The manufacturing Purchasing Managers’ Index (PMI) in October stood at 49.4 index points, indicating a contraction in Nigeria’s manufacturing sector for the sixth time this year.
This was disclosed by the Central Bank of Nigeria (CBN) in its October PMI report released on Wednesday.
According to the report, six out of the 14 sub-sectors surveyed reported expansion (above 50 per cent threshold) in October.
It listed the sub-sectors that expanded as: electrical equipment; transportation equipment; printing and related support activities; chemical and pharmaceutical products; textile; apparel; leather and footwear and cement.
It said the remaining eight sub-sectors reported contractions in the following order: primary metal, petroleum and coal products, paper products, fabricated metal products, furniture and related products, nonmetallic mineral products, plastics and rubber, products and food, and beverage and tobacco products.
At 50.0 points, the production level index in October for the sector indicates a halt in the contraction which commenced in May.
Of the 14 sub-sectors surveyed, seven sub-sectors recorded expansion in production level, one sub-sector maintained current level, while six sub-sectors recorded declines in production in October.
The new orders index expanded at 51.2 points from contraction in the previous month.
Four sub-sectors reported expansion in new orders, four sub-sectors were stationary, while the remaining six recorded contractions in the month under review.
CREDIT: Premium Times