Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has said the Purchasing Managers Index for the manufacturing sector which started contracting in May, recorded another contraction in October.
The Bank’s statistics department disclosed in its ‘Purchasing Managers’ Index survey report for October, that this 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,” the report said.
“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.”