As CEOs’ confidence index up marginally in Q3
Capacity utilisation rises to 61.3% in H1
By Yinka Kolawole
Manufacturers have expressed cautious optimism on the Nigerian economic outlook leading to the year 2026, with the confidence index of Chief Executive Officers (CEOs) of manufacturing concerns inching up to 50.7 in the third quarter of the year (Q3’25) from 50.3 in the previous quarter (Q2’25).
This was revealed in Lagos, on Tuesday, during the presentation of reports of Q3 2025 MAN CEO’s Confidence Index (MCCI) by the Manufacturers Association of Nigeria (MAN).
MCCI is a quarterly gauge of the perceptions and expectations of CEOs of manufacturing concerns and performance of the manufacturing sector by MAN.
In his remarks, MAN DG, Segun Ajayi-Kadir, said the findings of the Q3 2025 MCCI reveal that the aggregate index rose modestly by 0.4 points, from 50.3 in Q2 2025 to 50.7 in Q3 2025.
“While the increase may appear marginal, it is significant because it marks the second consecutive quarterly rise, signaling a cautiously improving perception among manufacturers.
“The meagre improvement in the MCCI is consistent with available data affirming the gradual recovery of manufacturing and the broader economy. It also suggests that the manufacturing sector is beginning to find its footing after a long period of turbulence,” he stated.
Ajayi-Kadir, however, cautioned that the recovery is fragile and could easily falter if manufacturing does not receive deliberate, adequate industry-friendly interventions.
Presenting the report, MAN’s Director, Research and Economic Policy Division, Dr Oluwasegun Osidioe, said the manufacturing sector showed modest resilience as capacity utilisation rose to 61.3% in the first half of the year (H1’25) from 57.6% in H2 2024, and 56.4 percent in H1 2024.
While also emphasizing the uptick in the Q3 2025 MCCI by 0.4 point, he, however, noted that real output growth dropped from 1.69% to 1.6% in Q2, contributing a modest 7.81% to GDP (down from 9.62%).
“The modest yet consecutive rise in the MCCI since Q2 2025 reaffirms that Nigeria’s economy is on a path of gradual recovery. The stabilisation path has been cleared; what lies ahead is the imperative of accelerated growth. “To sustain this trajectory, exchange rate stability must be guarded with every available policy tool,” he added.
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