Manufacturing PMI contracts by 44.9 index points in July

The Manufacturing Purchasing Managers Index (PMI) contracted further for the third consecutive month by 44.9 index point in the month of July 2020 from 41.1 points in June.

The Central Bank of Nigeria (CBN) on Wednesday released the PMI, which showed that in July 2020, supplier delivery time was faster, while production level, new orders, employment level and raw materials inventories contracted.

The report shows that out of the 14 surveyed subsectors, transportation equipment subsector reported growth (above 50% threshold) in the review month while non-metallic mineral products sector reported no change. However, the remaining 12 subsectors reported contraction in the review period.

Related News

These include printing and related support activities; primary metals; fabricated metal products; paper products; food, beverage and tobacco products; chemical and pharmaceutical products; furniture and related products; electrical equipment; plastics and rubber products; petroleum and coal products; textile, apparel, leather and footwear and cement.

The non-manufacturing sector PMI stood at 43.3 points in July 2020, indicating contraction in Non-manufacturing sector for the fourth consecutive month.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.