The manufacturing sector in nigeria recorded contraction in December says the CBN.
The Statistics Department of the CBN said this in its ‘Purchasing Managers’ Index Survey Report’ for December 2020 which was published on Thursday.
Part of the report reads, “The Manufacturing PMI in the month of December stood at 49.6 index points, indicating a contraction from the expansionary level recorded in the month of November 2020.
“Of the 14 surveyed subsectors, four subsectors reported expansion (above 50 per cent threshold) in the review month in the following order:
“Transportation equipment, non-metallic mineral products, paper products and food, beverage and tobacco products.
“Textile, apparel, leather and footwear subsector remained stationary.”
The report further stated that the remaining nine subsectors reported contraction in the following order:
“Primary metal, petroleum and coal products; cement, electrical equipment, fabricated metal products, printing and related support activities, plastics & rubber products; chemical & pharmaceutical products and furniture and related products.”
According to the report, the December 2020 production level index for the manufacturing sector stood at 51.6 points, indicating expansion for two consecutive months.
Of the 14 subsectors surveyed, six subsectors recorded increased production level, four subsectors reported stationary level of production, while four subsectors recorded declines in production in December 2020.
The new orders expanded for the third consecutive months in the month of December.
The index stood at 50.2 points in December 2020.
Five subsectors reported expansion in new orders, two subsectors remained stationary while the remaining seven recorded contraction in the review month.
The report finally stated that the manufacturing supplier delivery time index stood at 51.2 points in December 2020. This indicated that supplier delivery time was faster for the eighth consecutive months.