Nigeria’s purchasing manager’s index report for this month shows a contraction in the manufacturing sector for the third consecutive month but a minor improvement from the last two months, as the economy continues to grapple with the ripple effects of the coronavirus pandemic.
Manufacturing PMI in the month of July stood at 44.9 index points, indicating marginal growth compared to 41.1 and 42.4 index points recorded in June and May 2020 respectively, data from the Central Bank of Nigeria shows.
Of the 14 surveyed subsectors, the transportation equipment subsector reported growth – above 50 percent threshold – in the reviewed month, most likely driven by the gradual easing of lockdown across the country.
