The Manufacturing Purchasing Managers’ Index (PMI) stood at 46.9 index points in September, indicating contraction in the manufacturing sector for the fifth time.
According to the PMI report for September posted on the Central Bank of Nigeria (CBN) website, of the 14 subsectors surveyed, four sub-sectors reported expansion (above 50% threshold) in the review month in the following order: electrical equipment; transportation equipment; cement and nonmetallic mineral products.
On the other hand, the remaining sub-sectors reported contractions in the following order: petroleum and coal products; primary metal; furniture and related products; printing and related support activities; food, beverage and tobacco products; textile, apparel, leather and footwear; chemical and pharmaceutical products; fabricated metal products and plastics and rubber products; while paper product subsector was stable.
The report showed that at 47.3 points, the production level index for the manufacturing sector indicated contraction in September 2020 for the fifth consecutive month. Of the 14 sub-sectors surveyed, five sub-sectors recorded increased production level, one sub-sector reported same level of production, while 8 subsectors recorded declines in production in September 2020. At 46.4 points, the new orders index contracted in September 2020 for the fifth consecutive month.