|Period||Manufacturing PMI||Non Manufacturing PMI|
The Manufacturing PMI in the month of May stood at 42.4 index points, indicating contraction in the manufacturing sector for the first time after recording expansion for thirty-six consecutive months.
The composite PMI for the non-manufacturing sector stood at 25.3 points in May 2020, indicating contraction in
Non-manufacturing PMI for the second consecutive month.
The index (Manufacturing PMI) dipped significantly when compared to 51.1 recorded in March 2020. Of the 14 surveyed subsectors, only the electrical equipment sector reported growth (above 50% threshold) in the review month, while the remaining 13 subsectors reported declines in the following order cement; petroleum & coal products; printing & related support activities; furniture & related products; textile, apparel, leather and footwear; paper products; fabricated metal products; food, beverage & tobacco products; chemical & pharmaceutical products; transportation equipment; plastics & rubber products; nonmetallic mineral products; appliances and components and primary metal.
Meanwhile, the non-manufacturing PMI also declined below the turning point of 50 points in the month under review. All the 17 subsectors surveyed recorded declines (below the 50% threshold) which was majorly caused by the partial economic shutdown due to the effect of the Covid-19 pandemic.
Basically, the apex bank’s PMI report track the activities in both the manufacturing and services sector. The index tracked new orders, business activity, production levels, supply delivery time, employment and supply delivery time.
The Manufacturing and Non-Manufacturing PMI Report on businesses is based on survey responses, indicating the changes in the level of business activities in the current month compared with the preceding month.
A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicate no change and below 50 points indicates that it is generally contracting.
The May 2020 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period May 14-19, 2020. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT).
Data source: Central Bank of Nigeria
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