CBN: Economic Crisis Worsen As Manufacturing Index Down For Fourth Consecutive Month This August

The Manufacturing Purchasing Manager’s Index (PMI) of the Central Bank of Nigeria, CBN, in August 2020 witnessed a contraction for the fourth consecutive month, as it stood at 48.5 index points.

In the apex bank’s Index released yesterday,  of the 14 subsectors surveyed, only six subsectors reported expansion while eight declined significantly.

The six that recorded positive outing in the month include: nonmetallic mineral products; cement; plastics & rubber products; transportation equipment; chemical & pharmaceutical products and textile, apparel, leather & footwear.

The eight that declined include: printing & related support activities; electrical equipment; petroleum & coal products; primary metal; furniture & related products; paper products; food, beverage & tobacco products; and fabricated metal products.

The CBN report stated: “At 49.2 points, the production level index for the manufacturing sector showed contraction in August 2020 and for the fourth consecutive months.

The report added, “Of the 14 subsectors surveyed, 5 subsectors recorded expansion in production level, 3 subsectors reported same level of production, while 6 subsectors recorded contraction in production in August 2020.”

The CBN report also shows the employment level index for the month stood at 44.6 points, indicating contraction in employment level for the fifth consecutive months.