CBN Purchasing Managers Index Hits Sixth Month Slow Growth

The Purchasing Managers Index for the manufacturing sector which started contracting in May recorded another contraction in October according to the Central Bank of Nigeria.

The statistics department of the CBN disclosed in its ‘Purchasing Managers’ Index survey report for October, that this contraction hit the sixth month.

Part of the report read, “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. “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 and related support activities, chemical and pharmaceutical products, textile, apparel, leather and footwear and cement.

“The remaining eight subsectors reported contractions in the following order: primary metal, petroleum & coal products, paper products, fabricated metal products, furniture and related products, nonmetallic mineral products, plastics and rubber products and food, beverage and tobacco products.”

At 50.0 points, the production level index in October 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.