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.
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.
Nigeria’s manufacturing sector has continued to gain momentum as it rallied to build on the growth recorded in the third quarter of 2019.
The CBN Purchasing Managers’ Index shows that Nigeria’s manufacturing sector slowed down in the month of September 2019.
