Nigeria’s manufacturing sector contracts for 4th consecutive month – CBN

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The Manufacturing Purchasing Managers’ Index (PMI) in August 2020 has witnessed a contraction for the fourth consecutive month, as it stood at 48.5 index points.

This was disclosed by the Central Bank of Nigeria (CBN) in its August PMI report released on Wednesday.

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The report stated that out of the 14 subsectors surveyed, 6 subsectors reported expansion (above 50% threshold) in the review month in the following order:

• Non-metallic mineral products
• Cement
• Plastics & rubber products
• Transportation Equipment
• Chemical & pharmaceutical products and
• Textile, apparel, leather & footwear.

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The remaining 8 subsectors 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
• Fabricated metal products