The Central Bank of Nigeria, CBN, said that the manufacturing sector expanded in December for the first time in eleven months, signaling recovery from the economic recession which prevailed in 2016.
The apex bank disclosed this in its Purchasing Managers Index (PMI) 2016 December report. The report stated: “The Manufacturing PMI stood at 52.0 index points in December 2016, indicating expansion in the manufacturing sector during the review period.
The index had recorded decline in the preceding eleven months. “Eight of the sixteen sub-sectors surveyed recorded expansion in the review month in the following order: cement, food, beverage and tobacco products; textile, apparel, leather and footwear; plastics and rubber products; paper products; appliances and components; chemical and pharmaceutical products; and furniture and related products.