Manufacturing sector records four-month contraction - CBN

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele
Emeh Joy

The manufacturing Purchasers Managers Index for August as reported by CBN stood at 48.5 index points. This indicates contraction in the manufacturing sector for the fourth consecutive months.

This report is as contained in the August 2020 PMI survey report by the statistics department of the CBN.

However, it added that of the 14 subsectors surveyed, six subsectors reported expansion (above 50 per cent threshold) in the review month.

According to the report, the subsectors are nonmetallic products; cement; plastics and rubber products; transportation equipment; chemical and pharmaceutical products; and textile, apparel, leather and footwear.

The subsectors that contracted were printing and related support activities; electrical equipment; petroleum and coal products; primary metal; furniture and related products; paper products; food, beverage and tobacco products; and fabricated metal products.

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