Manufacturing Sector Contracts By 49.6 Index Points

Yemisi Izuora

Nigeria’s manufacturing sector has contracted by 49.6 index points in December after witnessing expansion in November for the first time in six months.

The Central Bank of Nigeria disclosed this in its Purchasing Managers Index report for December.

The CBN said Nigeria’s manufacturing PMI in the month of December fell 49.6 index points, from the 50.2 points recorded in November.

An index point above 50 per cent CBN threshold shows expansion while a point lower than the threshold represents contraction.

The apex bank disclosed that of the 14 sub-sectors surveyed, four reported expansion above the 50 per cent threshold.

The CBN noted that transportation equipment, non-metallic mineral products, paper products and food, beverage and tobacco products sub-sectors expanded during the period.

It said sub-sectors under the textile, apparel, leather and footwear remained unchanged.

The regulator said nine other subsectors reported contractions during the period.

They are primary metal, petroleum and coal products; cement, electrical equipment, fabricated metal products.

Others are printing and related support activities, plastics and

rubber products; chemical and pharmaceutical products and furniture and related products.

The survey also revealed that employment level index during the reviewed period stood at 46.3 points, which shows contraction in employment level for the ninth consecutive months.

The apex bank revealed that of the 14 subsectors under the employment level index, only transportation equipment subsector recorded growth in employment level.

 

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