The Manufacturing PMI in the month of November stood at 50.2 index points, indicating recovery from contraction in the manufacturing sector recorded since May 2020. Of the 14 subsectors surveyed, 8 subsectors reported expansion (above 50% threshold) in the review month in the following order: Transportation equipment, Nonmetallic mineral products, Furniture & related products, Cement, Textile, apparel, leather & footwear, Plastics & rubber products, Food, Beverage and tobacco products and Printing & related support activities.
The remaining 6 subsectors reported contractions in the following order: Electrical equipment, Petroleum & coal products, Chemical & pharmaceutical products, Primary metal, Paper products and Fabricated metal products.
In November 2020, suppliers’ delivery time was faster, new orders and production level increased while employment level and raw materials inventories contracted.
The November 2020 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period of November 9-13, 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).
The Bank makes no representation regarding the individual companies, other than the information they have provided. The data contained herein further provides input for policy decisions.
The November 2020 production level index for the manufacturing sector stood at 51.7 points, indicating recovery from the contraction recorded since May 2020. Of the 14 subsectors surveyed, 7 subsectors recorded expanding production levels, 3 subsectors reported stationary levels of production, while 4 subsectors still recording contraction in production level.
The new orders index marginally expanded for the second time in the month of November. The index stood at 50.5 points in November 2020 with seven subsectors reporting expansion in new orders. Three subsectors remained stationary while the remaining 4 subsectors recorded contraction in the review month.
Supplier Delivery Time
The manufacturing supplier delivery time index stood at 52.2 points in November 2020, indicating a faster delivery time for the seventh month. Four of the 14 subsectors recorded improved suppliers’ delivery time, 3 subsectors remained stationary, while 7 subsectors recorded slower delivery time.
The employment level index for November 2020 stood at 47.3 points, indicating contraction in employment level for the eighth consecutive months. Of the 14 subsectors, 5 subsectors recorded growth in employment level while 9 subsectors recorded lower employment level in the review month.
Raw material Inventories
The manufacturing sector inventories index contracted for the eighth time in November 2020. At 48.5 points, the index indicates a slowing contraction in raw materials inventories as some manufacturers begin to have access to raw materials. Two of the 14 subsectors recorded growth in inventories, while the remaining 12 subsectors recorded lower raw material inventories in the review month.