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Nigeria’s Manufacturing Sector Records Growth

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Eight sub-sectors out of 14 sub-sectors surveyed reported expansion in the month under review.

The manufacturing sector’s Purchasing Managers Index (PMI) in the month of November stood at 50.2 index points, inidcating a growth from the October figure of 49.4 per cent.

This was disclosed by the Central Bank of Nigeria (CBN) in its October PMI report released on Wednesday.

According to the report, eight sub-sectors out of 14 sub-sectors surveyed, reported expansion (above 50 per cent threshold) in the month under review.

It listed the sub-sectors that expanded as transportation equipment, nonmetallic mineral products, furniture & related products, cement, textile, apparel, leather & footwear, plastics & rubber products, food, beverage & tobacco products, and printing & related support activities.

It said the remaining six sub-sectors reported contractions in the following order: electrical equipment, petroleum & coal products, chemical & pharmaceutical products, primary metal, paper products, and fabricated metal products.

Production Level

At 51.7 points, the production level index in November for the sector indicates recovery from the contraction recorded since May.

Of the 14 sub-sectors surveyed, seven subsectors recorded expanding production levels, three subsectors reported stationary levels of production, while four sub-sectors still recorded contraction in production level.