The Central Bank of Nigeria’s (CBN) Manufacturing Purchasing Managers’ Index (PMI) stood at 50.2 index points in November, indicating recovery from contraction in the manufacturing sector recorded since May 2020.
According to the report for November posted on the CBN’s website yesterday, of the 14 sub-sectors surveyed, eight sub-sectors reported expansion (above 50% threshold) in the review month in the following order: transportation equipment, non-metallic mineral products, furniture and related products, cement, textile, apparel, leather and footwear, plastics and rubber products, food, beverage & tobacco products and printing and related support activities.
On the other hand, it revealed that the remaining six sub-sectors reported contractions in the following order: Electrical equipment, petroleum and coal products, chemical and pharmaceutical products, primary metal, paper products and fabricated metal products.
Also, the report showed that the November 2020 production level index for the manufacturing sector stood at 51.7 points, indicating recovery from the contraction recorded since May 2020.
Furthermore, it noted that of the 14 sub-sectors surveyed, seven sub-sectors recorded expanding production levels, three sub-sectors reported stationary levels of production, while four sub-sectors still recording contraction in production level
In addition, the new orders index marginally expanded for the second time in the month of November.
The index stood at 50.5 points in November 2020 with seven sub-sectors reporting expansion in new orders.
“Three sub-sectors remained stationary while the remaining four sub-sectors recorded contraction in the review month.
“The manufacturing supplier delivery time index stood at 52.2 points in November 2020, indicating a faster delivery time for the seventh month. Four of the 14 sub-sectors recorded improved suppliers’ delivery time, three sub-sectors remained stationary, while seven sub-sectors recorded slower delivery time,” it stated.
The report also showed that the employment level index for November 2020 stood at 47.3 points, indicating contraction in employment level for the eighth consecutive months.
Of the 14 sub-sectors, five sub-sectors recorded growth in employment level while nine sub-sectors recorded lower employment level in the review month.