The manufacturing Purchasing Managers’ Index (PMI) in the month of May recorded a decline to 42.4 index points after a 36-month consecutive expansion.
This is according to the May 2020 PMI survey conducted by the Central Bank of Nigeria (CBN).
“Of the 14 surveyed subsectors, only the electrical equipment sector reported growth (above 50% threshold) in the review month, while the remaining 13 subsectors reported declines in the following order cement; petroleum and coal products; printing and related support activities; furniture and related products; textile, apparel, leather and footwear; paper products; fabricated metal products; food, beverage and tobacco products; chemical and pharmaceutical products; transportation equipment; plastics and rubber products; non-metallic mineral products; appliances and components and primary metal,” CBN’s survey revealed.
Meanwhile, the survey showed that production level index for the manufacturing sector also declined in May 2020 after 37 consecutive months of recorded growth.
The employment level index for May 2020 stood at 24.5 points, indicating a decline in employment level for the second month.
Out of the 14 subsectors captured, one subsector remained unchanged, while the remaining 13 subsectors recorded lower employment level in the review month.
Similarly, the non-Manufacturing PMI stood at 25.3 points in May 2020, indicating contraction.