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MAN Demands Safeguard Against External Shocks
Published Mar 23, 2023 IN Economy,
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LOCAL manufacturers in the country have urged the Federal Government to develop sustainable na­tional anticipatory policy measures against external in­fluences, in order to mitigate the impact of global activities on the economy.

According to the Manufac­turers Association of Nigeria (MAN), the prevailing local challenges were compounded by the lingering backlashes of COVID-19 pandemic and the ongoing Russian-Ukrainian war. They noted that apart from the need for ardent management of global peace, the series of global occur­rences and the lessons learnt demand that national govern­ments should begin to take drastic measures to manage these phenomena proactively going forward.

The local operators, as part of the Manufacturers CEO’s Confidence Index (MCCI), noted that though the operat­ing environment in the quar­ter under review was fairly better than the condition in the preceding quarter due to compelling adjustments made by the government, manufacturers and house­holds in response to general increase in price, forex short­age, increasing cost of energy, scarcity of raw materials and many more, thrown up by the war in Europe.

With an aggregate MCCI score that increased to 54.6 points during the quarter from 53.9 points of the first quarter of the year, MAN stated that the improvement in index score was attributed to the feedback on the antici­pated improvement in busi­ness condition, employment condition and production level in the third quarter of the year.

Findings from the sectoral analysis showed that the In­dex score of Wood and Wood Products sector is 49 points in the second quarter of the year, which is a marginal uptick from 48.9 points ob­tained in the first half of the year, even though it is below the 50 baseline points. The index score of Electrical and Electronics group improved to 50 points from 49.9 points obtained in the preceding quarter. The index of the Motor Vehicle & Miscellaneous Assembly moved above the baseline to 50.1points from 49.2 points of the preceding quarter.

MAN had earlier warned that said loose policy and obvious lack of commitment to implement key policy ini­tiatives in the sector has triggered multiple backlash in the economy.

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