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