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· The Central Bank of Nigeria said that the manufacturing sector’s Purchasing Managers Index (PMI) in the month of November stood at 50.2 index points, as against 49.4 per in October, suggesting a growth recovery
· The production level index in November for the manufacturing sector at 5.17% indicates recovery from the contraction recorded since May. Seven subsectors (among 14 subsectors) recorded expanding production levels, three subsectors reported stationary levels of production, while four sub-sectors still recorded contraction in production level
The Central Bank of Nigeria said that the manufacturing sector’s Purchasing Managers Index (PMI) in the month of November stood at 50.2 index points, as against 49.4 per in October, suggesting a growth recovery. Any value of PMI less than 50 is considered to be a lackluster performance. Eight sub-sectors out of 14 sub-sectors surveyed, reported expansion (above 50 per cent threshold) for November.
Sub-sectors that registered growth include transportation equipment, nonmetallic mineral products, furniture & related products, cement, textile, apparel, leather & footwear, plastics & rubber products, food, beverage & tobacco products, and printing & related support activities. The sub sectors that registered contractions included electrical equipment, petroleum & coal products, chemical & pharmaceutical products, primary metal, paper products, and fabricated metal products.
The production level index in November for the manufacturing sector at 5.17% indicates recovery from the contraction recorded since May. Seven subsectors (among 14 subsectors) recorded expanding production levels, three subsectors reported stationary levels of production, while four sub-sectors still recorded contraction in production level.
The new orders index marginally expanded for the second time in the month of November. The index stood at 50.5 points in November 2020 with seven sub-sectors reporting expansion in new orders. Three subsectors remained stationary while the remaining 4 subsectors recorded contraction in the review month.
The manufacturing sector inventories index contracted for the eighth time in November 2020. At 48.5 points, the index indicates a slowing contraction in raw materials inventories as some manufacturers begin to have access to raw materials. Two of the 14 sub-sectors recorded growth in inventories, while the remaining 12 sub-sectors recorded lower raw material inventories in the review month.
