Central Bank of Nigeria (CBN) yesterday said that the decline in economic activities in the first quarter of the year persisted in May. The CBN disclosed this in its Purchasing Managers Index (PMI) report for May.
The report revealed that, “Out of 16 sub-sectors in the manufacturing sector, eleven sub-sectors recorded decline in the review month while five sectors recorded expansion. Out of eighteen non-manufacturing sub-sectors, fourteen sub-sectors recorded decline, while four subsectors recorded expansion.”
In the manufacturing sector, it said “Production level, new orders, employment level and raw material inventories declined at a slower rate; supplier delivery time however improved at a slower rate.” In the non-manufacturing sector, “Business activity and employment level declined at slower rate; while new orders and raw materials inventories declining at faster rate”.
The Manufacturing and Non-Manufacturing Purchasing Managers Index (PMI) CBN Manufacturing and Non-Manufacturing Purchasing Managers Index (PMII) are based on survey of manufacturing and non-manufacturing executives, who indicate change or no change in the level of business activities in May compared with the previous month.