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.
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.