The Tinubu Stakeholders Forum (TSF) says the Q4 2024 Confidence Index recently released by the Manufacturers Association of Nigeria (MAN), which rose to 50.7 points, reflected a moderate improvement in the confidence of CEOs in the manufacturing sector.
Mr Ahmad Sajoh, Chairman of TSF, said in a statement on Wednesday that this signified the resilience of manufacturers and the steady progress of the economy despite persistent macroeconomic challenges.
“The rise in MAN Confidence Index aligns with the Central Bank of Nigeria’s latest Purchasing Managers’ Index (PMI) report, which indicated a return to economic expansion with a 51.0 index point in December 2024 after months of contraction.
“The PMI report showcased growth across key sectors such as forestry, agriculture, trade, and manufacturing, driven by increased consumer demand and improved business operations during the review period.
“Together, these indicators provide a compelling narrative of an economy on the path to recovery,” said the group.
It added that the PMI reflected real-time improvements in economic activities, while the MAN Confidence Index captured the optimism of industry leaders who operated within the evolving economic landscape.
“So, for us, this alignment underscores that Nigeria’s economic trajectory is not merely theoretical but is grounded in observable realities.
“We are not unaware of the challenges faced by manufacturers. High energy costs, exchange rate fluctuations, and multiple taxations, remain significant.
“The Tinubu reforms, including efforts to stabilise the naira, control inflation and implement favourable tax reforms are already yielding tangible results with a significant return to expansion in economic activities after months of contraction,” continued the group.
It added that the PMI data reinforced the reality reflected in the MAN report — a gradually stabilising economy on a path of recovery.
It said the two critical economic indicators were not coincidental but a testament to the pragmatic economic strategies of President Tinubu’s administration.
“These indicators reflect the reality of a growing economy that is being carefully steered through global and local economic headwinds.
“We also recognise the gradual drop in prices of essential commodities, signalling an emerging stability in the economic system.
“We urge stakeholders across the value chain to demonstrate similar confidence by sustaining and enhancing production, distribution, and affordability, contributing to the collective progress of our economy,” continued TSF.
The group stated that the correlation between the PMI and MAN Confidence Index was a testament to the administration’s commitment to economic revitalisation.
It said the positive trend reflected a well-managed economy that, despite global and local challenges, was steadily growing under the leadership of President Tinubu.
The group reiterated its call on all stakeholders to continue supporting the administration’s economic policies. (NAN)
