The Manufacturing Purchasing Managers’ Index (PMI) stood at 49.4 index points in October, indicating slowing contraction in the manufacturing sector compared with the last five months.
According to the Central Bank of Nigeria’s PMI report for October obtained yesterday, of the 14 sub-sectors surveyed, six reported expansion (above 50% threshold) in the review month in the following order: Electrical equipment, transportation equipment, printing and related support activities, chemical and pharmaceutical products, textile, apparel, leather and footwear and cement.
However, the remaining eight sub-sectors reported contractions in the following order: Primary metal, petroleum and coal products, paper products, fabricated metal products, furniture and related products, non-metallic mineral products, plastics and rubber products and food, beverage and tobacco products.
It also showed that at 50 points, the production level index in October 2020 for the manufacturing sector indicating halting in contraction which commenced since May 2020.
Of the 14 sub-sectors surveyed, seven recorded expansion in production level, one maintained current level, while six sub-sectors recorded decline in production in October 2020.
But the new orders index expanded at 51.2 points from contraction in the previous month.
Four subsectors reported expansion in new orders, four were stationary, while the remaining six recorded contractions in the review month.
“The manufacturing supplier delivery time index stood at 51.8 points in October 2020. This indicates that supplier delivery time is faster for the sixth consecutive month. Six of the 14 subsectors recorded improved suppliers’ delivery time, five reported stationery level, while three recorded slowing delivery time.
“The employment level index for October 2020 stood at 46 points, indicating contraction in employment level for the seventh consecutive month. Of the 14 sub-sectors, three sub-sectors recorded growth in employment level in the review month; two sub-sectors recorded stationary level of employment, while the remaining nine sub-sectors recorded lower employment levels in the review month,” it stated.