The Central Bank of Nigeria has in its Purchasing Manager’s Index reports disclosed that the country’s manufacturing activity fell to 48.2 index points in January 2017 , down from 52.0 recorded in December.
The report revealed that the manufacturing PMI dropped to 48.2 index points, while the non-manufacturing PMI stood at 49.4 points, which represent a dip compared with to 47.1 points recorded for December 2016.
In the PMI report posted on its website, the CBN said , “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 indicate that it is generally declining.”
