President Bola Tinubu.
By Dianabasi Effiong
The Tinubu Stakeholders Forum (TSF) welcomes the recent release of the Manufacturers Association of Nigeria (MAN) Confidence Index for Q4 2024, which rose to 50.7 points, reflecting a moderate improvement in the confidence of CEOs in the manufacturing sector.
In a statement signed by its Chairman Ahmad Sajoh and Secretary Afolabi Josiah, it argued that this signifies the resilience of Nigerian manufacturers and the steady progress of the economy despite persistent macroeconomic challenges
It read in part: “The rise in MAN Confidence Index aligns seamlessly with the Central Bank of Nigeria’s (CBN) 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. The PMI reflects real-time improvements in economic activities, while the MAN Confidence Index captures the optimism of industry leaders who operate within this 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, including high energy costs, exchange rate fluctuations, and multiple taxations, remain significant but it is a fact that the Tinubu reforms, including efforts to stabilize 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.
“The PMI data reinforces the reality reflected in the MAN report — a gradually stabilizing economy on a path of recovery.
“The alignment of these two critical economic indicators — MAN Confidence and PMI — is 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 recognize 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.
“It is our firm belief that the correlation between the PMI and MAN Confidence Index is a testament to the administration’s commitment to economic revitalization. This positive trend reflects a well-managed economy that, despite global and local challenges, is steadily growing under the leadership of President Bola Ahmed Tinubu.”
The group reiterated its call on all stakeholders to continue supporting the administration’s economic policies.