Six sub-sectors reported expansion in new orders as Nigeria’s manufacturing pmi contracts 48.5

0
21

The Manufacturing Purchasing Managers’ Index (PMI) stood at 48.5 index points in August, indicating contraction in the manufacturing sector for the fourth consecutive months.

The Central Bank of Nigeria (CBN) disclosed this in its PMI report for August posted on its website yesterday

However, the report showed that of the 14 sub-sectors surveyed, six reported expansion (above 50% threshold) in the review month in the following order: nonmetallic mineral products; cement; plastics and rubber products; transportation equipment; chemical and pharmaceutical products and textile, apparel, leather and footwear.

On the other hand, the remaining eight sub-sectors reported contraction in the following order: printing & related support activities; electrical equipment; petroleum & coal products; primary metal; furniture & related products; paper products; food, beverage & tobacco products; and fabricated metal products.

According to the report, at 49.2 points, the production level index for the manufacturing sector showed contraction in August 2020 and for the fourth consecutive months.

It revealed that of the 14 sub-sectors surveyed, five recorded expansion in production level, three sub-sectors reported same level of production, while six sub-sectors recorded contraction in production in August 2020.

“At 49.2 points, the new orders index shows slower contraction in August 2020. Six sub-sectors reported expansion in new orders, two sub-sectors maintained same level, while six recorded contraction in the review month.

The manufacturing supplier delivery time index stood at 53 points in August 2020, indicating faster supplier delivery time for the fourth time,” it added.

SHARE
Previous articleECONOMY: Slower GDP rate seen in Q3 as CBN Moves to Boost FX Liquidity…
Next articleNaira Stabilizes against the Greenback as CBN Moves to Boost Liquidity…
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

This site uses Akismet to reduce spam. Learn how your comment data is processed.