Manufacturing firms in the country have continued to grapple with impact of the coronavirus crisis, as the Central Bank of Nigeria’s (CBN) latest Purchasing Managers’ Index (PMI) survey report shows the index at 48.5 points for August compared with 44.9 in the previous month.
The report, which was posted on the apex bank’s website yesterday, also indicates that the PMI for non-manufacturing sector stood at 44.7 points in August 2020, compared with 43.3 points in July. According to the CBN, “a composite PMI above 50 points indicates that the manufacturing/nonmanufacturing economy is generally expanding. Fifty points indicate no change and below 50 points indicate that it is generally contracting.” The report reads: “The Manufacturing PMI in the month of August stood at 48.5 index points, indicating contraction in the manufacturing sector for the fourth consecutive month.
“However, of the 14 subsectors surveyed, six subsectors reported expansion (above 50 per cent threshold) in the review month in the following order: nonmetallic mineral products; cement; plastics & rubber products; transportation equipment; chemical & pharmaceutical products