Although the Purchasing Managers’ Index (PMI) for August 2020, rose to 48.5 points, against 44.9 points in July, economic activities in the manufacturing sector still remain in slow recovery, and may fuel a third quarter contraction by the end of September.

With manufacturers still unable to access foreign exchange for importation of needed raw materials as well as other obligations, hope of increased production may be dampened, even as consumer demand slows.

Analysis of the components of manufacturing PMI showed production level remaining in a contraction for the fourth month at 49.2 points in August, the same index as new orders which contracted slower from the previous month.

Source: https://guardian.ng/category/business-services/industry/