Categories: Business

Nigeria’s Manufacturing Sector Rebounds from Contraction

Nigeria’s manufacturing sector expanded in November. According to Central Bank of Nigeria’s report, Purchasing Managers Index (PMI) rose to 50.2 points in November from 49.4 points recorded in October.

PMI readings above 50 indicate expansion, while those below that signal contraction. PMI readings are sequential and indicate month-on-month expansion or contraction.

[bc_video video_id=”6210974898001″ account_id=”6116119081001″ player_id=”CJdhmO46zo” embed=”in-page” padding_top=”56%” autoplay=”autoplay” min_width=”0px” playsinline=”” picture_in_picture=”” max_width=”640px” mute=”” width=”100%” height=”100%” ]

Arise Business Analyst Chika Mbonu while speaking on the Global Business Report said this PMI reading indicates the overall Nigerian economy will likely expand better than expected in the last quarter of this year.

He further said the Nigerian manufacturing sector is facing some challenges which is inadequate supply of power, poor access to credit, and gridlocks on the ports which adds to the cost of doing business for the manufacturers.

If some of these issues are addressed the manufacturing sector will expand even further, he says.

Follow us on:

AriseNews

Recent Posts

German Consulate Hosts Unity Day In Lagos as Diplomatic Ties Bloom

The 34th anniversary of German Unity celebrated in Lagos, was hosted by Consul General Weert…

7 hours ago

Matt Gaetz To Exit Congress Following Withdrawal As DOJ Nominee Amid Controversy

Matt Gaetz has said he will not return to Congress after withdrawing as Trump’s DOJ…

10 hours ago

Tinubu Seeks Senate Approval For Oluyede As Chief Of Army Staff

President Tinubu has sought Senate confirmation of Olufemi Oluyede as Chief of Army Staff, citing…

10 hours ago

Netanyahu Risks Arrest in UK as ICC Issues Warrant Against Him For War Crimes

Israeli PM Netanyahu faces potential arrest in the UK as Downing Street pledges to fulfill…

13 hours ago

Second Australian Teen Dies from Suspected Methanol Poisoning in Laos

A second Australian teenager has died of suspected methanol poisoning in Laos, bringing to six…

13 hours ago

Simon Ekpa Arrested, Denies Being IPOB Leader + Atiku Says Tinubu’s Loans Are Bone-Crushing – Trending With Ojy Okpe

https://www.youtube.com/watch?v=mFlFl1mPGC8 The arrest of self-proclaimed Prime minister of the Biafra Republic, Simon Ekpa who was…

13 hours ago