Manufacturers’ confidence in Nigerian economy surges despite economic hardship

Manufacturers’ confidence in Nigeria’s economy surged by 53.3 points in the first quarter of 2024, up from 51.8 points last year.

Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, recently disclosed this in its CEO Confidence Index report.

The quarterly report measures stakeholders’ concerns about changes in economic government policies.

In his comment, Ajayi-Kadir said: “The report that we are presenting today confirms a moderate improvement in the Aggregate Index Score (AIS), evidenced by the meagre increase from 51.8 points to 53.5 points for the first time in the last six quarters.”

The development comes amid President Bola Ahmed Tinubu’s administration’s removal of fuel subsidies, naira devaluation policies, and others.

Nigeria’s inflation surged to 33.69 per cent in April amid the rising energy cost.

Diesel and fuel prices jumped to N1,415.06 per litre and N701.24 per litre in April, respectively.