MANUFACTURING IN NIGERIA STILL DECLINING, SAYS CBN REPORT

The Central Bank of Nigeria (CBN) Research department survey report on manufacturing for November says decline has only slowed down.

According to the report which is produced after of purchasing managers and called purchasing managers index (PMI) indicated across the board that overall production drop only slowed down but it is still declining.

The same with new orders and new export orders.

Naturally, because of this, employment level is declining faster in most sectors including Food Beverages and Tobacco that seems to be having better times than most sectors.

The only sector employment level grew when compared to October was Plastics and Rubber products reportedly recovering from contraction.

Of all the 16 industrial sectors covered in the survey, only Food Beverages and Tobacco production grew slower,  although cement, electrical and plastics grew from contraction.

Also food, beverages and tobacco raw materials stock and work in progress grew faster just like its new orders as most other sectors recorded decline.

The sectors that declined faster as per the survey were chemicals and pharmaceuticals; computer and electronics; furniture and related products and petroleum and coal products.

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