Manufacturing Sector Begins Recovery, Records First Growth In Six Months- CBN

The Nigerian manufacturing sector is gradually  recovering from the Covid-19 induced six months consecutive plunge, as the Purchasing managers index hit 50.2 points.

This was revealed on Thursday by the Central Bank of Nigeria in the November Manufacturing PMI.

The growth represents a 0.6 points increase from the 49.4 points recorded in October.

The November growth beats the 50 points threshold which indicates Africa’s largest economy is generally expanding.

The apex bank said out of the 14 sub-sectors surveyed, eight of them grew above the 50 per cent threshold.

The CBN listed the sub-sectors which expanded to include: transportation equipment, non-metallic mineral products, furniture and related products, cement, textile, apparel, leather and footwear, plastics and rubber products, food, beverage and tobacco products and printing and related support activities.

The apex bank also revealed that six subsectors reported contractions during the period.

The subsectors include electrical equipment, petroleum and  coal products, chemical and pharmaceutical products, primary metal, paper products and fabricated metal products.

Production level index during the period grew to 51.7 points which represents recovery from the contraction recorded since the past six months.

The apex bank said the employment level index was yet to recover as the index stood at 47.3 points, indicating contraction in employment level for the eighth consecutive months.

The CBN report further disclosed a slow contraction for the  non-manufacturing sector as the index stood at 47.6 points in November this year.