The Manufacturing Purchasing Managers’ Index (PMI) for November 2020 picked up at 50.2 index point, indicating expansion after six months of contractions (May to October 2020). The non Manufacturing PMI was 47.6 index points below the 50 per cent threshold, which shows sustained negative direction while unemployment level also remains negative for the eighth consecutive month.
According to the report for November posted on the website of Central Bank of Nigeria (CBN) yesterday, which indicates recovery for the manufacturing sector, of the 14 sub-sectors surveyed, eight sub-sectors reported expansion (above 50 per cent threshold) 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.