Skip to main content

Manufacturing Sector Sustains Slow Growth In Six Months, Contracts 49.4 In October

Manufacturing Sector Sustains Slow Growth In Six Months, Contracts 49.4 In October

Nigeria’s manufacturing sector has continued its contraction for the sixth consecutive month in October, the latest Purchasing Managers Index report from the Central Bank has shown.

The manufacturing PMI witnessed a 49.4 points dip, below the 50 percent threshold used to aggregate activities and performances, since it started the contraction in May this year.

According to the PMI report, eight subsectors from the 14 subsectors surveyed, had a slow contraction, while the remaining six recorded expansion above the 50 points.

“Of the 14 subsectors surveyed, 6 subsectors reported expansion (above 50% threshold) in the review month in the following order: Electrical equipment, Transportation equipment, Printing and related support activities, Chemical and pharmaceutical products, Textile, apparel, leather and footwear, and Cement.

“The remaining eight subsectors reported contractions in the following order: Primary metal, Petroleum and coal products, Paper Products, Fabricated metal products, Furniture, and related products, Non-metallic mineral products, Plastics & rubber products and Food, beverage and tobacco products,” the report showed.

Meanwhile, seven out of the subsectors recorded an expansion in production level, one remained at the current level, while six recorded declines in production level.

On the flipside, the report stated that the employment level index stood at 46.0 points, indicating contraction for the seventh consecutive month.

“Of the 14 subsectors, 3 subsectors recorded growth in employment level in the review month; 2 subsectors recorded stationary level of employment, while the remaining 9 subsectors recorded lower employment levels in the review month.”

The report showed that the supplier delivery time index stood at 51.8 points, maintaining a faster delivery time for the sixth consecutive month.

The PMI survey showed that non-manufacturing sector contracted for the seventh consecutive month at 46.8 percent, with 11 subsectors reporting declines, while three subsectors reported growth.

“Of the 17 sub-sectors surveyed, three subsectors reported growth in the following order: Electricity, gas, steam and air conditioning supply; Art, entertainment and recreation and Health care and social assistance.

“11 subsectors reported declines in the following order: Management of companies; Utilities; Information & communication; Construction; Professional, scientific, & technical services; Repair, Maintenance/Washing of Motor Vehicles…; Wholesale/Retail trade; Educational Services; Transportation and Warehousing; Accommodation & food services and Real estate rental and leasing.

It added that non-manufacturing inventory index declined for the seventh consecutive month to 46.3 points with 11 subsectors performing below the 50.0 percent threshold.

Comments

Post a Comment

Popular posts from this blog

N-Power: FG extends Batch C enrolment Aug 8

FG extends Batch C N-Power enrollment to August 8 Add caption The Federal Government says the enrolment for Batch C scheme of the N-Power Programme which started on June 26 will now close on August 8. Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq, who disclosed this via  Twitter on Sunday night, said over 5 million applications have been received for the scheme. The Federal Government plans to enrol 400,000 applicants in the Batch C scheme. Batches A and B of the programme who are about to exit the programme held a rally at the National Assembly Complex last week, requesting FG to employ them as well as pay them a grant of N600,000 each. Providing an update on the development, the minister said on Sunday, “I received the news of a protest at the National Assembly by N-Power Batch A and B beneficiaries who presented a list of demands which we are reviewing and will address as practically possible. “Let me reiterate that th...
Post a Comment
Read more

FG SURVIVAL FUND TO COMMENCE REGISTRATION FEBRUARY 9TH

MSMEs SURVIVAL FUND TO COMMENCE REGISTRATION FOR GUARANTEED OFF-TAKE STIMULUS SCHEME & GENERAL MSME GRANT     100,000 Nigerians to benefit from one-off N50,000 MSME grant  The chairman of the Steering Committee of the MSMEs Survival Fund and guaranteed Off-take Stimulus Scheme and Honourable Minister of State, Federal Ministry of Industry, Trade and Investment, Amb. Mariam Y. Katagum, has announced the commencement of the Guaranteed Off-take Stimulus Scheme and the MSME Grant portal opening from February, 9th, 2021.  The Guaranteed Off-take Stimulus Scheme according to Amb. Katagum is aimed at protecting and sustaining the incomes of vulnerable Micro and Small Enterprises by guaranteeing the offtake of their products.   According to her, a total of 100,000 Micro and Small Enterprises are to benefit from the scheme.   The total target national number of beneficiaries is 100,000. The breakdown is as follows: Lagos, 3,880; Kano, 3,280; Abia, 3,080; while t...
Post a Comment
Read more

PRESIDENT BUHARI RECEIVES MADAGASCAN COVID-19 HERBAL “DRUG” FROM GUINEA BISSAU’S PRESIDENT EMBALO

PRESIDENT BUHARI RECEIVES MADAGASCAN COVID-19 HERBAL “DRUG” FROM GUINEA BISSAU’S PRESIDENT EMBALO President Muhammadu Buhari Saturday at the State House, Abuja, received the Madagascan native formulation against the Covid-19 pandemic, and reiterated that he will listen to science before allowing traditional or any new medicines to be administered on Nigerians. At an audience meeting with President Umaro Sissoco Embalo of Guinea Bissau who brought along with him the samples of the traditional medicine as shared to African nations by Madagascar, President Buhari said his position on all such herbal or traditional medicinal postulates had remained the same. “We have our institutions, systems and processes in the country. Any such formulations should be sent to them for verification. I will not put it to use without the endorsement of our institutions,” said the Nigerian President. On the main reason for his visit, President Embalo said having stabilized his country after the tus...
Post a Comment
Read more