The Manufacturing PMI in the month of August stood at 48.5 index points, indicating contraction in the manufacturing sector for the fourth consecutive months.
According to the Central Bank of Nigeria (CBN) data, of the 14 subsectors surveyed, 6 subsectors reported expansion (above 50% threshold) in the review month in the following order: nonmetallic mineral products; cement; plastics & rubber products; transportation equipment; chemical & pharmaceutical products and textile, apparel, leather and footwear.
The remaining 8 subsectors reported contraction in the following order: printing and related support activities; electrical equipment;
petroleum and coal products; primary metal; furniture and related products; paper products; food, beverage and
tobacco products; and fabricated metal products.
The CBN added that at 49.2 points, the production level index for the manufacturing sector showed contraction in August 2020
and for the fourth consecutive months.
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.