Manufacturers’ confidence in Africa’s most populous country has risen marginally in the fourth quarter of 2024 as consumer demand surged read more Manufacturers confidence in Nigeria’s economy rises marginally in Q4
Manufacturers' confidence in Nigeria's economy rose marginally in Q4 2024, with the Manufacturers CEOs Confidence Index (MCCI) increasing by 0.5 points to 50.7, up from 50.2 in Q3. The improvement was driven by higher consumer demand during the festive period, particularly in current business conditions, employment, and production levels. However, the indices remained below the 50-point threshold due to macroeconomic challenges. The report projected a decline in confidence for Q1 2025, though it was expected to stay above 50 points. Seven out of ten sectoral groups saw improved confidence, while three contracted. Among industrial zones, five recorded improved confidence, while four contracted due to factors like increased electricity tariffs and high borrowing costs.
