Business
Survey Reveals Decline In Manufacturers’ Confidence In Economy
The confidence of Nigerian manufacturers in the nation’s economy has continued to decline amidst persistent harsh operating environment.
A survey carried out by the Manufacturers Association of Nigeria (MAN) on CEOs of manufacturing companies has revealed that high cost of production has negatively impacted the producers.
The group conducted a survey on MAN CEOs Confidence Index (MCCI) quarterly to measure changes in pulse of manufacturing activities in relation to the macro-economic situations and government policies.
MCCI is the weighted average of the observed and expected changes in business conditions, employment and production level in the economy based on the perceptions of manufacturers in the quarter under review.
The result of the MCCI first quarter 2023 (Q1’23) survey shows that the aggregate index score of MCCI declined to 54.1 points in Q1’23 which is 0.9 points less than 55.0 points recorded in the fourth quarter of 2022 (Q4’22).
The survey further showed that Production and Distribution costs escalated by 24% in Q1’23, much higher than the 19% increase witnessed in the preceding quarter; Capacity utilization nose-dived further by 5%, similar to the contraction witnessed in the preceding quarter; and Volume of production contracted by 13% against the 1% growth recorded in the previous quarter.
Commenting on the report, Director General, MAN, Segun Ajayi-Kadir, called on the new administration of President Bola Tinubu to prioritise tackling the challenges confronting the manufacturing sector
In his words, “A critical evaluation of the analysis provides an inference that the performance in the first quarter of 2023 was much lower than what was obtained in the last quarter of 2022. Major performance indicators of the manufacturing sector all recorded unfavorable changes.
“Amidst the harsh business-operating environment evidenced by poor macro-economic indices, the underperformance was largely driven by the nationwide cash crunch in the first quarter of the year.
“The economic turmoil significantly crushed consumer patronage and disrupted the manufacturing value chain in most periods of the quarter”.
He further stated that “Although the quarter recorded marginal contraction, the performance indicates that manufacturers maintained their confidence in the economy since the index remains above the 50-point benchmark.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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