About 45 percent of manufacturing companies in Nigeria have revealed that the current business situation is not impressive while 12 percent stated that it is neither good nor bad.

While 5 percent of the companies accepted that the business is very good, 38 percent said the business is good.

The survey further revealed that 80 percent of companies in the South-East are dependent on imported raw materials while 25 percent of companies in the North-West are least dependent on imported raw materials.

Also, 61 percent companies in North-Central, 45 percent in North-east, 62 percent in South-South and 47 percent in South-West depended on imported raw materials.

While the target respondents were manufacturers, owners, managers, directors, C-Level officers and decision makers within the manufacturing companies, a total of 205 manufacturing companies were polled from all geopolitical zones of the country.

This was contained in a mini-manufacturing sector survey conducted in May 2016 by NOIPolls in collaboration with Center for the Study of the Economies of Africa (CSEA) to provide a snapshot of the industry and elicit views of manufacturers across the country on the business environment, company performance, operational challenges and experience with labour and financial markets.

The report highlighted that local demand for manufactured goods was ranked as the most important factor that helped manufacturing companies remain profitable in the last year of operation, totaling about 70 percent.