The Central Bank of Nigeria (CBN) yesterday released its Purchasing Managers Index (PMI) report for February, which indicated continued decline in economic activities.
The PMI is based on survey of purchasing and supply executives of manufacturing and non-manufacturing organizations in 13 locations in Nigeria. According to the CBN, the Manufacturing PMI declined for the second consecutive months to 44.6 points while the Non Manufacturing PMI declined for the fourteenth consecutive months to 44.5 points.
The report revealed that in February, 29 subsectors out of the 34 surveyed in the manufacturing and non-manufacturing sectors experienced decline in activities. It revealed that in the manufacturing sector, production level declined from expansion, new orders declined at a faster rate, supplier delivery time worsened at a slower rate, employment level declined faster, and raw material inventories declined at a faster rate Also in the non-manufacturing sector, business activity, new orders, employment level and raw materials inventories declined in during the month. Read more at: