Nigeria’s manufacturing sector contracts

Nigeria’s manufacturing Purchasing Managers’ Index has further contracted for the fifth consecutive time at 46.9 index points.

This is despite the impact of the coronavirus pandemic. The manufacturing PMI for August stood at 46.5 index points.

According to the Central bank of Nigeria PMI survey report for September conducted by the statistics department, manufacturing is a sector that the government said was integral to sustainable economic growth and development.

The report is based on survey responses indicating changes in business activities compared to previous months.

The September PMI showed that out of 14 subsectors surveyed, four reported expansion above 50 per cent threshold, while 10 reported contractions.

According to the survey, electrical equipment, transportation equipment, cement, and nonmetallic mineral products reported growth.

Subsectors that reported contraction were petroleum and coal products, primary metal, furniture, and related products, printing and related support activities, food, beverage, and tobacco products.

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