Home Business NIGERIA’S MANUFACTURING PMI DECLINES TO 42.4 — CBN

NIGERIA’S MANUFACTURING PMI DECLINES TO 42.4 — CBN

CBN

The manufacturing Purchasing Managers’ Index, PMI in May has shown a drop to 42.4 index points after a 36-month consecutive expansion.

This is according to the May 2020 PMI survey conducted by the Central Bank of Nigeria, CBN, which also showed that the production level index for the manufacturing sector also declined in May 2020, after 37 consecutive months of recorded growth.

The electrical equipment sector is the only one of the 14 surveyed subsectors which reported growth above the 50% threshold, while the other 13 subsectors reported declines.

They include beverage and tobacco products; cement; food, chemical and pharmaceutical products; petroleum and coal products; printing and related support activities; furniture and related products; textile, apparel, leather and footwear; paper products; as well as fabricated metal products.