New Telegraph

CBN: Manufacturing PMI falls to 46.9 in Sept

Nigeria’s manufacturing Purchasing Managers’ Index (PMI) fell to 46.9 in September from 48.5 recorded in August, the Central Bank of Nigeria (CBN) has said. The apex bank, which stated this in its latest PMI survey report, posted on its website yesterday, also said that the PMI for the non-manufacturing sector dropped to 41.9 in September from 44.7 points in August 2020. According to CBN, “a composite PMI above 50 points indicates that the manufacturing/nonmanufacturing economy is generally expanding. 50 points indicates no change and below 50 points indicates that it is generally contracting.”

The report partly reads: “The Manufacturing PMI in the month of September stood at 46.9 index points, indicating contraction in the manufacturing sector for the fifth time. Of the 14 sub-sectors surveyed, four sub-sectors reported expansion (above 50 per cent threshold) in the review month in the following order: electrical equipment; transportation equipment; cement and non-metallic mineral products.

“The remaining subsectors reported contractions in the following order: petroleum and coal products; primary metal; furniture and related products; printing and related support activities; food, beverage and tobacco products; textile, apparel, leather and footwear; chemical and pharmaceutical products; fabricated metal products and plastics and rubber products; while paper product subsector was stable.” The report also indicates that, at 47.3 points, the production level index for the manufacturing sector contracted for the fifth consecutive month in September 2020

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