The manufacturing sector relapsed in December from 50.2 index points recorded in the month of November 2020.
The manufacturing PMI rose to 50.2 points in November from 49.4 points recorded in October and 46.9 in September 2020.
Manufacturing PMI has remained below 50 index points for the past six consecutive months.
The manufacturing sector contracted for the sixth consecutive month as 8 subsectors contracted out of 14.
The CBN disclosed in its September PMI report that the manufacturing sector contracted.
For the second consecutive month, the non-manufacturing PMI showed broad-based improvement.
As key sectors continue to suffer contraction, unemployment may surge in the economy.
This is the first clear data-driven sign that Nigeria is in a recession.
COVID-19 has had a major effect on the global economy, which is now stuck between uncertainty and a self-induced fall in demand
According to the PMI data for the month of January, the momentum in the level of activities cooled in both the Manufacturing and Non-manufacturing sectors.
