Entrepreneur

Nigeria’s manufacturing sector contracts for 4th consecutive month – CBN

The Manufacturing Purchasing Managers’ Index (PMI) in August 2020 has witnessed a contraction for the fourth consecutive month, as it stood at 48.5 index points.

 Nigeria’s manufacturing sector contracts for 4th consecutive month – CBN

The Manufacturing Purchasing Managers’ Index (PMI) in August 2020 has witnessed a contraction for the fourth consecutive month, as it stood at 48.5 index points.

This was disclosed by the Central Bank of Nigeria (CBN) in its August PMI report released on Wednesday.

The report stated that out of the 14 subsectors surveyed, 6 subsectors reported expansion (above 50% threshold) in the review month in the following order:

  • Non-metallic mineral products
  • Cement
  • Plastics & rubber products
  • Transportation Equipment
  • Chemical & pharmaceutical products and
  • Textile, apparel, leather & footwear.

The remaining 8 subsectors reported contraction in the following order:

  • Printing & related support activities
  • Electrical equipment
  • Petroleum & coal products
  • Primary metal
  • Furniture & related products
  • Paper products
  • Food, beverage & tobacco products
  • Fabricated metal products

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button