PMI: Nigeria’s manufacturing sector records growth – CBN

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The October Purchasing Managers’ Index for the manufacturing sector stood at 49.4 index points, indicating a reversal of five consecutive months of contraction which started in May.

This is according to the result of PMI survey released by the Statistics Department of Central Bank of Nigeria (CBN) on Tuesday.

The manufacturing PMI for the month of September was 46.9 index points.

The survey revealed that of the 14 subsectors surveyed, six recorded expansion above 50 per cent threshold.

Subsectors that reported expansion were electrical equipment, transportation, equipment, printing and related support activities, chemical and pharmaceutical products, textile, apparel and footwear, as well as cement.

The remaining eight subsectors reported contraction.

They are  primary metal, petroleum and coal product, paper products, fabricate metal products, furniture and related products, nonmetallic mineral products, plastic and rubber products and food, beverage and tobacco products.

The survey indicated that in employment level in the review month two subsectors recorded stationary level of employment while the remaining nine subsectors recorded lower employment levels.

PMI for the non-manufacturing sector, however, stood at 46.8 points in October 2020, indicating contraction in nonmanufacturing PMI for the seventh consecutive month.

The survey stated, “of the 17 sub-sectors surveyed, three subsectors reported growth in the following order: electricity, gas, steam and air conditioning supply,  art, entertainment and recreation and Health care and social assistance.

“ Eleven subsectors reported declines in the following order: management of companies; utilities; Information and communication; construction; professional, scientific, and technical services; repair, maintenance/washing of Motor Vehicles.’’

Other declining subsectors are wholesale/retail trade; educational services; transportation and warehousing; accommodation and food services and real estate rental and leasing.