PMI: Nigeria’s manufacturing sector contracts in December
The manufacturing sector relapsed in December from 50.2 index points recorded in the month of November 2020.
The manufacturing sector relapsed in December from 50.2 index points recorded in the month of November 2020.
Scarcity of dollar, depressed oil prices and limited fiscal support to contract economy further.
Out of the 14 subsectors surveyed, 6 subsectors reported expansion.
Manufacturing PMI in the month of July stood at 44.9 index points.
This is the first clear data-driven sign that Nigeria is in a recession.
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