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The manufacturing sector Purchasing Managers’ Index recorded another contraction in the month of October, according to the Central Bank of Nigeria.
According to the CBN, in its PMI survey report for October, the contraction hit the sixth month.
“The manufacturing PMI in the month of October stood at 49.4 index points, indicating slowing contraction in the manufacturing sector compared with the last five months.
“Of the 14 subsectors surveyed, six subsectors reported expansion (above 50 per cent threshold) in the review month in the following order: electrical equipment, transportation equipment, printing & related support activities, chemical & pharmaceutical products, textile, apparel, leather & footwear and cement.
“The remaining eight subsectors reported contractions in the following order: Primary metal, petroleum & coal products, paper products, fabricated metal products, furniture & related products, nonmetallic mineral products, plastics & rubber products and food, beverage & tobacco products.”
At 50.0 points, the production level index in October 2020 for the manufacturing sector indicated halting in contraction which commenced since May 2020.
Of the 14 subsectors surveyed, seven subsectors recorded expansion in production level, one subsector maintained current level, while six subsectors recorded declines in production in October 2020.
