmed, the trend is also an indication that “The manufacturing sector is indeed, gasping for breath.”
The 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.
MCCI is, therefore, 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.
MCCI also gauges changes in key macroeconomic indicators including sector specific factors that represent government activities and policy measures in the economy.