Nigeria’s Purchasing Manager Index (PMI), which measures the economic health and the prevailing direction of the manufacturing and service sectors from the opinions and views of private sector companies, contracted in September, its fifth straight month, the Central Bank of Nigeria (CBN) said Wednesday.
The Manufacturing PMI stood at 46.9 index points in September. It was 48.5 the month before. Any performance above 50 implies an expansion while any below 50 points the way of contraction.
Productive activities in Africa’s largest economy are taking a bashing by the coronavirus outbreak, forcing government to impose months of lockdown and other economic curbs that upset its supply chain and shrivelled its revenue by 65%.
Full story at Ripples Nigeria.
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